Page 46 - Axis Securities News Today : Breaking News, Live Updates & Top Stories | Vimarsana

Key stock indices suffered their worst single-day losses in percentage terms since June 13, 2022.

The Sensex, Nifty free fall occurred day after HDFC Bank posted a net profit of ₹16,732 crore in its Q3 results. The private lender's stock dropped by 9%.

CLSA and Axis Securities have raised their target prices for HDFC Bank, while fund manager Saurabh Mukherjea believes the bank's valuations are attractive. Despite concerns about deposit growth, Mukherjea remains confident in the bank's solid operational performance and sees potential for further investment. Marcellus, the firm managed by Mukherjea, has significant investments in HDFC Bank.

HDFC Bank, India's second most-valued stock, recorded its worst daily performance since the Covid crash 3 years ago, falling 8.5% and causing a market crash. Investors in the bluechip lost over Rs 1 lakh crore as the market capitalisation of the Nifty heavyweight fell to Rs 11.67 lakh crore. Several brokerages have reduced their target prices on the stock, contributing to the downfall.

Benchmark Sensex nosedived 1,628 points or 2.23 per cent on Wednesday, marking its biggest single-day slide in more than one-and-a-half years following an intense sell-off in banking, metal and oil shares triggered by weak global trends. The 30-share BSE Sensex plunged 1,628.01 points or 2.23 per