Markets snap 3-day winning run on selloff in Infosys, ICICI Bank; Sensex slumps over 400 points

From the 30-share blue-chip pack, Infosys dropped nearly 6% despite raising its annual sales forecast for a third time this fiscal year. File
| Photo Credit: Reuters

Key benchmark indices Sensex and Nifty slipped into negative territory on Friday (January 17, 2025) after a three-day rally, dragged by selling pressure in Infosys, ICICI Bank and Axis Bank.

Unabated foreign fund outflows and elevated crude prices in international markets also played spoilsport for the bourses.

In a largely subdued session, the 30-share benchmark declined 423.49 points or 0.55% to settle at 76,619.33. During the day, it tumbled 779.53 points or 1% to 76,263.29.

Similarly, the NSE Nifty dropped 108.60 points or 0.47% to 23,203.20.

From the 30-share blue-chip pack, Infosys dropped nearly 6% despite raising its annual sales forecast for a third time this fiscal year.

Infosys Limited, India’s second-largest IT services firm, on Thursday (January 16, 2025) reported an 11.46% rise in the third quarter net profit on pick-up in demand, which also prompted the company to raise its annual sales forecast for a third time this fiscal year.

Axis Bank also declined by over 4% post-earnings announcement.

Kotak Mahindra Bank, Tata Consultancy Services, Mahindra & Mahindra, ICICI Bank, Tech Mahindra, Bajaj Finance, HDFC Bank and Bajaj Finserv were the other big laggards from the pack.

In contrast, Reliance Industries climbed 2.50% higher after the firm reported a 7.4% rise in December quarter net profit as retail business rebounded, telecom earnings surged on higher tariffs and mainstay oil and petrochemicals business delivered consistent performance.

Zomato emerged as the biggest gainer, followed by Reliance, Nestle, Asian Paints and Power Grid.

In Asian markets, Seoul and Tokyo settled lower, while Shanghai and Hong Kong ended in positive territory.

European markets were quoting with gains. U.S. markets ended lower on Thursday (January 16, 2025).

Foreign Institutional Investors (FIIs) offloaded equities worth ₹4,341.95 crore on Thursday (January 16, 2025), according to exchange data.

Global oil benchmark Brent crude climbed 0.17% to $81.43 a barrel.

The 30-share BSE index climbed 318.74 points or 0.42% to revisit the 77,000 level at 77,042.82 on Thursday (January 16, 2025). On the similar lines, the Nifty rallied 98.60 points or 0.42% to 23,311.80.