IT stocks drag markets down, Sensex down 750 pts, Nifty tanks over 1%, Infosys plunges 10%

Domestic markets plunged at open today, after below-than-expected quarterly results by Infosys, and weak global sentiments. BSE benchmark Sensex slumped 531.37 points, or 0.88 per cent, to 59,899.63, while NSE’s Nifty tanked 137.70 points, or 0.77 per cent to 17,690.30.

By 9.30 am, Sensex was down 759.06 points, or 1.26 per cent to 59,670.52, while Nifty plunged 191.25 points, or 1.07 per cent to 17,636.75.

IT major Infosys tanked 10 per cent at open, to hit the lower limit circuit at Rs 1,249.75 on BSE. Infosys announced the results of its March quarter on Thursday, saying that the firm’s 7.8 per cent year-on-year rise in consolidated net profit at Rs 6,128 crore in March quarter of FY23.

IT stocks were the top laggards at open as the sector plunged 6.71 per cent. Tech Mahindra tanked 6.78 per cent, followed by HCLTech at 4.37 per cent, Wipro at 3.87 per cent, and TCS at 3.57 per cent.

Broader markets also extended gains, as the Nifty 100 was down by 0.79 per cent, followed by Nifty 200 at 0.73 per cent, and Nifty 500 at 0.66 per cent.

Meanwhile, realty stocks were the top gainers at open, as the sector jumped 0.65 per cent, followed by PSBs at 0.63 per cent.

Power Grid, IndusInd Bank, Nestle India, Britannia, Hindustan Unilever, UltraCement and Axis Bank were the top gainers at open.