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BW Businessworld

Sensex Falls As Infosys Slumps On Weak Guidance

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The Sensex and the Nifty resumed their losing streak. The Sensex was down 1.5 per cent after tech bellwether Infosys Ltd provided a much weaker revenue guidance for the fiscal year to March 2014. The Nifty traded 1 per cent down.

Infosys down 20 per cent after saying it expects 2013-14 revenue to grow 6-10 per cent, lower than market expectations of as much as 12 per cent. Other technology shares also fall: Tata Consultancy Services Ltd down 1.5 per cent, Wipro Ltd falls 5.6 per cent, HCL Technologies Ltd down 1.7 per cent.

Asian shares were also weak after a slightly higher start with the MSCI index of Asian shares ex-Japan trading down 0.3 per cent.

The fast moving consumer goods index, however, bucked the trend, gaining 2 per cent with shares such as ITC Ltd up 2.8 per cent on cheap valuations.

(Reuters)