FPJ BUSINESS DESK Mumbai
Weak growth guidance by IT bellwether Infosys for this fiscal and negative opening in Europe pulled down the 30- scrip sensitive index ( Sensex) of the Bombay Stock Exchange ( BSE) by 238 points to a 2- week
low of 17,094.51 on Friday.
The bourses resumed on subdued note but soon recovered on good buying by retailers and funds on the backof firm Asian market following overnight gains in US peers and gradually gained momentum till afternoon session.
It encountered volatility during afternoon session and witnessed heavy selling in the last one hour of trade, weighed down by European markets which opened lower on concerns over Chinese growth data, Spains increased borrowings from the European Central Bank in March and renewed worries of sovereign debt crisis. Chinas slowest growth ( GDP) since 2009 dampened sentiments.
Technology stocks saw heavy selling with Infosys falling 12.61 per cent to Rs.
2,403.30 at the BSE. It pulled down the IT sector index, which suffered the most by losing 8.76 per cent to 5,404.27, as well as the overall market. TCS was down 5.47 percent at Rs. 1,069.55 while Wipro ended lower by 4.10 percent at Rs. 420.95.
For the week, the Sensex and Nifty slipped over 2 percent.
Next week, the market will watch the inflation data ( April 16) and RBIs monetary policy ( April 17).
The 50- scrip S& P CNX Nifty of the National Stock Exchange also closed 69.40 points lower at 5,207.45.
Most sectoral as well as the broader markets indices closed in the negative.
Asian stocks closed with gains and key indices in China, Hong Kong, Japan, Singapore, South Korea and Taiwan rose by up to 1.84%.
TECH stocks saw heavy selling with the index falling by 8.76% to 5,404.27
