Rampant selling at IT counter dragged the BSE benchmark Sensex down by 160 points in early trade after the industry bellwether Infosys reported Q4 results, below the market expectations.
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 quarterended March 31.
Reacting to the Q4 results, Infosys slumped by 7.26 per cent on BSE, followed by Wipro (4.34 per cent) and India's largest IT major TCS, which declined by 1.90 per cent.
Besides, Oil and gas major ONGC and power company NTPC also declined by 1.89 per cent and 1.15 per cent,respectively.
Among the 30-member Sensex pack, 16 declinedwhile 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 1015hrs, showing a net loss of 160.12 points or 0.81