Sensex Tanks 300 Points, Infy Sinks On Poor Sales

The Indian markets opened on a negative note today after Infosys disappointed with its fourth quarter earnings, collapsing 16.5%. The Nifty opened with a negative bias of 63 points at 5530 and Sensex was 256 points down at 18,280. Both indices opened lower in the range of 1.02%-1.03%.

The advance-decline ratio is in on the negative side this morning. On the NSE, 420 shares are trading in gains and 788 shares are down.

Top 5 NSE Gainers: Lupin is the top NSE gainer so far, up by 2%, followed by Asian Paints, ITC, BPCL and BHEL.

Top 5 NSE Losers: Infosys is the top loser this morning, trading down by 17 %. TCS, HCL Tech, IndusInd Bank and Tata Motors are among the others in losses.

Only 5 out of the 13 sectors are trading in the green zone. The Auto index has gained 22 points, Oil & Gas is up 64 points and Banks are up 6 points. IT is the top loser, down by 661 points, TECk has dropped 299 points.

In the Asian markets, the Nikkei is in the negatives by 109 points and Taiwan Weighted is down by 38 points. Hang Seng has gained 38 points, while Shanghai is trading flat.

Buzzers: Lupin is trading 2.1% higher at Rs 660. The stock has gained some strength after a weak performance in the last few days, and is trading above the support level. Above Rs 660, it faces crucial hurdles at Rs 665 and Rs 670, and if it sustains above these levels, the stock will see a further up-move.

BHEL has seen good momentum in the last few trading days. The stock opened on a positive note, higher by 1.46% and is trading at Rs 180. It has good support at the Rs 174 level, and we can see can expect more of an up-move if it sustains at this level.

The 5520-5500 levels will be a lakshman rekha for the Nifty. 5500 will be a major support. If the index breaks and trades below this level, we may see a further down-move.