“Financial Rollercoaster: Sensex Takes a Dive, Losing Over 1,100 Points; Nifty Stumbles Below 21,650 Amid Global Market Volatility”
The Indian stock market faced a severe downturn today as the Sensex plummeted by more than 1,100 points at the opening bell, dragging the Nifty down 395 points below 21,650. All sectoral indices painted a gloomy picture, with banking stocks taking the hardest hit, primarily due to HDFC Bank’s disappointing Q3 results.
SHARE MARKET CRASHED UNEXPECTEDLY
SENSEX,NIFTY ,BANKNIFTY “Financial Crashes reasons are explained here In the broader landscape, both Nifty Midcap 100 and Nifty Small cap 100 indices experienced a sharp decline. Here are some key factors contributing to today’s market downturn:
HERE ARE SOME REASONS BEHIND THE FALL
- Bank Stock Losses Weigh: Intense selling in banking stocks, notably triggered by HDFC Bank’s share price plunging over 6% after reporting Q3 earnings, resulted in Nifty Bank dropping over 2.5%.
- Profit Booking on Valuation Concerns: After a robust market rally that saw Nifty 50 surpassing 22,100 in the previous session, investors opted for profit booking. Concerns over stretched valuations, particularly in the midcap and smallcap segments, also played a role in the selling pressure.
- Weak Global Market Cues: Global uncertainties cast a shadow on domestic indices, with Asian markets in the red and US stock market indices ending lower overnight as bond yields rose. Rising US Treasury yields, fueled by indications that the expected sharp rate cuts from the Fed this year might not materialize, added to the negative sentiment.
- Dampened US Rate Cut Expectations: The anticipation of a rate cut in March in the US dwindled following remarks from US Federal Reserve Governor Christopher Waller. Waller emphasized caution, stating that the central bank should proceed methodically and carefully, refraining from swift and substantial rate reductions.
In this challenging market environment, investors are urged to stay vigilant and consider the evolving global and domestic cues.
SENSEX -1264 PTS DOWN
NIFTY -342 PTS DOWN
BANKNIFTY -1700 PTS DOWN
FOR MORE SHARE MARKET NEWS CLICK HERE
NEWS SOURCE-CLICK HERE
