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Sensex Falls Over 200 Points, Infosys Shares Slump 5%

Though Infosys Q4 numbers were in line with expectations, the IT major'sguidance for FY19 growth and operating margin was below the estimates of some analysts.

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Sensex Falls Over 200 Points, Infosys Shares Slump 5%

Infosys shares fell nearly 5% today.

Indian stocks markets fell sharply lower amid mixed Asian markets and a slump in Infosys shares. The Sensex was down nearly 200 points while Nifty fell to 10,426, down nearly 50 points. Shares of Infosys, which announced its Q4 earnings on Friday, fell nearly 5 per cent. Though Infosys Q4 numbers were in line with expectations, the IT major's guidance for FY19 growth and operating margin was below the estimates of some analysts.  Asian share markets were mixed today. With the situation in the Middle East still fluid, moves were modest and in both directions.

The United States, France and Britain launched 105 missiles targeting what the Pentagon said were three chemical weapons facilities in Syria in retaliation for a suspected poison gas attack in Douma on April 7. Russian President Vladimir Putin warned on Sunday that further Western attacks on Syria would bring chaos to world affairs, as Washington prepared to increase pressure on Russia with new economic sanctions.

But with President Donald Trump declaring mission accomplished, investors wagered the worst had been avoided. "Trump was able to enforce his chemical weapons red line without crossing the threshold for Russian retaliation," analysts at JPMorgan said in a note.

The rupee fell to 65.38 against the US dollar today, as compared to Friday's close of 65.20. Indian shares rose for a seventh straight session on Friday, in their longest winning streak since November 2017.

Looking ahead in global markets, the US earnings season kicks into high gear this week with Thomson Reuters data predicting profits at S&P 500 companies increased by 18.6 percent in the first quarter from a year ago, their biggest rise in seven years.

Yet with expectations so high, bank shares ran into profit-taking on Friday after a batch of mixed results. In Asia, China reports its gross domestic product for the first quarter on Tuesday with market forecasts clustered around growth of 6.7 percent to 6.8 percent.

The United States reports retail sales later on Monday and there are around 15 Federal Reserve speakers in the diary for the week.

 

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