The S&P BSE Sensex ended the day 175 points down at 26,904.11, while broader CNX Nifty slipped below its crucial psychological level of 8,150 to end 46.10 points down at 8,143.60.
"There has been Infosys-led falls but Infosys earnings cannot be extrapolated to the entire earnings season," said Aneesh Srivastava, chief investment officer at IDBI Federal Life Insurance Co.
Technology stocks led the declines. Infosys was the top Sensex loser and ended 4% down, while Tata Consultancy Services lost 1.6 per cent ahead of its Q2 numbers to be announced on Tuesday.
Here are top stocks that buzzed in today's trade:
Shares of Infosys slipped 5 per cent on BSE in trade on Monday, the biggest intraday fall since August 24, soon after the IT firm slashed full year dollar revenue guidance to 6.4 per cent to 8.4 per cent. The stock ended at Rs 1122.50, down 3.88 per cent.
Shares of Unichem Laboratories jumped nearly 3 per cent on BSE in trade on Monday on reports that the mid-sized drugmaker is exploring a sale of its domestic formulations business. The stock closed the day flat at Rs 307.75.
3) Tata Steel
Tata Steel shares surged 4.46% on BSE to hit intraday high of Rs 261.95 in an otherwise weak market after the company said that its sales in the July to September quarter rose 10 per cent to 2.33 million tonnes. Tata Steel had clocked sales of 2.11 million tonnes (MT) during the same period last year. The stock ended the day at Rs 251.15, up 0.16%.
4) Lanco Infratech
Shares of Lanco Infratech tumbled nearly 6% on BSE in Monday's trade on reports that Yes Bank has decided not to renew its Rs 250 crore loan to the company and has invoked its powers to claim its right on the Rs 250 crore lying in the escrow account. The stock ended 3.97% down at Rs 4.84.
5) Zensar Technologies
Shares of Zensar Technologies advanced 20 per cent intraday on BSE after Marina Holdco, a company backed by funds advised by Apax Partners acquired 23.2 per cent stake in the company from Electra Partners Mauritius. The stock ended 15.16 per cent higher at Rs 968.65.
Shares of Bank of Baroda slipped nearly 8 per cent in trade on Monday after Central Bureau of Investigation (CBI) swooped down at 50 locations of the banks in Delhi in connection with its probe into alleged spurious transactions of Rs 6,000 crore to Hong Kong from a BoB branch in the garb of purported payments of "non-existent" imports. The stock ended the day at Rs 176.80, down 3%.