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Closing Bell: Nifty below 21,600, Sensex drops 1,628 pts; Nifty Bank down 4%

 

Closing Bell: Nifty below 21,600, Sensex drops 1,628 pts; Nifty Bank down 4%


After witnessing a heavy fall on Wednesday, Sensex and Nifty continued to face selling pressure in Thursday's trade as HDFC Bank shares extended their slide. LTIMindtree and Asian Paints too dropped after their December quarter results today. IT index was among the worst sectoral performers on NSE.


"At elevated valuations the market needs only a trigger for a sell-off and yesterday this trigger came in the form of HDFC Bank’s worse-than-expected results. It is also important to understand that there was a sell-off in other emerging markets like Taiwan and Korea indicating that this is an emerging market correction driven by FPI outflows. Investors may wait and watch for this turbulence to subside. The resilience in IT stocks in this crash is an indication of the strength of the sector. Apart from IT, large caps like RIL, ICICI Bank, L&T and Bharti have strength to tide over this turbulence," said Dr. V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services.

Highlights from trade:

  • HDFC Bank shares extend slide, fall another 4%
  • LTIMindtree shares tumble 9% post Q3 results
  • IndusInd Bank to post Q3 numbers today
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