Sensex snaps 2-day wining spree, drops 276 pts

Sensex snaps 2-day wining spree, drops 276 pts

 The BSE benchmark Sensex snapped its two-day winning spree by tumbling 276 points in the late morning trade due to fresh selling mainly in IT, Teck, Consumer Durable and Realty counters after Infosys forecast lower-than-expected sales for fiscal 2013-14.

Key benchmark indices tumbled in early trade as IT major Infosys slumped over 17 pct
after the company discontinued issuing full year earnings guidance after reporting fourth quarter and year ended March 31, 2013, results before trading hours.

The company has forecast 6-10 per cent growth in revenue in both rupee terms and dollar terms for the year ending March 31, 2014.

The BSE benchmark Sensex resumed lower at 18,275.66 and hovered in a range of 18,337.91 and 18,193.18 before quoting at 18,267.95 at 1030hrs, showing a net loss of 274.25 points or 1.48 pct from its last close.

The NSE 50-share Nifty also dropped by 64.55 points or 1.15 pct to 5,529.45 at 1030 hrs.
Major losers were Infosys (17.82 pct), Wipro (4.83 pct), TCS (2.97 pct) and Tata Motors (1.20 pct).

Asian stocks fell in the early trade from the highest level in 20 months, paring the biggest weekly advance since September. Key benchmark indices in China, South Korea, Singapore, Japan and Taiwan fell by 0.01 pct to 0.8 pct while indices in Hong Kong and Indonesia rose by 0.24 pct to 0.42 pct.

However, foreign institutional investors (FIIs) bought shares worth a net Rs 36.63 crore yesterday as per provisional data from the stock exchanges.

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