Sensex gets down by around 300 points today. HDFC and Reliance shares resulted in the hike in the Nifty 50 on Monday. However, the market crashed after HDFC Bank’s shares fell by 7.19% on Wednesday. Many consider it a chance to buy more. While others are concerned about the market’s crash. Excessive selling in the market is among the top reasons for the fall. Following are Sensex’s and Nifty’s Wednesday performance, with the major points highlighting the market crash.
The market opens on a positive note on Monday, leading to several shares spiking high. HDFC being one of the top performers raised by a good percentage. Moreover, the bank’s Q3 2024 results also impact the share. The bank remains in the news for Tuesday, facing volatility in the price. Later, it fell by 7% in Wednesday’s first half.
Nifty is currently 1.7% down. The first half saw a steep rise and fall near the market’s opening. The banking shares had a lot of selling in the market. Apart from that, the valuation stretch in midcap and smallcap plays another crucial role in the crash. Nifty’s previous close was at 22,032.30. It opens a way low from its previous closing giving a surprise to the market. The opening was at 21,647.25. It expects to close around 21,500 today. The market will remain weak in the upcoming few days, as per the speculators.
Sensex is currently at 71,767.31. It opens at a gap from its previous close of 73,128.77. The opening was at 71,998.93. It has been continuing in the red since Wednesday morning. The further expectations are also the same for the Sensex till now. There was a new record achieved in both Nifty and Sensex. However, the crash seems to continue longer now.
Sensex and Nifty rallied in the week’s beginning after the bank and IT sectors gave enormous Q3 performance. The increase in selling in the market caused the sudden fall. The high-skill traders extracted a good profit from the previous spike as well.
The Indian economy is going on well currently. There are no major issues in the businesses. However, the US recession also has a minor effect on the market. The US economy is currently focussing on reducing inflation to 2% leading to an expected fall in the central bank interest rate. We hope you get enough details about the Nifty crash and the reasons for the Sensex below 1400 points.