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

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

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.