“Market Meltdown: Assessing the January 2024 Plunge of Sensex and Nifty – A Deep Dive into the Stock Market Turbulence”

Om Sharma
By Om Sharma 4 Min Read

JANUARY 08 , 2024

“After reaching record highs earlier this month, Sensex and Nifty witnessed a significant downturn this week, experiencing a notable plunge in market values.”

“In a tumultuous turn of events, January 2024 witnessed extreme volatility in the Indian stock market. Within a short span after reaching its all-time high, both NSE Nifty and BSE Sensex experienced a significant nosedive. The descent was particularly pronounced as IT and bank stocks grappled to make gains on the benchmark indexes, contributing to the abrupt downturn.”

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“In a tumultuous start to the year, the stock markets, represented by Sensex and Nifty, experienced a severe downturn on January 17, witnessing significant losses. The BSE Sensex plummeted over 1600 points, and Nifty took a hit of more than 400 points, while Nifty Bank recorded the steepest decline at 2060 points. The following day, Sensex breached the 71,000 mark for the first time in 30 days, and Nifty, after reaching a lifetime high earlier in the week, dipped below 22,000.

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As of January 18, Sensex marked a decline of 757.36 points, settling at 70,751.77, and Nifty faced a drop of 279.80 points, reaching 21,292.15. The market’s roller-coaster ride in the first three weeks of 2024 reflects extreme highs and lows, showcasing the challenges faced by investors.

The year kicked off with a flat opening on January 1, with Sensex at 72,240 points and Nifty at 21,741 points. After fluctuations, Sensex achieved an all-time high of 73,128 points on January 16, paralleled by Nifty’s lifetime high of 22,097 points on January 15. However, just two days after these record highs, both indices experienced a substantial crash on January 17, attributed to the stagnant margins reported in HDFC Bank’s Q3 results. This resulted in a drastic drop of 430 points for NSE Nifty and over 1600 points for Sensex, with Nifty Bank witnessing a sharp decline of 2060 points.”

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“In the span of the past year, the stock market has witnessed a significant upturn, with the Sensex surging by an impressive 17 percent (10,359.69 points) and the Nifty marking a substantial 19 percent gain (3,367.35 points). Notably, this remarkable growth can be attributed to the surge in IT and tech company stocks.

However, a comparative analysis reveals the volatility in January performance between 2023 and 2024. In January 2023, Nifty reached its peak at 18,113 points on the 23rd, only to experience a substantial downturn of around 400 points shortly after. Likewise, BSE Sensex encountered a sharp decline of over 1800 points on January 27 of the same year. The contrasting dynamics underscore the dynamic nature of the stock market within a year’s timeframe.”

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