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Market Losses Mount, Infosys Pulls Down Sensex 

The IT sector as a whole faced the backlash of Vishal Sikka’s surprise resignation as Infosys’ CEO.

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The stocks made an early attempt to come out of the Infosys jolt on Monday, but could not as the Sensex lost 266 points and the Nifty cracked below 9,800 at the close.

The IT sector as a whole faced the backlash of Vishal Sikka’s surprise resignation as the CEO of Infosys.

The software giant suffered more losses, down 5.37 percent, despite its Rs 13,000 crore share buyback announcement.

The stock was the biggest loser among blue-chips on both the key indices for yet another session.

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The 30-share Sensex ended 265.83 points, or 0.84 percent, lower at 31,258.85. The gauge had lost 270.78 points in the previous session on Friday.

The broader NSE Nifty moved between 9,884.35 and 9,740.10, before ending 83.05 points, or 0.84 percent,lower at 9,754.35.

Market failed to retain its opening strength due to continued pressure on the IT major (Infosys) despite a premium buyback announcement. Furthermore, pullout of foreign funds and persistent miss in quarterly earnings led the market to consolidate
Vinod Nair, Head of Research, Geojit Financial Services Ltd

The ongoing turbulence at Infosys, India's second-largest IT exporter, continued to push down the BSE IT index, which slumped 2.04 percent, followed by technology, PSU and healthcare.

(This article has been edited for length)

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Topics:  Nifty   Infosys   Vishal Sikka 

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