Stock Market Highlights Today: Sensex, Nifty 50 Witness Worst Day Since July; HDFC Bank Takes A Hit

In a rollercoaster ride for Indian stock markets, both the Nifty 50 and Sensex experienced their worst day since July. The Nifty 50 slid below the 19,900 mark for the first time after September 8, with HDFC Bank and Reliance leading the downturn.

The domestic markets felt the pressure due to escalating US bond yields and a stronger dollar. Investors' concerns were fueled by uncertainties regarding the upcoming FED policy, the trajectory of interest rates, and the rise in oil prices. The banking sector, represented by the Bank Nifty, underperformed due to increasing cost of funds and a reduction in deposits, ultimately leading to a moderation in net yield, explained Vinod Nair, Head of Research at Geojit Financial Services.

Closing at 19,900, the Sensex fell a significant 796 points, marking a decline of 1.18%, while the Nifty 50 saw a dip of 231.90 points, or 1.15%, ending at 19,901.40. The market witnessed 1510 advancing shares, 2034 declining shares, and 137 unchanged shares.

HDFC Bank, JSW Steel, Reliance Industries, BPCL, and SBI Life Insurance were among the biggest losers on the Nifty. Meanwhile, Power Grid Corporation, Coal India, ONGC, Sun Pharma, and Eicher Motors emerged as the gainers.

Except for the power sector, all other sectoral indices ended in the red, with banking, metal, and realty experiencing a 1% dip.

The market's midcap index witnessed a decline of 0.30%, and the small-cap index faced a 0.5% decrease. The turbulence in the stock market serves as a reminder of the inherent volatility, urging investors to remain vigilant and make informed decisions in these unpredictable times.