Sensex drops 600 points to 82,150:Nifty falls 171 points; selling in metal IT stocks intensifies

The stock market opened in heavy selling mode as the Sensex tanked 619.06 points to 81,947.31 during early trade. While, Nifty dropped 171.35 points to 25,247.55. There was selling in metal and IT stocks. There was pressure on the Nifty Bank Index as well. It had fallen by 200 points below the 60,000 level. Albeit, experts say that there is still room for further upside in Nifty and it can go up to 25,600 level. 25,450 is the first level that needs to be watched. Quarterly results today from companies like Bajaj Auto, Bank of Baroda Companies like ITC, Vedanta, Dixon Tech, Voltas and Blue Star announced their results after market close yesterday, so there is movement in their stocks today. Meanwhile, companies like Bajaj Auto, Bank of Baroda, Blue Dart, NALCO, Meesho are going to release their quarterly results today. South Indian Bank CEO Sheshadri to resign, stock falls 18% South Indian Bank shares have fallen by up to 18%. It has come close to Rs 36. This is the biggest single-day fall in share prices in the bank’s history. The company’s shares fell after news of the resignation of the bank’s MD and CEO PR Seshadri. In the board meeting held on January 29, PR Seshadri had informed that he will not take up the CEO position again after the end of his current term. He said that he wants to focus on his personal interests and private work. However, he is not leaving the position immediately. His current term is until September 30, 2026, and he will continue in his role until then. Mixed trends in Asian and American markets Foreign investors sold shares worth ₹393 crore On Thursday, Sensex closed 221 points higher at 82,566 The stock market remained bullish on January 29. Sensex closed 221 points higher at 82,566 level. Nifty also gained about 73 points and closed at 25,416 level.