Sensex plunges 340 pts on global cues; Infosys climbs 6.68% | business | Hindustan Times
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Sensex plunges 340 pts on global cues; Infosys climbs 6.68%

business Updated: Oct 10, 2014 16:43 IST

The BSE benchmark Sensex on Friday fell nearly 340 points, its biggest fall in over two weeks, due to across-the-board losses in blue chips amid a global sell-off on economic growth concerns, although software firm Infosys Ltd surged 6.68% on smart Q2 earnings.

The 30-share barometer, which had gained 390.49 points yesterday, fell by 339.90 points, or 1.28%, to 26,297.38, with all the sectoral indices, except IT and technology, ending in negative zone with losses up to 4%.

On similar lines, the National Stock Exchange index Nifty struggled to maintain the 7,900-mark and ended 100.60 points, or 1.26%, down at 7,859.95 after dipping to 7,848.45 during the session.

Brokers said besides profit-booking by speculators, a lower closing on other Asian markets and a subdued opening of the european mkarkets on growing concerns about the global economy as the head of the IMF warned that Euro-zone could slip into recession, influenced the trading sentiment at Mumbai.

They said, however, rally in Infosys on the back of good second quarter earnings, cushioned the fall in the benchmark Sensex.

Shares of IT major Infosys surged 6.68% to close at 3,888.95 after the company posted 28.6% jump in consolidated net profit for the quarter ended September 30, and declared bonus issue in the ratio of one share for every share held.

Of the 30 Sensex shares, 23 shares ended with losses led by Tata Motors (down 5.3%), Hindalco (4.79%) and Sesa Sterlite (4.60%).

Sectorwise, the metal index suffered the most by losing 4.11%, followed by auto index by 2.78%, FMCG index 2.56%, Banking index closed 1.80% lower.

Bucking the trend, IT index rose 2.29%, while Teck index gained 1.17%.

Meanwhile, provisional data released by stock exchanges showed foreign portfolio investors (FPIs) sold shares worth a net Rs 20.89 crore on Thursday.