Infy wipes out early gains, ends 0.5% lower on late sell-off

Shares of Infosys erased all its early gains and ended 0.5 per cent lower today even after the company reported better-than-expected 1.3 per cent rise in June quarter net profit.
The stock witnesses late sell-off and ended the day at Rs 972.05, down 0.44 per cent on BSE. During the day, the stock had gained 3.10 per cent to Rs 1,006.65.
At NSE, shares of the company slipped 0.51 per cent to close at Rs 972.05.
In terms of volume, 6.85 lakh shares of the company were traded on BSE, and over one crore shares changed hands at NSE during the day.

Selling pressure was also seen in other IT stocks, with TCS falling 1.85 per cent, Wipro (1.78 per cent), HCL Tech (0.87 per cent) and Tech Mahindra (0.41 per cent).
The BSE IT index ended 0.95 per cent lower at 10,051.60.

Infosys, India's second-biggest software services exporter, today reported better-than-expected 1.3 per cent rise in its June quarter net profit on winning key clients in North America and Europe and raised its annual US dollar revenue outlook.
Net profit in April-June 2017-18 at Rs 3,483 crore, or Rs 15.24 per share, was 1.3 per cent higher than Rs 3,436 crore (Rs 15.03 a share) in the same period a year ago.

Infosys raised its US dollar revenue growth guidance for the fiscal to 7.1-9.1 per cent, from the previously projected 6.1-8.1 per cent. However, Infosys maintained its constant currency revenue guidance at 6.5-8.5 per cent.
Revenue grew 1.7 per cent to Rs 17,078 crore in the first quarter of 2017-18 as against Rs 16,782 crore in the year-ago period.