Fry-day! Infosys, HDFC Bank drag Sensex over 550 pts lower, Nifty slides below 24,600
Sensex and Nifty50 opened lower for the fourth consecutive session on Friday, weighed down by auto, banking and IT stocks, amid foreign fund outflows and disappointing results from marquee companies.
The BSE Sensex was trading 580 points, or 0.72%, lower at 80,427. The Nifty50 was down 172 points, or 0.7%, trading at 24,577 around 9:30 am.
The disappointing start to the earnings season continued on Thursday after top IT services providers Infosys and Wipro gave revenue forecasts that missed analysts' expectations, suggesting a broad-based IT recovery was yet to take hold.
From the Sensex stocks, Maruti, Infosys, Titan, M&M, Nestle India, Reliance Industries, and HDFC Bank were the top laggards, falling 1% to 2.3%. On the other hand, only Axis Bank, TCS, Tata Motors, HCL Tech, and Sun Pharma opened with cuts.
Axis Bank was the top Sensex gainer in early trade after the private lender reported an 18% increase in standalone net profit, reaching Rs 6,918 crore, compared to Rs 5,864 crore in the same quarter of the previous financial year.
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