Stock market today: Equity benchmarks the Nifty 50 and the Sensex suffered their biggest single-day percentage loss since June 2022 on Wednesday, January 17, predominantly triggered by a substantial decline in HDFC Bank’s share price, a day after the company reported its December quarter results.
HDFC Bank share price plunged over 8 per cent on Wednesday even as the bank reported in-line Q3 numbers. Analysts pointed out that investors appear to be concerned about the Q3 margins which came largely flat.
Also Read: HDFC Bank share price cracks 8% after Q3 results; what should investors do?
The poor performance of HDFC Bank’s share price sent shockwaves through the market, precipitating a ripple effect that impacted various other banking stocks. Nifty Bank concluded the day with a suteep decline of over 4 per cent, as every constituent found itself in negative territory.
Nifty 50 plunged 460 points, or 2.09 per cent, to close at 21,571.95 while the Sensex suffered a loss of 1,628 points, or 2.23 per cent, to settle at 71,500.76.
(More to come)
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Published: 17 Jan 2024, 03:30 PM IST