Sensex Today Plunges 796 Points | UCO Bank Falls 5% | 5 Reasons Why Indian Share Market is Falling

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After opening the day on a negative note, Indian share markets extended losses as the session progressed and ended the day on a weak note.

Equity benchmark indices fell in early trade on Wednesday in tandem with weak trends in global markets ahead of the US Federal Reserve's interest rate decision.

At the closing bell, the BSE Sensex stood lower by 796 points (down 1.2%).

Meanwhile, the NSE Nifty closed down by 231 points (down 1.1%).

Coal India and ONGC were among the top gainers today.

HDFC Bank and BPCL were among the top losers today.

Check out the NSE Nifty heatmap to get the complete list of gainers and losers.

The Gift Nifty was trading at 19,958, down by 142 points, at the time of writing.

Broader markets ended on a negative note. The BSE Midcap index ended 0.3% lower and the BSE SmallCap index fell 0.6%.

Sectoral indices ended on a negative note with stocks in the realty sector, banking sector, and financial sector witnessed heavy selling.

Shares of TCS and Axis 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 share markets ended on a negative note. The Hang Seng fell 0.6% while the Shanghai Composite fell 0.5% and Nikkei ended 0.6% lower.

The rupee is trading at 83.07 against the US$.

Gold prices for the latest contract on MCX are trading down by 0.2% at Rs 59,154 per 10 grams.

Meanwhile, silver prices for the latest contract on MCX are trading flat at Rs 72,575 per kg.

Here are 5 reasons why Indian share markets plunged today.

Why Indian Share Market is Falling

#1 Muted global cues

Asian stocks struggled for headway on Wednesday while 10-year US Treasury yields stood at 16-year highs as surging oil prices drove inflation and set the scene for the Federal Reserve to project interest rates staying higher for longer.

MSCI's broadest index of Asia-Pacific shares outside Japan fell 0.2%, as did Japan's Nikkei. Overnight on Wall Street the S&P 500 also slipped 0.2%.

#2 FII Selling

Foreign investors sold shares worth a net of Rs 12.4 bn on 18 September, taking the total outflow to over Rs 40 bn in September so far.

Factors such as increasing US bond yields, rupee weakness, a surge in crude oil prices, and selling by foreign institutional investors (FIIs) further contributed to the challenges faced by our markets.

#3 Selling in heavyweights

HDFC Bank was the biggest drag on the Sensex, crashing almost 4%. Meanwhile, Reliance Industries slumped over 3% to a two-month low of Rs 2,355 in early trade today triggered by huge volumes as two crore shares changed hands on the exchanges so far, as against the one-month daily traded average of 73 lakh shares.

#4 Boiling oil prices

Oil prices retreated further from 10-month highs on Wednesday ahead of the US Federal Reserve's interest rate decision, with investors uncertain when peak rates will be hit and how much of an impact it will have on energy demand.

Global benchmark Brent crude futures fell slightly over US$ 1 to US$ 93.33 a barrel and were last down 0.8%, at US$ 93.54 a barrel.

#5 Currency Concern

The rupee strengthened by 6 paise to 83.26 against the US dollar in early trade on Wednesday.

However, in the previous session on Monday, the rupee had settled at an all-time low of 83.32 against the dollar.

This can be attributed to various of factors, including the surge in crude oil prices, the robust performance of the US dollar, capital outflows from Foreign Institutional Investors (FIIs) in the equity market, and a widening trade deficit that stands at a substantial US$ 24.16 bn.

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Why IRFC share price is rising?

In news from the railway sector, Indian Railway Finance Corporation (IRFC) shares were trading 2% higher today after the union government extended its current chief managing director Shelly Verma's tenure by six months.

The extension has been provided for a further period of six months to Ms. Shelly Verma, who holds the charge of chief managing director in an additional capacity apart from the position of Director of Finance. This will be in effect from 15 October 2023

Indian Railway Finance Corporation is engaged in the business of financing the acquisition of rolling stock assets for Indian Railways. It primarily provides financial services for the procurement of locomotives, coaches, wagons, and other railway equipment.

Shares of the company have already rallied 122% in 2023 so far.

Several data points suggest that we are nearing the end of the rising interest rates cycle. This is good news for growth stocks like IRFC. For more, check out the Top 5 Multibagger Growth Stocks to Watch Out for in 2024.

Venus Remedies extends its oncology portfolio

Moving on to news from the pharma sector, shares of Venus Remedies traded 2% higher after the pharma company received marketing approval from Serbia for its drugs used in the treatment of cancer.

The company has secured marketing authorisation from Serbia for gemcitabine and docetaxel, widely used chemotherapy drugs beneficial in the treatment of various types of cancer.

The company has secured marketing authorisation from Serbia for gemcitabine and docetaxel, widely used chemotherapy drugs beneficial in the treatment of various types of cancer.

With this, Venus Remedies has now secured a total of 511 marketing approvals for its oncology products across 66 countries.

Venus Remedies is engaged in the business of pharmaceutical production. The company specialises in producing various formulations in the therapeutic segment, including antibiotics, oncology drugs, and critical care medicines.

Venus Remedies is among the pharma companies in India that have solid growth in sales and profits and a high Return on Equity (ROE).

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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