Stocks slip on earnings setback, inflation data; Sensex falls 1,172 points

Besides weak earnings, investors had to digest negative macroeconomic data on the inflation and GDP outlook front

Earnings disappointment by index heavyweights Infosys and HDFC Bank dragged the markets lower on Monday, with a spike in inflation and rising bond yields further weighing on sentiment.

The Sensex declined 1,172 points, or 2.01 per cent, to end at 57,166 in its biggest single-day fall since March 7, while the Nifty50 index plunged 302 points, or 1.73 per cent, to close at 17,173. This was the fourth straight day of losses for the benchmark indices.

Shares of Infosys dropped 7.3 per cent and HDFC Bank fell 4.7 per cent, accounting for nearly 60 per cent of the Sensex losses. The March-quarter