NIFTY50 closes below 21,500, SENSEX falls 310 points, HDFC Bank tanks 3%; Stock Market Highlights

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The NIFTY Midcap 100 index (-0.1%) closed lower today. Meanwhile, NIFTY Smallcap 100 Index (-0.1%) closed in the red today.

The NIFTY Financial Services (-1.0%) index closed in the red today, with HDFC AMC (+2.4%) and Axis Bank (+1.0%) being the top gainers, while IEX (-6.7%) and ICICI Pru Life (-5.4%) being the top losers.

The BANK NIFTY index (-0.7%) index closed lower. Weakness in HDFC Bank (-3.0%), IndusInd Bank (-1.7%) and AU Bank (+3.2%) was a major drag on the index.

India benchmark indices – NIFTY50 (-0.4%) and Sensex (-0.4) – closed in the red for the third consecutive days. Out of the NIFTY50 space, 31 stocks were in the red. Weakness in HDFC Bank, LTIM and NTPC pushed the markets lower.

Shares of the HDFC Bank have continued on their downward trajectory, declining 15% in just two trading sessions.

This comes a day after the top private lender reported stagnant margins for a second consecutive quarter in October-December.

• Long build up: Apollo Hospitals, ICICI Bank, Tech Mahindra, Sun Pharma and Bharti Airtel

• Short build up: LTIM, NTPC, SBI Life, HDFC Bank and Dr Reddy

The tech company said that its board will meet on 20 January 2024 to discuss the stock split.

Meanwhile, shares of the company (-0.3%) are marginally down.

Shares of the financial services software provider are up 21% today.

This comes after the company’s Q3 net profit jumped 70% year-on-year to ₹741 crore.

The robust growth in profits was aided by a 26% rise in revenue to ₹1,823 crore.

“Our licence fees signings were US $49.5 million across our product lines for both Cloud/SaaS and on-premises deployment modes,” said the management.

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