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On Friday (January 23), huge pressure was seen in the Indian stock markets. Benchmark indices continued to slide due to widespread selling. During trading, the Sensex fell by 818 points at one point, while the Nifty50 touched an intraday low of 25,041. At around 3:14 pm, Sensex was trading 792 points down at 81,514 and Nifty50 was trading 204 points down at 25,086.

The main reason for pressure on the market was sharp selling in big index shares. Shares like Axis Bank, Larsen & Toubro, Reliance Industries, InterGlobe Aviation (IndiGo), Maruti Suzuki and Eternal witnessed heavy losses.

Shares of the country’s largest airline IndiGo fell by about 4 percent and slipped to Rs 4,722.50 intraday. There was a sharp decline of 77 percent in the company’s net profit in the December quarter, after which investors sold shares. IndiGo’s profit declined to Rs 550 crore from Rs 2,449 crore a year ago. The company said profit was hit by extraordinary expenses of Rs 1,546 crore, which included Rs 969 crore on account of new labor code provisions and Rs 577 crore due to operational disruptions in December.

However, the opposite trend was seen in the shares of Bank. Despite weak quarterly results, shares rose as much as 5.5 percent, its biggest one-day jump in the last nine months. The bank’s profit declined by 52 percent year-on-year to Rs 206 crore in the December quarter, but it improved by 84 percent on a quarterly basis. There was also improvement in the asset quality of the bank and the gross NPA came down to 3.33 percent. Global brokerage CLSA said the bank’s operating profit was better than expected due to cost control.

Shares of IT company Mphasis slipped 2 per cent despite a marginal rise in profit and strong revenue growth. United Spirits shares surged over 1 per cent after Serum Institute CEO Adar Poonawalla said it would make a strong bid for the Royal Challengers Bangalore IPL team.

Shares of technology company Tanla Platforms jumped 13 percent. The company has recorded double digit growth in profits and revenues. At the same time, shares of Hindustan Zinc rose more than 6 percent to a record high as silver prices reached new peaks in global and domestic markets. On the other hand, One97 Communications (Paytm) shares witnessed a sharp fall of about 10 per cent on heavy volumes, increasing investor concern. Overall, the market sentiment remained weak on Friday (January 23) with investors closely monitoring global cues and domestic corporate results.

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