Sensex falls almost 300 points; Infosys tanks 4%

At 10am Sensex was down 0.12% at 34,151.86 points while the Nifty 50 edged down 0.14% to 10,466 points

At 10am Sensex was down 0.12% at 34,151.86 points while the Nifty 50 edged down 0.14% to 10,466 points

Infosys Ltd shares fell as much as 6% after the company lowered its operating margin outlook and its plan to sell Panaya and Skava.

Last week, the Sensex ended with third consecutive weekly gain by a solid 565.68 points to conclude at 34,192.65, while the broader Nifty reclaimed to close above the key 10,400-level at 10,480.60.

Weak Asian shares also weighed on sentiments.

The 30-share index was trading lower by 77.41 points, or 0.23 per cent, at 34,115.24 at 1200 hrs, led by selling on IT, energy, consumer durables, telecom, auto, banking, oil & gas counters.

The Sensex touched a high of 34,341.46 points and a low of 33,899.34 points during the intra-day trade.

Meanwhile, domestic institutional investors (DIIs) bought equities worth a net Rs 306.05 crore on Friday, as per provisional data.

Other major losers in the Nifty50 pack were Tata Motors, Wipro, Axis Bank, ONGC, NTPC, RIL, Dr Reddy's SBI, Bharti Airtel, ICICI Bank, Maruti Suzuki, Asian Paint and Tata Steel, falling by up to 1.54 per cent.

On the other hand, stocks of Tata Motors suffered the most by crashing 4.96 per cent after Jaguar Land Rover said it is planning to cut jobs to scale back production at some of its United Kingdom sites.

On the other hand, Cipla (1.80%), Mahindra & Mahindra (0.87%), Adani Ports and Special Economic Zone (0.84%), ITC (0.81%), Larsen & Toubro (0.69%), and Kotak Mahindra Bank (0.64%) were the biggest gainers in the Sensex.

The broader markets too continued to rule firm as investors were seen enlarging their bets, lifting the small-cap index by 0.56 per cent and mid-cap index by 0.34 per cent. London's FTSE down 0.40 per cent.

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