Sensex sinks 850pts, Nifty near 21800; HDFC Bank down 6%

The stock market tumbled on Wednesday due to risk-off sentiment on bets that US Fed rate cuts this year may be lower than Wall Street’s expectations. The BSE Sensex tanked 750 points to 72,370 and the Nifty pulled back by 228 points to 21,800.

HDFC Bank led losses among largecaps, sinking over 5 per cent after its Q3 profit rose 2.5 per cent QoQ to Rs 16,373 crore. Axis Bank, Wipro, Tata Steel, Hindalco, Tata Motors and Bajaj Auto were next top losers on the fronltine indices.

On the flip side, Reliance, ITC, Nestle, HDFC Life, Cipla, Hero Moto and Bharti Airtel held gains.

BSE Midcap and Smallcap indices also dipped up to 0.9 per cent. Nifty Bank, Financial, Metal and Realty indices led sectoral losses by falling 1.5-2 per cent.