Sensex was down 1,628.01 points or 2.23 percent at 71,500.76, and the Nifty was down 460.30 points or 2.09 percent at 21,572. About 998 shares advanced, 2238 shares declined, and 50 shares unchanged.
Biggest losers on the Nifty were HDFC Bank, Tata Steel, Kotak Mahindra Bank, Axis Bank and Hindalco Industries, while gainers were HCL Technologies, SBI Life Insurance, Infosys, LTIMindtree and TCS.
Among sectors, except Information Technology, all other indices ended in the red with bank index down 4 percent, and auto, metal, oil & gas realty down 1-2 percent.
BSE Midcap and Smallcap indices shed 1 percent each.
Market registered a biggest single-day fall in last 1.5 years with Nifty below 21,600.
Indian rupee ended lower at 83.13 per dollar on Wednesday versus Thursday’s close of 83.07.
Bears struck back with full force and dominated today’s trade. Without any significant pullback, the Index kept compounding its losses to end the session at 21,571.95 with a loss of 460.35 points. Only the IT sector managed to end the day in green; and on the flip, BankNifty was the major laggard followed by Metal.
A correction was seen in the Broader markets as well but Mid and Smallcaps managed to outperform the Frontline Index.
By confirming the negative divergence, the Index has made a bearish candle on the daily chart with a probability of forming an advanced harmonic Bullish Cypher pattern at 21,220.
The major laggard of the day i.e. BankNifty has given a breakdown from a Head & Shoulder formation and as per the pattern, the downside target comes at 45,500. Considering today’s steep fall, a relief rally can be expected in the markets but sustainability at higher levels will be a key factor to watch out for.
5 Main Reasons Behind Today’s Fall in Market
1. HDFC Bank’s Earnings: Mixed Q3 results from HDFC Bank led to a downturn in banking stocks. 🏦
2. Global Sentiment: Asia’s markets fell, with China’s GDP miss influencing regional sentiment. 🌏
3. Hawkish Federal Reserve: US Fed’s interest rate stance spurred cautious global investor sentiment. 🦅
4. China’s Economic Data: Lower than expected GDP and high youth unemployment in China rattled markets. 🇨🇳
5. Financial Indicators: Dollar strength and US bond yield rise hinted at tighter future monetary policy. 💹
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