5 Reasons Why Sensex Plunged 1,093 Points Today

Fri, 16 Sep Closing

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After opening the day deep in the red, Indian share markets continued their downtrend and ended 1.8% lower.

Benchmark indices fell as all sectors came under pressure.

Key indices crumbled as heavy selling pressure was seen in auto, IT, metal, and realty stocks.

At the closing bell, the BSE Sensex stood lower by 1,093 points (down 1.8%).

Meanwhile, the NSE Nifty closed down by 346 points (down 1.9%).

IndusInd Bank, and Cipla were among the top gainers today.

Tech Mahindra, Tata Consumer, and Infosys on the other hand, were among the top losers today.

The SGX Nifty was trading at 17,573, down by 305 points, at the time of writing.

The broader markets ended on a negative note. The BSE Midcap was down 2.9% and the BSE SmallCap index ended lower by 2.4%.

All sectors ended on a negative note with stocks in the IT, realty, auto and energy sector witnessing most of the selling.

Shares of Adani Transmission, Thermax, and Bharat Dynamics hit their 52-week highs today.

Since you're interested in high flying stocks, check out our guide on how to pick the best multibagger stocks in 2022.

IndusInd Bank, Reliance, and Infosys were amongst the most active shares on the BSE today.

If you're interested in knowing which shares to trade, read our guide on the best intraday stocks for today.

Outside the home ground, Asian share markets ended on a weak note.

At the close in Tokyo, the Nikkei ended on a negative note, down by 1.1% while the Hang Seng inched lower by 0.9%. The Shanghai Composite ended lower by 2.3%.

US stock futures are trading on a positive note today with Dow futures trading up by 0.2%.

The rupee is trading at 79.8 against the US$.

As the rupee depreciates, check out these five companies which stand to gain big from a weakening rupee.

Gold prices for the latest contract on MCX are trading down by 0.6% at Rs 49,312 per 10 grams.

Meanwhile, silver prices for the latest contract on MCX are trading down by 1.7% at Rs 56,417 per 1 kg.

Gold price is falling for a long time now and the question on everyone's mind is when will the safe haven get its mojo back.

Here are five reasons why Indian share markets plunged today.

#1 Higher than expected inflation numbers

India's CPI inflation numbers surprised on the upside in August 2022 at 7%, up from 6.7% in July 2022.

With this, market now expects the RBI to hike rates by 50 basis points in its next MPC (30 September) taking the repo rate to 5.90%.

#2 Rate Hike Fears

Markets are anticipating another rate hike, third consecutive in a row, from the US central bank. The US Federal Reserve is scheduled to meet next week and may further increase interest rates to tame the rising pressure.

#3 Weak Global Markets

Weakness in the global markets pushed the Indian benchmark indices lower. Asian peers including Nikkei, Kospi and Hang Seng were trading with big cuts, following a weak trading session in the US stocks overnight.

#4 Depreciating Rupee

The rupee has been falling for quite some time now. Today, continuing the trend, rupee depreciated by 11 paise to 79.8 against the dollar, tracking strength of the dollar and a negative trend in domestic equities.

Rupee's depreciation often leads to discontinuation of FPI buying in India.

#5 Selling in Index Heavyweights

All sectors ended in red today. Selling was seen across all the sectors majorly in IT, banking, finance, and metal sector.

Domestic investors lost over Rs 5 tn from their kitty as the total market cap of BSE listed firms plunged from RS 285.9 tn to Rs 280.8 tn.

Heavy selling was seen in largecaps stocks such as Infosys, Reliance Industries, and HDFC twins.

Speaking of stock markets, Yazad Pavri talks about the company that can possibly become India's first trillion-dollar stock, in his latest video.

No, it's not Reliance or TCS. This company could beat Reliance and TCS to become the first 'trillion dollar' stock of India.

In news from the steel sector, Tata Metaliks was among the top buzzing stocks today.

Share price of Tata Metaliks surged 7% today after the company began expansion work of ductile iron pipe plant in West Bengal.

The Tata group company today announced the inauguration of Phase-I of its expansion project of the Ductile Iron (DI) pipe plant at Kharagpur.

The value of the projects stands at Rs 6 bn, this will take the company's Ductile Iron Pipe plant capacity to over 4 lakh tons per annum in two phases.

This new facility is among the state-of-the-art DI Pipe plants with high levels of automation and robotics to make the operations safe and efficient.Commenting on it, Tata Metaliks in filling said,

This new plant will help the company expand its product range and enhance its presence in the fast-growing water infrastructure space that is witnessing a major thrust by the government through its Jal Jeevan Mission scheme.

The company is also involved in several community welfare functions, primarily in the Kharagpur area.

Tata Metaliks is a smallcap company and a subsidiary of Tata Steel.

Take a look at the chart below to see the company's YTD performance.

Moving on the news from the IPO space,

The drug maker Mankind Pharma has filed its draft red herring prospectus (DRHP) with market regulator for an initial public offering (IPO).

The company is seeking the valuation of Rs 55 bn. This consists of an offer for the sale of Rs 40 m equity shares by the promoters and existing investors.

The company has hired JM Morgan, IIFI, and Kotak Securities as the lead investment bankers.

This will be the largest IPO issues by a domestic drug manufacturer after Rs 64.8 bn IPO of Gland Pharma.

Since IPOs interest you, check out the companies lined up for their public offers on our upcoming IPOs section.

And 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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