Sensex Today Tanks 1,062 Points | Midcap & Smallcap Indices Fall 2% | 5 Reasons Why Indian Share Market is Falling

Thu, 9 May Closing

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After opening the day on negative note, Indian benchmark indices slipped further as the session progressed and ended Thursday on Weak note.

Indian equity markets fell sharply on Thursday, 9 May, amid a widespread selling in index heavyweights, coupled with FII selling, and rising US bond yields.

At the closing bell, the BSE Sensex stood lower by 1,062 points (down 1.5%).

Meanwhile, the NSE Nifty closed lower by 335 points (down 1.5%).

Tata Motors, M&M and SBI were among the top gainers today.

Asian Paints, ONGC and L&T on the other hand, were among the top losers today.

For a comprehensive overview of key players in the financial sector, check out list of Fin Nifty Companies.

The GIFT Nifty ended at 22,068 down by 320 points.

For impact of the Bank Nifty companies and comprehensive overview of the index, check out Equitymaster's Bank Nifty Companies list.

Broader markets ended the day lower. The BSE Mid Cap ended 2% lower and the BSE Small Cap index ended 2.4% lower.

Sectoral indices are trading on negative note with socks energy sector, metal sector and power sector witnessing selling pressure.

Shares of Siemens, Polycab India and M&M 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...

The rupee is trading at 83.51 against the US$.

Gold prices for the latest contract on MCX are trading 0.2% lower at Rs 70,992 per 10 grams.

Meanwhile, silver prices are trading 0.5% lower at Rs 83,383 per 1 kg.

Here are four reasons why Indian Markets are falling today

#1 Broad-based selling by index heavyweights

Index heavyweights including Reliance Industries, L&T, HDFC Bank, ICICI Bank and ITC saw broad-based selling due to political uncertainty. These key players collectively accounted for approximately 80 per cent of the index's decline, exerting considerable downward pressure on the stock markets.

#2 FII Selling

Foreign Institutional Investors (FIIs) have been actively offloading their holdings throughout May, with total sales worth Rs 158.6 bn.

On May 8 alone, FIIs divested equities worth Rs 66.7 bn. Concurrently, Foreign Portfolio Investors (FPIs) have divested equities worth Rs 137.5 bn thus far in FY25.

This trend of aggressive FII selling, coupled with comparatively subdued buying activity from Domestic Institutional Investors (DIIs), has contributed to market volatility.

#3 General Election

Low voter turnout witnessed in the initial three phases of the elections, analysts opine, have exacerbated markets' nervousness.

#4 Disappointing Q4 Results

The current Q4 results for the 2024 season have gone without any surprise. This also failed to trigger extra buying on Dalal Street, dragging the stock down.

#5 Hawkish US Fed Comment

Hawkish talks by some US Fed officials recently have put extra pressure on the Indian stocks. After witnessing some profit booking early this month, such statements enabled the US dollar rate to rebound.

Speaking of stock markets, with advancements in artificial intelligence (AI) and large language models (LLM), India's indigenous tech sector is at an inflection point.

AI breakthroughs will profoundly augment how we work and live.

Tanushree Banerjee, Research Analyst at Equitymaster talks about how should one find the best deep tech stocks in her latest video

Tune in to find out more.

Asian Paints Q4 Results

In news from the paint sector, Asian Paints, the largest paints company in India reported volume growth of 10% for its decorative business.

However, the stock declined as much as 4% as most of the other parameters were a miss compared to estimates.

Revenue for the quarter stood at Rs 87.3 bn, which was a decline of 0.6% compared to the year-ago quarter. The figure was also lower compared to the estimate of Rs 90.5 bn.

The company attributed the decline in revenue to weak demand conditions and downtrading seen in the premium segment. Downtrading essentially refers to a customer switching from expensive to cheaper alternatives.

However, MD & CEO Amit Syngle said that the company is confident of a pick-up in demand conditions with a favourable monsoon forecast.

Net profit for the quarter stood at Rs 12.8 bn.

Earnings Before Interest, Tax, Depreciation and Amortisation (EBITDA) for the quarter also missed the Rs 19.5 bn estimate, coming in at Rs 16.9 bn. On a year-on-year basis, Asian Paints reported a 9.3% drop in its EBITDA.

International business for Asian Paints saw steady growth in the Middle Eastern and African markets but remained constrained by macroeconomic headwinds in South Asia and Egypt.

For more, check out the Top 5 Bluechip Companies with Upside Potential. Should You Buy?

TBO Tek IPO Subscribed 2X

Moving on, TBO Tek's Rs 15.5 bn initial public offering (IPO) continued to receive strong investor responses on 9 May, the second day of bidding, as the issue was subscribed 2.1 times. Investors have bid for 19 million equity shares as against 9.3 m shares on offer.

Retail investors were the most active on the second day, buying nearly 6 times their allotted quota, followed by non-institutional investors who picked up 3.5 times the portion reserved for them. Qualified institutional Buyers or QIBs weren't showing much interest as yet, buying only 1% of the portion set aside for them.

TBO Tek is a notable figure in the global travel and tourism sector, showcasing a robust gross transaction value (GTV) and revenue from operations in FY23.

The company witnessed impressive financial growth, with profits skyrocketing by 340% year-on-year to Rs 1.5 bn, while revenue from operations surged by 120.3% to Rs 10.6 bn. The IPO price band has been established at Rs 875 to Rs 920 per share.

The travel distribution platform raised Rs 6.9 bn through an anchor book that was launched on 7 May. According to the company's filing to the exchanges, it allocated a total of 75,70,807 equity shares to anchor investors for Rs 920 per equity share.

For more, check out TBO Tek IPO Opens for Subscription: 5 Things to Know.

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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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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