The main Indian equity markets have taken a beating in the early minutes of trade, with IT stocks pacing the decline after industry bellwether Infosys came out with disappointing Q1 FY12 results and weak guidance for the full year.
The IT indices on BSE as well as on NSE are down 5 percent each post the Infosys numbers. Realty is the other notable loser, while other sectoral plays are showing commendable resilience. Select FMCG and Pharma stocks have managed to buck the negative trend.
Shares of other IT companies such as TCS, Wipro and HCL Technologies are also down but not as much as Infosys. The Indian markets would not have fallen so sharply if it wasn't for the weakness in Infosys and other IT heavyweights.
The BSE Sensex is at 17,299, down 183 points over the previous close. It had earlier touched a day’s high of 17,319 and aday’s low of 17,244.It opened at 17,297.
NSE Nifty was quoting at 5,260, down 46 points over the previous close. It had earlier touched a day’s high of 5261 and aday’s low of 5234.It opened at 5240.
The BSE Small-Cap index and BSE Mid-Cap index was trading down 0.23% and 0.46%.
FMCG, HC indices are the gainers.
IT, Realty, Teck, Auto, Oil and Gas,Bankex, PSU, Power,Metal indices are the losers.
Shares of Infosys have been pummeled after the company's Q1 net profit and revenues fell short of consensus estimates while the company said that it will refrain from giving quarterly guidance. Shares of Infosys were initially down as much as 10%.