Sensex tanks by 1,600 points; Nifty sees biggest single-day loss since 2022

The BSE benchmark Sensex on Wednesday ended in red, crashing by 1600 points after early morning downfall. The Sensex closed at 71,511.

Sensex crashes over 1600 points, closes at 71,476; Nifty drops to 21,560(MINT_PRINT)
Sensex crashes over 1600 points, closes at 71,476; Nifty drops to 21,560(MINT_PRINT)

On the other hand, the NSE index dropped to 21,573 points at closure. This is the biggest crash that NSE Nifty has experiences since July 2022, dropping significantly below its all-time high from earlier this week.

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Sensex and Nifty touched their lifetime high earlier this week, with the former crossing the 73,000 mark and the latter crossing the 22,300 mark. However, the bloated indexes experienced a major crash after a continuous five-day rally on the Indian markets.

Sensex on Wednesday was down around 1300 points during the opening bell, and tumbled by a total of 1638 points at 3:30 pm, standing at 71,511. Meanwhile, Nifty was down by 460 points on January 17, standing at 21,573 at closing bell.

Nifty Bank also took suffered a major decline today, down by 2060 points closing at 46,064 points on Wednesday. Nifty Bank was the sector experiencing the worst decline today, with BSE Sensex coming in second.

HDFC Bank became the top loser on the stock market today, with its shares crashing over 8 percent a day after its quarterly results were posted, showing stagnant margins and less than expected profits.

Top gainers and losers on stock market today

HDFC Bank was the top loser on the stock market today, being the culprit of the massive Sensex drop on Wednesday. After dropping 8.44 percent a day after its Q3 results were released, HDFC Bank shares stood at 1,537.50 during closing bell.

Other laggards on the market today were Tata Steel, Kotak Mahindra, Axis Bank, Adani Enterprises and ICICI Bank. Nifty Bank saw a major crash today, all thanks to the stunted quarterly earnings of HDFC.

While the markets saw a major dip today, a few stocks still managed to show marginal growth. HCL Technologies became the top gainer on Wednesday, with its share price at 1,575.90 during closing bell, rising by 1.31 percent.

Other gainers on the market were SBI Insurance, Tata Consultancy Services (TCS), Infosys and Tech Mahindra, all showing a growth below one percent on January 17.

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