Sensex Today Plunges 901 Points | M&M, Paytm Drop 4% | 4 Reasons Why Indian Share Market is Falling

Thu, 26 Oct Closing

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After opening the day on negative note, Indian share markets continued the downtrend as the session progressed and ended the day deep in red.

Indian equity benchmarks fell on Thursday, dragged by information technology (IT) stocks after Tech Mahindra's disappointing earnings, while rising US Treasury yields intensified fears of interest rates staying higher for longer.

At the closing bell, the BSE Sensex stood lower by 901 points (down 1.4%).

Meanwhile, the NSE Nifty closed lower by 265 points (down 1.4%).

ITC and Adani ports were among the top gainers today.

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

The GIFT Nifty was trading at 18,955, down by 221 points, at the time of writing.

The BSE MidCap index fell 1% while the BSE SmallCap index fell 0.3%.

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

Shares of Prestige Estates 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 0.5% while the Nikkei tank 2.1%.

The rupee is trading at 83.22 against the US$.

Gold prices for the latest contract on MCX are trading up by 0.3% at Rs 61,028 per 10 grams.

Meanwhile, silver prices were trading 0.6% higher at Rs 72,240 per 1 kg.

Here are four reasons why Indian Markets are falling today.

#1 Israel-Hamas war

The Israel-Hamas war has entered its 20th day, and still, there is no possible solution visible at the current moment. This tension in the Middle East region has put uncertainty in the minds of investors, which has triggered panic selling across bourses.

#2 Rising US Treasury yield

After hitting a record 16-year high of over 5%, the 10-year US bond yield witnessed some retracement on Tuesday but it has been rising continuously since Wednesday and now it has once again come close to 5% levels. This has put pressure on global markets, including Dalal Street.

#3 FII Selling

FIIs have been continuously selling in the Indian equity market as the US dollar has been rising continuously in the last few weeks. In such a scenario, they might be shifting their money from emerging markets to other assets like gold, bonds, currency, etc.

In October 2023, FIIs sold out stocks worth Rs 173.9 billion (bn) till 25 October 2023. In Wednesday's session, FIIs sold Indian shares worth 42.4 bn.

#4 Rupee Factor

In the case of the rupee, the local currency was trading 3 paise lower at 83.2 against the dollar in early trade today. There are, however, hopes that a narrower trade deficit along with the RBI's intervention in the forex market may restrict depreciation.

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:

Asian Paints Q2 Results

The company reported a consolidated net profit of Rs 12.3 bn for the second quarter of the financial year 2023-24, up 53.3% from Rs 8 bn in the year-ago period. Sequentially, the profit was down 21.7%.

The paint manufacturer reported a 0.03% year-on-year (YoY) up in consolidated revenue at Rs 84.8 bn in the September quarter against Rs 84.6 bn in the year-ago period. The revenue was down 7.7% from the June 2023 quarter.

The earnings before interest, tax, depreciation, and amortization (EBITDA) came in at Rs 17.2 bn against Rs 12.2 bn in the year-ago quarter. The EBITDA margin stood at 20.2% against 14.4% in the year-ago period.

An interim dividend amounting to Rs. 5.15 for each equity share with a face value of Re. 1 will be distributed for the fiscal year concluding on 31st March 2024. The set date to establish shareholders eligible for this interim dividend is Friday, 3 November 2023.

In Q2 FY24, international business sales dropped by 3.9% due to challenges in South Asia and Egypt but increased by 1.9% in constant currency.

Home Decor witnessed a decline in both Bath Fittings and Kitchen sales, while acquisitions White Teak and Weather Seal experienced growth. The Industrial sector's APG sales grew by 11.4% in Q2 FY24.

Asian Paints share price has fallen close to 12% in the past three months.

To know does the share price of Asian Paints, the bluest of bluechip stock, deserve to trade at these low, check out Why Asian Paints Share Price is Falling.

PNB Q2 Net profit rises 327%

Punjab National Bank (PNB) on 26 October 2023, reported a 327% rise in net profit at Rs 17.6 bn for the July-September quarter of the current financial year.

The public-sector lender's gross non-performing assets (GNPA) declined to 6.9% from 10.5% in this period and the net non-performing assets (NNPA) fell to 1.5% from 3.8%.

PNB's global business increased by 11.3% on a YoY basis to Rs 22 tn as of September 2023, as against Rs 20 tn as of September 2022.

However, global deposits grew by 9.8% on a YoY basis to Rs 13 tn, as on September 2023. Moreover, global advances grew by 13.4% on a YoY basis to Rs 9 tn as of September 2023.

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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