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Sensex Today Falls 510 Points | 3 Reasons Why Indian Share Market is Down Today | IT Stocks Witness Selling

Mon, 21 Nov Closing

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Indian share markets languished throughout the session today tracking cautious global approach, ahead of the release of the minutes of the US Federal Reserve's last policy meeting.

The markets ended in red for the third consecutive day.

Besides, Goldman Sachs Group Inc's downward revision in its forecast for India's economic growth next year, which dented sentiment.

At the closing bell, the BSE Sensex stood lower by 519 points (down 0.8%).

Meanwhile, the NSE Nifty closed lower by 148 points (down 0.8%).

Axis Bank, IndusInd Bank, and Bharti Airtel were among the top gainers today.

Reliance, HDFC and TCS, on the other hand, were among the top losers today.

The SGX Nifty was trading at 18,205, down by 142 points, at the time of writing.

Broader markets settled lower. The BSE MidCap fell 0.2% while the BSE SmallCap index ended flat.

Barring consumer durables and telecom sector stocks, all sectoral indices ended on a negative note with stocks in the IT sector, realty sector and power sector witnessing most of the selling.

Among the best IT stocks, TCS and Infosys fell over 1.5%.

Shares of Timken India and Escorts Kubota hit their 52-week highs today.

ICICI Bank and Reliance 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.

Asian shares ended on a negative note. The Hang Seng fell 1.9% while the Shanghai Composite ended 0.4% lower. The Nikkei ended up by 0.2%.

The rupee is trading at 81.2 against the US$.

Gold prices for the latest contract on MCX are trading down by 0.5% at Rs 52,350 per 10 grams.

Meanwhile, silver prices for the latest contract on MCX are trading down by 0.9% at Rs 60,330 per kg.

Speaking of stock markets, in the latest episode of Investor Hour Podcast, Rahul Goel talks to Mihir Vora about his journey, his GARP approach, and as always about portfolio construction and asset allocation.

Tune in below to know more:

Why Indian Share Markets Fell Today

Here are three possible reasons behind today's decline:

#1 Harsh tone by Fed officials - Over the weekend, Federal Reserve President Raphael Bostic said the Fed should guard against any temptation to cut rates before inflation is "well on track" to fall to its 2% target, even if the economy were to "weaken appreciably."

#2 FII selling - After remaining bullish in the past few sessions, FIIs sold Rs 7.51 billion (bn) worth of equities last Friday.

#3 Covid panic in China - Worsening Covid-19 infection numbers in China weighed on global sentiment. This affected Indian markets.

Ashish Kacholia to Pick Stake in a SmallCap Multibagger Stock

For the past few trading sessions, a smallcap multibagger stock, which was already sitting on heavy gains, has started to inch even higher.

The stock in question is shipping company Knowledge Marine & Engineering Works.

Shares of the company have gained 687% in the past one year. In November 2022 so far, shares are up around 36%.

What triggers are responsible behind the recent surge? Well, it surely has something to do with one of the investing gurus of India - Ashish Kacholia.

To know more, read our editorial on Ashish Kacholia to pick stake in multibagger smallcap stock that rallied 2,000% since listing.

Why NMDC Share Price is Rising

NMDC share prices gained over 4% in intraday trade today despite broader markets remaining under pressure.

The rollback of export duties on steel products, iron ore and other raw materials used in the manufacturing of steel has helped lift prospects for India's largest iron-ore producer.

Export duty on iron ore with a grade higher than 58% has been cut to 30%, while lower-grade iron ore will not attract any export duty now (cut to 0% from 50% levied earlier). NMDC, thereby, remains a key beneficiary.

The implementation of export duty by the government in May hurt iron ore producers like NMDC significantly.

Value Stocks: For People Who Never Like Overpaying for Anything

Demand for pellet production also declined due to a 45% export duty imposed on exports of this item. The collapse in iron ore exports due to unviable economics created a domestic oversupply and forced producers to continue lowering prices for their produce.

Global iron-ore prices declined and further added to the woes. International iron ore prices (62% Fe content, CFR China) prices that were more than US$ 140 a ton in June are currently trading at around US$ 90 a ton level now.

NMDC thereby had to cut iron ore prices by 46% YTD in FY23, mainly due to the increase in export duty in May 2022 and a fall in seaborne prices, said analysts.

Archean Chemical Shares Lists on Premium

Shares of Archean Chemical Industries, a chemical company, made a positive market debut today by listing at Rs 450 apiece on the NSE, a premium of over 11% as compared to its IPO issue price of Rs 407 per share.

The IPO was offered at reasonable valuations and the company has reported impressive results of the first quarter that augurs well for the chemical company. The company's strong listing can be attributed to strong interest from investors.

The public issue was subscribed 32.23 times by the close of the subscription period on Friday, 11 November 2022.

Archean Chemical IPO consisted of a fresh issue of equity shares aggregating up to Rs 8.1 billion (bn) (about Rs 805 crore) and an offer for sale (OFS) of up to 1.61 crore shares by the promoter and investors.

Archean Chemical Industries is focused on producing and exporting bromine, industrial salt, and sulphate of potash to customers around the world.

Since chemical stocks interest you, check out the best chemical stocks in India.

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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