Mumbai: Despite an announcement by Infosys Technologies of better-than-expected third quarter results, the heavyweight suffered a sharp setback at early stages on the Bombay Stock Exchange (BSE) on January 10 on heavy selling.

Attributing the selling in Infosys Technologies to lower billing rates and unsatisfactory guidance for the future, brokers said investors pressed sales in software stocks affecting the SENSEX.

Well supported by a strong start by RIL, ITC, BHEL, HPCL and HLL, the BSE Benchmark 30-share Index opened past at 3,416.92 as against the January 9 close of 3,384.20 but later reacted substantially and dipped to 3,365.02 at 10:30 hours (IST).

IT bellwether Infosys Technologies registered a growth of 24.20 per cent at Rs 256.31 crore for the third quarter over the corresponding period last year.

Investors also discounted a smart rally on Wall Street on January 9 night. The Dow Jones Industrial Average rose by 180.87 points and the NASDAQ Composite Index gained by 37.39 points on January 9.

PTI