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.

Infosys, Axis Bank, Shriram Finance, Kotak Mahindra Bank, M&M were among major losers on the Nifty, while gainers included BPCL, Reliance Industries, Bharat Electronics, Nestle India and Hindalco Industries.

Stock Market in India are likely to open on a cautious note today, following mixed global cues as investors focus on companies reporting December quarter results

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 Indian market ended lower, breaking a three-day winning streak, with the Nifty closing around 23,200. This decline was driven by selling in IT and banking stocks, despite strong quarterly results from sector heavyweights Infosys and Axis Bank for the December quarter.

The Sensex slipped 423.49 points, or 0.55%, to close at 76,619.33. Likewise, Nifty 50 declined 108.60 points, or 0.47%, to end at 23.203.20.

Indian equity benchmarks, BSE Sensex and Nifty50, saw a sharp decline in opening trade on Friday. BSE Sensex fell over 450 points, while Nifty50 dropped below 23,200. At 10 am, the Sensex dropped by 363.

Nifty futures closed with a 0.61% gain at 23,406 on Thursday. Options data suggests a broader trading range between 22,800 to 23,700, with an immediate range between 23,100 to 23,500. Experts recommended stocks for short-term trading,