Sensex Today Ends 500 Points Lower | Adani Group Stocks Rally After Supreme Court Order | 3 Reasons Why Indian Share Market is Falling

Thu, 2 Mar Closing

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After opening the day on a negative note, Indian share markets extended losses as the session progressed and witnessed a sharp selloff in the second half.

Benchmark indices ended in losses with IT stocks dragging the market amid negative global cues.

Unlike markets, Adani group stocks defied the trend and continued to rise for the second session as Supreme Court set up an expert committee on the issue arising from the Hindenburg Research report.

At the closing bell, the BSE Sensex stood lower by 502 points (down 0.8%).

Meanwhile, the NSE Nifty closed down by 129 points (down 0.7%).

Adani Enterprises, Adani Ports, and Coal India were among the top gainers today.

Maruti Suzuki, Axis Bank, and TCS were among the top losers today.

The SGX Nifty was trading at 17,355, down by 165 points, at the time of writing.

Broader markets ended on a negative note. The BSE Midcap index fell 0.1% and the BSE SmallCap index fell 0.2%.

Sectoral indices ended on a mixed note with stocks in the energy sector and realty sector witnessing buying.

While stocks in the auto sector, IT sector, and finance sector witnessed heavy selling.

Shares of Procter and Gamble Health and Jindal Stainless hit their 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 on a negative note. The Hang Seng fell 0.9% while the Shanghai Composite and Nikkei ended flat.

US stock futures are trading on a negative note. Dow futures are trading flat while Nasdaq futures are trading down by 0.9%.

The rupee is trading at 82.59 against the US$.

Gold prices for the latest contract on MCX are trading down by 0.1% at Rs 55,764 per 10 grams.

Meanwhile, silver prices for the latest contract on MCX are trading down by 0.7% at Rs 64,051 per kg.

Here are 3 reasons why Indian share markets plunged today.

#1 Weak global cues

Global stock markets declined on Thursday after signs of enduring upward pressure on US and European markets raised expectations that interest rates will stay higher for longer.

Hong Kong stocks slipped today after posting their biggest daily gain in nearly three months in the previous session. China's blue-chip CSI300 Index closed down 0.2%, while the Shanghai Composite lost 0.1%.

#2 Selloff in heavyweight stocks

The weakness in Indian share market today was also driven by losses across index heavyweight stocks.

Shares of TCS, SBI Life Insurance, Maruti Suzuki, Axis Bank, and Infosys among others declined up to 2%.

#3 Rupee factor

The domestic currency depreciated 11 paise to 82.6 against the US dollar on Thursday, weighed down by strength of the American currency in the overseas market.

While the rupee opened weak at 82.57 against the US dollar, it later fell more to 82.60, registering a decline of 11 paise over its last close.

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Also, to understand investor sentiment and what our readers are thinking, we ran a poll on Equitymaster's telegram channel.

With majority votes, investors are still investing in stocks and mutual funds. It can be that they're looking for bargain buys amid the Adani stocks selloff.

Block deal in Adani group stocks

Four Adani group stocks including Adani Enterprises, Adani Ports, Adani Transmission & Adani Green, have seen a change of hands for 3.1%, 4.1%, 2.5% & 3.5% equity, respectively, in the pre-opening session today.

The total value of these block deals comes to around Rs 150 billion (bn). The major block deals in these stocks have come in following a recovery seen in the last two sessions.

In the previous two sessions, Adani Group stocks saw an increase in market cap of more than Rs 700 bn.

After the block deals, Adani Green and Adani Transmission shares opened in the green and hit the 5% upper circuit in early trade.

Adani Enterprises started trading deep in the red but quickly bounced from the opening lows.

For more details, check out Equitymaster's Indian stock screener which shows all the Adani group companies' fundamental analysis on one screen.

Dig deeper into Adani group stocks.

Sun Pharma reports security breach

Moving on to news from the pharma sector, Sun Pharma has reported an information security incident.

In a filing to the stock exchanges, the pharma major said that its impacted IT assets have been isolated.

However, the incident has not impacted the company's core systems and operations.

Also, the company is investigating the matter, and appropriate containment, as well as remedial actions are being taken in a controlled manner to address the incident.

Sun Pharma is one of the leading players in the chronic therapies segment in India. In the past five years, the stock has gained 84.7%, and is a strong candidate among the 4 pharma stocks to watch out for potential multibagger return.

Increasing demand for chronic conditions and ailments will be the growth driver for Sun Pharma in the future.

If you want to bank on specialty pharma story, Sun Pharma is your best bet.

Why Ramco Systems share price is rising

Moving on to news from the software sector, shares of Ramco Systems jumped 7% today.

Enterprise aviation software provider Ramco Systems, on 2 March 2023, announced signing a pact with Etihad Airways Engineering to implement its Aviation Suite V5.9.

The project was officially announced at the 2023 edition of MRO Middle East, held at the Dubai World Trade Centre.

Moreover, Ramco's integrated Aviation Suite will streamline multiple operations across Etihad Airways Engineering, offering the organisation a single source of information with real-time visibility.

Ramco's association with Etihad Airways Engineering will play a key role in driving digitisation and increasing overall operational efficiency at Etihad Airways Engineering.

This is because the company has vast experience in providing total maintenance solutions for Airbus and Boeing aircraft, including advanced composite repair, cabin refurbishment and component services from its facility adjacent to Abu Dhabi International Airport.

To know what's moving the Indian stock markets, 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!

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