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Sensex Today Tanks 733 Points | Nifty Below 22,500 | 4 Reasons Why Indian Share Market is Falling

Fri, 3 May Closing

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After opening the negative note, Indian share markets Slipped further as the session progressed and ended the day weak.

Selling pressure in index heavyweights Reliance Industries (RIL) and HDFC Bank dragged Indian headline indices on Friday.

At the closing bell, the BSE Sensex stood lower by 733 points (down 0.9%).

Meanwhile, the NSE Nifty closed lower by 172 points (down 0.8%).

ONGC, Hindalco and Coal India were among the top gainers today.

Nestle, Maruti Suzuki and L&T on the other hand, were among the top losers today.

For a comprehensive overview of key players in the financial sector, check out list of Fin Nifty Companies.

The GIFT Nifty ended at 22,584 down by 199 points.

For impact of the Bank Nifty companies and comprehensive overview of the index, check out Equitymaster's Bank Nifty Companies list.

Broader markets ended the day lower. The BSE Mid Cap ended 0.2% lower and the BSE Small Cap index ended 0.6% lower.

Sectoral indices are trading on negative note with socks telecom sector, capital goods sector and realty sector witnessing selling pressure.

Shares of ABB India, SRF and Torrent Pharma 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...

The rupee is trading at 83.4 against the US$.

Gold prices for the latest contract on MCX are trading marginally lower at Rs 70,660 per 10 grams.

Meanwhile, silver prices are trading 0.2% lower at Rs 81,243 per 1 kg.

Here are four reasons why Indian Markets are falling today

#1 Selling in Index Heavyweights

The Indian markets eroded their morning gains and fell to the day's low dragged by RIL, L&T, HDFC Bank, and Bharti Airtel among others. These stocks pulled down the headline indices, the most in terms of their contribution to the respective indices.

#2 Profit Booking

Nifty hit a fresh record high of 22794 in early deals on Friday. Sensex too approached its all time high of 75,124 reached on April 9 this year. The 30 stock index rose to an intraday high of 75,095 in the morning session.

With Nifty hitting record high, traders and investors chose to take money off their tables, which led to across-the-board sell off in the stock market.

#3 Soaring Crude Oil Prices

Oil prices edged up in early trade on Friday on the prospect of OPEC+ continuing output cuts, but the crude benchmarks were headed for weekly losses on U.S. economic uncertainty and limited crude supply disruptions caused by the Israel-Hamas war.

Brent crude futures for July rose 18 cents to US$ 83.8 a barrel. US West Texas Intermediate crude for June was up 19 cents to US$ 79.14 per barrel.

#4 FII's Selling

Foreign institutional investors sold Indian shares on Thursday, offloading stocks worth Rs 9.6 bn. However, domestic institutional investors bought shares worth Rs 13.5 bn on a net basis, cushioning the foreign outflows.Speaking of stock markets, with advancements in artificial intelligence (AI) and large language models (LLM), India's indigenous tech sector is at an inflection point.

AI breakthroughs will profoundly augment how we work and live.

Tanushree Banerjee, Research Analyst at Equitymaster talks about how should one find the best deep tech stocks in her latest video

Tune in to find out more.

Ceat Slump 10%. Here's why.

In news from the tyre sector, shares of CEAT plunged 9.8% on May 3 as the company's lacklustre Q4 results left investors unimpressed.

The tyre maker reported a 23% year-on-year decline in its consolidated net profit at Rs 1 billion (bn) for the fourth quarter ended March 2024 on higher rubber costs, and new regulation on extended producer responsibility (EPR) liability.

Its revenue from operations, however, rose to Rs 2,992 crore in the period under review.

Prices of rubber, a key raw material for tyre manufacturers, rose roughly 10% in the Jan-March quarter, according to analysts. CEAT's quarterly expenses rose 3.7% to Rs 27.9 bn, led by a 5.5% climb in raw material costs. The company's EBITDA margin expanded to 13.1% in Q4.

CEAT's board has recommended a final dividend of Rs 30, i.e. 300% per equity share of the face value of Rs 10 each fully paid up for FY24, subject to the approval of the members at the ensuing annual general meeting (AGM).

For more, check out Top 5 Stocks to Benefit from IPL 2024.

Value Stocks: For People Who Never Like Overpaying for Anything

Why Bharat Forge Share Price is Falling

Moving on to news from the defence sector, shares of Bharat Forge Limited declined slightly over 2% in the afternoon on 3 May after class 8 truck orders in the North American regions plunged to a nine-month low in April.

Figures show that North America Class 8 truck orders declined 18% month-on-month in April to the lowest level since July 2023.

Not just that, this is the fifth month on a trot that truck orders have declined in North America.

Total class 8 truck orders in North America fell to 14,400 units in April, lower than the 18,200 units clocked in March.

This is also the second straight month that the class 8 truck orders remained below 20,000 units, after falling below it for the first time since August 2023 in March.

A class 8 truck is utilised in more local or regional deliveries or becomes vocational vehicles like cement or refuse trucks.

Bharat Forge is a global provider of high-performance, innovative, safety & critical components and solutions to various industrial sectors, including automotive, railways, power, defence, construction & mining, aerospace, marine, and oil & gas.

The company has been diversifying from its core operations, building a strong defence portfolio. It has consistently invested in cutting-edge facilities that house world-class products, capabilities and facilities.

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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