Vishal Sikka's resignation as
Infosys CEO today dealt a big blow to stock indices as the
Sensex plunged 271 points while the Nifty managed to end above
The sharp fall in Infosys scrip dragged down the market.
The stock burnt its fingers as the biggest loser -- sinking as
much as 9.60 per cent to Rs 923.10 -- after the surprise
announcement. Intra-day, it hit a low of Rs 884.40.
Moreover, a deadly attack in Spain and rising concerns
over the fate of US President Donald Trump's economic agenda
cast a long shadow, analysts said.
After three straight sessions of gains, the Sensex opened
lower and dropped further before ending down 270.78 points, or
0.85 per cent, at 31,524.68. It had rallied 581.87 points in
the previous three sessions.
The 50-share Nifty too closed lower 66.75 points, or 0.67
per cent, at 9,837.40. During the session, it shuttled between
9,783.65 and 9,865.95.
For the week, both Sensex and Nifty recorded a gain of
311.09 points, or 0.99 percent, and 126.60 points, or 1.30 per
cent, respectively. This is markets' sixth weekly rise in
Persistent capital outflows from foreign institutional
investors, which have been selling for the past six straight
days, and the end of the earnings season amid absence of any
positive trigger hastened the downfall.
(This article has not been edited by Zeebiz editorial team and is auto-generated from an agency feed.)