Sensex Today Tanks 520 Points | HDFC Bank Sheds 2%, Infosys 10% | 3 Reasons Why Indian Share Market is Falling

Mon, 17 Apr Closing

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After opening the day deep in the red, Indian share markets continued their lackluster performance throughout the trading session, plunging nearly 1% on Monday.

Benchmark indices snapped their nine days winning streak and slumped sharply, tracking weak global cues, with IT sector contributing most to the slump as Infosys shares tanked nearly 10%. The spillover effect saw the IT index slide as much as 4.7%.

At the closing bell, the BSE Sensex stood lower by 520 points (down 0.9%).

Meanwhile, the NSE Nifty closed down by 121 points (down 0.7%).

Nestle and SBI were among the top gainers today.

Infosys and NTPC on the other hand, were among the top losers today.

The SGX Nifty was trading at 17,757 down by 114 points, at the time of writing.

Broader markets ended on a positive note with the BSE Midcap index ending 0.6% higher and the BSE Smallcap index ending marginally higher.

Sectoral indices ended on a mixed note with stocks in the FMCG sector, and energy sector witnessing most of the buying.

On the other hand, stocks from the IT sector and media sector witnessed selling pressure.

Shares of ITC and HDFC Bank 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 stock markets ended on a positive note. The Nikkei rose marginally, while the Hang Seng was up 1.7%. The Shanghai Composite ended 1.4% higher.

The rupee is trading at 82.98 against the US$.

Gold prices for the latest contract on MCX are trading 0.4% higher at Rs 60,568 per 10 grams.

Meanwhile, silver prices for the latest contract on MCX are trading higher by 0.4% at Rs 75,998 per kg.

Speaking of stocks market, every investor at some point in their life surely ends up over paying for a stock. But with one specific method, you probably won't!

Yazad Pavri talks about that method in the below video. He gives a live demonstration using a popular valuation method to arrive at the fair price of a popular Indian company.

Reasons Why Indian Share Market is Falling

#1 IT stocks plunge

Weaker-than-expected numbers by Infosys have unleashed the bears on Dalal Street. The ripple effect was seen on peers as well as the Nifty IT index lost around 6.5%.

#2 Muted global cues

As the March 2023 earnings season led to the bear attack, muted cues from global markets failed to support the downfall. Japan's Nikkei was flat and South Korea's Kospi fell 0.2%.

Stocks on Wall Street ended lower last week as worries about interest rates overshadowed an encouraging start to the earnings season.

#3 Weak Rupee

The rupee has been falling for quite some time now and it dragged more today. The rupee fell 5 paise to 81.9 in trade, tracking the movement of the greenback against a basket of six major world currencies.

Why L&T share price is falling today

In news from the engineering sector, shares of Larsen and Toubro (L&T) shed 2% today.

The Nifty IT index was down nearly 6% in Monday's trading session, with all the constituents trading with losses post disappointing results from Infosys.

However, shares of Engineering and Infrastructure conglomerate Larsen & Toubro were also bearing the brunt of the sell-off in technology companies.

Two of its subsidiaries, LTIMindtree and L&T Technology Services, are under pressure as a result of the disappointing earnings report from Infosys.

Larsen & Toubro holds a 69% stake in LTIMindtree and a nearly 74% stake in L&T Technology Services. While shares of LTIMindtree are down 7.7% and are the second-biggest losers on the Nifty IT index post-Infosys, LTTS shares are also trading with losses of over 5%.

As of December 2022, the IT sector contributed nearly 35% to L&T's overall topline and over 40% of its operating profit.

For the first nine months of the financial year 2023, L&T's overall margin stood at 12%, while the IT subsidiaries had a combined margin of 21%.

Note that L&T has rewarded investors with 10 bonuses over the last 7 decades and the CAGR over the last 20 years stands at an impressive 25.6%.

L&T has been an investor's favorite stock for a long time and also a stock that makes it to the top 5 infrastructure stocks.

Why Precision Camshafts share price jumped 15% today

Moving on to news from the auto ancillaries sector, shares of Precision Camshafts jumped 15% today after celebrity investor Vijay Kedia picked up stake in the company.

According to the latest shareholding pattern of Precision Camshafts, Vijay Kedia's name appeared in the list of individual investors who own more than 1% stake in this small-cap stock.

Vijay Kedia owns 1 million (m) shares of the company, which is 1.05% of the total paid-up capital of the company. However, in the shareholding pattern of the company for the October to December 2022 quarter, Vijay Kedia's name wasn't mentioned.

Part of the Precision Group, Precision Camshaft is in the automotive components business. The company is one of the largest camshaft manufacturers in the world - manufacturing all types of camshafts under one roof.

Kedia recently reduced his stake in Tejas Networks by 0.3%, to know why, check out our editorial - Vijay Kedia trims stake in this multbagger Tata Group company.

ICICI Bank to consider fundraising

Moving on to news from the banking sector, the country's second-largest private sector lender ICICI Bank has announced that it will consider fundraising by issuing debt securities at its upcoming board meeting this week.

The banking behemoth informed the stock exchanges on Monday that its Board will consider raising funds through the issuance of debt securities like NCDs, bonds, offshore certificates of deposits or notes in single or multiple tranches in any currency at its board meeting scheduled on Saturday, 22 April 2023.

The aforementioned fundraising can be done through public or private placement.

ICICI Bank will also consider a buyback of securities within the limits that the Board is authorised to approve under applicable law, it stated in a filing on 17 April 2023.

The private banking major's Board is set to meet this week on 22 April 2023 to release the bank's earnings results for the March ended quarter.

ICICI Bank is a large private sector bank in India. It offers a diversified portfolio of financial products and services to retail, small and medium-sized enterprises (MSE), and corporates.

HDFC Bank reigns over the banking industry. However, ICICI Bank is inching closer in terms of financial performance. To know which bank will emerge as leader, check out HDFC Bank vs ICICI Bank: which bank stock 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!

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