Indian shares declined on Friday, dragged by IT stocks after top software services provider Infosys slashed its revenue guidance, citing weakness in client spending on weak global cues.
"The guidance cut from Infosys is a big shocker," wrote three analysts from Kotak Institutional Equities. "The weaker outlook is not just Infosys-specific, but captures a broader slowdown in the sector in key verticals."over 2% after missing June-quarter profit view on higher costs.
The slide in domestic equities comes after six straight sessions of gains, in which the benchmarks scaled fresh record highs. "The short-term texture of the market is overbought, hence we could see some profit booking at higher levels," said Shrikant Chouhan, head of research at Kotak Securities.
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