Stock market update: Sensex falls 845 points, Nifty slips to 21,650

Sensex Crash: Equity benchmark indices Sensex and Nifty had a weak start to trade on Wednesday as the US 10-year Treasury yield rose above 4 per cent.

BSE Sensex fell 700 points below 72,000 and Nifty fell 385 points to 21,650.

Among largecap stocks, HDFC Bank led the losses and sank more than 5 per cent after its third quarter profit rose 2.5 per cent to Rs 16,373 crore. Axis Bank, Wipro, Tata Steel, Hindalco, Tata Motors and Bajaj Auto were the next top losers on the frontline indices.

On the other hand, Reliance, ITC, Nestle, HDFC Life, Cipla, Hero Moto and Bharti Airtel were among the gainers.

BSE Midcap and Smallcap indices also fell by 0.9 percent.

global signal

US Federal Reserve Governor Christopher Waller on Tuesday called on the bank to adopt a cautious approach in terms of rate cuts and said that the number of rate cuts may be less than Wall Street expected.

Asian markets mostly sank this morning. China’s GDP grew 5.2 percent year-on-year in the fourth quarter, which is slightly lower than expected. The Hang Seng in Hong Kong sank 2.7 percent. The Kospi fell 1.7 percent, the ASX 200 slipped 0.2 percent, while the Nikkei in Japan resumed its rally with a 1.2 percent jump.

In the US, the S&P 500 fell 0.37 per cent, the Dow fell 0.62 per cent and the Nasdaq fell 0.19 per cent overnight.