Cognizant's results have only deepened the depression in India's IT sector, after the company - a US firm with most of its employees in India - announced weaker-than-expected quarterly earnings and for the third time cut its growth forecast for the year, stating that Brexit is driving a fall in customer spending. The company has also been investigating corruption in some payments in India, and said that the amount in question would be around $5 million - less than what investors had feared. 

Six months ago, Softbank had seemed bullish on its Indian investments Ola and Snapdeal. But now the company has cut its valuation of both companies, writing down the worth of these shares by over $550 million. While half of the markdown comes because of the appreciation of the yen, the rest of it is Softbank turning bearish on these startups just as Ola is struggling to raise more funds. Both Ola and Snapdeal are fighting for market share against Uber and Amazon, who are focusing on the Indian market and pouring in money. 

Gold is losing its luster in India in the legal market amid smuggling and higher prices, and demand has fallen 29% since last year. One of the drivers for this has been the new government requirement to disclose high-value gold purchases, increasing the shift of gold buying into the black market. 

Stock in spotlight: After weeks of decline, Tata Motors is the top gainer stock today among largecaps, boosted by upbeat results for Jaguar Land Rover.  

Photo of the day: Clinton takes a selfie with supporters on the last day of campaigning before votes. UPI/Barcroft Images