Mumbai: Market rallies continue as Sensex falls 400 points to 71,023 points

Analysts attribute excessive market volatility and disappointing performance of HDFC Bank to the decline
Mumbai: Market rallies continue as Sensex falls 400 points to 71,023 points

MUMBAI: In a tumultuous start to the trading day on January 18, the Indian equity market plummeted as the Sensex fell over 400 points to 71,023, while the Nifty tumbled 21,500 points in the opening bell - It was triggered by lackluster quarterly results.

HDFC Bank’s recent quarterly report released on January 16 proved to be a major catalyst for the recent turmoil in the market. The Nifty weighed heavily on Wednesday, falling sharply by more than 2,000 points in a single session, with HDFC emerging as the biggest loser in the January 17 stock exchange Market analysts had predicted a correction, saying that market expectations were outperformed last month.

The crash came just days after the Sensex and Nifty hit all-time highs, crossing 73,000 and 22,000 points respectively. The Sensex fell over 1,600 points in Wednesday's session and the Nifty saw a plunge of nearly 500 points.

HDFC Bank, a major player in the market, opened up 2 per cent on January 18, with its share price at ₹1,505 in early trading hours. The decline ended at ₹1,493 after falling 9 per cent on Wednesday.

Market watchers are predicting a slight recovery for HDFC Bank in today’s session. As the market continues its volatile trajectory in January 2024, a halt was seen in the early hours of trading, with Tata Motors, Adani Ports and Bharti Airtel emerging as the biggest gainers but the broader picture reveals a strong month for the Indian stock market, marked by sharp highs and lows. At 45,727.65 points , the Nifty Stock Exchange is down nearly 360 points, underscoring the ongoing struggle in stock markets.

Experts emphasize that the recent sell-off is not isolated to the Indian market, as other emerging markets such as Taiwan and Korea have also experienced a slowdown, suggesting a broader correction from foreign equity deposits they. Notable gainers on Wednesday included Axis Bank, Sun Pharma, Kotak Bank, Bharti Airtel and ICICI Bank, while LTI Mindtree, PowerGrid, Divis Lab, Asian Paints and ONGC lost the opening session.

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