Stock Market Chaos: Sensex Plunges 700 Points as HDFC Bank Shares Tumble Again

The Indian stock market continues to face a significant downturn, with the Sensex plummeting 700 points as soon as trading began. Additionally, HDFC Bank shares witnessed a sharp decline, causing concern among investors. This article will delve into the reasons behind this turmoil and provide further details on the current state of the market.

1. Market Decline: Sensex and Nifty Struggle Amidst Global Weakness

The stock market has been witnessing consecutive days of severe declines. After a significant drop of 1,628 points on Wednesday, the BSE Sensex opened on Thursday with a staggering decrease of over 600 points, falling below the 71,000 mark. The NSE Nifty also experienced a decline of more than 150 points as trading began. The weak global cues have contributed to the ongoing market downturn. As of 9:50 AM, the Sensex had slipped by 700.70 points, reaching 70,800, while the Nifty dropped by 238 points, reaching 21,331.

2. HDFC Bank Shares Experience Steep Decline

HDFC Bank, India’s largest bank in terms of market value, faced a significant decline in its share prices during the first 10 minutes of trading on Thursday. The shares tumbled by more than 2% within this short span of time. As of 9:10 AM, HDFC Bank shares were trading at INR 1,502.95, reflecting a decline of 2.42%. On Wednesday, the bank’s shares had already dropped by over 8%, resulting in a market capitalization loss of INR 100,000 crores.

3. Stock Performances: Rising and Falling Shares in the Market

Amidst the stock market chaos, several stocks witnessed contrasting movements. Approximately 1,375 shares opened in the red, while 876 shares showed gains. Notable stocks such as Adani Ports, Apollo Hospitals, UltraTech Cement, Coal India, and Reliance Industries performed well on the Nifty index. However, it is important to note that Wednesday’s trading session had witnessed the biggest decline of the new year. The BSE Sensex closed with a loss of 1,628 points (2.23%), ending at 71,500, with only 7 out of the top 30 shares in the green zone. The Nifty lost 460.35 points (2.09%), closing at 21,571.95.

FAQs:

1. What caused the stock market chaos on Thursday?

   • The stock market chaos was primarily influenced by weak global cues and market uncertainties.

2. How much did HDFC Bank shares decline during the first 10 minutes of trading?

   • HDFC Bank shares experienced a decline of more than 2% within the first 10 minutes of trading.

3. Which stocks performed well amidst the market downturn?

   • Adani Ports, Apollo Hospitals, UltraTech Cement, Coal India, and Reliance Industries showed positive movements in the market.

4. What were the closing points of Sensex and Nifty on Wednesday?

   • Sensex closed at 71,500, with a loss of 1,628 points, while Nifty closed at 21,571.95, with a loss of 460.35 points.

5. How much market capitalization did HDFC Bank lose on Wednesday?

HDFC Bank witnessed a market capitalization loss of INR 100,000 crores on Wednesday.