Sensex Today Tanks 668 Points | Bank Nifty Down 1% | 4 Reasons Why Indian Share Market is Falling

Wed, 29 May Closing

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   10:30 am   

After opening the negative note, Indian share markets Slipped further as the session progressed and ended the day weak.

Indian stock markets saw intense selling on Wednesday ahead of Lok Sabha election result due on 4 June 2024.

At the closing bell, the BSE Sensex stood lower by 668 points (down 0.9%).

Meanwhile, the NSE Nifty closed lower by 183 points (down 0.8%).

Hindalco, Nestle and Sun Pharma were among the top gainers today.

Tech Mahindra, ICICI Bank and HDFC Life 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 22,710 down by 207 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 mixed. The BSE Mid Cap ended 0.4% lower and the BSE Small Cap index ended 0.2% higher.

Sectoral indices are trading mixed with stocks in power sector and telecom sector witnessing buying. Meanwhile, socks in realty sector, banking sector and finance sector witnessing selling pressure.

Shares of Thermax, Brigade Enterprises and Zydus Wellness 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 83.36 against the US$.

Gold prices for the latest contract on MCX are trading 0.2% lower at Rs 72,27 per 10 grams.

Meanwhile, silver prices are trading 0.3% lower at Rs 95,700 per 1 kg.

Here are four reasons why Indian Markets are falling today

#1 Lok Sabha Election Result

The ongoing market volatility with the nervousness ahead of the Lok Sabha election result due on 4 June 2024.

While markets are confident of the ruling Bharatiya Janata Party (BJP) returning to power, they fear a low margin of victory may stop the government from taking bold reforms.

#2 Weak Global Sentiment

Asia-Pacific markets ended sharply lower on Wednesday with Kospi, and Hang Seng tumbling 1.7% each. Further, ASX200 dropped 1.3%, and Nikkei fell 0.8%.

#3 Bond Yields

US bond yields are back above 4.5%, while, in India, the yields on 10-year government bonds are above 7% mark. Higher yields make debt investment attractive, thereby making risk-reward for equity investment unfavourable.

#4 FII Selling

Indian equities' relatively expensive valuations have forced foreign investors to book profit. Thus far in the month of May, FIIs have sold shares worth Rs 349.4 bn.

Speaking of stock market, Research Analyst, Richa Agarwal, in her latest video talks that While data is the new gold, the data center ecosystem could be the goldmine to strike it rich.

Tune in for list of stocks to ride this opportunity.

Why Suzlon Energy Share Price is Rising

In news from the energy sector, shares of Suzlon Energy climbed 4% buoyed by a 551.25-megawatt wind power project for the Aditya Birla Group in Gujarat and Rajasthan.

The renewable energy major will install 175 wind turbine generators and execute the project, including erection and commissioning, in Rajasthan, and supply, supervise, and commission the project in Gujarat. Suzlon will also undertake comprehensive operations and maintenance services post-commissioning at both sites.

While 368.55 MW will be developed by Suzlon in the Barmer district of Rajasthan, another 182.70 MW will be developed at the site by the client in the Bhuj district of Gujarat, the company said.

The power generated from this project will be utilised for captive usage within the Aditya Birla Group companies.

Suzlon will install a total of 175 Wind Turbine Generators (WTGs), each having a rated capacity of 3.15 MW, at sites in the Barmer district of Rajasthan and the Bhuj district of Gujarat.

Suzlon will also undertake operations and maintenance services post-commissioning at both sites.

Pune-based Suzlon Group is one of the leading renewable energy solutions providers in the world with 20.7 GW of wind energy capacity installed across 17 countries.

For more, check out Why Suzlon Energy Share Price is Rising.

Why MTAR Tech Stock Share Price is Falling

Moving on to news from the IT sector, MTAR Technologies shares declined 16% on 29 May 2024 after the defence player reported a sharp fall in net profit for the March 2024 quarter.

On 28 May, the company announced a 53.4% decline in Q4 consolidated net profit at Rs 4.9 crore as against Rs 10.4 crore in the year-ago period.

In Q4FY24, the firm's revenue from operations clocked in at Rs 1.4 bn, up 20.8% from Rs 1.2 bn in the corresponding quarter in FY23. However, EBITDA dropped 23.6% to Rs 18.2 crore in Q4FY24 as against Rs 239 m in Q3FY24.

MTAR Tech, a key supplier to global MNCs and government departments, has carved a niche in precision engineering. As the largest supplier of fuel cell components to Bloom Energy (BE), MTAR will benefit from rising fuel cell demand. The company is expanding its product range with BE, aiming for complete fuel cell integration.

Additionally, MTAR's nuclear, space, and defence segments offer significant growth potential. With strong manufacturing and customer relations, MTAR is expected to achieve a 39% CAGR in the order book and 38% in revenue from FY24-26.

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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