Thursday saw Sensex and Nifty open lower than usual once more, with the markets falling more than 400 points today. On January 18, Sensex and Nifty opened negatively once more. Sensex fell more than 400 points to 71,023, and Nifty fell below 21,500 during the opening bell. Not too many days after the benchmark index hit a record high of over 73,300 points, pre-opening session projections indicate that Sensex may fall below 71,000 today.
This comes after the stock markets collapsed following HDFC Bank’s Q3 earnings on Wednesday, causing both the Sensex and Nifty to see significant declines. On Wednesday, the Nifty fell by around 500 points and the Sensex fell by more than 1600 points.
On January 16, HDFC Bank released its poor quarterly results. As a result, Nifty Bank suffered a severe blow on Wednesday, losing more than 2000 points in a single session. On January 17, HDFC Bank was the biggest loser in the stock market as well.
Given that the markets have outperformed forecasts over the past month, analysts and experts predicted a market decline in the near future. Following the Sensex and Nifty reaching record highs of nearly 73,000 and 22,000, respectively, the market crash was announced.
At 9:20 a.m. on Thursday, Nifty Bank has dropped an additional 360 points during early trading hours. It now stands at 45,727.65 points. This coincides with the Wednesday market collapse of Axis Bank, Kotak Mahindra, and HDFC Bank shares.
HDFC Bank share price in focus
On January 18, HDFC Bank‘s share price dropped by 2% to ₹1,505 during early trading hours. This comes two days after the private lender’s quarterly reports revealed flat margins.
HDFC Bank shares closed at ₹1,493 on Wednesday, a nearly 9 percent decrease from the previous session. According to early market trends, HDFC Bank is projected to post a modest recovery today.
Tata Motors, Adani Ports, and Bharti Airtel were the top gainers during the early market session.
