Stock markets slipped further on Friday as software bellwether Infosys Technologies’ conservative forecast for FY 2003-04 continued to haunt tech stocks. Although the market ended off its day’s low, buying support for select heavyweights and old economy stocks was not enough to lift the market. Infosys, which crashed by 27 per cent on Thursday, fell by another 14 per cent on Friday.The 30-share BSE Sensitive Index (Sensex) settled with a loss of 37.46 points at 2,997.87. The NSE S&P CNX Nifty Index closed 12.40 points lower at 949.80. Several brokers’ trading terminals were believed to have been shut down as they had been lagging behind in collecting margins. This caused some nervousness in the market. Meanwhile, the outlook appeared to be bearish ahead of an extended weekend. With banks closed on Friday for Ram Navami, payments will be delayed. This factor, players feel, is one of the reasons for weakness in the market. The market will remain closed on Monday on account of Dr Ambedkar Jayanti.
