The Nifty 50 index declined as much as 250 points in early trading on Monday, giving up more than 20 percent of the 1,000-point rally it had staged over the last 15 trading sessions.

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Thursday's closing saw the Nifty 50 at 17,828, which was exactly 1,000 points higher than the March 20 swing low of 16,828.

Here are some reasons why the Nifty 50 declined on Monday morning:

1. Poor Results From Infosys

Nearly 60 percent of the losses on the Nifty 50 stem from Infosys. The technology bellweather disappointed the street with its earnings on Thursday. The stock fell over 11 percent on Monday morning, the most in a single-day since October 2019. The stock is contributing 133 points to the index downside. Most brokerages have downgraded the stock and sell recommendations have risen to the highest level in five years. The drop from Infosys has also resulted in other IT stocks like Tech Mahindra and L&T Twins collapsing. Infosys has a 6.7 percent weightage on the Nifty 50.

2. No Support From HDFC Bank

HDFC Bank's results were largely in-line with expectations. Brokerages too have largely maintained their estimates. However, despite the stock opening at a 52-week high, it gave up gains soon after and is now trading with losses of over 1.5 percent. HDFC Bank and HDFC are together contributing 50 points to the Nifty 50 downside.

3. Not Enough Support From Other Heavyweights

Other index heavyweights like Reliance Industries, ITC, Hindustan Unilever and Kotak Mahindra Bank are looking to support the index on the downside with limited success. Together, these four stocks are contributing 33 points to the upside, which is a quarter of Infosys' overall losses.

4. What Next?

The Nifty 50 made an intraday low of 17,574. Analysts say that the immediate support for the index is at 17,650, at which the index is currently looking to sustain, below which, it will find support at its 20-day moving average (DMA) around levels of 17,450.

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