Sensex falls 277 pts, TCS tanks 7.7%

Across-the-field sell-off triggered bysteep fall in country's largest software exporter TCS as well as distinctlyweak global advices pushed the benchmark Sensex down by nearly 277 points toend below psychological 17K-mark at 16,748.29.

Software bellwether, TCS tumbled by 7.71 per cent afterannouncement of poor second quarter performance on Monday and was the top loserfrom the Sensex pack. The company reported a 6.1 per cent growth in itsconsolidated net profit for the September quarter, which was below marketexpectations.

As a result, other IT counters too suffered a setback andthe BSE-IT plunged by 3.67 per cent and was the biggest loser from the sectoralindices.

Besides TCS, other sensex-based counters like RIL, ICICIBank, Infosys Tech, L&T, Tata Motors, ONGC, SBI, Tata Steel, Sterlite Indand ITC too bore the brunt of selling and added to the sensex fall.

Reflecting heavy selling, all 13 sectoral indices closed inthe red between 3.67 per cent and 0.60 per cent while 25 out of 30 scrips from Sensexfamily ended with falls while four others finished in the green and NTPC heldstable.

The Bombay Stock Exchange 30-share barometer resumed with asharp downside gap of about 208 points at 16,817.38 due to bearish Asian cueson sharp dip on Wall Street on Monday after signal from German Finance Ministerthat an ultimate solution for euro-zone debt crisis would not be reached at thesummit on October 23.

The Sensex remained in negative terrain throughout the dayand settled at 16,748.29, sinking by 276.80 points or 1.63 per cent.