Sensex Falls 339 Points as Infosys Sinks 5%

The BSE Sensex ended 1.2 per cent lower on Monday because of a sharp selloff in Infosys shares. Other IT stocks also came under pressure, with the IT sub-index on the BSE ending 3.2 per cent down.. Infosys, which has the second highest weightage in the Nifty, ended 4.75 per cent lower at Rs 1,972. Four of Infosys founders sold 3.2 crore shares in the company. Infosys was the top loser on Nifty. (Read full story here). Other IT stocks like TCS and HCL Tech also ended with over 2 per cent losses. Analysts say cross currency fluctuation will impact their third quarter margins negatively.. Selling was not restricted to IT stocks. Banking and auto stocks also fell amid profit taking. High beta realty stocks also saw selling pressure.. The auto sub-index fell 1.6 per cent while the Bank Nifty and realty index ended with 1.3 per cent and 2.1 per cent losses respectively.. FMCG stocks were the only gainers today as investors preferred to stay with defensives. ITC, which has the highest weightage in the Nifty, extended its winning streak for the third day. It ended 1.62 per cent higher at Rs 397.7. In last three trading sessions, the stock has gained over 9 per cent.. ITC and other tobacco companies like Godfrey Phillips have seen buying after the government said it would revisit its decision to put a ban on sell of loose cigarettes.. Coal India was the top Nifty gainer, rising nearly 2 per cent. Analysts say the good response to SAIL disinvestment augurs well for Coal India and ONGC, which are next in line for disinvestment. ONGC closed 0.63 per cent higher.. Asian Paints and UltraTech Cement were the other gainers in Nifty to close with over 1 per cent gains.. Out of the 50 stocks in the Nifty, 11 stocks advanced and 39 stocks declined.. The broader index also succumbed to selling pressure today. The CNX Midcap index ended 1.1 per cent lower. SpiceJet, which fell nearly 13 per cent in intraday trade, closed 4.4 per cent lower.. The BSE Sensex closed 339 points lower at 28,119 while the 50-share Nifty ended 1.17 per cent lower at 8,438.25.

Sensex Falls 339 Points as Infosys Sinks 5%

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