{"id":1277907,"date":"2024-01-17T11:26:31","date_gmt":"2024-01-17T05:56:31","guid":{"rendered":"https:\/\/trak.in\/stories\/?p=1277907"},"modified":"2024-01-17T11:26:53","modified_gmt":"2024-01-17T05:56:53","slug":"sensex-crashes-by-1000-points-in-early-trading-this-banks-shares-singlehandedly-pulls-down-the-market","status":"publish","type":"post","link":"https:\/\/trak.in\/stories\/sensex-crashes-by-1000-points-in-early-trading-this-banks-shares-singlehandedly-pulls-down-the-market\/","title":{"rendered":"Sensex Crashes By 1000 Points In Early Trading: This Bank’s Shares Singlehandedly Pulls Down The Market"},"content":{"rendered":"\n

Indian equity benchmarks Sensex and Nifty fell sharply by over 1%<\/a> in opening trade on Wednesday, dragged down largely by HDFC Bank results while lofty valuations also triggered widespread profit-taking.<\/p>\n\n\n\n

\"Sensex<\/figure>\n\n\n\n

HDFC Bank Single-handedly Pulls Market Down<\/strong><\/p>\n\n\n\n

HDFC Bank shares plunged nearly 7% to \u20b91,560, accounting for a massive 167 points out of 250 points decline in Nifty 50 index.<\/p>\n\n\n\n

This came as India’s largest private lender posted a 34% rise in Q3 net profit, which failed to enthuse investors amid concerns on slower loan growth and margin outlook.<\/p>\n\n\n\n

Top brokerages like CLSA and Morgan Stanley also flagged the weak loan growth and lower liquidity coverage ratio as areas of worry.<\/p>\n\n\n\n

Profit Booking from Record Market Highs<\/strong><\/p>\n\n\n\n

According to analysts, the crash also came as investors rushed to book profits after the markets hit lifetime highs earlier this week.<\/p>\n\n\n\n

Nifty 50 had breached the 22,100 mark on Tuesday, indicating stretched valuations across market segments that were overdue for corrective action.<\/p>\n\n\n\n

There are particular concerns that the mid and small cap space has run way ahead of fundamentals amid huge liquidity flows into the segment.<\/p>\n\n\n\n

“With positives priced in and valuations at elevated levels, some profit booking from these highs is warranted. Investors can consider moving money to fixed income in a calibrated manner,\u201d said VK Vijayakumar, Chief Investment Strategist at Geojit Financial.<\/p>\n\n\n\n

Global Cues Remain Weak<\/strong><\/p>\n\n\n\n

Besides the above domestic factors, weak global cues added to the bearish sentiment.<\/p>\n\n\n\n

Asian indices traded lower taking negative cues from Wall Street’s overnight losses due to jump in bond yields and growth worries<\/p>\n","protected":false},"excerpt":{"rendered":"

Indian equity benchmarks Sensex and Nifty fell sharply by over 1% in opening trade on Wednesday, dragged down largely by HDFC Bank results while lofty valuations also triggered widespread profit-taking. HDFC Bank Single-handedly Pulls Market Down HDFC Bank shares plunged nearly 7% to \u20b91,560, accounting for a massive 167 points out of 250 points decline […]<\/p>\n","protected":false},"author":30,"featured_media":1277908,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[1118,4424],"class_list":["post-1277907","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","tag-sensex","tag-why-market-down"],"acf":[],"yoast_head":"\nSensex Crashes By 1000 Points In Early Trading: This Bank's Shares Singlehandedly Pulls Down The Market - Trak.in - Indian Business of Tech, Mobile & Startups<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/trak.in\/stories\/sensex-crashes-by-1000-points-in-early-trading-this-banks-shares-singlehandedly-pulls-down-the-market\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Sensex Crashes By 1000 Points In Early Trading: This Bank's Shares Singlehandedly Pulls Down The Market - Trak.in - Indian Business of Tech, Mobile & Startups\" \/>\n<meta property=\"og:description\" content=\"Indian equity benchmarks Sensex and Nifty fell sharply by over 1% in opening trade on Wednesday, dragged down largely by HDFC Bank results while lofty valuations also triggered widespread profit-taking. HDFC Bank Single-handedly Pulls Market Down HDFC Bank shares plunged nearly 7% to \u20b91,560, accounting for a massive 167 points out of 250 points decline […]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/trak.in\/stories\/sensex-crashes-by-1000-points-in-early-trading-this-banks-shares-singlehandedly-pulls-down-the-market\/\" \/>\n<meta property=\"og:site_name\" content=\"Trak.in - Indian Business of Tech, Mobile & Startups\" \/>\n<meta property=\"article:published_time\" content=\"2024-01-17T05:56:31+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-01-17T05:56:53+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/trak.in\/stories\/wp-content\/uploads\/2024\/01\/Untitled-design-45-1280x720-1-1024x576-1.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1024\" \/>\n\t<meta property=\"og:image:height\" content=\"576\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Mohul Ghosh\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Mohul Ghosh\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/trak.in\/stories\/sensex-crashes-by-1000-points-in-early-trading-this-banks-shares-singlehandedly-pulls-down-the-market\/\",\"url\":\"https:\/\/trak.in\/stories\/sensex-crashes-by-1000-points-in-early-trading-this-banks-shares-singlehandedly-pulls-down-the-market\/\",\"name\":\"Sensex Crashes By 1000 Points In Early Trading: This Bank's Shares Singlehandedly Pulls Down The Market - 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