Market News Updates : Crash of the Sensex, Nifty, and Stock Market Featured highlights On Wednesday, January 17, the domestic equity benchmarks Sensex and Nifty50 saw sharp losses amidst widespread market volatility. The heavyweight HDFC Bank was particularly badly impacted as investors focused on an unsettling loan-deposit ratio in the lender’s Q3 results report.
Wednesday’s trading saw a significant decline in Indian market indexes, which were led by metal, bank, and financial sectors. While the NSE barometer Nifty fell below 21,600 points, the BSE Sensex fell more than 1,600 points. Intense selling occurred during today’s late trades. At 71,498 points, the 30-pack Sensex was down 1,630 points, or 2.23 percent. Additionally, the NSE benchmark fell 456 points, or 2.07%, to 21,576. A significant amount of the BSE market capitalization (m-cap), or around Rs 4.7 lakh crore, was lost due to the decline in the domestic indices. On the back of negative global cues, the domestic benchmarks continued to decline for the second straight session.
After China’s economic growth in the December quarter fell short of forecasts, Asian markets declined. Wall Street stocks closed down overnight as well, as expectations of early rate cuts were dampened by a statement made by a senior Federal Reserve member that the US central bank should not rush to drop rates.
Loss of investor money of Rs 4 lakh crore
According to the BSE m-cap, investor wealth decreased by Rs 4.69 lakh crore to Rs 370.25 lakh crore from the previous session’s assessment of Rs 374.95 lakh crore. The decline today was caused by leading stocks like HDFC Bank, ICICI Bank, Kotak Mahindra Bank, Axis Bank, SBI, Tata Steel, M&M, and Bajaj Finance.
Disclaimer : The above article is meant for informational purposes only, and should not be considered as any investment advice.