- By Aditya Pratap Singh
- Tue, 23 Jan 2024 05:59 PM (IST)
- Source:JND
Stock Market Today: Beating the sentiment of upward trends in early trade Sensex fell over 1,000 points to close at 70,371, Meanwhile, BSE's Nifty also plunged 1.5 per cent or above 300 points to end below the 21,250 mark.
The development happened on the day when India beat Hong Kong to become the world's fourth-largest stock market. Just after the mid-day trade the sell-off went deeper in the broader market. The small and midcap indices bleed around 3%. Amid the process, all BSE-listed stock's capitalisation fell to Rs 366.3 lakh crore, resulting in stock market investors losing around Rs 8 lakh crore.
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Major Reasons Behind Stock Market Fall
Fall in HDFC Bank Shares
The heavyweights like Reliance Industries Limited and HDFC were responsible for major today's loss as HDFC Bank shares dropped another 3%. The shares of HDFC have been witnessing downward trends aftermath of December quarter results.
Reliance Industries Limited
The second biggest contributor in Today's fall is India's most valued company Reliance Industries (RIL). The sahres of the RIL fell 2%.
FIIs and profit booking
After buying over the past two months, FIIs have made net sales of Indian stocks worth over Rs 13,000 crore so far in the month. The profit booking is also one of the reasons behind today's tank.
Domestic retail investors have also shown interest in selling amid the profit booking pressure.
Zee Entertainment lost over 32.73 per cent
After Sony announced to termination of the deal with Zee, shares of the company lost 32.73 per cent in intraday trade. The deal was considered to be one of the path-defining deals in India's OTT space.
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