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Sensex drops; Infosys falls most in 5 weeks after earnings

Reuters
A broker reacts while trading at his computer terminal at a stock brokerage firm in Mumbai, India, June 29, 2015. REUTERS/Danish Siddiqui/Files

MUMBAI (Reuters) - India's stock markets fell around 0.6 percent on Monday, retreating from nearly two-month highs after Infosys Ltd reduced its full-year U.S. dollar revenue growth guidance, raising concerns about the outlook for the software services sector.

Infosys retreated from a record high hit earlier in the day and closed 3.81 percent lower, posting its biggest single-day percentage fall since Aug. 24, a day when global markets reeled after steep falls in China's shares.

Despite posting on Monday better-than-expected earnings, Infosys cut its revenue guidance, sending other rivals lower. Tata Consultancy Services, which is due to report its earnings on Tuesday, fell 1.4 percent.

The broader Nifty fell 0.56 percent, while the benchmark BSE Sensex declined 0.65 percent. Both indexes had earlier hit their highest since Aug. 21.

(Reporting by Abhishek Vishnoi and Rafael Nam; Editing by Subhranshu Sahu)