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.
