At 11:08 hours IST - equity benchmarks extended losses on the back of further sell-off in IT bellwether Infosys' shares followed by financial and healthcare companies' shares. NTPC, ITC, BHEL, Tata Steel, Hero Honda and Bharti Airtel also added more pressure on markets. The Nifty was hovering in a range of 5810-5850 level along with volatility.
However, the support was led by cement, realty and Anil Dhirubhai Ambani Group (ADAG) companies' shares along with ONGC, TCS, Wipro, Tata Motors, Sterlite, L&T and Bajaj Auto. India's second largest IT services exporter Infosys has reported 2.48% growth in net profit to Rs 1,780 crore over previous quarter, which was quite disappointing for the markets. CNBC-TV18 was expecting net profit at Rs 1,814.69 crore. Infosys plunged over 4%, which drag the IT Index by 2%. However, TCS and Wipro rose 0.9% each. Explaining the rationale behind the disappointing numbers, the Infosys management said that seasonality led to lower volume growth in the third quarter. Moshe Katri, MD, Cowen & Co says, Q3 is a seasonally weak quarter. According to him, expectations have to be tempered down.Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
