The Sensex and Nifty tanked in early morning trade on Monday. This comes after a crash in IT stocks after Infosys slid 9 per cent on missing March-quarter profit estimates. The share market opened after remaining closed for four days.
While the equity benchmark Sensex fell 1.61 per cent or 938.49 points to 57,400.44, the Nifty fell by 1.44 per cent or 251.25 points to 17,224.40.
India’s number two software services provider Infosys slumped as much as 9.1 per cent to an eight-month low and was the top drag on the Nifty 50 index.
The firm’s consolidated net profit for the March quarter was 56.86 billion rupees ($744.24 million), lower than analysts’ expectation of 59.80 billion rupees, according to a Reuters report.
Nifty’s IT sub-index declined the most among major sub-indexes and was down nearly 4 per cent.
Meanwhile, several markets in Asia and Europe were closed on account of Easter on Monday. US equity futures, however, declined amid a deepening crisis in Ukraine.
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