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.

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 Infosys stock plunged 5.71 per cent to hit a low of Rs 1816.10 on BSE. The stock is up 10 per cent in the past one year. Axis Bank shares fell 5.31 per cent to Rs 985.

Sensex and Nifty dropped midday, led by weak earnings from IT and private banks. Infosys, Axis Bank saw declines while Reliance Industries rallied on strong Q3 performance. Markets remain cautious.

The fall in IT stocks was a result of Infosys’ shares falling over 5.3% after the company reported its Q3 results yesterday. The drop, however, came as a surprise as the company raised its revenue forecast.

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.