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IT shares tumble as Oracle results shock investors

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Oracle Financial Services Software (down 4.26%), Infosys (down 2.45%), (down 2.42%), India (down 2.32%), iGate Patni (down 2.25%), (down 1.66%), Mahindra Satyam (down 1.40%), (down 1.28%), HCL Technologies (down 0.61%) and (down 0.60%), edged lower.

The IT index was down 2.08% at 5,629.73. It underperformed the Sensex, which was down 0.56% at 15,597.29.

The BSE IT index had outperformed the market over the past one month until 21 December 2011, gaining 4.95% compared with the Sensex's 1.64% decline. The index had also outperformed the market in past one quarter, spurting 10.51% as against 8.09% fall in the Sensex.

Dismal from Oracle Corp, the world's third biggest software maker, stoke renewed fears of a slowdown in global technology spending.

Oracle Corp reported a 17% growth in its net income to $2.19 billion for the second quarter ended 30 November 2011 on account of higher sales of new software licences. Its total revenues rose by 2% to $8.8 billion in the second quarter of the current fiscal.

According to media reports, Oracle's earnings fell short of market expectations for the first time in a decade due to slower demand for databases, applications and computer servers. The company's shares fell more than 11% in the US on Wednesday (21 December 2011).

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