Sensex Today Snaps 3-Day Winning Streak to Slump 540 Points | Adani Enterprises, M&M Among Top Losers | 3 Reasons Why Indian Share Market is Falling

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After opening the day on a flat note, Indian share markets fell in early trade and extended losses as the session progressed.

Benchmark indices ended lower as heavyweights like Reliance and Adani group stocks fell in today's session.

Concerns of a prolonged high-interest rate regime weighed on sentiment.

At the closing bell, the BSE Sensex stood lower by 542 points (down 0.9%).

Meanwhile, the NSE Nifty closed down by 165 points (down 0.9%).

Tata Steel, L&T, and Apollo Hospital were among the top gainers today.

Adani Enterprises, M&M, and Reliance were among the top losers today.

The SGX Nifty was trading at 17,618, down by 182 points, at the time of writing.

Broader markets ended on a negative note. The BSE Midcap index fell 0.6% and the BSE SmallCap index fell 0.2%.

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

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

Shares of Procter & Gamble Health and Jindal Saw 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 mixed note. The Hang Seng fell 0.6% while the Shanghai Composite fell 0.2% and Nikkei ended 0.6% higher.

The rupee is trading at 82.05 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 worries about further interest rate hikes.

China's blue-chip CSI 300 Index closed down 0.4%, while the Shanghai Composite lost 0.2%. Hong Kong's Hang Seng benchmark was down 0.6%.

China and Hong Kong stocks fell as a slowdown in consumer inflation pointed to a weak economic recovery, while lingering geopolitical tensions curbed risk appetite.

Meanwhile, UK shares fell as investors braced for a likely faster and longer period of interest rate hikes.

#2 Selloff in index heavyweight stocks

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

Heavyweight stocks like Adani Enterprises, Reliance, and M&M tanked around 2-4%, respectively.

#3 Oil prices fall

Crude oil prices fell for a third day as fears over the economic impact of rising interest rates offset a surprise drop in US crude inventories and hopes for Chinese demand.

Brent crude fell by 0.4%, to US$ 82.32 a barrel, while US West Texas Intermediate (WTI) crude slipped to US$ 76.55.

Speaking of stock markets, find out why timing the market is equally important as time in the market.

Which way will the pendulum swing? Is it Greed or Fear? Find out in the below video as Aditya Vora decodes some myths about timing the market.

Glenmark Pharma's distribution pact with Cediprof

In news from the pharma sector, Glenmark Pharma on Thursday entered into an exclusive agreement with Cediprof Inc.

The pact is for supply and distribution in the US for the latter's generic drug indicated for the treatment of attention deficit hyperactivity disorder.

These are the generic versions of Adderal tablets, 5 mg, 10 mg, 15 mg, 20 mg, and 30 mg, of Teva Women's Health, Inc.

Glenmark expects to commence distribution of the product in the US during the second half of 2023. The drug is indicated for the treatment of attention deficit hyperactivity disorder.

According to IQVIA sales data for the 12 months ending January 2023, the Adderall tablet market achieved annual sales of US$ 389 million (m).

Glenmark's current portfolio consists of 180 products authorised for distribution in the US marketplace.

Glenmark occupies a leadership position in the Indian market for the discovery of new molecules.

The company has operations in more than 80 countries around the globe.

In 2023 so far, shares of Glenmark are down by 16.1%. While in the past five years, the stock has experienced a fall of 22.3%.

It is among the top 4 pharma stocks in India.

Why Adani Enterprises shares are falling today

Moving on, shares of Adani Enterprises fell sharply in Thursday's trade, halting their upward trend of six consecutive sessions. The stock slipped 6.7% to hit a day low of Rs 1,903.9.

The sharp movement in share price came after Adani Enterprises and two other group stocks, Adani Power & Adani Wilmar, were put under the short-term additional surveillance mechanism (ASM) framework by National Stock Exchange (NSE).

NSE removed Adani Enterprises from the short-term additional surveillance measure framework on Wednesday. It has now been put back under the framework with effect from Thursday.

The move to put the stocks back under surveillance comes in the wake of the sharp gains in the recent sessions in the group.

Adani Group stocks recorded a sharp recovery since late last week as US boutique investment firm GQG Partners announced a cumulative investment of Rs 154.5 bn.

According to value investor Aswath Damodaran, Adani Enterprises has more downside. To know why, check out our editorial What should you think about Aswath Damodaran's views on Adani enterprises?

Metal stocks shine

Moving on to news from the metal sector, metal stocks rose today, with most frontline stocks up 5%.

Shares of metal companies such as Jindal Stainless, Tata Steel, and Hindustan Copper rose to 5% in Thursday's trade amid signs of recovery in China.

China's economic data shows signs of recovery, with manufacturing PMI rising to an 11-year-high and property prices starting to stabilize.

After a 23% fall in 2022, China's export steel price is up 14% so far in 2023.

China's export HRC steel price fell 23% in 2022 but has recovered 14% to US$ 665 in 2023. Asian steel conversion spread has also improved.

India had turned a net importer of steel in the second half of 2022, as domestic prices were at a premium to landed imports, and the government imposed a 15% export tariff in May 2022.

With domestic prices now at a slight discount to imports and the government scrapping the export tax in November, net imports declined in January.

However, this is not the first time the shares of the company have showed sharp rally, a similar momentum was seen in January 2023.

Back then we wrote about the probable reason explaining why metal stocks are rising.

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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Indian Share Market Update: Top Gainers and Losers