Markets drop in early trade dragged by Infosys, Axis Bank
The Hindu
Equity indices Sensex and Nifty drop due to Infosys and Axis Bank, while Reliance Industries reports profit rise.
Equity benchmark indices Sensex and Nifty declined in early trade on Friday (January 17, 2025) after a three-day rally dragged by Infosys and Axis Bank.
Also, continuous foreign fund outflows and muted global trends added to the markets' decline.
The 30-share BSE benchmark Sensex declined 485 points to 76,557.79 in early trade. The NSE Nifty dropped 144.75 points to 23,167.05.
From the 30-share blue-chip pack, Infosys dropped over 5% despite raising its annual sales forecast for a third time this fiscal year.
Infosys Ltd, India's second-largest IT services firm, on Thursday reported 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 fell by over 5% post-earnings announcement.
Tata Consultancy Services, HCL Tech, IndusInd Bank and ICICI Bank were the other big laggards from the pack.
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