Sensex dives 271 pts, Infosys crashes 9.6% as Sikka resigns

Vishal Sikka's resignation as

Infosys CEO today dealt a big blow to stock indices as the

Sensex plunged 271 points while the Nifty managed to end above

9,800.

The sharp fall in Infosys scrip dragged down the market.

The stock burnt its fingers as the biggest loser -- sinking as

much as 9.60 per cent to Rs 923.10 -- after the surprise

announcement. Intra-day, it hit a low of Rs 884.40.

Moreover, a deadly attack in Spain and rising concerns

over the fate of US President Donald Trump's economic agenda

cast a long shadow, analysts said.

After three straight sessions of gains, the Sensex opened

lower and dropped further before ending down 270.78 points, or

0.85 per cent, at 31,524.68. It had rallied 581.87 points in

the previous three sessions.

The 50-share Nifty too closed lower 66.75 points, or 0.67

per cent, at 9,837.40. During the session, it shuttled between

9,783.65 and 9,865.95.

For the week, both Sensex and Nifty recorded a gain of

311.09 points, or 0.99 percent, and 126.60 points, or 1.30 per

cent, respectively. This is markets' sixth weekly rise in

seven.

Persistent capital outflows from foreign institutional

investors, which have been selling for the past six straight

days, and the end of the earnings season amid absence of any

positive trigger hastened the downfall.

(This article has not been edited by DNA's editorial team and is auto-generated from an agency feed.)