Sensex plunges 1,628 points, Nifty down 2.06 per cent in biggest single day loss since June 2022
Business | January 17, 2024 16:25 ISTThe fall in the Sensex and Nifty was primarily triggered by a substantial fall in HDFC Bank's share price.
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 BSE Sensex was down 199.17 points at 73,128.77, while the Nifty fell by 65.15 points to 22,032.30.
The initial public offering of Jyoti CNC Automation consisted entirely of a fresh issue of equity shares worth up to Rs 1,000 crore, with a price band of Rs 315-331 per share.
Jio Financial Services' net profit during the nine-month period rose from Rs 32.25 crore to Rs 1,293.92 crore, while revenue increased from Rs 41.63 crore during the year ending March 2023 to Rs 1,435.78 crore in December 2023.
The BSE Sensex rose by 1.05 per cent, reaching 73,327.94, while the Nifty was 202 points, or 0.93 per cent higher at 22,097.50. The market breadth reflected this movement, with 1787 shares advancing, 1609 shares declining, and 78 shares remaining unchanged.
Wipro's revenue from its IT business fell by 1 per cent and stood at Rs 22,151 crore, while its earnings before interest and tax margin for its IT business stood at 16 per cent.
The net premium income for HDFC Life Insurance rose by 6 per cent to Rs 15,273 crore in the quarter, while the value of new businesses declined by 2 per cent.
The consolidated revenue for Wipro in the third quarter stood at Rs 22,205 crore, a 4.40 percent year-on-year (YoY) decline.
The Sensex rallied by 847.27 points to end the session at a record high of 72,568.45, while the Nifty rose by 247.35 points to an all-time high of 21,894.55.
The stock rose by 4.21 per cent to Rs 3,893.70 on the BSE and 4.24 per cent to Rs 3,894 per share on the NSE. The company's revenue rose by 4 per cent to Rs 60,583 crore, with strong double-digit growth in emerging markets for the third quarter.
The second-largest IT services company in the country reported a 7.3 per cent decrease in net profit for the December quarter, citing sluggish client demand as the primary factor.
Investor sentiment was impacted by the upcoming release of US inflation data and domestic macroeconomic figures, leading to a cautious approach in the market.
Maxposure has set the price band for the offering at Rs 31 to Rs 33 per share, with a face value of Rs 10 per share, with the book-built issue amounting to Rs 20.26 crore and comprising an entirely fresh issue of 61.4 lakh shares.
The Sensex rose by 30.99 points, while the Nifty index climbed by 31.85 points on Tuesday.
The automaker sold 1.01 lakh units in the third quarter compared to the same period a year earlier, marking the highest wholesales JLR has seen in 11 quarters.
Adani Ports is entering the bond market after the Supreme Court decision that the Adani Group is not required to undergo additional investigations beyond the market regulator’s current scrutiny.
The bearish trend in the market reflects the prevailing economic dynamics and investor sentiments.
The domestic rupee appreciated by 8 paise to close at 83.22 (provisional) against the US dollar on Thursday, following a closing rate of 83.30 against the greenback a day earlier.
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