FINAL TRADE: Indices fall for third session; Nifty slips to 21,462, Sensex drops 314 pts
Stock market today: Bears continued to maintain an upper hand on Dalal Street on Thursday, January 18, as banking giant HDFC Bank extended its decline to the second consecutive session in reaction to its disappointing Q3 numbers.
Stock market today: Bears continued to maintain an upper hand on Dalal Street on Thursday, January 18, as banking giant HDFC Bank extended its decline to the second consecutive session in reaction to its disappointing Q3 numbers. Besides, a sell-off in technology stocks, too, dragged the indices lower.
The Nifty index ended 109.7 points, or 0.51 per cent, lower at 21,462.25, and the Sensex settled the day at 313.9 points, or 0.44 per cent, lower at 71,186.86, falling for the third straight session.
Nifty Bank dropped 351 points, or 0.76 per cent, to settle at 45,713.55, while the Nifty IT index closed 229.9 points, or 0.62 per cent, lower at 36,730.5. NiftyMidCap 100 and Nifty SmallCap 100 settled 0.11 per cent, and 0.18 per cent lower, respectively.
LTIMindtree, NTPC, HDFC Bank, Titan, and Power Grid were among the top losers in the Nifty basket, down around 11-2 per cent. On the other hand, Sun Pharma, Tech Mahindra, Cipla, Tata Motors, and M&M were among the top gainers, which ended with gains in the range of 1-3 per cent.
"The benchmark indices exhibited recovery from the day’s low and ended in red amid weak global cues, as investors are trimming bets on rapid FED cuts due to strong US retail sales and the resulting rise in global bond yields," said Vinod Nair, Head of Research, Geojit Financial Services.
"Furthermore, oil price advances and rate escalation risks have led to disruptions in global shipping and crude production. The broader market continued its selling pressure given the elevated valuation and profit booking with an aim for sector rotation," Nair added.
Global Market
European stocks rose in early trading on Thursday, recovering after traders lowered their expectations for major central banks to start cutting interest rates soon.
A combination of higher-than-expected UK inflation data and U.S. retail sales data, as well as hawkish comments from European Central Bank officials, pushed European and U.S. stocks lower on Wednesday, as traders scaled back their expectations for rate cuts.
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.