Sensex and Nifty Witness Sharp Selloff; Rupee Depreciates Against US Dollar

17 Jan 2024 , 01:14 PM

Benchmark indices BSE Sensex and NSE Nifty experienced a significant selloff on Wednesday, driven by HDFC Bank’s Q3 results, escalating tensions in the Middle East, and fading expectations of a rate cut by the US Fed.

All sectoral indices were in the red, with the banking and financial sectors witnessing a substantial decline of over 2%.

At the time of writing, Sensex was trading at Rs 71,772, reflecting a 1.85% drop from the previous close. Nifty was trading at Rs 21,651, marking a 1.73% decrease from the previous close.

Konstelec Engineers announced the opening of its Initial Public Offer on January 19, 2024. The anchor portion will be available on January 18, 2024, and the issue is set to conclude on January 23, 2024.

The company aims to raise approximately Rs 28.70 crore (at the upper band) and plans to list on NSE Emerge. The price band for the issue is fixed at Rs 66 – Rs 70 per share, with a lot size of 2,000 shares.

On Wednesday, the rupee depreciated by 3 paise, reaching 83.15 against the US dollar, influenced by the strength of the greenback against major global currencies and substantial selling in domestic equity markets.

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