BENGALURU: Indian shares snapped a nine-day winning streak after Infosys tumbled over 9% and sparked a selloff in IT stocks, following the country’s No. 2 IT services exporter’s weak quarterly results and forecast.
The Nifty 50 closed 0.68% lower at 17,706.85. IST, while the S&P BSE Sensex lost 0.86% to 59,910.75.
The benchmark Nifty traded in a near-300 point range, its widest since March 13.
Infosys was the top drag on the Nifty after it forecast revenue growth hitting a six-year low in fiscal 2024 with US and European clients deferring spending.
The IT index sank 4.71% to close at a six-month low. All 10 constituents were down between 1.5% and 10%.
HCLTech, the only IT company due to report results this week, fell nearly 3%. Tech Mahindra Ltd slid over 5%, also weighed down by a Citigroup downgrade to “sell”.
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