Stock Market Today: Nifty Closes Below 21600, Sensex Plunge 1628 Points
Stock Market Today 17 January 2024: Indian stock markets ended with significant losses on Wednesday, amid weak global cues. The domestic markets opened a gap down and traded volatile below their neutral lines. The Indian stock markets crashed and closed sharply lower near the day’s low.
The global market sentiments were dented as the US Treasury yields spiked after Fed Governor Christopher Waller tempered the optimism of early rate cuts. On Tuesday, Fed Governor said there was no need for the central bank to cut rates quickly, as the economy remains in good shape.
The domestic traders ignored Crisil’s report stating that corporates` revenues are likely to have grown 8-10 percent in the 2023 December quarter on an annual basis. The heavyweight HDFC Bank fell more than 7% after the private lender announced its third quarterly earnings on Tuesday post markets.
Indian Stock Market Today
The Nifty 50 index closed lower by 460.35 points or 2.09 percent and closed at 21571.95 levels while the Sensex was down by 1628.02 points or 2.23 percent and finished at 71500.76 levels. The Bank Nifty index ended lower by 2060 points or 4.28 percent on the spot level and closed at 46064.45 levels.
The broader markets also closed lower today, as the Nifty midcap index was down by 515.85 points or 1.08 percent and closed at 47151.55 levels. The Nifty smallcap index ended lower by 186.95 points or 1.20 percent at 15348.35 levels.
Nifty 50 Top Gainers & Losers
The top gainers in the Nifty 50 index were HCL Tech, SBI Life, LTIM, TCS, and Infy, and the top losers were HDFC Bank, Tata Steel, Kotak Bank, Hindalco, and Axis Bank
The top gainers in the Nifty midcap index were RVNL, IRFC, and LTTS and the top losers were SAIL, Lodha, and Idea.
The smallcap top gainers were Cocjin Shipyard, HUDCO, and JBM Auto while the top losers were IEX, Easy My Trip, and CUB.
The most active stocks in the Nifty index in terms of value were HDFC Bank, ICICI Bank, and Axis Bank The most active stocks in terms of volume were HDFC Bank, Tata Steel, and ICICI Bank.
On the sectoral front, barring IT all other sectors closed in the red, with Banking , Financial Services, and Metal falling the most.
Global Stock Market Today
The other Asian stock market indexes closed sharply lower on Wednesday due to weaker-than-expected economic data from China. Hang Seng fell more than 4%, while the Shanghai index declined 2.13% after China’s GDP growth for the fourth quarter missed the estimates. China’s GDP grew at 5.2% in the last quarter of 2023, the estimate was 5.3%.
Japan’s Nikkei erased all early gains and closed lower by 0.40% after the Reuters Tankan business sentiments of large companies in Japan declined for the first time in four months in January. Australia’s S&P ASX 200 index is down 0.29% for the fourth consecutive session. South Korea’s Kospi index ended sharply lower by 2.53%. The Straits Times, SET Composite, and Taiwan all declined more than 1% today.
European stock markets are trading lower on Wednesday following the negative global cues and as investors focus remains on the World Economic Forum taking place this week in Davos, Switzerland. The market sentiments were also downbeat as the UK’s inflation rate slightly rose in December after a change in tobacco taxes.
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Editorial desk