IT stocks pushing markets lower; Infosys, Wipro top Sensex losers

NEW DELHI: The S&P BSE Sensex came under strong selling pressure in the last one hour of trade, weighed down by losses in Infosys, TCS, HDFC and L&T.

The BSE Sensex closed 207.70 points lower at 22,277.23 led by Infosys, which contributed 58 points to the fall and Tata Consultancy Services contributed 38 points to the fall.

Other sectors which were plunged include the BSE realty index (down 3.8 per cent), BSE Capital Goods index (down 2.4 per cent, BSE Power index (down 1.8 per cent) and BSE Healthcare index (down 0.5 per cent).

BSE IT index finally closed 2.49 per cent lower, as compared to 0.92 per cent fall seen in the BSE Sensex or 207.70 points to 22,277. Tracking the momentum, the 50-share Nifty index also slipped below its crucial psychological level of 6700.

Infosys finally closed 3.2 per cent lower at Rs 3156.40. It hit a low of Rs 3150 and a high of Rs 3257 in trade today. Wipro was down 2.9 per cent to Rs 571.90.

Tata Consultancy Ltd which is scheduled to report its results for the quarter ended March 31 post market hours today fell as much as 2.9 per cent in trade. The stock finally closed 2.5 per cent lower at Rs 2195.

India's leading software services exporter, TCS, is expected to report a 2.22 per cent sequential fall in its net profits for the quarter ended March 31 to Rs 5196 core from Rs 5314 crore reported in the previous quarter, according to ET NOW estimates.

However, dollar revenues are expected to come at $3521 million, up 2.41 per cent as compared to $3438 million reported in the previous quarter, added the Poll.

Other stocks in the BSE IT index which closed lower include names like; HCL Technologies (down 1.06 per cent, OFSS (down 0.3 per cent), Tech Mahindra (down 0.72 per cent) and MphasiS (down 0.2 per cent).