News Karnataka
Sunday, April 14 2024
Business News

Sensex Plummets 1,600 Points, Nifty Records Largest Single-Day Loss Since 2022

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Nifty Bank experienced a significant downturn today, plummeting by 2060 points and concluding at 46,064 points on Wednesday. Among the sectors, Nifty Bank bore the brunt of the market decline, surpassing even BSE Sensex which secured the second position.

HDFC Bank emerged as the most adversely affected entity on the stock market, witnessing an 8 percent drop in its shares a day after the release of its quarterly results. The financial report unveiled stagnant margins and profits below market expectations. Consequently, HDFC Bank shares closed at ₹1,537.50 during the day.

The list of underperformers in the market today extends beyond HDFC Bank, encompassing Tata Steel, Kotak Mahindra, Axis Bank, Adani Enterprises, and ICICI Bank. The pivotal role played by HDFC Bank in the considerable dip observed in Nifty Bank was evident, owing to its lackluster quarterly earnings.

Despite the prevalent market downturn, a few stocks demonstrated marginal growth. HCL Technologies emerged as the leading gainer on Wednesday, with its share price reaching ₹1,575.90 at the closing bell, marking a 1.31 percent increase. Other gainers included SBI Insurance, Tata Consultancy Services (TCS), Infosys, and Tech Mahindra, all exhibiting growth below one percent on January 17.

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