Today Jan 24 Stock Market Crash Sensex Tanks 1,053 Points; Nifty Ends Below 21,250. ZEE Shares Sink 31 Per Cent

Market Recap: Tuesday’s Equity Performance

In the latest stock update, IndusInd Bank led the losses on the 30-share Sensex platform, Today Jan 24 Stock Market Crash Sensex experiencing a decline of more than 6 percent. Other major losers included SBI, HUL, HDFC Bank, Bajaj Finance, and Axis Bank. Sensex and Nifty, the primary equity benchmarks, witnessed a significant downturn on Tuesday, reaching a one-month low. The S&P BSE Sensex plummeted by 1,053 points, concluding at 70,371, while the NSE Nifty50 settled below 21,250, closing at 21,239, marking a decrease of 333 points. The intraday lows for these indices were recorded at 70,234 and 21,193, respectively.

On the positive side, Sun Pharma, Airtel, ICICI Bank, PowerGrid, Bajaj Finserv, and TCS emerged as gainers. Notably, Zee Entertainment Enterprises Ltd faced a substantial decline of 32 percent following the cancellation of its $10-billion merger with Sony Pictures Networks India. ZEE shares closed at Rs 155.90 apiece on the BSE.

In the broader markets, both the BSE Midcap and Smallcap indices experienced nearly a 3 percent decline. Across various sectors, except for pharma, all other indices ended the day in the red. The Nifty Media index tumbled by 13 percent, Nifty Realty index dropped 5 percent, Nifty PSU Bank fell 4 percent, and Nifty Bank index decreased by 2 percent. However, Nifty Pharma managed to rally by 1.6 percent.

Global Factors and Economic Outlook : Today Jan 24 Stock Market Crash Sensex

Global sentiments turned cautious following a statement from Fitch Group, highlighting that South Asian economies would be most affected amid rising hostilities in the Red Sea due to Houthi attacks. India’s economic forecast also faces significant risks due to a prolonged spell of disruptions, according to Siddhartha Khemka, Head of Retail Research at Motilal Oswal Financial Services Ltd.

In the Asian markets, Hong Kong’s Hang Seng recorded a sharp gain of 2.63 percent, while China’s Shanghai Composite increased by 0.52 percent. Japan’s Nikkei 225 fell by 0.8 percent. European markets traded lower on Tuesday, with Germany’s DAX down by 0.09 percent and France’s CAC 40 losing 0.16 percent.

Meanwhile, the global oil benchmark Brent crude declined by 0.40 percent to $79.74 a barrel on Tuesday. Foreign Institutional Investors (FIIs) offloaded equities worth Rs 545.58 crore on Saturday, as per exchange data.

Currency and Investor Sentiments

The rupee depreciated by 9 paise to 83.16 (provisional) against the US dollar. Elevated crude oil prices and weak domestic equities weighed on investor sentiments, with foreign fund outflows adding further pressure. However, the rupee found some support from a weak US Dollar overseas.

At the interbank foreign exchange market, the local unit opened at 83.11 and settled at 83.16 (provisional) against the dollar, marking a 9 paise decline from its previous close. The intraday high and low were recorded at 83.06 and 83.17 against the American currency, respectively. On the preceding Friday, the rupee had settled at 83.07 against the US dollar.