Indices of the Indian bourses slumping and gaining are humdrum affairs. But when the plunge happens significantly, concerns are raised. The Sensex slumped to its lowest close in seven months following Infosys q4 results beating market estimates. Revenue guidance provided by the country’s second largest IT service provider failed to meet expectations with lower-than-expected revenue. It recorded a 3.4 percent rise in quarterly profit, achieving Rs 40,352 crore against a projected Rs 40,746 crore in revenues besides not achieving the 10 percent projected target.
While Sensex provisionally plunged 300 points to 1.7 percent at 18,242.56, Infosys Ltd NSE shares fell 22.1 percent. It was only during the last two sessions that the index gained 316 points. Though consumer price inflation data and industrial production exhibited better-than-expected figures yet market sentiments were hurt. For sensex, the fall was the biggest since September 13; for Infosys, it was the biggest plunge since April 4, 2003.
While Sensex provisionally plunged 300 points to 1.7 percent at 18,242.56, Infosys Ltd NSE shares fell 22.1 percent. It was only during the last two sessions that the index gained 316 points. Though consumer price inflation data and industrial production exhibited better-than-expected figures yet market sentiments were hurt. For sensex, the fall was the biggest since September 13; for Infosys, it was the biggest plunge since April 4, 2003.
No comments:
Post a Comment