After opening the day on a negative note, the Indian share market extended losses as the session progressed and ended deep in the red.

Benchmark indices crashed amid renewed fears of interest rate hikes following hawkish comments from US Federal Reserve officials and economic concerns.

Benchmark indices ended near the day's low as the majority of stocks from the index ended on a negative note.

The fall was heightened by tech stocks and banking stocks, as worries about global economic growth kept investors on tenterhooks.

At the closing bell, the BSE Sensex stood lower by 872 points (down 1.5%).

Meanwhile, the NSE Nifty closed lower by 268 points (down 1.5%).

The Sensex fell below the 59,000 mark and the Nifty crashed below 17,500 as the recent rally turned out to be short-lived.

ITC and Nestle were among the top gainers today.

Tata Steel, Asian Paints, and Wipro on the other hand were among the top losers today.

The SGX Nifty was trading at 17,498, down by 247 points, at the time of writing.

Broader markets ended on a negative note. The BSE Midcap index ended down by 1.8% while the BSE Smallcap index ended lower by 1.2%.

All sectoral indices ended on a negative note. Stocks in the realty and metal sector witnessed maximum selling pressure.

Shares of Adani Power, Akshar Spintex, and AMD Industries hit their 52-week highs today.

Adani group stocks are rising, continuing their momentum.

Adani Ports, ICICI Banks, and Reliance were among the most active shares on the BSE today.

Asian stock markets ended on a mixed note. The Nikkei ended the day lower by 0.5%, while the Hang Seng inched lower by 0.6%. The Shanghai Composite ended 0.6% higher.

The rupee is trading at 79.8 against the US$.

Gold prices for the latest contract on MCX are trading down by 0.6% at Rs 51,156 per 10 grams.

Meanwhile, silver prices for the latest contract on MCX are trading down by 1% at Rs 54,932 per kg.

Speaking of the stock markets, after a swift recovery seen in the past two months, Indian share markets have started to fall again.

Looking at the way the Indian stock market is performing lately, investors are again getting nervous. And more so with safe havens also falling.

The price of gold is falling again while silver prices have seen huge downfalls compared to gold.

Here's what we asked our readers.

The recent stock market rally is...

• The start of a new bull market
• Just a bear market rally
• Can't say

With a response from over 1,250 participants, here is the final result:

As we're dealing with extreme volatility these days, it's always important to keep some money off the table rather than going all-in.

So, instead of parking your total capital in one asset class or a single category of stocks, allocate small equal parts across the board periodically.

Also, at times when the share market has been consistently inconsistent, it becomes increasingly difficult to predict the price pattern of any share.

Hence, it becomes important to have a system in place where your investments and returns, can also be regularised. This can be done by Systematic Investment Plans (SIP).

In news from the engineering sector, the share price of Gensol Engineering gained 5% today in an otherwise weak market.

Renewable energy solution provider Gensol Engineering today sold a 10% stake to pool investors for Rs 1.4 bn.

The company will deploy the raised amount to set up an electric vehicle manufacturing unit at Chakan, Pune, and to grow its solar EPC business.

The company plans to introduce an electric car for the masses to take on WagonR.

It is also planning to launch a cargo version of the model, the urban cargo vehicle, with a range of 140 km, a full payload of 800 kg, and a three-hour charging time.

Anmol Singh Jaggi, managing director of Gensol Engineering, said

We are targeting to start production at Pune facility during the first quarter of 2023 with a capacity of 14,400 cars a year initially and give deliveries from January 2024.

We will also hire at least 150 automobile engineers and designers for this venture and invest Rs 250-400 crore in multiple phases.

Recently, the company in a BSE filing informed that it has signed a term sheet to buy a majority stake in a US-based EV startup and acquire technical and business know-how, patents, trademarks, and brand name.

To know more, check out Gensol Engineering's latest news and analysis.

Moving on the news from the pharma sector, API Holdings has called off its initial public offering (IPO).

API Holdings, the parent company of PharmEasy, has withdrawn its draft red herring prospectus (DRHP) filed with the market regulators citing volatile market conditions and 'strategic considerations'.

It had plans to raise around Rs 62.5 bn from its public offering. It had raised funds at a valuation of $5-5.7 bn in a pre-IPO round.

The company is planning to raise money through private placement now.

Note that after a prolonged wait, the primary market was back in action as companies started to come out with IPOs.

Last week, Syrma SGS Tech concluded its IPO while this week, a new IPO is set to open on Wednesday.

However, the DRHP withdrawal by PharmEasy suggests that the IPO market will be affected and fewer companies will opt for an IPO.

We will keep you updated on the latest developments in this space. Stay tuned.

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