New Delhi, July 14 (TIWN): The week saw the budget fine print causing havoc in the markets on the first two days. These were the tax on buyback and the higher surcharge on income above Rs 2 crore. FPIs have got covered under this section and the same created heartburn and panic in the markets.

While the markets did recover on Thursday quite smartly and were doing reasonably well on Friday, a last hour sell-off on Friday put paid to hopes of a recovery. The BSESENSEX lost 777.16 points or 1.97 per cent to close at 38,736.23 points. NIFTY lost 258.65 points or 2.19 per cent to close at 11,552.50 points.  The broader markets like the BSE100, BSE200 and BSE500 lost 2.08 per cent, 2.09 per cent and 2.09 per cent respectively. BSEMIDCAP lost 1.17 per cent and BSESMALLCAP was down 2.58 per cent.  Dow Jones had a decent week and gained 409.91 points or 1.52 per cent to close at 27,332.03 points.

The Indian Rupee surrendered some of its gains of the previous week and lost 26 paisa or 0.38 per cent to close at Rs 38.68 to the US Dollar.  Results for the quarter kicked off with TCS announcing them on Tuesday and Infosys announcing post market close on Friday.

TCS saw a revenue growth of 11.4 per cent at Rs 38,172 crore and a net profit growth of 10.8 per cent at Rs 8,131 crore. Infosys reported a revenue growth of 13.98 per cent at Rs 21,803 crore with a net profit growth of 5.14 per cent at Rs 3,798 crore.  What is heartening to note from Infosys is that they have upped the guidance for the current year from 7.5 per cent-9.5 per cent growth to 8.5 per cent-10 per cent. This sends a strong signal to the IT industry even as Gartner has signalled a massive slowdown in IT spend.