Infosys Ltd shares fell as much as 6% after the company lowered its operating margin outlook and its plan to sell Panaya and Skava. Its stock was one of the biggest contributors to the losses in the Sensex pack.
In the broader market, the BSE Midcap was little changed, while the BSE Smallcap gained 0.4 per cent. Market breadth, indicating the overall health of the market, turned negative.
On Friday, both the indices ended in the green due to healthy macro-economic data, along with robust buying in metals, IT and healthcare stocks. 30-share BSE Sensex lost nearly 150 points to open below 34,000-mark, but the index soon mad e a comeback and was at 34,119.45, still 73.20 points down, at 9.30 am.
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At 3.30 p.m., the NSE Nifty50 provisionally closed at 10,528.35 points - up 47.75 points or 0.46 per cent from its previous close.
Other major losers in the Nifty50 pack were Tata Motors, Wipro, Axis Bank, ONGC, NTPC, RIL, Dr Reddy's SBI, Bharti Airtel, ICICI Bank, Maruti Suzuki, Asian Paint and Tata Steel, falling by up to 1.54 per cent.
However, towards the middle of the session, revival of buying, spread over a broad front, helped wiping out initial losses and touched the day's high of 34,341.46 before settling higher by 112.78 points, or 0.33 per cent, at 34,305.43.
Hero MotoCorp (2.02%), Kotak Mahindra Bank (1.88%) and Adani Ports (1.85%) were the top gainers on Sensex.