India's benchmark Sensex and Nifty declined on January 17, weighed down by a selloff in Infosys and Axis Bank shares following their third-quarter earnings announcements.

The flagship Nifty 50 dropped 0.47 percent or 108.6 points to 23,203.20 at closing, while the benchmark Sensex fell 0.53 percent or 423.49 points to end at 76,619.33.

Reliance Industries saw its shares gain the most since early June after posting quarterly net income that exceeded analysts’ expectations. In contrast, Infosys experienced its steepest decline in 17 months, as its outlook disappointed analysts.

Axis Bank also slipped, driven by increased provisions for bad loans. Other banking stocks also fell such as Kotak Mahindra Bank losing 2.5 percent, ICICI Bank losing 2 percent, HDFC Bank declining 1 percent, and IndusInd Bank 0.5 percent. BSE Bankex index dropped 1.9 percent.

The Indian market snapped three-day winning streak and ended lower with Nifty around 23,200 amid selling in IT and banking names despite the sector biggies Infosys and Axis Bank posted better numbers for the quarter ended December. However, gains in Reliance Industries, post reporting higher profit, helped to limit the losses.

The Indian market snapped three-day winning streak and ended lower with Nifty around 23,200 amid selling in IT and banking names despite the sector biggies Infosys and Axis Bank posted better numbers for the quarter ended December. However, gains in Reliance Industries, post reporting higher profit, helped to limit the losses.

Infosys, Axis Bank, Shriram Finance, Kotak Mahindra Bank, Wipro were among major losers on the Nifty, while gainers included BPCL, Reliance Industries, Hindalco Industries, Nestle India and Hindalco Industries.

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.