After starting the day on a flattish note with a positive bias, the benchmarks showcased heightened volatility and ended the day weak.Indian bourses faced a bear attack again on Thursday owing to a weakness in the global markets and after surging significantly in the first two sessions of the ongoing week.At the closing bell, the BSE Sensex stood lower by 1,190 points (down 1.5%).Meanwhile, the NSE Nifty closed lower by 360 points (down 1.5%).Adani Enterprises, SBI, and Cipla were among the top gainers today.Infosys, M&M, and HDFC Life Insurance on the other hand, were among the top losers today.The GIFT Nifty ended at 24,132 down by 166 points.The BSE Mid Cap ended flat and the BSE Small Cap index ended 0.4% higher.Sectoral indices are trading negatively with stocks in the media sector, auto sector and IT sector witnessing selling pressure.The rupee is trading at 84.50 against the US$.Gold prices for the latest contract on MCX are trading 0.3% higher at Rs 76,740 per 10 grams.Meanwhile, silver prices are trading 0.3% lower at Rs 89,495 per 1 kg.Here are three reasons why Indian Markets are falling today#1 Weakness in IT & Auto StocksIT and auto stocks were the top drags on the Nifty, with sectoral indices falling 2.3 percent and 1.3 percent, respectively. Infosys shares fell 3%; TCS fell 2.2%; Tech Mahindra was down 2.5%; and HCL Tech was down 2%, leading the losses in the IT space.The decline in IT stocks followed overnight the US inflation data, which signaled a slower-than-expected trajectory for rate cuts.#2 Global Rate ConcernA potential slowdown in the US rate cut trajectory has increased uncertainty for emerging markets, affecting overall investor sentiment.A stronger US Dollar has also dented the appeal of emerging-market assets. Asian equities are under pressure, following the dollar’s recent advance and concerns over escalating trade tensions.#3 Weak Global CuesThe downturn in Indian stocks came amid a similar show in the US markets as overnight in the US, a pullback in major technology stocks led to a lower close for the markets in a thin trading session.Nvidia, a leading chipmaker, dropped over 1%, while Meta Platforms fell by 0.8%. Shares of Dell and HP saw significant declines, with Dell down more than 12% and HP falling over 11% after both companies issued disappointing earnings forecasts.
Sonata Software Surges 3%. Here’s WhyIn news from the It sector, shares of Sonata Software climbed over 3% to hit an intraday high of Rs 649 apiece on 28 November, following the announcement of a multi-million-dollar modernisation deal in Australia with a leading access solutions client.The transformative deal involves streamlining and standardising the client’s APAC business processes across 13 countries, ensuring real-time collaboration and enhanced operational efficiency across their value chain of customers, suppliers, distributors, and partners, according to the company.In the September quarter, Sonata Software posted a muted 0.9% year-on-year growth in net profit, accompanied by a 14% decline in total revenue.
Borosil Renewables CEO Faces Challenges
Moving on, Borosil Renewables has approved the appointment of Melwyn Moses as the Chief Executive Officer with effect from 2 December.Moses is joining Borosil Renewables from UPL Corporation, where he held the position of Global HSE Head and Global Formulations Head.Previously, he was also associated with Merisant, Zeneca and Syngenta, Pepsico India.The company is witnessing a faster pace of solar installation as demand seems to be revving up, with the manufacturing of solar modules having reached 75 GW, and is expected to double to 150 gigawatts in 2-3 years.Borosil during its recent earnings call said it is confident of a greater share of locally-produced modules, including solar glass.The company has been facing challenges from cheaper Chinese imports after several domestic solar PV module manufacturers stocked up cheaper solar glass from China before the implementation of a 10% Basic Custom Duty in September.
Enviro Infra IPO GMP DipsEnviro Infra Engineers IPO GMP witnessed a marginal dip ahead of its scheduled listing on the exchanges on 29 November.The IPO, which closed with an overwhelming 89.90 times subscription, saw shares trading at a premium of Rs 49 in the grey market, translating to a 33.1% premium over the upper price band, according to data from Investorgain. The GMP, which earlier hovered around 38%, has slightly declined.Enviro Infra Engineers, a company specialising in designing, constructing, operating, and maintaining water and wastewater treatment plants, as well as water supply scheme projects for government bodies, had priced its Rs 650-crore IPO in the range of Rs 140-148 per share.Meanwhile, those who subscribed to the maiden share sale by the Enviro Infra Engineers can check their allotment status on the official website of the registrar, Bigshare Services Pvt Ltd, using their application number or PAN details.More By This Author:
Sensex Today Tanks 1,190 Points; Nifty Ends Below 23,900
