Sensex Today Tanks 826 Points | SJVN & Jubilant Pharma Plunge 10% | 3 Reasons Why Indian Share Market is Falling

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After opening the day in the red, Indian share markets Sank further as the session progressed and ended the day deep in red.

Sharp selling gripped Indian benchmark indices on Monday, after the US Treasury yield crossed above the 5% mark. The selloff, which engulfed, other global peers too, deepened amid the ongoing war between Israel and Hamas.

At the closing bell, the BSE Sensex stood lower by 826 points (down 1.3%).

Meanwhile, the NSE Nifty closed lower by 260 points (down 1.3%).

M&M and Bajaj Finance were among the top gainers today.

Hindalco and UPL, on the other hand, were among the top losers today.

The GIFT Nifty was trading at 19,257, down by 170 points, at the time of writing.

The BSE MidCap index fell 2.5% while the BSE SmallCap index gained 4.2%.

Sectoral indices ended in red with stocks in the telecom sector and metal sector witnessing most of the selling pressure.

Shares of Dixon Technologies, Suzlon Energy and Welspun India 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...

Asian share markets ended in the negative territory. The Shanghai Composite fell 1.5% while the Nikkei fell 0.8%.

The rupee is trading at 83.16 against the US$.

Gold prices for the latest contract on MCX are trading down by 0.1% at Rs 60,671 per 10 grams.

Meanwhile, silver prices were trading 0.6% lower at Rs 72,454 per 1 kg.

Here are three reasons why Indian Markets are falling today

#1 Israel-Hamas Conflict

Higher risks of broader conflict in the Middle East clouded market sentiment, sending indices across Asia and Europe lower.

On Saturday, Israel announced its intention to step up its attacks on the Gaza Strip in preparation for the next stage of its war on Hamas. Israel's military spokesman has urged residents of Gaza City to head south in order to ensure their safety.

#2 Global Markets Bleed

Stocks staged a broad retreat after the 10-year Treasury yield topped 5%, fueling concern that soaring borrowing costs will erode economic growth.

The yield on the 10 year jumped nine basis points to 5.01%, the highest since 2007. Europe's Stoxx 600 index sank 0.8%, reaching the lowest intraday level since March. S&P 500 equity futures fell 0.6%.

#3 Oil Continues to Boil

Even as oil prices slipped on Monday, they continued to remain above $90 mark. Brent crude futures fell 0.26%, to US$ 91.92 a barrel. US West Texas Intermediate crude futures were down 0.4%, at US$ 87.72 a barrel.

Speaking of stock markets, what do you feel about buying a stock that's trading at a PE multiple of 85x?

Well, for value conscious investors like Co-head of Research at Equitymaster, Rahul Shah, who believe in following rules and having strict upper limits for valuations, I will simply give the stock a pass.

A PE of 85x is quite high and does not offer margin of safety of any kind.

However, there are a few exceptions to this rule. Is the fertiliser company FACT one such exception? Or is the stock price in a bubble?

Find out more in the below video:

BSE hits a lifetime high. Here's Why.

In news, shares of BSE rallied 13% to scale a fresh lifetime high after the Bombay Stock Exchange revised transaction charges in the equity derivatives segment, with effect from 1 November 2023. With this, the stock has climbed over 200% since the beginning of this year.

These changes will primarily be levied on S&P BSE Sensex Options, particularly the nearest or immediate expiry contracts.

The new transaction fee structure is based on the incremental billable monthly turnover.

The stock exchange said that its members would be provided with a new turnover and transaction charges file based on the new transaction charge's structure.

With BSE slowly improving their market share in the derivatives segment, this moves to increase transaction costs will negatively impact traders and especially retail investors.

Under the revised fee structure, transactions with turnover up to Rs 30 million (m) will be charged at Rs 500 per crore. For turnover of over Rs 30 m and up to Rs 1 bn, the transaction charges will be Rs 37.5 bn.

Aurobindo Pharma's Arm Gets USFDA Nod

Moving on to news form the pharma sector, the company's wholly-owned subsidiary company, Eugia Pharma Specialities, received the final approval from the US Food & Drug Administration (USFDA) to manufacture and market a drug that treats hypogonadism.

Testosterone Cypionate Injection USP is indicated replacement therapy in the male in conditions associated with symptoms of deficiency or absence of endogenous testosterone, Primary hypogonadism (congenital or acquired) and Hypogonadotropic hypogonadism (congenital or acquired).

The product is expected to be launched in November 2023.

The approved product has an estimated market size of US$ 226.8 million for the twelve months ending August 2023, according to IQVIA.

Aurobindo Pharma said this is the 169th ANDA approval out of Eugia Pharma Speciality Group (EPSG) facilities, manufacturing both oral and sterile speciality products.

It is the second-largest pharma company in India and the largest generics company in the US.

Shares of the company have delivered a good performance in recent months. In the last year, From August 2022 to August 2023, the company's shares have grown over 50%.

Promoters of Aurobindo Pharma have consistently pledged their holdings as collateral. For more, check out the Top 6 Stocks with Consistent Rise in Promoter Pledging.

Why Amber Enterprises' share price is falling.

Moving on to the news from the refrigerators sector, shares of Amber Enterprises tumbled 11% after the company's net loss widened to Rs 56 m in the September quarter (Q2FY24) as against a loss of Rs 22 m a year ago.

The company's consolidated total income surged 23% on-year to Rs 9.4 bn in Q2FY24 from Rs 7.6 bn in Q2FY24. However, its total income declined 45% on-quarter from Rs 1,721 crore in Q1FY24.

Operating earnings before interest, tax, depreciation, and amortisation (Ebitda) for the quarter, meanwhile, climbed by 25% YoY to Rs 650 m versus Rs 520 m in the year-ago period.

Segment-wise, the consumer durables division contributed the most to revenue build-up, followed by the electronics division and railway sub-systems.

Amber Enterprises, a part of Amber Group, is one of largest original equipment manufacturers of white goods in India.

To know what's moving the Indian stock markets today, check out the most recent share market updates here

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