Stock Market Crash Today – Sensex Drops 1,280 Points, Nifty Near 21,700; HDFC Bank Falls 6%

The Sensex fell over 1,280 points, with the Nifty falling 395 points below 21,700. All sectors, particularly banking, saw declines. HDFC Bank's 6% drop post-Q3 results led to a 2.5% fall in Nifty Bank.
Stock Market Crash Sensex Drops 1,280pts; Nifty at 21,700

The Indian stock markets, including the Sensex and Nifty 50 indices, experienced a significant decline during Wednesday’s opening trades. This downtrend was influenced by widespread selling and negative global market signals. The Sensex opened with a loss of over 1,280 points, and the Nifty started trading 395 points down, falling below 21,700. All sector indices, especially banking stocks, were in the red. HDFC Bank’s shares fell more than 6% following its Q3 results, contributing to a 2.5% drop in the Nifty Bank index.

On January 17, 2024, the Indian stock market witnessed several significant developments:

1. BSE Top Gainers: As the trading session progressed, certain stocks on the Bombay Stock Exchange (BSE) emerged as top gainers.

2. Rupee Against Dollar: The Indian rupee opened slightly weaker at 83.11 per dollar, a marginal decrease from its previous close of 83.07.

3. L&T Technology Services Q3 Results: L&T Technology Services reported a 6.6% increase in net profit for the December quarter, reaching ₹336.2 crore. Their revenue from operations also saw a sequential rise of 1.5%, amounting to ₹2,421.8 crore.

4. Piramal Pharma Focus: Piramal Pharma’s division, Piramal Critical Care, announced the launch of a new concentration of zinc sulfate injection in the US. This expansion is expected to enhance their zinc sulfate injection range and their overall portfolio of generic injectables.

5. Oil Prices: Oil prices declined due to the strengthening of the US dollar, which affects the demand for dollar-denominated crude. However, potential supply disruptions in the Red Sea region, escalating due to conflicts, limited these losses.

6. China’s Q4 GDP: China reported a 5.2% economic growth for the fourth quarter, slightly below analyst expectations. For 2023, the growth was also at 5.2%, assisted by a low base effect from the previous year’s COVID-related lockdowns.

7. HDFC Bank Q3 Performance: HDFC Bank, India’s largest private sector bank, showed a 2.5% sequential increase in net profit for the December quarter, totaling ₹16,372.54 crore. Higher provisions for bad loans partly offset this growth. The bank’s net interest income grew 4% sequentially to ₹28,471 crore.

8. GIFT Nifty and Market Opening: The GIFT Nifty indicated a negative start for the Indian stock market, trading down by 171 points or 0.78% at 21,855.

9. Asian Stock Market Trends: Asian stock markets displayed a mixed trend. South Korean benchmarks fell, Japanese stocks rose, aided by a weaker yen, Australian shares remained relatively unchanged, and Hong Kong equity futures dropped. US equity futures also edged lower in Asia trading. The focus in Asia was on China’s economic indicators, with global markets experiencing pressure due to a rise in the US dollar and bond yields.

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