Markets near day's lows; Nifty slips below 7,300

Markets were trading near their day's lows after the first hour of trade weighed down by sell-off in Infosys after after B G Srinivas, President and Board member tendered his resignation from the company. This was the 10th high level exit from the company.

At 10:45AM, the 30-share Sensex was down 145 points at 24,411 and the 50-share Nifty was down 35 points at 7,294.

Among the index heavyweights Infosys was down 6.1% and Reliance Industries was down 1.1%.

HDFC Group shares were among the top Sensex gainers along with FMCG major ITC.

ONGC gained 0.8% and M&M up 1.8% after a correction in the previous few sessions.

Among other shares, Godrej Industries was up nearly 2% after posting a huge jump in net profit for the fourth quarter and year ended March 31. The stock is quoting at Rs 301, stronger by Rs 7 or 2.5%, on the BSE.

HPCL recovered after sliding in early trades rising 2% on the back of highest net profit for fiscal 2014 for the past ten years. For the full fiscal 2013-14, the company reported almost doubling of net profit to Rs 1,733.77 crore. HPCL had reported net loss in two out of the previous three quarters in 2013-14. The increase was mainly due to increased refining and marketing margins.

National Stock Exchange of India Ltd (NSE)