Market Closing: Markets Tanked Due To Disappointment From Infosys

Indian markets tanked on April 17 due to sell out of Infosys stock shares dragging the IT index which in turn pulled down the broader indexes. Nifty ended 125.75 points or (0.71%) below at 17,702.25, while Sensex closed below 520.25 points (0.86%) at 59,910.75.

Both the indexes had opened in red during the morning trade, had the steepest fall in five weeks. IT index was down by nearly 4.73%. Many leading brokerages downgraded Infosys after its fourth quarter results and cut its target price.

With inputs from Moneycontrol, JP Morgan has lowered the stock to 'underweight' and cut its target price to Rs 1,200 from Rs 1,500 a share. CLSA cut its target price to Rs 1,550 from Rs 1,800, Citi kept its target price to Rs 1,400 from Rs 1,675 a share, Nomura Research target price was at Rs 1,290 from Rs 1,660, while Bofa cut its target price to Rs 1,390.

Among other sectoral indexes, Nifty PSU Bank, Nifty Realty, Nifty Fmcg, and Nifty Auto made the most gains today, supported by stocks like HDFC and other FMCG stocks.

Midcap index was up by 0.40% and Smallcap index by 0.37% at market closing. Total 1018 stocks advanced and 1048 declined on NSE today.

Nestle India, Powergrid Corporation and SBI were top gainers on both the indexes, they were up by nearly 4%, 2.3 and 2.2% respectively. Besides these stocks Britannia and Coal India were among top 5 to make gains of nearly 2% on Nifty. While Indusind Bank, Kotak Bank and Ultratech Cement were other winners to make gains of nearly 1.3% on BSE Sensex.

Total 31 stocks advanced and 19 stocks declined on Nifty, while 16 advanced and 14 declined on Sensex. Biggest loser was Infosys, it plummeted by nearly 9.4%, erasing of market capitalisation of the firms notional value, with declining worth of each person from the Naryan Murthy's family and big institutionals.