Sensex crashes 580 points, Nifty down 0.7% as FII exodus continues

Stock market today: The domestic stock markets opened in deep red on the last trading session of the week with BSE Sensex crashing as much as 585 points or 0.65 per cent whereas the National Stock Exchange’s benchmark index Nifty 50 tumbled more than 158 points or 0.64 per cent to move below the mark of 24,600.

Until Thursday, the Nifty and Sensex have lost 0.9 per cent and 0.5 per cent, respectively, and are on course for their third straight week of declines.

The markets are being dragged down by Infosys which posted its earnings for the second quarter of the current financial year (Q2FY25). The company fell behind the analysts’ estimates as it announced a 4.7 per cent increase in its net profit for the second quarter of the fiscal year, reporting a figure of Rs 6,506 crore for the July-September period. As of 09:31, the shares of the IT major were trading 2.31 per cent lower on the BSE on Friday. 

Titan, Nestle India, ITC, Maruti Suzuki , and Tech Mahindra were other stocks trading in red. 

On the other hand, Axis Bank , which posted an 18 per cent rise in Q2 profit, surged as much as 3.31 per cent, leading the gainers chart on BSE. 

Shares of Wipro , another leading IT company, reported a 21.2 per cent rise in the company’s Q2 profit for the current fiscal, reacting to which the shares of the company surged over 4 per cent in the first trading hour on Friday. 

Tata Motors , TCS , Tata Steel, and JSW Steel were other gainers on BSE. 

Broadly, the foreign institutional investors were net sellers of Indian shares for the fourteenth straight session on Thursday.