Mumbai : Technology stocks took a hammering in the wake of muted guidance from Infosys, which pulled down the benchmark Sensex 106 points below the 28,000 mark at the close, while a ‘terror attack’ in France kept the market on the edge.
The IT index bore the brunt after Infosys slashed its full-year revenue guidance, which triggered a massive sell-off in the technology sector pack, where the fall was across the board.
Risk sentiment soured further after a gunman ploughed a truck into a crowd in France, killing at least 80 people, which roiled European shares. China offered a glimmer of hope as second quarter GDP grew at 6.7 per cent, which somewhat cushioned the impact of the twin blow. Another record closing in US markets offered relief too, dealers said.
These developments apart, improving global liquidity, good monsoon and likely passage of the GST Bill in the Upper House of Parliament are seen as key factors in determining the way the market will move forward, which are expected to limit the extent of the downside. For the week, the Sensex rallied 709.60 points, or 2.61 per cent, while the NSE Nifty surged 218.20 points, or 2.62 per cent.
