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 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.

BSE Midcap and Smallcap indices ended flat. Among sectors, IT and Bank indices shed 2 percent each, while oil & gas, power, FMCG, PSU, capital goods, realty and metal indices added 1 percent each.

The stock market plunged into the red on Friday, January 17, as IT, private banks, and auto stocks fell. At 9:20am, the benchmark BSE Sensex was down by 451 points or 0.59%, reaching 76,591.82. The broader NSE Nifty was down by 140.

The trends on Gift Nifty also indicate a positive start for the Indian benchmark index. The Gift Nifty was trading around 23,405 level, a premium of nearly 140 points from the Nifty futures’ previous close.

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.

Reliance Industries Ltd., HDFC Bank Ltd., Maruti Suzuki Ltd., Kotak Mahindra Bank Ltd., Larsen & Toubro added to the Nifty 50 index.

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.