The stock market is still trading in the red after recovering from an early setback.
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The stock market is still trading in the red after recovering from an early setback.
As of 12:26 pm, the Bombay Stock Exchange’s benchmark Sensex faced a setback, dropping 78 points to 71,422.79. Although the stock market initially recovered on Thursday, afternoon trading continued in the negative territory.
At midday, the Nifty 50 index hovered slightly above 25,000 points. Today witnessed significant market turmoil, with the Sensex plummeting over 400 points and the Nifty dipping below 21,500 earlier in the day. In the steepest decline in the past 19 months, the Sensex plunged 1628 points, accompanied by a 460-point drop in the Nifty.
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The market’s vulnerability at these high valuations only requires a catalyst for a sell-off, and yesterday’s catalyst stemmed from lower-than-expected results from HDFC Bank. VK Vijayakumar, Chief Investment Strategist at Geojit Financial Services, highlighted a broader sell-off in emerging markets like Taiwan and Korea, indicating a market experiencing a revival due to foreign portfolio investors’ outflows. Notable winners amidst the volatility included Sun Pharma, Axis Bank, Kotak Bank, Bharti Airtel, and ICICI Bank. Conversely, significant losers included ONGC, Power Grid, Divi’s Lab, LTIMindtree, and Asian Paints.
Following an earlier record-breaking rally that propelled the BSE benchmark to an all-time high of 73,427.59 and the Nifty to a lifetime high of 22,124.15, the stock market faced a sharp decline. Extreme volatility marked January 2024 as, days after hitting a lifetime high, the NSE Nifty and BSE Sensex experienced substantial drops, particularly in bank and IT stocks. On January 17, both the Sensex and Nifty witnessed significant declines, with the BSE index shedding over 1600 points and the Nifty dropping by more than 400 points. Nifty Bank registered the most substantial decline on Wednesday, plummeting by 2060 points.
Thursday saw further market downturns, with the Sensex breaching 71,000 for the first time in the past 30 days. The Nifty also slipped below 22,000 this week after reaching its all-time high earlier. On January 18, the Nifty recorded a loss of 279.80 points, closing at 21,292.15, while the Sensex declined by 757.36 points, concluding at 70,751.77.
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The first three weeks of January 2024 showcased significant market highs and lows, signifying a challenging start to the year. Opening at 72,240 points for the Sensex and 21,741 points for the Nifty on January 1, 2024, the markets experienced fluctuations before reaching the all-time high of 73,128 points for the Sensex on January 16.
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