Indian stock markets closed in the red on Friday as concerns about corporate earnings and uncertainty over U.S. tariffs overshadowed the renewed optimism around potential Federal Reserve rate cuts. On Thursday, the Federation of Indian Chambers of Commerce & Industry (FICCI) revised its forecast for India's economic growth for the current fiscal year down to 6.4 percent from an earlier estimate of 7 percent. The revision highlighted potential short-term disruptions from factors such as exports, foreign capital flows, and input costs due to the policies expected under the incoming Trump administration.
The main indices, Sensex and Nifty, broke their three-day losing streak, although quarterly results from tech giant Infosys and private lender Axis Bank did not meet investor expectations. Market participants are also anticipating the outcomes of results from companies like Wipro, Tech Mahindra, and Jio Financial Services.
The S&P BSE Sensex ended the day down by 423.49 points, a decline of 0.55 percent, settling at 76,619.33. Meanwhile, the broader NSE Nifty closed at 23,203.20, down 108.60 points, or 0.47 percent, from its previous close.
Infosys saw a significant drop, closing about 6 percent lower, despite the company posting strong Q3FY25 financials, outperforming market forecasts on all accounts. Axis Bank tumbled 4.4 percent following a disappointing rise in its December quarter profits. Shares of Wipro, Kotak Mahindra Bank, and Shriram Finance also fell by 2 to 4 percent.
Conversely, among the leading gainers, Reliance Industries rose by 2.7 percent after it reported a record quarterly profit. Nestle India, Hindalco, Coal India, and BPCL also saw gains of between 2 and 3 percent.
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