Sensex drops 65 pts on Infosys nos, inflation, crude worries | business | Hindustan Times
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Sensex drops 65 pts on Infosys nos, inflation, crude worries

BSE benchmark Sensex slipped by 65 points on profit-booking over concerns about corporate earnings growth in view of high oil prices and inflation, along with disappointing fourth quarter results by IT major Infosys Technologies.

business Updated: Apr 16, 2011 13:31 IST

BSE benchmark Sensex slipped by 65 points on profit-booking over concerns about corporate earnings growth in view of high oil prices and inflation, along with disappointing fourth quarter results by IT major Infosys Technologies.

India's second largest software exporter, Infosys, which reported 2.13% growth in Q4 consolidated net profit as per International Financial Reporting Standards, was top loser in the 30-share pack, shedding 7.38% from its previous close.

Rise in the headline inflation to 8.98% in March, from 8.31% in the preceding month, also negatively impacted market sentiments, a broker said.

Further, a surge in crude oil prices over the past few months has sparked inflation and interest rate worries.

The stock market was closed on Tuesday and Thursday for public holidays.

The Sensex snapped the modest gains of last week and dropped 64.63 points, or 0.33%, to 19,386.82 level this Friday.

The S&P CNX Nifty also fell by 17.45 points, or 0.30%, to 5,824.55 level.

Concerns over corporate earnings growth and macroeconomic worries arising from high crude oil prices also weighed on the domestic bourses.