IT, banks drag down benchmark indices

The announcement of a global reduction in workforce by Tata Consultancy Services (TCS) and disappointing quarterly earnings of Kotak Mahindra Bank triggered a heavy sell-off across the IT and banking sectors on Monday. Starting the week on a weak note, the Sensex declined 572.07 points or 0.70% to close at 80,891.02, while the Nifty fell 156.10 points or 0.63% to 24,680.90. Both indices have recorded losses of up to 2.22% over the past three sessions.