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Stock market today: Nifty 50, Sensex fall for third consecutive session; mid, smallcaps outperform

Stock market today: Frontline indices Nifty 50 and the Sensex extended their losses into the third consecutive session on Thursday, January 18. In the three sessions of losses, both the Nifty 50 and the Sensex have fallen about 3 per cent each.

The domestic market continued experiencing selling pressure on Thursday due to rising US bond yields, prompted by robust recent economic data in the US, raising concerns about potential delays in rate cuts.

Moreover, losses in the shares of heavyweight HDFC Bank continued to exert pressure on the market benchmarks. HDFC Bank’s share price fell over 3 per cent on Thursday and ended as the top drag on the Nifty 50 and the Sensex.

HDFC Bank’s weaker-than-expected December quarter earnings spooked investors and raised concerns that other major banks also may show pressure on margins for the quarter.

As the market valuation was high, investors needed a trigger to book profit. HDFC Bank’s earnings offered that trigger, say experts.Nifty 50 and the Sensex suffered their worst single-day percentage fall in about 18 months on Wednesday, a day after HDFC Bank reported its Q3 earnings.

On Thursday, Nifty 50 opened at 21,414.20 against the previous close of 21,571.95 and hit its intraday low of 21,285.55. The index finally closed 110 points, or 0.51 per cent, lower at 21,462.25.

Sensex opened at 71,018.86 against the previous close of 71,500.76 and fell about 835 points to hit the intraday low of 70,665.50. The index eventually closed 314 points, or 0.44 per cent, lower at 71,186.86.

(More to come)

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