It was indeed a volatile trading session for the Indian share markets today.

After opening the day on a negative note, Indian share markets continued their downtrend as the session progressed and fell sharply in the afternoon session.

Benchmark indices fell with Nifty slipping below the key long-term average level for the first time in over four months after US data reinforced fears of a prolonged high-interest rate regime.

However, markets staged a smart recovery during closing hours as banking stocks witnessed buying.

At the closing bell, the BSE Sensex stood lower by 176 points (down 0.3%).

Meanwhile, the NSE Nifty closed lower by 73 points (down 0.4%).

Power Grid, ICICI Bank, and Kotak Mahindra Bank were among the top gainers today.

Bajaj Auto, Adani Enterprises, and UPL were among the top losers today.

The SGX Nifty was trading at 17,488, down by 55 points, at the time of writing.

Broader markets ended on a negative note. The BSE Midcap index fell 0.6% while the BSE SmallCap index ended 1.2% lower.

Sectoral indices ended on a mixed note with stocks in the realty sector, banking sector, and finance sector witnessing most of the buying.

On the other hand, stocks from the FMCG sector, IT sector, and metal sector witnessed heavy selling pressure.

Shares of IRB Infra, Cera Sanitary, and CRISIL hit their 52-week highs today.

Now track the biggest movers of the stock market using the stocks to watch today section. This should help you keep updated with the latest developments...

Asian share markets ended in red as markets were forced to price in ever-loftier peaks for US and European interest rates. The Hang Seng ended lower by 0.3% while the Shanghai Composite index fell by 0.3%. The Nikkei ended 0.1% lower.

US stock futures are trading on a positive note. Dow futures are trading higher by 0.4% while Nasdaq futures are trading up by 0.6%.

The rupee is trading at 82.84 against the US$.

Gold prices for the latest contract on MCX are trading lower by 0.2% at Rs 55,320 per 10 grams.

Meanwhile, silver prices for the latest contract on MCX are trading down by 0.7% at Rs 64,092 per kg.

Speaking of stock markets, just like everything else in the world, stock markets are also filled with the good and the bad. It is filled with sin stocks and saint stocks.

Sin stocks are shares of companies that some people consider "unethical" but what exactly is the definition of a "sin stock?"

The idea that avoiding "unethical" stocks makes the world a better place is even more questionable.

Can a hospital stock be termed a sin stock, and should investors look at this high-growth sector? This sector has consistently outperformed the Sensex and it looks set to continue its momentum over the coming years.
 

Why Bajaj Auto's share price is falling

In news from the automobile sector, shares of Bajaj Auto slipped 4.9% today.

The stock faced heavy selling after a report said the two-wheeler giant is expected to take an up to 25% cut in motorcycle and three-wheeler production across its export-focused plants next month.

The decision was triggered by uncertainties in Nigeria, which is the company's biggest market.

According to the report, Bajaj Auto is expected to manufacture approximately 250,000-270,000 units in March, which is significantly lower than its average production of 338,000 units during the initial nine months of the financial year 2022-23.

The situation may lead to a decline in the overall capacity utilization rate at Bajaj Auto plants to below 50%.

It is a leading manufacturer of motorcycles and three-wheelers in India. The company is the flagship company of the Bajaj Group.

The stock has witnessed heavy buying with the economy slowly reemerging from the twin shocks of Covid and rising fuel prices related to the Russia-Ukraine war.

This bullish sentiment comes at a time when the key operational performance of Bajaj Auto is sluggish.

Also, with electric vehicles (EVs) being the next big opportunity, it has announced its entry into the EV space.

It remains to be seen how this opportunity pans out for Bajaj Auto.
 

Adani group stocks' addition to NSE indices raises concerns

On 17 February 2023, National Stock Exchange (NSE) indices added five Adani group companies, Adani Total Gas, Adani Enterprises, Adani Wilmar, Adani Power, and ACC, to 14 Nifty indices.

Financial experts have asked the NSE board and regulator SEBI to review this move by the NSE.

This move could drive lakhs of investors' savings into the group's sinking stocks from 31 March 2023.

Its popular market benchmark, the Nifty 50, already includes Adani Ports and Adani Enterprises.

Following this review, the number of Adani group stocks in the Nifty Next 50, and Nifty 100 will rise to six and eight, respectively.

Today, Adani group stocks were trading on a mixed note with Adani Enterprises being the biggest loser.
 

Fabindia withdraws US$ 482 million IPO

Moving on to the news from the Initial public offerings (IPO) space, Indian apparel retailer Fabindia on Monday withdrew its plan for a US$ 482 million initial public offering amid rough market conditions.

The decision to withdraw was taken as the current market conditions were not conducive for listing.

India's benchmark Nifty 50 stock index is down over 4% so far this year on worries that major central banks will prolong a high-interest rate regime due to a persistent rise in inflation.

Fabindia filed its draft red herring prospectus (DRHP) with SEBI in January 2022 for a fresh issue of shares up to Rs 5 billion (bn), intending to use proceeds to repay debt and redeem non-convertible debentures.

Fabindia's move to pull its IPO plans comes after e-commerce firm Snapdeal and wearable electronics company boat pulled their IPOs due to uncertain market conditions in the past few months, while jewelry retailer Joyalukkas also scrapped such plans.

Fabindia is an Indian chain store retailing garments, furnishings, fabrics, and ethnic products handmade by craftspeople across rural India.

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