After starting the day on a positive note, supported by gains in ITC and IT stocks, the benchmarks rallied further as the session progressed and ended the day strong.

The benchmark Indian equity indices ended the week's last trading session in the positive territory, led by the gains across IT, FMCG, financial, and banking counters.

At the closing bell, the BSE Sensex stood higher by 769 points ( up 0.8%).

Meanwhile, the NSE Nifty closed higher by 243 points (up 0.8%).

Sun Pharma and Grasim Industries, on the other hand, were among the top losers today.

The GIFT Nifty ended at 24,878, up by 223 points.

The BSE Mid Cap and the BSE Small Cap index ended 0.5% higher.

Barring the healthcare sector, all other sectoral indices are trading on a positive note with stocks in power sector, banking sector and FMCG sector witnessing selling pressure.

The rupee is trading at 85.35 against the US$.

Gold prices for the latest contract on MCX are trading 0.1% lower at Rs 95,643 per 10 grams.

Meanwhile, silver prices are trading 0.4% lower at Rs 97,407 per 1 kg.

Here are four reasons why Indian markets are falling today:

#1 Positive Asian Market

Most of the Asian markets were trading higher on Friday as US government bonds found buyers after US President Donald Trump's tax bill narrowly passed the lower house, although debt worries still lingered, news agency Reuters reported.

Japan's Nikkei rose 0.6%, Hong Kong's Hang Seng advanced 0.7%, South Korea's KOSPI rose 0.11% and China's Shanghai Composite gained 0.1%.

#2 Fall in Crude Prices

Sentiment for Indian equities got a boost from fall in crude oil prices in the international markets. Oil prices dropped on expectations that the OPEC+ group of oil exporters may decide on another increase in output at their next meeting.

Brent Crude in international markets declined 0.5%.

#3 Broad Based Buying

Buying was visible across board as most of the sector gauges compiled by the National Stock Exchange were trading higher led by the NIFTY IT index's 1% gain. NIFTY Oil & Gas, FMCG, Realty, Metal, PSU Bank and Media indices also rose between 0.4-1%.
 

Bondada Engineering Shares Hit 10%

In news from the engineering sector, Bondada Engineering shares jumped 10% to hit the upper circuit on 23 May after the company announced that it has won a project worth Rs 90 billion (bn) from the government of Andhra Pradesh.

The shares of the company remained locked in the upper circuit at Rs 425.05 apiece.

In an exchange filing, Bondada Engineering announced that it has received the order from the energy department of the state government. The order pertains to the allocation of 2,000 MW AC / 2,600 MWp DC Solar Power capacity at various locations across Ananthapuramu and Sri Sathya Sai districts in Andhra Pradesh.

Notably, the company had submitted detailed proposals for establishing solar power projects in several villages across the two districts.

The project is set to be implemented within 24 months, in accordance to the guidelines outlined in the Andhra Pradesh Integrated Clean Energy Policy 2024.

Bondada said that this Rs 90 bn order will increase the order book of the firm to over Rs 140 bn.

Belrise Industries IPO Booked 6X

Moving on, the Rs 2,150-crore IPO of Belrise Industries was subscribed over 6 times on day three of bidding (May 23).

Non-Institutional Investors led the charge, booking their quota 21.62 times.

The public issue of the auto component maker received bids for 1.1 bn shares, compared to the 177.1 m shares on offer, as per NSE data at 12:12 pm.

Retail investors subscribed 2.57 times, while QIBs subscribed 1.75 times.

The IPO, entirely a fresh issue, is priced in the Rs 85-90 range and closes on May 23. Investors need to apply for at least 166 shares, requiring Rs 14,940.

The grey market premium stood at Rs 24, or 26.67%, over the IPO price.

The main reason why Belrise is planning this IPO is to reduce its debt burden by Rs 16.2 bn (62.52% of total borrowings) and improve the debt-equity ratio.

Belrise Industries competes with listed peers like Bharat Forge, Uno Minda, Motherson Sumi Wiring India, JBM Auto, Endurance Technologies, and Minda Corporation.

The company specialises in precision sheet metal pressing and fabrication - the process of joining sheet metal components to create unified structures for assembling vehicle subsystems and bodies.

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