January 2024 has been a volatile month for the Indian stock market, as just a few days after touching its lifetime high, NSE Nifty and BSE Sensex plunged to a major low as IT and bank stocks struggled to rise on the benchmark indexes.
Sensex and Nifty witnessed a heavy crash on January 17, with the benchmark BSE index down by over 1600 points, and Nifty down by over 400 points. Nifty Bank took the deepest plunge of all, down by 2060 points on Wednesday.
On Thursday, the markets further dipped with Sensex going below the 71,000 mark for the first time in the last 30 days. Nifty, after touching its lifetime high earlier this week, also dropped below the 22,000 mark.
On January 18, the benchmark Sensex was down by 757.36 points, settling at 70,751.77, while the Nifty faced a decline of 279.80 points, reaching 21,292.15. The markets have had a challenging start in 2024, seeing extreme highs and lows in just the first three weeks of January.
Sensex, Nifty’s highs and lows in January 2024
On January 1, 2024, the markets had a flat opening with Sensex at 72,240 points and Nifty at 21,741 points. After two weeks of highs and lows, the benchmark Sensex hit its all-time high on January 16 with 73,128 points.
NSE Nifty also saw its lifetime high on January 15, touching 22,097 points with a slight decline on January 16. However, just two days after record-touching highs, both Nifty and Sensex crashed majorly.
On January 17, NSE Nifty crashed by nearly 430 points and Sensex crashed by over 1600 points, dipping further down on Thursday. The prime reason for this crash is the stagnant margins reported in the Q3 results of HDFC Bank, causing Nifty Bank to drop by 2060 points.
January 2023 vs January 2024 for stock market
Over the course of last one year, Sensex has gone up by nearly 17 percent (10,359.69 points) and Nifty has spiked by 19 percent (3,367.35 points). The remarkable growth in Nifty and Sensex is owed to the spike in IT and tech company stocks.
For Nifty, January 2023 showed its peak with 18,113 points on the 23rd, a few days after which the index recorded a massive fall of around 400 points. Similarly for BSE Sensex, the market saw a steep fall of over 1800 points on January 27 last year.