market today: BSE Sensex plunged as much as 1100 points in opening trade on Wednesday. The broader 50 share index, Nifty50, was also down almost 400 points in early morning trade. The stock market blood bath was led by banking stocks which were majorly in red. HDFC Bank tanked as much as 6% post its Q3 results that were announced yesterday.
At 9:18 AM, BSE Sensex was trading at 72,373.50, down over 750 points or 1.03%. Nifty50 was at 21,829.45, down over 200 points or 0.92%.
According to Siddhartha Khemka, Head of Retail Research at Motilal Oswal, the market is expected to consolidate in higher zones, with a focus on banking stocks following HDFC Bank's result announcement.
For the index to sustain an upward movement towards 22300 levels, it needs to decisively break above the 22150 mark, says Kunal Shah of LKP Securities. According to ET, Shah stated that the immediate support is located at 21950, and a clear break below this level could trigger further corrections towards the 21800 mark.
US stocks closed lower on Tuesday due to mixed earnings from Morgan Stanley and Goldman Sachs, which put pressure on banks. Additionally, sell-offs in Boeing and Apple weighed on the S&P 500