Sensex slumps 310 pts on Europe, weak industry data

Under pressure from the markets worldwide, weak domestic IIP numbers and below-expectation results from Infosys, the benchmark Sensex at the Bombay Stock Exchange (BSE) fell by 309.8 points or 1.65% on Tuesday to close at 18,411.6.

Under pressure from the markets worldwide, weak domestic IIP numbers and below-expectation results from Infosys, the benchmark Sensex at the Bombay Stock Exchange (BSE) fell by 309.8 points or 1.65% on Tuesday to close at 18,411.6. The broader Nifty at the National Stock Exchange fell by 89.9 points to close at 5,526.

HT Image

Concerns over the global economy emerged yet again on fears surrounding debt crisis in Italy and Spain. European markets fell sharply and the premier indices in Germany and France fell by 2.2% each while that in UK was down by 1.7%. Earlier, Asian markets too traded weak as Hong Kong was down 3.1% and indices in Korea and China were down by 2.2% and 1.7% respectively.

The Infosys stock fell by 5.8% before closing the day at 2,794.3, an overall fall of 4.3%. Other IT companies (TCS, Wipro and HCL) too came under pressure and the BSE IT index fell by 2.7%, highest among other sectoral indices. The industrial output growth for May too was slower than expected at 5.6%.