Market Update 17 January 2024

Market Update 17 January 2024

VoM News Desk | January 17, 2024 | 11:45 AM IST | Breaking News | Follow on Google News

Market Update 17 January 2024

Market Update 17 January 2024

The Indian stock market experienced a sharp selloff on Wednesday, with banking and financial stocks leading the decline. Here are the key highlights:

• Benchmark Indices: The BSE Sensex plummeted more than 1,100 points at the open, while the NSE Nifty started trading 395 points lower below 21,650. Both indices witnessed a significant drop, impacted by negative global and domestic cues.
• Global Factors: Rising bond yields in the US, particularly the 10-year yield reaching 4.04%, contributed to global negativity. Concerns arose that the anticipated rate cuts by the US Federal Reserve might not materialize as quickly as expected.
• Banking Stocks: HDFC Bank, a major player in the banking sector, reported a 33% jump in net profit at ₹16,372 crore in Q3 FY24. However, the stock faced a sell-off, down 7%, impacting both the Nifty Bank index and the Nifty Financial Services index.
• Other Banking Stocks: Kotak Mahindra Bank, Axis Bank, and SBI also experienced losses of over 1% each. Punjab National Bank was the only stock in the green, up half a percent.
• US-Listed Shares: HDFC Bank’s US-listed shares fell 6.71% on the NYSE after the Q3 results.
• Market Expert’s View: Dr. V.K. Vijaykumar of Geojit Financial Services highlighted the likelihood of a slightly weak market in the near term, influenced by negative global cues, especially concerns over the pace of expected rate cuts by the US Fed.

Investors are closely monitoring the evolving market situation amid geopolitical tensions and the impact of global economic factors on Indian equities.

VoM News Desk

VoM News is an online web portal in jammu Kashmir offers regional, National & global news.