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17/04/2011 00:00 AST
It was a double whammy for the markets today as Infosys fourth quarter results were below analysts' estimates and inflation for the month of March surpassed the Reserve Bank of India target of 8% raising expectations of further rate hikes.
Markets gave up most of the gains made in previous session as traders' dumped frontline IT shares after Infosys reported 17% jump in net profit y-o-y, trailing street expectations. Infosys dragged the Sensex down by 193 points and Wipro and TCS contributed to another 30 points slide. The Sensex ended down 310 points, at 19,387 and the Nifty declined 87 points, at 5825.
Shares in Infosys sank 9.6%, falling below Rs 3000, the stock was hovering around Rs 2,989. The company's net profit was up 17.1% at Rs 1,818 crore compared to Rs 1,552 crore in the corresponding quarter last fiscal. On a sequential basis its net profit was up by 2.1%.
The management said fourth quarter is generally soft; business environment was improving slowly, but pricing environment is expected to remain muted. The management is looking at optimizing operations and is hiring 45,000 people in FY12. However, management added that currency fluctuations remain a concern.
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Business Standard
| Index | Closing | Change |
|---|---|---|
| NIKKEI 225 | 36,581.76 | -251.51 (-0.68 |
| DAX | 18,699.40 | 181.01 (0.97 |
| S&P 500 | 5,626.02 | 30.26 (0.54 |
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Federal Reserve officials head into their policy meeting Tuesday closer to their goal of low inflation, but how much they will ease back on interest rates remains an open question.
A week's
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The National
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