Infotech stocks drag down Sensex

The earning season is sending jitters on Dalal Street. Corporate results by Sensex heavyweights Infosys and Reliance Industries RIL dragged the Sensex down by 64 points to 9380.88 on Thursday. The Sensex oscillated 130 points between the day8217;s high of 9435.26 and low of 9,303.71.

Reliance8212;which reported a 15 per cent fall in Q3 profit8212;was hammered in the opening session. However, it recovered partially and closed with a loss of 0.71 per cent at Rs 887.25.

Though Infosys met earnings expectations on Wednesday8212;when Indian markets were closed for a holiday8212;its US stock plunged as analysts took a closer look at share valuations and details of profit.

Infosys ADRs dropped 9.4 per cent to 73.06 on Nasdaq on Wednesday after the firm8217;s October-December net profit rose 31 per cent.