Sensex Today Plunges 665 Points | Bandhan Bank Falls 7% | 3 Reasons Why Indian Share Market is Falling

Mon, 8 Jan Closing

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After opening the day on negative note, Indian share markets extended losses as the session progressed and ended the day on a weak note.

Indian benchmark indices declined sharply in Monday's trade amid broad-based selloff. Further, investors eyed the US inflation data and also preferred to stay on the sidelines ahead of the earnings season which kickstarts on Thursday.

At the closing bell, the BSE Sensex stood down by 665 points (down 0.9%).

Meanwhile, the NSE Nifty closed down by 200 points (down 0.9%).

ONGC, BPCL and Adani Ports were among the top gainers today.

Nestle, UPL and SBI on the other hand, were among the top losers today.

The GIFT Nifty was trading at 21,572 down by 205 points, at the time of writing.

Broader markets ended on positive note. The BSE MidCap index ended 0.9% lower and BSE SmallCap index ended 0.4% lower.

Sectoral indices ended mixed with stocks in the power sector and realty sector witnessing most of the buying. Meanwhile, stocks in FMCG sector, banking sector and metal sector witness selling pressure.

Shares of Titan, L&T, Zydus Wellness hit their respective 52-week highs today.

Now track the biggest movers of the stock market using stocks to watch today section. This should help you keep updated with the latest developments...

Asian share markets ended mixed. The Shanghai Composite ended 1.4% lower, while the Nikkei index ended 0.3% higher. Meanwhile Hang Seng ended 1.9% lower.

The rupee is trading at 83.15 against the US$.

Gold prices for the latest contract on MCX are trading 0.5% lower at Rs 62,208 per 10 grams.

Meanwhile, silver prices are trading 0.6% lower at Rs 72,163 per 1 kg.

Here are three reasons why Indian Markets are falling today.

#1 Selling in heavyweights

State Bank of India (SBI), Nestle India, HUL, Axis Bank, Asian Paints, M&M, ITC, TCS, ICICI Bank, Tech M, Wipro, Kotak Bank, HDFC Bank, Tata Steel, and IndusInd Bank were the top lareg-cap laggards of the day, declining between 1% and 2%.

#2 Sector Slump

Most sectoral indices declined sharply, reversing gains witnessed in early trade. Among sectors, the Nifty PSU Bank index dropped 2.3%, the Nifty FMCG index 1.7%, and the Nifty Bank index 1.5%. Media index was the sole winner, up 0.3%.

#3 Muted global cues

Asian shares retreated on Monday after Wall Street logged its worst week since Halloween. In Asian trading, Hong Kong's Hang Seng sank 1.9% to 16,179.00, led by losses for property and technology shares, which dropped 3.3%. The Shanghai Composite index slipped 1.4%.

Speaking of stock markets, arriving at a reasonable estimate of a stock's intrinsic value is easy. However, there are errors that can creep in and even the most astute analysts can fall prey to them.

So, what exactly are these errors and how are they associated with a stock like Titagarh Rail Systems.

Tune into below video for more

Kaushalya Logistics Lists at Premium

In the news, Kaushalya Logistics stock made an impressive market debut, listing at a 33% premium to the IPO price on 8 January. The stock opened at Rs 100 against the issue price of Rs 75 on the NSE SME platform.

The initial public offering (IPO) was well received and was subscribed 364 times from 29 December to 3 January. Retail investors picked 375 times the portion set aside for them, while high net worth individuals (HNIs) bid 849 times the reserved portion.

The listing, however, fell short of expectations as the stock was commanding a 60% premium in the grey market, an unofficial ecosystem where shares start trading before the allotment in the IPO and continue till the listing day.

The Rs 366 m IPO consisted of a fresh issue of 3.4 m shares worth Rs 253.5 m and an offer-for-sale of 1.5 m shares worth Rs 112.5 m. The price band for the offer was at Rs 71-75 a share.

The company plans to use net proceeds to repay debt amounting to Rs 17.1 m and meet working capital requirements of Rs 172.6 m. The remaining funds will be used for general corporate purposes.

The company garnered Rs 100 m through its anchor book from five investors, including Neomile Growth Fund Series, Saint Capital Fund and LC Radiance Fund VCC.

For more information on IPOs, check out the list of upcoming IPOs.

ONGC Hits 52-Week High

Moving on to news from the energy sector, shares of state-run Oil and Natural Gas Corp (ONGC) traded over 1% higher to touch a new 52-week high of Rs 220 a day after it commenced production from its deep water KG-DWN-98/2 block, off the coast of the Bay of Bengal.

This development is set to boost ONGC's overall oil and gas output by 11% and 15%, respectively.

The remaining oil and gas fields of the block are expected to become operational by mid-2024. At its peak, the field will produce 45,000 barrels of oil per day, and over 10 million metric standard cubic meters per day of gas.

ONGC is the biggest publicly traded oil and gas production and exploration company in India. The company produces 70% of India's crude oil. This is almost equivalent to 57% of the overall demand in the country.

To become net-zero by 2038, ONGC has announced a massive Rs 2 trillion investment in sustainable development projects.

For fore check out, Rising Crude Oil Prices Drive OMC Stocks and ONGC. Is the Rally Sustainable?

Godrej Industries gains 3%. Here's why.

Moving on to news from the chemical sector, Godrej Industries' share price touched a 52-week high in the early trade, the second such gain recently, after the company signed a non-binding memorandum of understanding (MoU) with the Gujarat government.

As part of the MoU, the company may invest Rs 6 billion (bn) over the next four years to expand operations in Valia. Godrej Industries already has a manufacturing facility at Valia in the Bharuch district, which produces a wide range of oleo chemical products derived from organic material.

The strategic collaboration underscores the firm's commitment to growth, innovation, and contributing to the economic development of the region.

The share, which touched a 52-week high of Rs 854.5 on the BSE, has jumped more than 100% over the past nine months.

To know what's moving the Indian stock markets today, check out the most recent share market updates here.

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INDICESBSE (Rs 0 to 1)BSE (Rs 1 to 2)BSE (Rs 2 to 4)BSE (Rs 4 to 10)BSE (Rs 10 to 20)BSE (Above Rs 20)BSE - AllBSE-30BSE-100BSE-200BSE-500BSE AutoBSE BankexBSE Capital GoodsBSE Consumer DurablesBSE FMCGBSE HealthcareBSE ITBSE MetalBSE Oil & GasBSE PSUBSE TeckBSE RealtyBSE PowerBSE A GroupBSE B GroupBSE Mid-CapBSE Small-CapBSE Basic MaterialsBSE Consumer DiscretionaryBSE IndustrialsBSE UtilitiesBSE Sensex 50BSE Sensex Next 50BSE Bharat 22BSE 150 MidCapBSE 250 SmallCapBSE 250 LargeMidCapBSE 400 MidSmallCapBSE AllCapBSE LargeCapBSE SmallCap SelectBSE 100 LargeCap TMCBSE InfraBSE ManufacturingBSE CPSEBSE Private BankBSE Diversified FinancialsBSE MomentumBSE Low VolatilityBSE QualityBSE Enhanced ValueBSE Divident StabilityS&P BSE IPOBSE SMEIPOBSE 100 ESGBSE CarbonexBSE GreenexNSE (Rs 0 to 10)NSE (Rs 10 to 20)NSE (Above Rs 20)NSE - AllNSE-50NSE ITNSE Nifty Midcap 50NSE JR. NiftyNSE Bank NiftyNIFTY Next 50NIFTY 100NIFTY 200NIFTY 500NIFTY MidCap 100NIFTY SmallCap 250NIFTY SmallCap 50NIFTY SmallCap 100NIFTY LargeMidCap 250NIFTY MidSmallCap 400NIFTY AutoNIFTY Consumer DurablesNIFTY FinanceNIFTY FMCGNIFTY MediaNIFTY MetalNIFTY PharmaNIFTY Private BankNIFTY PSU BankNIFTY RealtyNIFTY Oil & GasNIFTY SME EmergeNIFTY CommoditiesNIFTY CPSENIFTY EnergyNIFTY India ConsumptionNIFTY InfraNIFTY MNCNIFTY PSENIFTY Serv SectorNIFTY100 Liquid 15NIFTY Midcap Liquid 15NIFTY Midcap 150 Quality 50NIFTY50 Equal WeightNIFTY100 Equal WeightNIFTY100 Low Volatility 30NIFTY100 Alpha 30NIFTY Alpha 50NIFTY Dividend Opportunities 50NIFTY High Beta 50NIFTY Low Volatility 50NIFTY200 Quality 30NIFTY 500 Value 50NIFTY 100 Quality 30SECTORSAgricultureAirlinesAluminiumAsset Management CompaniesAutomobilesAuto AncillariesBanks (Private)Banks (PSU)BankingCementChemicalsDefenceDiagnosticsDronesEngineeringElectric VehicleElectric Vehicle BatteryEnergy SourcesESGEthanolFertilizersFintechFMCGFoodGreen HydrogenHotelsInfrastructureInsuranceInvestment and FinanceInvITIT (Large)IT (Others)LogisticsMediaMetalMiningIndia's Big Tech StocksIndian PharmaMNC PharmaPSUPaintPaperPlasticPowerRating AgenciesReal EstateREITsRenewable EnergyRetailingSemiconductorShippingSteelSugarSupply ChainTelecomTextilesTravel Support Services

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Indian Share Market Update: Top Gainers and Losers