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The market has opened sharply lower following global turmoil after crude fell below USD 30 a barrel. The 30-share BSE Sensex lost 266.93 points or 1.07 percent to 24587.18 and the 50-share NSE Nifty declined 85.90 points or 1.14 percent to 7476.50. The market breadth was pathetic as about nine shares declined for every share advancing on the Bombay Stock Exchange. Tata Steel plunged 4.57 percent after S&P downgraded the stock to 'BB-', a low investment grade rating, over persistent subdued operating performance amid subdued demand and low steel prices. Axis Bank, SBI, Tata Motors, BHEL, Bank of Baroda and PNB were down 2.5-3 percent. However, ITC gained. 

Infosys results come as a relief for investors concerned about the tepid growth in the IT sector. Earlier this week, TCS - India's biggest outsourcer -- had disappointed the Street for the sixth straight quarter.