Sensex Slumps 1000 Points, HDFC Twins, Infosys Big Losers

Benchmark indices fell sharply in trade with losses in big names like HDFC, HDFC Bank and Infosys dragging the indices lower. The Sensex was down 1035 points at 57,303 points. Infosys fell as much as 6%, after results lagged estimates for the company. Infosys reported 12 per cent jump in its consolidated net profit for the fourth quarter (Q4) ended March 31, 2022.

The company posted a net profit of Rs 5,686 crore for the period under consideration as against a profit of Rs 5,076 crore reported in the same quarter last year. The stock was down 6% at Rs 1641. Other stocks that dropped in trade were HDFC and HDFC Bank, both of which declined more than 2%.

The entire tech pack was weak in trade with HCL Tech and Tech Mahindra among the other big losers in trade. Stocks that gained ground were ONGC and NTPC from the Nifty space.

Meanwhile, Asian markets were lower with the Japanese Nikkei down more than 2%. Global markets have been weak on the bank of sustained selling pressure following a sharp surge in bond yields.
The US 10-year treasury yield surged past the 2.87 mark, as expectations of a sharp surge in rate hikes in the US gathered steam. Markets are expected to be volatile should bond yields in the US continue to rise.