Sensex Today Tanks 523 Points | Jubilant Pharma Plunges 7% | 5 Reasons Why Indian Share Market is Falling

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After opening the day higher, Indian share markets pared the gains as the session progressed and ended the day deep in red.

Indian equity benchmarks fell sharply in afternoon deals today, extending their losing run for the fifth straight session. The domestic indices were dragged by banks, financial, automobile, technology, heathcare and energy stocks.

At the closing bell, the BSE Sensex stood lower by 523 points (down 0.8%).

Meanwhile, the NSE Nifty closed lower by 160 points (down 0.8%).

Coal India and Tata Steel were among the top gainers today.

Infosys and Cipla, on the other hand, were among the top losers today.

The GIFT Nifty was trading at 19,181, down by 240 points, at the time of writing.

The BSE MidCap index fell 0.5% while the BSE SmallCap index fell 0.8%.

Barring metal sector other sectoral indices ended in red with stocks in the telecom sector, power sector and IT sector witnessing most of the selling pressure.

Shares of Prestige Estates 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 on positive note. The Shanghai Composite rose 0.4% while the Nikkei rose 0.6%.

The rupee is trading at 83.17 against the US$.

Gold prices for the latest contract on MCX are trading down by 0.1% at Rs 60,489 per 10 grams.

Meanwhile, silver prices were trading 0.5% lower at Rs 71,411 per 1 kg

Here are five reasons why Indian Markets are falling today

#1 Rising US Treasury yields

Rising US Treasury yields are putting pressure on the global equity market and India's Dalal Street.

The 10-year US Treasury yield had retraced from 16-year higher levels and had come down below 5% levels, which triggered profit booking at the Indian stock market. This is the reason for the Indian stock market drifting into the red territory after a gap-up opening.

#2 Israel-Hamas war

The Middle East tension has created an environment of uncertainty and this has confused global stock market investors, including Dalal Street.

#3  Rising US dollar

The US dollar has once again regained its mojo as the US dollar index has reclaimed the psychological 106 levels after breaching below ?106 levels during morning deals on Wednesday. This has also triggered profit booking at higher levels in the Indian stock market.

#4 Oil impact

Oil prices fell for a fourth day today as concerns about slowing European demand offset worries about Middle East supply disruptions stemming from the Israel-Hamas conflict in Gaza.

Brent crude futures slipped 0.3% to US$ 87.79 a barrel, while US West Texas Intermediate crude futures were down 0.4% to US$ 83.4 a barrel.

#5 Weak Q2 results

Big companies like DMart, TCS, Infosys, etc. have reported weak Q2 results in 2023, whereas good Q2 results of ICICI Bank, Kotak Mahindra Bank, etc, failed to attract investors as if they are not very impressed by Q2 results as they were during Q1 results 2023.

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:

Why TVS Motor's Share Price Is Rising

In news from the auto sector, shares of TVS Motor gained 1.3% as it prepares to unveil Project Dynamo at the Indonesia Motorcycle Show 2023 (IMOS) in collaboration with ION Mobility.

The company said that Project Dynamo was a result of TVS Motor's collaboration with ION Mobility, a Singapore-based technology startup. The partnership began in February 2023 after TVS Motor led ION Mobility's Series A funding of US$ 19 million as its strategic investor.

Project Dynamo is ION Mobility's conceptual adaptation of TVS X, TVS Motor's premium flagship crossover EV, which was launched earlier this year.

Under Project Dynamo, ION Mobility's electric motorcycle products will continue to be designed with Indonesian motorcyclists in mind, embedding distinctive features and characteristics.

Earlier, TVS Motor had informed that they debuted Venezuela market - the first automobile manufacturer to enter the market. The company entered with 14 products, which included two-wheelers and three-wheelers.

The company is scheduled to announce September-ended quarter results on 30 October 2023.

The company also announced strategic engagement with Amazon India to strengthen its electric mobility, electric infrastructure and connected services, making it one of the best two-wheeler EV stocks in India.

TVS Motor manufactures a wide range of two-wheelers from mopeds to racing-inspired motorcycles. The company also manufactures three-wheelers.

Note that the electric vehicle (EV) megatrend is a once-in-a-century revolution happening right in front of us.

The revolution has taken the auto sector by storm. All segments of the sector are ripe for disruption, and India's top EV stocks are set to benefit from this shift.

Delta Corporation Shares Rallied 5%. Here's Why.

Moving on to news from the gaming sector, shares of Delta Corporation gained 5% today after the troubled Casino major received an interim relief from the Bombay High Court at Goa on show-cause notices from the tax department.

According to a regulatory filing, the Bombay High Court at Goa had examined the writ petitions submitted by Delta Corp (and its subsidiaries) regarding the income tax show-cause notices and issued an order prohibiting authorities from making definitive decisions without prior court approval. Dates have been fixed for the completion of

pleadings, and the hearing and final disposal of such writ petitions.

The stock came under focus after the company received a direct tax notice on 22 September 2023 for Rs 11.1 bn. Apart from the company, its subsidiaries - Casino Deltin Denzong, Highstreet Cruises, and Delta Pleasure Cruises, also received notices worth Rs 56.8 bn.

In the last year, shares of the company have fallen around 25%.

However, it has the potential to grow in 2024. For more, check out 5 Beaten Down Stocks with Strong Fundamentals, Poised to Make a Comeback in 2024.

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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