Below-expected results of Infosys for the third quarter and growing concerns over a hike in the overall interest rates pulled down the Bombay Stock Exchange benchmark Sensex by 351 points or 1.8% on Thursday to close at 19,182.8.
The Broader Nifty at the National Stock Exchange fell by 111 points to close at 5,751.9.
Infosys stocks fell by 4.8% during the day after the tech major announced a result weaker than market expectations.
Other IT companies too lost ground as the markets turned conservative on expectations from the sector. HCL Technologies fell by 3.1% and Wipro2.7%.
Banking stocks also lost heavily and heavyweights such as State Bank of India and ICICI Bank fell by 3.9% each, and HDFC Bank 2.9%. The Banking index was the top loser, falling 3.5%, followed by the IT index which lost 3.4% on Thursday.