The trends on Gift Nifty also indicate a negative start for the Indian benchmark index. The Gift Nifty was trading around 23,325 level, a discount of nearly 52 points from the Nifty futures’ previous close.

The BSE Sensex fell 423.49 points or 0.55 per cent, closing at 76,619.33, after dropping as low as 76,263.29 during the trading session. The NSE Nifty ended lower by 108.60 points or 0.47 per cent at 23,

The Indian stock market snapped its three consecutive sessions winning streak on Friday, with Sensex and Nifty registering a 1% decline each. The performance turned sour because of extreme selling pressure in banking stocks.

Domestic frontlines Nifty 50 and Sensex extended their rout to the afternoon session on January 17, trading with sharp cuts as the optimism from the past three sessions waned. Investors rushed to take profits off the table following the three-day technical pullback, as the bearish sentiment held strong.

The Infosys stock plunged 5.71 per cent to hit a low of Rs 1816.10 on BSE. The stock is up 10 per cent in the past one year. Axis Bank shares fell 5.31 per cent to Rs 985.

Indian benchmark indices Nifty 50 and Sensex ended the previous trade session in the green. Nifty 50 closed at 23,311.80, while Sensex ended at 77,042.82. Overnight, Wall Street indices ended lower. Asian stocks were also in the red in early trade today.

Sensex and Nifty fall on selling pressure, Infosys, ICICI Bank, and Axis Bank drag, while Reliance and Zomato gain.

The fall in IT stocks was a result of Infosys’ shares falling over 5.3% after the company reported its Q3 results yesterday. The drop, however, came as a surprise as the company raised its revenue forecast.