It's a bad start for the earnings season and this was reflected in the sharp fall in the markets. Both the BSE Sensex and the Nifty fell by 1.47 percent and 1.34 percent, respectively. The Sensex fell 256.59 points to 17,232.55 points while the Nifty lost 71 points to 5,235. The market breadth was negative. On the BSE, 1,630 stocks declined while 1,174 advanced.
The BSE IT index was the biggest loser with a fall of 5.11 percent. Infosys was the top loser as its scrip fell by 8 percent after it said it expects sales to grow by 5 percent to $7.34 billion, below its estimate in April of 8-10 percent growth. TCS fell by 1.8 percent post its results while Wipro fell 4 percent.
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