IT counters slump on lower-than-expected Infosys' result

Mumbai, Apl 15: Rampant selling at IT counter dragged the BSE benchmark Sensex down by 160 points in early trade after the industry bellwether Infosys reported Q4 results, below the market expectations.

The company reported 2.13 per cent growth in consolidated net profit as per International Financial Reporting Standards.

Analysts said the market was expecting 3.3-6.7 per cent growth in Infosys' consolidated net profit for the quarter ended March 31.

Reacting to the Q4 results, Infosys slumped by 7.26 per cent on BSE, followed by Wipro (4.34 per cent) and India's largest IT major TCS, which declined by 1.90 per cent.

Besides, Oil and gas major ONGC and power company NTPC also declined by 1.89 per cent and 1.15 per cent, respectively. Among the 30-member Sensex pack, 16 declined while the rest advanced.

The BSE benchmark Sensex resumed lower at 19,670.07 and hovered in a range of 19,700.96 and 19,474.35 before quoting at 19,536.74 at 1015hrs, showing a net loss of 160.12 points or 0.81 per cent from its last close.

The NSE 50-share Nifty also moved down by 42.60 points or 0.72 per cent to 5,868.90 at 1015 hours from its last close.

Most Asian markets edged lower in the early trade on acceleration in China's consumer inflation in March and on disappointing US economic data. The key benchmark indices in China, Hong Kong, South Korea, Japan, Singapore and Taiwan fell by between 0.14 per cent to 0.75 per cent.

PTI