In what is being termed a new low for the market, Sensex closed below 71,600, crashing at-least 1600 points below in a single session. The NSE Index also dropped to 21,573 points at closure. This is NSE Nifty lowest point since July 2022, in a major drop since July 2022, dropping significantly below its all time high from earlier this week.
Sensex and Nifty both rose to their highest mark crossing 73000 points and the latter crossing 22,300 point mark. However, bloated indexes saw a major crash after continuous rally on the Indian markets for five days.
Sensex was already down by 1300 points at the beginning of the day, but it dropped some more and got stuck to 1638 points by 3.30 pm, reaching 71,511. Meanwhile, Nifty shut down at 21,573 at the closing bell recording a drop of 460 points on Jan 17.
Nifty Bank also a took a major blow, with a downfall of 2060 points and closing at 46,064 points. Nifty Bank sector witnessed it worst decline as BSE Sensex came in second.
HDFC bank saw the biggest fall after dropping at an average of 8.44 % a day post the release of its Q 3 results. HDFC shares stood at ₹1,537.50 during closing bell.
Other contenders who fell short in today’s market were Tata Steel, Kotak Mahindra, Axis Bank, Adani Enterprises and ICICI Bank. Nifty Bank got the biggest blow owing to the poor earnings of HDFC.
While the markets saw a major dip today, a few stocks still managed to show marginal growth. HCL Technologies became the top gainer on Wednesday, with its share price at ₹1,575.90 during closing bell, rising by 1.31 percent.
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