EFT Report, Mumbai: Indian market benchmark Sensex on Monday settled 175.40 points lower at 26,904.11 after surging over 225 points in early trade following a downward revision in Infosys dollar revenue forecast for the ongoing fiscal, which triggered a massive sell-off in the entire tech basket.
IT bellwether Infosys' shares erasing all its early gains ended 3.88 per cent down after it cut dollar revenue guidance for the financial year 2016 despite posting 9.8 per cent rise in net profit to Rs 3,398 crore for the second quarter.
Consequently, IT index plunged 2.02 per cent, while tech took a hit of nearly 1.85 per cent.
Moreover, caution ahead of the key macroeconomic data, IIP and inflation, to be released later in the day too influenced market mood.
The 30-share Sensex after remaining in green zone briefly by surging 225 points at the outset slipped into the negative zone soon after Infosys announced results and dipped below the 27,000-mark to touch a low of 26,855.75.
The index finally settled 175.40 points down or 0.65 per cent at 26,904.11.
Infosys reported its second quarter of strong numbers as expected, but it was the resignation of its chief financial officer Rajiv Bansal that grabbed more eyeballs. He is the third Infosys CFO after TV Mohandas Pai and V Balakrishnan to resign from the company in the last four years.
IT bellwether Infosys' shares erasing all its early gains ended 3.88 per cent down after it cut dollar revenue guidance for the financial year 2016 despite posting 9.8 per cent rise in net profit to Rs 3,398 crore for the second quarter.
Consequently, IT index plunged 2.02 per cent, while tech took a hit of nearly 1.85 per cent.
Moreover, caution ahead of the key macroeconomic data, IIP and inflation, to be released later in the day too influenced market mood.
The 30-share Sensex after remaining in green zone briefly by surging 225 points at the outset slipped into the negative zone soon after Infosys announced results and dipped below the 27,000-mark to touch a low of 26,855.75.
The index finally settled 175.40 points down or 0.65 per cent at 26,904.11.
Infosys reported its second quarter of strong numbers as expected, but it was the resignation of its chief financial officer Rajiv Bansal that grabbed more eyeballs. He is the third Infosys CFO after TV Mohandas Pai and V Balakrishnan to resign from the company in the last four years.
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