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Infosys drops nearly 3% on bourses

Infosys drops nearly 3% on bourses
PTI
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First Published: Mon, Jul 11 2011. 11 50 AM IST
Updated: Mon, Jul 11 2011. 11 50 AM IST
Mumbai: Shares of IT bellwether Infosys Technologies fell by nearly 3% in early trade on the bourses on Monday as investors adopted a cautious approach toward the stock ahead of its quarterly earnings announcement on Tuesday.
Infosys, the country’s second-largest software services provider, dropped by 2.95% to an early low of Rs 2,890 on the BSE, while on the NSE, the stock fell by 2.95% to a low of Rs 2,888.55.
Analysts said a cautious sentiment was prevailing in the market ahead of Infosys’ April-June quarter results, which is why the counter is seeing some profit-booking.
The fall in the bellwether stock was significant in pulling down both the benchmark indices in early trade. The BSE 30-share Sensex was trading lower by 77 points at 18,781.04, while the NSE’s 50-share Nifty was quoting at 5,634.55, down 26.10 points at 1020 hours.
Meanwhile, the country’s largest software firm, TCS, which will declare its first quarter numbers on 14 July, was also under pressure and was trading down 0.64% at Rs 1,165.80.
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First Published: Mon, Jul 11 2011. 11 50 AM IST
More Topics: Stocks | Infosys | IT | Markets | BSE |