Sensex Today Plunges 610 Points | Berger Paints Tanks 5% | 3 Reasons Why Indian Share Market is Falling

Thu, 28 Sep Closing

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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.

Indian shares fell on Thursday amid weakness in global equities markets, rise in crude oil prices and persistent FII selling.

At the closing bell, the BSE Sensex stood lower by 610 points (down 0.9%).

Meanwhile, the NSE Nifty closed down by 193 points (down 0.9%).

L&T and ONGC were among the top gainers today.

Tech Mahindra and Wipro 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 19,659, down by 166 points, at the time of writing.

Broader markets ended on a negative note. The BSE Midcap index 1.2% lower and the BSE SmallCap index fell 0.3%.

Sectoral indices ended on a negative note with stocks in the FMCG sector, IT sector, and metal sector witnessed heavy selling.

Shares of L&T and Dixon Technologies 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 1.4% while the Shanghai Composite ended 0.1% higher and Nikkei ended 1.5% lower.

The rupee is trading at 83.2 against the US$.

Gold prices for the latest contract on MCX are trading down by 0.1% at Rs 58,211 per 10 grams.

Meanwhile, silver prices for the latest contract on MCX are trading 0.4% higher at Rs 70,801 per kg.

Here are 3 reasons why Indian share markets plunged today.

Why Indian Share Market is Falling

#1 Global Markets

Surging US Treasury yields and the dollar on fears that interest rates will remain higher for longer has been weighing on the global equity markets since the Federal Reserve struck a hawkish tone earlier in the month.

In Thursday's trade, the Hang Seng fell 1% and is close to a 10-month low. The mainland CSI300 fell 0.2%. Japan's Nikkei fell 1.8%.

Meanwhile, the pan-European STOXX 600 index slipped 0.2%, while Germany's DAX eased 0.2%.

#2 Evergrande Effect

On Thursday, shares in cash-strapped developer China Evergrande were suspended in Hong Kong after a report that chairman Hui Ka Yan was under police watch. The stock, once worth more than HK$30, had closed at HK$0.32 on Wednesday.

#3 Oil Extends Rally

Oil extended its gains on Thursday to a fresh one-year high and towards the $100-a-barrel mark on concerns about growing demand and waning supplies.

Brent crude futures were up 36 cents to US$ 96.91 a barrel after rising to the highest since November earlier in the session.

US West Texas Intermediate crude futures (WTI) were up 24 cents at US$ 93.9 a barrel, after rising above US$95 earlier in the session.

Speaking of stock markets, recently, something interesting has happened in the aviation space.

The country flew its first commercial flight from Pune to New Delhi. It was powered by Sustainable Aviation Fuel, or SAF blended Aviation turbine jet fuel.

You see, as India becomes signatory to CORSIA - or Carbon Offsetting and Reduction Scheme for International Aviation. It calls for compulsory blending of SAF from 2027.

Even at just 1% blending of SAF, the requirement for SAF will be 14 crores litres.

Now SAF is a second stage fuel, and it is produced from ethanol. This itself would create an additional requirement of 28 crore liters per annum of ethanol.

In the below video, Hidden Treasure, Richa Agarwal talks about a specific company in the biofuel economy that has enabled these feat and could be a big beneficiary of this mandate.

Vedanta To Demerge Sprawling Operation

In news from the mining sector, Vedanta is preparing to spin off businesses into several listed entities in a broad restructuring that, if successful, could help tycoon Anil Agarwal manage his metals-to-energy empire's debt load.

The company has informed its lenders of the intended restructuring and could announce the plans in the coming days. Businesses including aluminium, oil and gas, iron ore and steel will be separately listed, asking not to be identified as the information is confidential.

Vedanta Ltd.'s parent, Vedanta Resources, will remain the holding company.

Deliberations are ongoing and no final decisions on the structure or timing of the de-merger have been made.

Resolving a byzantine corporate construct has been a priority for years for Agarwal's indebted Vedanta Resources, but a global increase in borrowing costs has raised the stakes, with about $2 billion of bonds due to be redeemed next year.

In August, Agarwal floated a plan to separate some of its businesses.

Among the potential hurdles ahead is the group's use of its stock in Vedanta and in key cash-generating unit Hindustan Zinc to secure debt.

Vedanta shares are down 25% in 2023 so far. The stock is currently trading at its 52-week low, leaving investors worried.

To know why, check out Why Vedanta Share Price is Falling.

Adani Enterprises Gains Despite NMDC Setback

Moving on, shares of Adani Enterprises traded 0.6% higher at Rs 2,496 in early trade on 28 September, staying in the green for the second day in a row.

Bulls rushing for the stock seem to have brushed aside the cancelling of the iron ore mining contract by NMDC-CMDC, a joint venture of the National Mineral Development Corporation and the Chhattisgarh Mineral Development Corporation.

As per reports, NMDC-CMDC stated that the contract was terminated because of factors such as allegations of monopoly in operations, transfer of responsibilities, and providing mischievous information.

The contract, signed in December 2018, pertains to the allocation of the Bailadila iron ore Deposit-13 at Kirandul in Dantewada district of Chhattisgarh to Adani Enterprises.

When the Adani Group flagship began operations at Bailadila, it allegedly led to an illegal tree felling, fuelling public outcry. Indigenous tribes launched protests on 19 June, contending that it amounted to an assault on their faith and their deity.

The report also added that the JV served a show-cause notice to the Adani firm on the termination.

India's two richest men, Mukesh Ambani and Gautam Adani, are locked in a race for the top spot. For more, check out Adani vs Ambani - All Your Questions Answered.

For more details, check out Equitymaster's Indian stock screener, which shows all the Adani group companies' fundamental analysis on one screen.

Dig deeper into Adani group stocks.

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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