Stock market update: Sensex down 380 points, Nifty opened at 21,450

Stock Market Update Today: Benchmarks Sensex and Nifty 50 opened with losses on Thursday. HDFC Bank’s losses widen, sees decline of nearly 3%.

In early trade, Nifty opened at 21,450 and Sensex opened above 71,000.

Also Read: Stocks to Watch: HDFC Bank, NHPC, M&M, Asian Paints, LTIMindtree & Others

Meanwhile, the Sensex fell 1,628 points or 2.23 per cent on Wednesday, its biggest one-day fall in more than a year and a half, following heavy selling in banking, metal and oil stocks due to weak global trends.

The 30-share BSE Sensex closed 1,628.01 points or 2.23 per cent lower at 71,500.76 with 24 of its constituents closing in the red.

It fell 1,699.47 points or 2.32 per cent to a low of 71,429.30 during the day.

Nifty fell for the second consecutive day and closed at 21,571.95, down 460.35 points or 2.09 per cent.

On January 17, major stock indices suffered their worst one-day loss in percentage terms since June 13, 2022.

HDFC Bank was the biggest loser, falling more than 8 percent as its third quarter financial results failed to meet market expectations. Its market valuation took a hit of more than Rs 1 lakh crore.

HDFC Bank on Tuesday reported 2.65 per cent rise in consolidated net profit for the October-December period at Rs 17,258 crore, from Rs 16,811 crore in the previous September quarter.

Due to the selling, selling started in other banking stocks also and Kotak Mahindra Bank, Axis Bank, ICICI Bank, SBI and IndusInd Bank closed in the red.

Tata Steel, JSW Steel, Bajaj Finserv, Maruti, Asian Paints and Tata Motors were among the other major laggards.

HCL Technologies, Infosys, Tech Mahindra, Tata Consultancy Services, Nestle and Larsen & Toubro were among the gainers.

In Asian markets, Seoul, Tokyo, Shanghai and Hong Kong closed lower.

European markets were also trading with sharp losses. US markets closed in negative territory on Tuesday.

In the broader market, the BSE midcap gauge fell 1.09 per cent and the smallcap index declined 0.90 per cent.

Bankex declined by 4.02 per cent, financial services by 3.76 per cent, metal by 2.86 per cent, commodity by 2.31 per cent, telecom by 1.94 per cent and realty by 1.47 per cent.

Among the indices, IT, Consumer Durables and Tech were among the gainers.

2,510 shares declined, while 1,301 shares advanced and 89 shares remained unchanged.

Global oil benchmark Brent crude fell 1.84 percent to US$76.85 per barrel.

According to exchange data, foreign institutional investors (FIIs) bought equities worth Rs 656.57 crore on Tuesday.

(With PTI inputs)