Infosys, inflation drag Sensex 310 points lower

Today’s major focus was on Infosys Technologies’ earnings, which came in below Street’s expectations. Results of the Information Technology (IT) major disturbed the sentiments and led the markets to witness a steep fall. IT stocks were the biggest losers, which kept markets under pressure all throughout the day. A spike in inflation for March also spooked markets, raising expectations of further rate hikes; this led to a fall in the banking stocks.

The Sensex began the session 27 points lower at 19670 and in no time hit the day’s high of 19701. Later, the index traded lower and extended losses to hit the day’s low of 19337 in early afternoon session. Weakness in IT pack led the Sensex to post heavy losses and remain under pressure. The Sensex tumbled by 310 points to settle at 19387 and the Nifty fell by 87 points to close at 5825.

GVK Power gains on buzz of deal with Hancock

The shares of GVK Power & Infrastructure surged over 4%, hitting the monthly high of Rs30.55, on reports that the company is in talks to buy two Australian coal mines owned by Hancock Prospecting in a deal worth $8.4 billion. Up till now, over 19.72 lakh shares have traded on the BSE as against the two-week average volume of 14.45 lakh shares.GVK and Hancock had entered into an exclusive arrangement for negotiations that would continue till the middle of next month. To organise the initial funds, GVK has approached some foreign and Indian banks.

What experts says? on Dena Bank

Buy Dena Bank with a 3-4 day target of Rs 118 and stop loss of Rs 108, says Salil Sharma, technical analyst, on CNBC Awaaz. The stock is currently trading at Rs 111.35, up 0.2% on the BSE

What experts says?

Pradeep Pandya says, BUY Delta Corp Ltd. @ Rs90.65 with a target of Rs.101 and stop loss of Rs.87, on CNBC Awaaz

Bulls March! Markets up 9% as FIIs pump money

The FIIs played a prime role in lifting the markets higher. The FIIs have bought Indian stocks worth a net of Rs6,897.5 crore in March as compared to net sell of Rs4,585.8 crore seen in February. The local investors continued its buying trend in March as they purchased Indian shares worth a net of Rs22 crore as against net buy of Rs1,436.4 crore seen in February.