Mumbai : Equity benchmarks Sensex and Nifty logged their biggest single-day drop in four months pulled down by a sharp 8 per cent plunge in shares of Infosys and the expiry of monthly derivative contracts.
The S&P BSE Sensex tumbled nearly 322 points to finish at almost two-week low of 24,234.15 while the Nifty slipped 94 points to end at 7,235.65. IT giant Infosys slumped 7.81 per cent to end below the crucial Rs 3,000 mark for the first time since mid-September 2013 after the resignation of President B G Srinivas, who was considered a top contender for the CEO post.
Infosys, the top loser in 30-share Sensex, alone contributed more than 135 points to the barometer’s fall. Besides, RIL, HDFC Bank, L&T, ONGC, ICICI Bank, HDFC, Tata Motors, Wipro, BHEL, Bharti Airtel, Coal India and Cipla also closed with marked losses. Selling was so strong that 11 out of 12 sectoral indices closed in the red with IT, Teck, Oil&Gas, CG, Realty and power segments taking the lead in the downfall while only Healthcare index barely finished in positive terrain.
Besides, expiry of May month series in the derivative contracts and persistent foreign capital outflows coupled with mixed global cues also affected the market sentiment, pulling down the benchmark indices. Tepid earnings from some bluechips also dashed hopes, say traders. There was also continued profit-booking in recent outperformers such as power, oil and gas, capital goods, banking, PSUs, realty and consumer durable stocks, they added.