• Thu. May 23rd, 2024

Sensex falls 535 points dragged by HDFC & IT shares, weak global trends


Jan 3, 2024
Sensex falls 535 points dragged by HDFC & IT shares, weak global trends


NEW DELHI: For the second consecutive day, stock markets on Wednesday witnessed a decline, primarily attributed to selling pressures in HDFC Bank and IT shares amidst a backdrop of weak global trends.
The benchmark Sensex fell by 535.88 points or 0.75%, settling at 71,356.60. During the day, it experienced a substantial drop of 588.51 points or 0.81%, reaching a low of 71,303.97.
The broader Nifty index of the National Stock Exchange also recorded a decline, slipping by 148.45 points or 0.69%, closing at 21,517.35.
Among the major laggards on the Sensex were JSW Steel, Tata Steel, Tech Mahindra, Infosys, Wipro, Tata Consultancy Services, Nestle, HCL Technologies, HDFC Bank, and Maruti.
Conversely, some companies such as IndusInd Bank, ITC, Bharti Airtel, and State Bank of India emerged as winners in the market on that particular day.
European markets were trading lower. The US markets ended mostly lower on Tuesday.
“The lack of fresh triggers and concerns over valuation influenced investors to stay sidelined. Weak global indicators, like contraction in China & Euro zone manufacturing data, added concerns about global economic recovery in 2024. Importantly, the market was waiting for the FED minutes later today for rate insights,” said Vinod Nair, Head of Research at Geojit Financial Services.
India’s manufacturing sector growth fell to an 18-month low in December amid softer increase in factory orders and output, despite minimal inflation, a monthly survey said on Wednesday.
Global oil benchmark Brent crude declined 0.55 per cent to $ 75.47 a barrel.
Foreign Institutional Investors (FIIs) bought equities worth Rs 1,602.16 crore on Tuesday, according to exchange data.
Sensex fell by 379.46 points or 0.53 per cent to settle at 71,892.48 on Tuesday. The Nifty declined by 76.10 points or 0.35 per cent to 21,665.80.


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