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Infosys drops in flat mkt

September 24, 2009

Shares of Infosys Technologies fell over 3 percent to 2,285 rupees on Thursday in a market that saw volatile trade with the expiry of monthly derivatives.

Infosys, which has an over 8 percent weightage in the main index, dropped as much as 80 rupees with a volume of 0.3 million, making it the top loser in the index which ended flat.infy

A news report today said the second-largest software exporter was considering pay hikes and promotions next month.

The report, however, failed to cheer investors.

The BSE IT index ended nearly 1.6 pct down with Infosys, Financial Technologies, Oracle and Patni leading the decline.

The global economy has started showing signs of recovery and it is the IT sector which is likely to benefit the most from the strengthening.

The counter has already gained over 100 percent so far this year. Do you see a correction setting in and the stock falling further in the near term?

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