Weak Asian Markets, Indices Brace for More Volatility

18 Jan 2024 , 09:08 AM

Local benchmark indices experienced a significant drop of over 2 percent, marking the most substantial single-day decline in a year and a half. The selling pressure was primarily sustained in the banking and financial sectors, fueled by investor disappointment in HDFC Bank’s third-quarter results. The Sensex concluded with a 2.23 percent loss, closing at 71,500.76 points, while the Nifty recorded a 2.09% decline, settling at 21,571.95. Foreign investors offloaded shares amounting to a net Rs 10,578.13 crore, whereas domestic institutions made net purchases totaling Rs 4,006.44 crore.

In the pre-opening session, benchmark indices continued to trade lower, with the Sensex down 34.92 points (0.05%) at 71,465.84 and the Nifty down 106.50 points (0.49%) at 21,465.50.

On the global front, Asian shares had a subdued start on Thursday, influenced by uncertainties in China’s economic outlook and revised expectations that the global easing cycle might not commence as early as initially anticipated.

The GIFT Nifty on the NSE IX exhibited a decline of 162.50 points (0.75%), standing at 21,416.50, indicating a negative start for Dalal Street on Thursday.