Sensex Plunges 1,053 Points as Corporates Report Subdued Quarterly Performance

Mumbai: Benchmark index Sensex saw a significant dip of 1,053 points, closing below the 71,000 level on Tuesday. Key contributors to this decline were HDFC Bank, Reliance Industries, and SBI, influenced by mixed global cues. Investors reacted to concerns over lacklustre quarterly corporate performances, leading to selling pressure.

Starting positively with a gain of around 450 points, the 30-share BSE Sensex eventually dropped by 1,053.10 points or 1.47%, settling at 70,370.55. The broader Nifty also saw a decline of 330.15 points or 1.53%, closing at 21,241.65. IndusInd Bank led the losses on the Sensex, falling by 6.13%, followed by SBI (3.99%), Hindustan Unilever (3.82%), Axis Bank (3.41%), and HDFC Bank (3.23%). However, Sun Pharma, Bharti Airtel, ICICI Bank, and PowerGrid bucked the trend, closing with gains.

In the Asian markets, Hang Seng in Hong Kong surged by 2.63%, while China’s Shanghai Composite increased by 0.52%, and Japan’s Nikkei 225 fell by 0.8%. European markets displayed losses, with Germany’s DAX down by 0.09%, France’s CAC 40 losing 0.16%, and London’s FTSE 100 declining by 0.13%. In the US, Dow, S&P 500, and Nasdaq closed with gains on Monday.

The domestic equity market remained closed on January 22 for the Ayodhya consecration ceremony. On Saturday, Sensex fell by 259.58 points, and Nifty declined by 50.60 points. Meanwhile, Brent crude, the global oil benchmark, decreased by 0.40% to USD 79.74 a barrel on Tuesday. Foreign Institutional Investors (FIIs) offloaded equities worth Rs 545.58 crore on Saturday, according to exchange data.