Rampant selling at IT counter dragged the Bombay Stock Exchange benchmark Sensex down 160 points in early trade, after industry bellwether Infosys reported below expectations fourth quarter results.
The company reported 2.13 per cent growth in consolidated net profit as per International Financial Reporting Standards.
Analysts said the market was expecting 3.3-6.7 per cent growth in Infosys' consolidated net profit for the quarter ended March 31.
Reacting to the news, Infosys slumped 7.26 per cent on BSE, followed by Wipro (4.34 per cent) and India's largest IT major Tata Concultancy Services, which declined 1.90 per cent.
Besides, Oil & gas major ONGC and power company NTPC also declined 1.89 per cent and 1.15 per cent, respectively. Among the 30-member Sensex pack, 16 declined while the rest advanced.
The BSE benchmark Sensex resumed lower at 19,670.07 and hovered in a range of 19,700.96 and 19,474.35 before quoting at 19,536.74 at 10.15 am, showing a net loss of 160.12 points, or 0.81 per cent, from its last close.
The NSE 50-share Nifty also moved down 42.60 points or 0.72 per cent to 5,868.90 at 10.15 am from its last close.
Most Asian markets edged lower in early trade, on acceleration in China's consumer inflation in March and on disappointing US economic data. The key benchmark indices in China, Hong Kong, South Korea, Japan, Singapore and Taiwan fell between 0.14 per cent to 0.75 per cent.