As of 12:26 pm, the benchmark Sensex of the Bombay Stock Exchange was down 78 points to 71,422.79. The stock market on Thursday recovered from its early decline, but afternoon trading remained negative. As of 12:26 pm, the benchmark Sensex of the Bombay Stock Exchange was down 78 points to 71422.79. At midday, the Nifty 50 index was slightly higher than 25,000 points. The stock market saw a carnage today after initial highs, with the Sensex plunging by more than 400 points and the Nifty failing below 21,500 early in the day. In the largest decline in the previous 19 months, the Sensex plummeted 1628 points and the Nifty plummeted 460 points.
The market only needs a catalyst for a sell-off at these high valuations, and yesterday’s catalyst was the lower-than-expected results from HDFC Bank. According to VK Vijayakumar, Chief Investment Strategist at Geojit Financial Services,It’s important to understand that there was a sell-off in other emerging markets like Taiwan and Korea, suggesting that this is a market that is experiencing a revival driven by FPI (foreign portfolio investors) outflows. The winners included Sun Pharma, Axis Bank, Kotak Bank, Bharti Airtel, and ICICI Bank. The biggest losers from the first session included ONGC, Power Grid, Divi’s Lab, LTIMindtree, and Asian Paints.
Day after an earlier record-breaking gathering that saw the BSE benchmark reach an all-time high of 73,427.59 and the Nifty hit a lifetime high of 22,124.15, the stock market crashed. The Indian stock market saw extreme volatility in January 2024; a few days after reaching a lifetime high, the NSE Nifty and BSE Sensex fell to significant lows as bank and IT stocks failed to rise on the benchmark indexes. On January 17, there was a significant decline in the Sensex and Nifty, with the benchmark BSE index falling by more than 1600 points and the Nifty failing by more than 400 points. On Wednesday, Nifty Bank experienced the greatest decline of all, falling by 2060 points.
The markets fell even more on Thursday, as the Sensex fell below 71,000 for the first time in the previous 30 days. The Nifty also fell below 22,000 this week, having earlier this week reached its all-time high. On January 18, the Nifty saw a loss of 279.80 points, closing at 21,292.15, while the benchmark Sensex saw a decline of 757.36 points, ending at 70,751.77. In just the first three weeks of January 2024, the markets saw tremendous highs and lows, indicating a difficult start to the year. The Sensex opened at 72,240 points and the Nifty at 21,741 points on January 1, 2024, with no movement in the markets. On January 16, the benchmark Sensex reached its all-time high of 73,128 points following two weeks of fluctuations.
