January 2024 was a volatile month for the Indian stock market. Just days after hitting lifetime highs, NSE Nifty and BSE Sensex shares have fallen to deep lows as IT and banking stocks struggle to make gains in benchmark indices.
Sensex and Nifty witnessed a huge crash on January 17, with the benchmark BSE index dropping over 1,600 points and Nifty dropping over 400 points. Nifty Bank was the biggest decliner on Wednesday, dropping 2,060 points.
The market fell further on Thursday, with the Sensex index falling below the 71,000 level for the first time in the last 30 days. Nifty also fell below 22,000 after hitting a lifetime high earlier this week.
On January 18, the benchmark Sensex fell 757.36 points to settle at 70,751.77, while the Nifty fell 279.80 points to touch 21,292.15. The market got off to a tough start in 2024, with extreme highs and lows seen in just the first three weeks of January.
Highs and lows of Sensex, Nifty in January 2024
On January 1, 2024, the market opened sideways with Sensex at 72,240 points and Nifty at 21,741 points. After two weeks of highs and lows, the benchmark Sensex hit an all-time high of 73,128 points on January 16.
NSE Nifty also hit a lifetime high on January 15, reaching 22,097 points, but fell slightly on January 16. But just two days after hitting record highs, both Nifty and Sensex crashed.
On January 17, the NSE Nifty fell by nearly 430 points, while the Sensex fell by over 1,600 points and fell further on Thursday. The main reason for this crash was the weak profit margin reported in HDFC Bank's third quarter results, with Nifty Bank falling by his 2060 points.
Stock market comparison between January 2023 and January 2024
In the past one year, Sensex has gained nearly 17% (10,359.69 points) and Nifty has surged 19% (3,367.35 points). The impressive growth in Nifty and Sensex is due to the sharp rise in IT and high-tech stocks.
In the case of Nifty, January 2023 saw a peak of 18,113 points on the 23rd and a few days later, the index recorded a significant decline of around 400 points. Similarly, for the BSE Sensex, the market experienced a plunge of over 1800 points on January 27 last year.