Sensex Today Tanks 874 Points Tracking Adani Stocks Selloff | ICICI Bank, SBI Fall 4% | 5 Reasons Why Indian Share Markets are Falling

Fri, 27 Jan Closing

   Previous Close   

   Pre-Open   

   10:30 am   

After opening the day marginally lower, Indian share markets witnessed a sharp selloff as the session progressed and ended deep in red.

Benchmark indices crashed to three-month lows today, as banking stocks witnessed a sharp selloff along with Adani group companies in the wake of a short-seller's attack on the conglomerate.

At the closing bell, the BSE Sensex stood lower by 874 points (down 1.5%).

Meanwhile, the NSE Nifty closed lower by 288 points (down 1.6%).

Tata Motors, Bajaj Auto, and ITC were among the top gainers today.

Adani Ports, Adani Enterprises, and SBI, on the other hand, were among the top losers today.

The SGX Nifty was trading at 17,689, down by 264 points, at the time of writing.

Broader markets settled on a weak note. The BSE Midcap fell 1.3% while the BSE SmallCap index ended 1.9% lower.

Sectoral indices ended the day on a mixed note, with stocks in the power sector, banking sector, energy sector and telecom sector witnessing most of the selling. The Bank Nifty index fell around 3% intraday today.

While stocks in healthcare sector, FMCG sector and auto sector witnessed buying.

Shares of Jindal Saw hit its 52-week highs today.

If you're interested in knowing which shares to trade, read our guide on the best intraday stocks for today.

Asian share markets ended the day on positive note. The Hang Seng ended higher by 0.5% while the Shanghai Composite index gained 0.8%. The Nikkei ended flat.

US stock futures are trading on a negative note. Dow futures are trading lower by 0.1% while Nasdaq futures are trading down by 0.3%.

The rupee is trading at 81.53 against the US$.

Gold prices for the latest contract on MCX are trading lower by 0.5% at Rs 57,189 per 10 grams.

Meanwhile, silver prices for the latest contract on MCX are trading flat at Rs 68,650 per kg.

Here are five reasons why Indian share markets plunged today.

#1 Tracking sharp selloff in Adani group stocks

Following the release of a report by US-based Hindenburg Research against the Adani Group, all Adani group stocks witnessed a steep selloff.

On Friday, five Adani group stocks - Adani Enterprises, Adani Total Gas, Adani Transmission, Adani Green Energy, and Adani Ports & SEZ hit lower circuits in intraday trade.

Following the heavy beating, the impact seems visible on Adani Enterprises' FPO that has opened today. It received muted response.

#2 Banking stocks bleed

The Hindenburg report, which claimed that Adani's use of extreme leverage spells danger for creditors. This had a snowball effect on bank stocks today. PSU bank stocks were the worst hit with India's largest lender SBI losing more than 5%.

Other top losers included Bank of Baroda, PNB and ICICI Bank.

#3 FIIs slowdown

Foreign investors (FIIs) sold Indian equities worth Rs 23.9 billion (bn) in Wednesday's trading session. The total foreign outflows so far in January 2023 is now above Rs 167 bn, shows data available on NSDL.

#4 Rising crude oil prices

Led by hopes of demand recovery from China, Brent crude oil futures were trading higher for the second day in a row today and were trading around the US$ 88 a barrel mark.

#5 Pre-budget jitters

Traders and investors remained cautious ahead of two big events in the coming week - Union Budget and Fed meeting outcome. Both events are coinciding on 1 February 2023.

Speaking of stock markets, research analyst Brijesh Bhatia talks about stocks under Rs 100 to add to your watchlist in his latest video.

The stock selection is purely selected based on technical indicators and not their fundamentals.

He focuses on 10 technical potential stocks from the midcap and smallcap space. He also talks about a sector to keep an eye on going forward.

Tune in to the below video for more details.

DLF to launch premium housing project

In news from the real estate sector, share price of DLF gained 1.2% today.

Realty major DLF plans to launch a luxury housing project in Gurugram next month with an estimated sales revenue of around Rs 75 bn as it seeks to tap strong demand for high-end apartments.

The company plans to develop around 1,100 apartments in this residential project.

It has achieved a 45% growth in sales bookings to Rs 65.9 bn in the April-December period and is on track to achieve its annual sales guidance of Rs 80 bn.

The company has launched apartments and independent floors at different price points, which helped achieve better sales.

For the financial year 2022-23, it has launched residential projects in Delhi, Gurugram, Panchkula and Chennai.

The company, on 25 January 2023, reported a 37% YoY rise in profits at Rs 5.2 bn for December 2022 quarter.

However, the total revenue fell to Rs 15.6 bn from Rs 16.9 bn in the same quarter last year.

At present, the real estate sector cycle looks strong.

DLF is India's largest real estate company in terms of market capitalisation. It is one of the best real estate stocks in India.

Due to volatile markets and rising interest rates, shares of DLF fell 11% last month. While over the past one year, the share price is down by 6%.

Glenmark Life Sciences Q3 update

Moving on to news from pharma sector, shares of Glenmark Life Sciences were in focus today.

Indian active pharma ingredients maker Glenmark Life Sciences on Friday reported a narrow 1% YoY rise in quarterly profit. This marginal growth was due to its key generic active pharma ingredients (API) segment revenue.

The profit rose to Rs 1.1 bn (US$12.8 m) in the December 2022 quarter from Rs 1 bn a year ago.

The generic API segment, which contributes to almost 90% of the company's revenue, grew 1.8%, benefiting from a capacity expansion at the company's Dahej facility, as well as growth in its regulated markets business.

The expansion for generic API products at the facility was completed with 240 KL capacity and was operational from this quarter.

Growth in this segment managed to offset the 12% YoY jump in input cost and 31% YoY decline in its contract development and manufacturing organization (CDMO) business.

Glenmark Life Sciences is a leading developer and manufacturer of select high-value, non-commoditized Active Pharmaceutical Ingredients (APIs) in chronic therapeutic areas. It is a subsidiary of Glenmark Pharmaceuticals.

Dr Reddy's Laboratories launches new eye drop in the US market

Further in the news, share price of Dr Reddy's Laboratories jumped 2.9% today.

Dr Reddy's Laboratories on Friday announced the launch of Difluprednate Ophthalmic Emulsion.

This medication is used to treat swelling and pain after eye surgery. It will be available in the market in 5 ml bottles in case packs of 24.

According to IQVIA, the Durezol and generic drug had US sales of approximately US$40 m for the most recent twelve months ending in November 2022.

Sun Pharma and Dr Reddy's are competing with each other to grab the top spot. Check out Sun Pharma vs Dr Reddy's to find out which is better.

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

For information on how to pick stocks that have the potential to deliver big returns, download our special report now!

Read the latest Market Commentary

Top Gainers TodayTop Gainers over 1-WeekTop Gainers over 1-MonthTop Gainers over 1-YearTop Gainers over 3-YrsTop Gainers over 5-YrsTop Losers TodayTop Losers over 1-WeekTop Losers over 1-MonthTop Losers over 1-YearTop Losers over 3-YrsTop Losers over 5-YrsOnly BuyersOnly SellersMost Active StocksMost Popular Stocks52 Week High Stocks52 Week Low Stocks

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

10 results 25 results 50 results 100 results All results

Indian Share Market Update: Top Gainers and Losers