FINAL TRADE: Bloodbath on D-Street! Sensex tanks 1,628 pts, Nifty slides to 21,572; HDFC Bank sinks 9%
Stock market today: The Nifty index ended 460.35 points, or 2.09 per cent, lower at 21,571.95, and the Sensex settled the day 1,628.01 points, or 2.23 per cent, lower at 71,500.76. It was the second day of fall for the indices.
Stock market today: Barring the technology pack, bears dominated every pocket of Dalal Street on Wednesday, January 17, as weak global cues and disappointing numbers by the banking giant HDFC Bank dented investor sentiment. Both benchmark indices, the S&P BSE Sensex and the NSE Nifty, witnessed one of the worst days today.
The Nifty index witnessed a fall of 481.85 points during the intra-day session and ended 460.35 points, or 2.09 per cent, lower at 21,571.95. Sensex crashed as much as nearly 1,700 points during the session and later at 1,628.01 points, or 2.23 per cent, lower at 71,500.76. It was the second day of fall for the indices.
The high-beta Nifty Bank index, whose 12 constituents include SBI, HDFC Bank, and ICICI Bank, sank 2,060.65 points, or 4.28 per cent to settle at 46,064.45. Nifty SamllCap 100 and Nifty MidCap 100, both settled over one per cent lower.
HDFC Bank, Tata Steel, Kotak Bank, and Axis Bank were among the top losers, down nearly 8–3 per cent in the Nifty basket. On the other hand, Apollo Hospitals, HCLTech, Tech Mahindra, SBI Life, and LTIMindtree were among the top gainers, trading with gains of around one per cent.
"A nosedive correction in banking stocks, along with concerns over delays in US FED rate cuts, impacted market sentiments. The addition of discouraging Chinese growth data and rising US bond yields also resulted in widespread profit-booking." Vinod Nair, Head of Research, Geojit Financial Services, said.
"Given the elevated valuations, coupled with the fact that optimism regarding earnings and GDP growth for FY24 is already reflected in the market, this triggered the correction," Nair added.
Global Market
European shares extended losses on Wednesday as more hawkish remarks from European Central Bank (ECB) officials tempered interest rate cut expectations, while glum economic data from China further soured investor sentiment.
The pan-European STOXX 600 was down 1.4 per cent by 0920 GMT, hitting its lowest level in more than a month. In the latest remarks from policymakers, ECB President Christine Lagarde said the central bank is on track to get inflation back to its 2 per cent target, but victory has not yet been won, while Dutch central bank chief Klass Knot said markets are getting ahead of themselves in pricing monetary easing.
Catch the latest stock market updates here. For all other news related to business, politics, tech and auto, visit Zeebiz.com.
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.
RECOMMENDED STORIES
Power of Compounding: How many years will it take to reach Rs 3 crore corpus if your monthly SIP is Rs 4,000, Rs 5,000, or Rs 6,000
Power of Compounding: Salary Rs 25,000 per month; is it possible to create over Rs 2.60 crore corpus; understand it through calculations
Liquor stock under Rs 300: Can this smallcap scrip double your money in 1-2 years? Check targets by Anil Singhvi
Reduce Home Loan EMI vs Reduce Tenure: Rs 75 lakh, 25-year loan; which option can save Rs 25 lakh and 64 months and how? Know here
11:22 AM IST