Sensex drops over 1,000 points, Nifty settles below 21,250 dragged by banks

Stock market crash: Benchmark indices BSE Sensex and NSE Nifty 50 opened Tuesday, January 23, on a positive note, taking cues from global indices. However, after the initial gains, indices fell nearly 2.5 per cent from their respective day highs, led by losses in HDFC Bank, Reliance Industries, Larsen & Toubro, State Bank of India and Axis Bank. Sensex fell as much as 1,805 points, from the day’s highest point, to hit an intraday low of 70,234.55. Similarly, Nifty 50 fell 560 points or 2.56 per cent to hit an intraday low of 21,192.6.

BSE Sensex closed 1,053.10 points lower at 70,370.55 and Nifty 50 closed 333 points lower at 21,238.80.

All the broad market indices except India VIX ended in red today with Nifty Midcap 50 index falling as much as 3.15 per cent. It was closely followed by Nifty Midcap 100 which fell 3.11 per cent and Nifty Microcap 250 which fell 3.01 per cent. Coming to sectoral indices, except for Nifty Pharma and Nifty Healthcare, all other indices closed lower. 

Nifty Media fell 12.87 per cent dragged by Zee Entertainment which fell 35 per cent, posting its worst day on record. Nifty Realty and Nifty PSU Bank fell 5.31 per cent and 4.10 per cent respectively. Nifty Oil & Gas fell 3.47 per cent, and Nifty Bank fell 2.26 per cent today.

“Markets resumed the corrective tone and shed over one and a half percent.  Initially, the Nifty opened with an upside gap, tracking firm global cues and buoyancy in banking major, ICICI Bank, in reaction to its numbers,” said Ajit Mishra, SVP, Technical Research, Religare Broking Ltd​.

“The pace of decline shows more pain ahead and the 20,800-21,000 zone may offer some support.  Earlier, we were seeing private banking majors facing the heat but it is now cascading to the other sectors and also to the broader indices. We thus recommend keeping a check on leveraged positions and maintaining shorts too,” he added.

Sensex top gainers

• Sun Pharma: 4.05 per cent
• Bharti Airtel: 3.37 per cent
• ICICI Bank: 2.10 per cent
• PowerGridCorp: 0.27 per cent
• Bajaj Finserv: 0.13 per cent

Sensex top losers

• IndusInd Bank: -5.87 per cent
• SBIN: -4.19 per cent
• HUL: -3.81 per cent
• HDFC Bank: -3.45 per cent
• Axis Bank: -3.41 per cent

Nifty top gainers

• Cipla: 6.97 per cent
• Sun Pharma: 4.04 per cent
• Bharti Airtel: 2.97 per cent
• ICICI Bank: 1.90 per cent
• Dr Reddy: 0.83 per cent
• Hero Motocorp: 0.71 per cent

Nifty top losers

• IndusInd Bank: -6.18 per cent
• Coal India: -5.58 per cent
• SBI Life: -4.66 per cent
• ONGC: -4.57 per cent
• Adani Ports: -4.27 per cent
• State Bank of India: -4.02 per cent