Indian shares fell sharply on Thursday, extending the previous session's losses, weighed down by weak global cues and disappointing first-quarter results by IT bellwether Infosys.
Asian markets are broadly lower, with Hong Kong's Hang Seng index down 1.6 percent and Japan's Nikkei average retreating 1.3 percent, as an unexpected slump in Australian employment and a surprise rate cut from South Korea increased concerns about the state of the global economy.
To add to investor woes, the Federal Reserve's last policy meeting minutes released overnight showed that only "a few" policy makers were in favor of expanding monetary stimulus measures.
The benchmark BSE Sensex is currently down 198 points or 1.14 percent at 17,290, while the broader Nifty index is down 55 points or 1.05 percent at 5,251.
Infosys is plunging almost 9 percent after its first-quarter earnings fell below estimates. Rival TCS is losing a percent and Wipro is tumbling 4.2 percent. Infosys reported a marginal 1 percent decline in quarterly net profit and lowered its revenue guidance for this fiscal in dollar terms.
Banking stocks are also subdued, with SBI down half a percent and ICICU Bank down 0.8 percent. JSW Steel is moving down 1.2 percent and Mahindra & Mahindra is declining 1.6 percent on going ex-dividend.
Infotech Enterprises is down 0.6 percent after U.S.-based private equity firm Carlyle bought a 9.96 percent stake in the company. Atlanta is down 0.8 percent despite receiving a letter of award for an EPC contract.
Oil retailers such as BPCL, HPCL and IOC are posting modest gains amid the buzz that diesel prices would be hiked by at least Rs.5 a litre after the Presidential election.
CHD Developers is rising over 2 percent after Empire Realtech Private became its wholly-owned subsidiary. Essar Ports is up 2.3 percent after the coal berth at its Paradip Port Trust received approval from the Environment and Forests Ministry. SAIL is up 0.4 percent on divestment reports.
Indian shares fell notably on Wednesday, as mixed Asian cues and weak cues from European markets prompted investors to adopt a cautious stance following the previous session's rally. The benchmark 30-share Sensex ended a range-bound session down 129 points or 0.73 percent at 17,489, while the broader Nifty index fell by 39 points or 0.73 percent to 5,306.
by RTT Staff Writer
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