Sensex and Nifty registered strong gains on Friday after three consecutive days.
After three consecutive days of losses, both BSE Sensex and NSE Nifty opened in green and gained over 600 and 170 points respectively. The blue-chip NSE Nifty 50 index rose 0.70% to 21,610.70
points at 09:16 IST, while the S&P BSE Sensex was up 0.79% to 71,767.14% (IST).
India’s economy reached its highest point this week, just a day after struggling to reach its previous capacity. Sensex and Nifty fell for two consecutive days after HDFC Bank
announced its December 2023 quarterly results. On January 17, a day after HDFC Bank announced its quarterly results, both Sensex and Nifty took a heavy hit as the private bank’s share
price fell over 9% in one go.
On that day, the Sensex index lost more than 1,600 points and the Nifty index lost more than 430 points. The decline in the stock market occurred in the week when BSE Sensex crossed
3,000, its all-time high, and Nifty crossed 22,000 for the first time. Despite the market falling for three consecutive days, both Sensex and Nifty are expected to recover gradually in
the coming week.The fall in stocks this week was triggered by the collapse of Nifty Bank after HDFC’s quarterly results showed unsustainable results like last quarter.
Nifty Bank shows recovery Nifty Bank rose over 430 points at the open on Friday, showing a slow but steady recovery after losing 2,060 points from Wednesday when all major private
enders were under pressure.
The impact of HDFC Bank’s third quarter results also affected the stock market; The private bank’s share price fell nearly 10% on the day. This has caused further pressure on the
prices of Axis Bank, Kotak Mahindra and other private sector banks.HDFC Bank shares opened 0.72% higher on January 19 after three consecutive days and are currently trading at Rs 1,496.85.
