Sensex and Nifty have once again opened in the red on January 18, with Sensex crashing over 400 points to 71,023, while Nifty has also plunged below the 21,500 mark with during the opening bell.
It is expected that Sensex will dip below the 71,000 mark today, according to the pre-opening session predictions, just a few days after the benchmark index touched its record high at over 73,300 points.
This comes after both Sensex and Nifty saw a major drop on Wednesday, with the stock markets crumbling after the Q3 results of HDFC Bank. Sensex dropped by over 1600 points on Wednesday, while Nifty was down nearly 500 points.
Due to the disappointing quarterly results of HDFC Bank on January 16, Nifty Bank took a harsh hit on Wednesday, dropping over 2000 points in a single session. HDFC Bank was also the top loser on the stock market on January 17.
Analysts and experts said that a dip in the markets was expected soon as markets had exceeded expectations over the last month. The crash in the market was reported after Sensex and Nifty touched their record high at over 73,000 and 22,000 each.
Nifty Bank on Thursday was further down by around 360 points during early trade hours, settling at 45,727.65 points at 9:20 am today. This comes as shares of HDFC Bank, Kotak Mahindra and Axis Bank plunged on Wednesday.
HDFC Bank share price in focus
HDFC Bank shares opened at a 2 percent drop on January 18, with the share price recorded at ₹1,505 during early trade hours. This comes two days after the quarterly results of the private lender showed stagnant margins.
On Wednesday, during the previous market session, HDFC Bank shares declined by nearly 9 percent, closing at ₹1,493. As per early market trends, HDFC Bank is expected to make a marginal recovery today.
In early market session, Tata Motors, Adani Ports and Bharti Airtel emerged as the top gainers.