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Stock market crash | Sensex, Nifty slump to 1-month low on Tuesday, January 23
Equity markets took a sharp plunge in the second half of trade on Tuesday as the BSE Sensex sank 1,425 points from its intra-day high of 72,039. The index, which jumped 615 points earlier in the day, was trading 774 points lower at 1:50 pm. The NSE Nifty pulled back to 21,311 with a loss of 244 points.
Large-cap majors, mostly banks, were the top drags. IndusInd bank, HUL, SBI, Axis Bank, HDFC Bank, Bajaj Finance, RIL, SBI Life, Coal India and ONGC dropped 3-5 per cent, leading losses on the frontline indices.
Midcap and Smallcap indices on the BSE held sharper losses of up to 2 per cent as compared to a 0.98 per cent fall in the benchmark indices.
Among sectors, Nifty Media index led losses with a downturn of 10 per cent, dragged by shares of Zee Entertainment, which cracked 30 per cent as its merger with Sony Group was called off.
Nifty Realty, Oil & Gas indices declined up to 3 per cent, while Pharma index defied the trend and held 2 per cent gains. IT was the other gainer as investors rolled positions into defensive bets in the two segments.
Here’s what weighed on sentiment Tuesday:
IndusInd Bank, SBI and Axis Bank were other top drags on Tuesday amid concerns the margin squeeze for the banking pack may continue in coming quarters.
Volatile oil market: Crude oil prices gained strength over the weekend and were trading at $80 per barrel, a gain of 2 per cent after a suspected Ukrainian drone attack on a large fuel export terminal in Russia.
Russian energy company Novatek said on Sunday it had to suspend some operations at a huge Baltic Sea fuel export terminal due to a fire.
Meanwhile, the US and the UK jointly carried out fresh airstrikes on eight targets of the Iranian-backed Houthis in Yemen on Monday, keeping tensions in the Middle-East high.
US treasury yields hold higher: Even as the cash market remained resilient, hitting new highs on Monday night, Treasury yields were holding onto gains today morning. The benchmark 10-year Treasury note was around 1.7 basis points higher at 4.11 per cent ahead of Q4 GDP data in the US due for release on Thursday.
The benchmark yield has recently been holding above 4 per cent as investor bets of higher rate cuts waned recently following remarks from some Fed officials.
First Published: Jan 23 2024 | 2:00 PM IST
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