Stock market today: Nifty 50, Sensex suffer biggest single-day loss since June 2022
HDFC Bank share price plunged over 8 per cent on Wednesday even as the bank reported in-line Q3 numbers
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.
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 steep decline of over 4 per cent, as every constituent found itself in negative territory.
Nifty 50 opened at 21,647.25 against the previous close of 22,032.30 and touched the intraday low of 21,550.45 during the session.
The index finally closed with a loss of 460 points, or 2.09 per cent, to close at 21,571.95.
The Sensex opened at 71,998.93 against the previous close of 73,128.77 and touched its intraday low of 71,429.30.
The index closed with a loss of 1,628 points, or 2.23 per cent, at 71,500.76.
Mid and small-cap indices also incurred losses, but their declines were less pronounced compared to the benchmarks.
The BSE Midcap index closed 1.09 per cent lower, while the BSE Smallcap index concluded with a 0.90 per cent decrease.
The overall market capitalisation of the firms listed on the BSE dropped to early ₹370.4 lakh crore from nearly ₹375 lakh crore in the previous session, making investors poorer by about ₹4.6 lakh crore in a single session.
