Indian stock markets opened lower today, with both the Sensex and Nifty indices experiencing a significant downturn. The Sensex shed 500 points, while the Nifty dipped below the 25,600 mark.

Several factors contributed to this negative sentiment, including disappointing quarterly profit estimates from index heavyweights Reliance Industries and ICICI Bank. Weaker-than-expected revenue growth forecast from Wipro also weighed on the market.

Wipro, a major IT services firm, was particularly hard hit, with its shares plummeting 9%. This decline was attributed to a subdued revenue forecast for the March quarter, following a six-quarter low in deal bookings during the December period.

ICICI Bank also faced selling pressure, with its stock declining by 2.5% after the company's third-quarter profit figures missed expectations. Reliance Industries experienced a similar fate, falling 2% after its quarterly profit estimates also fell short.

As of 9:17 a.m. IST, the Nifty 50 had fallen 0.45% to 25,582, while the Sensex had shed 0.4% to 83,224.86. Twelve of the 16 major sectors opened lower, indicating broad-based weakness in the market. The broader small-cap and mid-cap indices also experienced declines, falling 0.4% and 0.2%, respectively. The IT index was among the worst performers, dragged down by Wipro's sharp decline.

Other stocks expected to be in focus today include HDFC Bank, Bharat Coking Coal, and Tata Technologies, as they release their third-quarter earnings reports.

The market is currently reacting to a combination of factors, including global economic concerns, and company-specific news. Investors are closely monitoring corporate earnings and management commentary for further insights into the outlook for various sectors.

Disclaimer: This article is for informational purposes only and should not be construed as investment advice. Please consult with a qualified financial advisor before making any investment decisions.