Closing bell: Sensex down over 800 points, Nifty slides to 21,500 - Hindustan Times
close_game
close_game

Closing bell: Sensex down over 800 points, Nifty slides to 21,500

Jan 30, 2024 03:29 PM IST

Closing bell: Sensex down over 800 points, Nifty slides to 21,500

Indian shares fell on Tuesday, following a sharp surge in the previous session, weighed down by financials after Bajaj Finance's asset quality worsened in the December quarter.

A bird flies past a screen displaying the Sensex results on the facade of the Bombay Stock Exchange (BSE) building in Mumbai.(Reuters)
A bird flies past a screen displaying the Sensex results on the facade of the Bombay Stock Exchange (BSE) building in Mumbai.(Reuters)

The blue-chip NSE Nifty 50 index was down 0.16% at 21,702.60 points and the S&P BSE Sensex fell 0.29% to 71,731.20, as of 11:04 a.m. IST.

HT launches Crick-it, a one stop destination to catch Cricket, anytime, anywhere. Explore now!

"Unsustainable valuations and cooling off in earnings across segments remain worrisome for the market," said Dipan Mehta, founder and director at Elixir Equities.

"Post key events like (India's) budget and Fed policy this week, we see scope for correction, time-correction or price-correction," Mehta added.

The Indian government is due to announce the federal budget on Thursday.

The highest weighted of the 13 major sectors, financial services dropped 0.5%.

Bajaj Finance lost about 5% to hit a five-month low and was the top Nifty 50 loser. The company posted a smaller-than-expected rise in quarterly profit, while its asset quality deteriorated.

"Given the asset quality deterioration, credit cost is likely to remain elevated in the near term," said analysts at Ambit Capital.

Information technology stocks added 0.85% ahead of U.S. Federal Reserve rate decision and commentary, due on Wednesday.

The Fed commentary will provide cues into rate trajectory, and influence U.S. Treasury yields and foreign investor strategy.

Oil and gas index gained 1.5%, led by 3% rise Bharat Petroleum Corporation.

The state-run oil marketing company reported higher-than-expected December quarter profit, helped by strong refining and marketing margins, during market hours on Monday, triggering a 3.85% jump.

Power generating company NTPC lost about 3% on reporting a fall in revenue in the December quarter.

KEC International rose 3% on winning new orders worth 13.04 billion rupees ($156.87 million) across its businesses.

Discover the complete story of India's general elections on our exclusive Elections Product! Access all the content absolutely free on the HT App. Download now!
Stay informed on Business News, TCS Q4 Results Live, Jio Financial Services Q4 Results Live along with Gold Rates Today, India News and other related updates on Hindustan Times Website and APPs
SHARE THIS ARTICLE ON
Share this article
  • ABOUT THE AUTHOR
    author-default-90x90

    Follow the latest breaking news and developments from India and around the world with Hindustan Times' newsdesk. From politics and policies to the economy and the environment, from local issues to national events and global affairs, we've got you covered.

SHARE
Story Saved
Live Score
OPEN APP
Saved Articles
Following
My Reads
Sign out
New Delhi 0C
Friday, April 19, 2024
Start 14 Days Free Trial Subscribe Now
Follow Us On