Sensex tanks 238 points on poor Infosys growth outlook

Mumbai, April 13 (IANS) A benchmark index for Indian equities markets fell 238 points Friday on poor 2012-13 revenue guidance from technology bellwether Infosys and Eurozone woes.

The 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE) which opened in the green at 17,232.56, ended the day at 17,094.51, down 1.4 percent or 238 points from its previous close at 17,332.62.

The 50-scrip S&P CNX Nifty of the National Stock Exchange also closed 69.40 points lower at 5,207.45.

There was heavy selling in technology stocks. Infosys fell 12.61 per cent to Rs. 2,403.30 at the BSE for its disappointing growth outlook for FY 13. It pulled down the IT sector index, which suffered the most by losing 8.76 per cent to 5,404.27, as well as the overall market.

Other reports like India's widening trade deficit in FY12 , Spain's increased borrowings from the European Central Bank in March and China's slowest growth numbers (GDP) since 2009 dampened sentiments.

Most sectoral as well as the broader markets indices closed in the negative.

The BSE midcap index fell 0.72 percent and the smallcap index closed 0.63 percent down.

The prominent Sensex gainers were Sun Pharma, up 2.54 percent at Rs.586.40; Coal India, up 1.52 percent at Rs.337.75; Hero MotoCorp, up 1.52 percent at Rs.2,058.10; Reliance Industries, up 1.12 percent at Rs.751.25.

The biggest losers included Infosys, down 12.61 percent at Rs.2,403.30; TCS, down 5.47 percent at Rs.1,069.55; Wipro, down 4.10 percent at Rs.420.95; Hindalco down 2.58 percent at Rs.124.65 and Jindal Steel down 2.43 percent at Rs.497.80.

For the week, the Sensex and Nifty slipped over 2 percent. Next week, the market will watch the inflation data ( April 16) and RBI's monetary policy (April 17).

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