Sensex crashes over 1,000 points, Nifty plunges below 21,300
Business | January 23, 2024 16:32 ISTSun Pharma, Bharti Airtel, and Power Grid were the major gainers on the Sensex, while HDFC Bank, Asian Paints, and HUL were among the laggards.
Sun Pharma, Bharti Airtel, and Power Grid were the major gainers on the Sensex, while HDFC Bank, Asian Paints, and HUL were among the laggards.
India's stock market value surpassed the USD 4 trillion mark for the first time on December 5, 2023, with significant growth observed in the past four years.
In the early trade, the 30-share BSE Sensex climbed 561.13 points to 71,984.78. Meanwhile, the Nifty was also up by 160.45 points to 21,732.25 points.
Ayodhya has secured an investment of Rs 49,000 crore at the 2023 Global Investor Summit held in Uttar Pradesh, signalling a new era of economic prosperity for the region.
Foreign portfolio investors made a net investment of Rs 13,047 crore in equities from January 1 to January 19, according to data from the depositories.
January 22 will be a trading holiday after the Maharashtra government declared a holiday for the consecration of the Ram Temple in Ayodhya. The stock markets will also remain closed on Friday for Republic Day.
Reliance Industries, Tata Consultancy Services, HDFC Bank, Hindustan Unilever, and State Bank of India's market valuations declined among the top 10 companies.
The trading hours for the RBI-regulated markets will be from 2:30 pm to 5 pm on Monday, January 22.
Hindustan Unilever's revenue from operations stood at Rs 15,567 crore, 0.2 per cent lower than Rs 15,597 crore in the third quarter of FY23.
The BSE Sensex was 496.37 points higher, while the Nifty rose 160.15 points to 21,622.40.
The special session will be held to facilitate the transition from the primary trading site to the disaster recovery site.
The BSE Sensex rose 657.45 points to 71,844.31, while the Nifty climbed 194.75 points to 21,657.
NTPC, Asian Paints, PowerGrid, IndusInd Bank, Titan Company, Maruti Suzuki, Bajaj Finance, JSW Steel, and Nestle India were the top laggards in the Sensex.
The company's growth was due to consistently low raw material prices, resulting in the highest gross margin in the last 11 quarters, reaching 43.6 per cent.
The bank's American Depository Receipts fell over 15 per cent in the last two days, resulting in a more than 10 per cent slump in the domestic HDFC Bank stock.
The fall in the Sensex and Nifty was primarily triggered by a substantial fall in HDFC Bank's share price.
Banking shares faced significant selling pressure as all 12 Nifty Bank index constituents traded with cuts. The selling activity was triggered by negative commentary on HDFC Bank's below-par third quarter figures, impacting sentiment across the sector.
HDFC Bank reported a net profit of Rs 16,372 crore compared to Rs 15,976 crore in the quarter-ago period on a standalone basis.
The stock market witnessed a sharp decline as it opened in negative, with the Sensex plummeting more than 1,300 points to 71,757.54 in early trade. The overall market sentiment seemed to be impacted by HDFC Bank's decline, signaling a broader market correction.
The BSE Sensex was down 199.17 points at 73,128.77, while the Nifty fell by 65.15 points to 22,032.30.
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