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

Indian shares reversed all the gains made on Monday and shed 1% after hawkish comments from Federal Reserve officials and a warning from IT giant TCS dampened sentiment.

At the closing bell, the BSE Sensex stood lower by 632 points (down 1%).

Meanwhile, the NSE Nifty closed lower by 187 points (down 1%).

Tata Motors, Hindalco, and Apollo Hospitals were among the top gainers today.

Adani Enterprises, Bharti Airtel, and Eicher Motors on the other hand were among the top losers today.

The SGX Nifty was trading at 17,986 down by 187 points, at the time of writing.

Broader markets settled on a negative note. The BSE Midcap index and the BSE SmallCap index dived 0.5% lower.

Sectoral indices ended on a mixed note with stocks in the finance sector, IT sector, and telecom sector witnessing most of the selling.

While stocks in the metal sector, and the oil & gas sector witnessed buying.

Shares of Mahindra CIE Auto and Schneider Electric Infra hit their 52-week highs today.

Asian stocks ended on a mixed note. The Hang Seng inched lower by 0.3%, while the Shanghai Composite index ended lower by 0.2%. The Nikkei edged 0.8% higher.

US stock futures are trading on a negative note. Dow futures are trading down by 0.2% while Nasdaq futures are trading flat.

The rupee is trading at 82.8 against the US$.

Gold prices for the latest contract on MCX are trading lower by 0.2% at Rs 55,759 per 10 grams.

Meanwhile, silver prices for the latest contract on MCX are trading down by 0.8% at Rs 68,350 per kg.

Here are four reasons why Indian share markets plunged today.

#1 Fed fear

Investors are awaiting comments from Fed Chair Jerome Powell later today.

Fears around the US Fed rate hike trajectory came back to haunt investors as they digested hawkish comments from Fed officials overnight. San Francisco Fed President Mary Daly said she expects the central bank to boost interest rates above 5% to get inflation down.

#2 FIIs slow down

FIIs sold Indian equities worth Rs 2 billion (bn) in yesterday's session. The total foreign outflow so far in January 2023 is now at Rs 85.5 bn, shows NSDL data.

#3 Q3 Earning Jitters

TCS, the first among the major companies to announce its quarterly figures yesterday, lost over 2% as investors feared sharp growth moderation ahead. HCL Tech, Infosys, and Wipro are scheduled to announce their earnings later in the week.

#4 Global Cues

Asian markets were mixed as growing optimism over China's economic reopening was offset by warnings that US interest rates will continue to rise and stay elevated for some time.
 

Why Coal India's share price is rising

In news from the mining sector, shares of Coal India rallied over 1% today.

Coal India has issued letters of acceptance for nine greenfield projects to engage mining developers-cum-operators, which have a cumulative production capacity of 127 MT per year.

A total of 15 projects with 169 MT capacity are on offer that aims to develop through MDOs, with an investment of around Rs. 206 bn. The investment largely pertains to land acquisition, rehabilitation, resettlement, and railway sidings.

The ministry is aiming to engage MDOs through open global tenders in coal mines to ramp up domestic production and reduce import dependence.

The contract period of engagement is for 25 years or the lifespan of the allocated mine, whichever is shorter.

Coal is crucial to India's economy as it generates 70% of the nation's electricity.

On Tuesday, India brought back requirements for power plants to import some coal used to build stockpiles and avert electricity blackouts over summer.

Earlier, in a rare move, the country also mandated purchases from overseas for several months last year.

Coal India is an Indian government-owned coal mining and refining corporation. It's the largest coal-producing company in the world and contributes around 82% to the total coal production in India.

Zydus Lifesciences gets final USFDA clearance

Moving on to news from the pharma sector, shares of Zydus Lifesciences rallied 2.8% today.

Zydus Lifesciences on Tuesday received final approval from the US health regulator to market its generic version of Febuxostat tablets used to treat high uric acid in the blood.

The approval granted by the US Food and Drug Administration (USFDA) to market Febuxostat tablets is for strengths of 40 mg and 80 mg.

The drug will be manufactured at the group's formulation manufacturing facility at Moraiya in Ahmedabad.

According to IQVIA citing, in September 2022, Febuxostat tablets had annual sales of US$ 32 m in the US market.
 

Glenmark Pharma launches Bumetanide injections

In other news from the pharma space, shares of Glenmark Pharma gained 1% today.

Glenmark Pharmaceuticals US arm, on Tuesday, launched its generic version of diuretic Bumetanide injection.

It launched Bumetanide Injection of strengths of 1 mg/4 mL single-dose vials and 2.5 mg/10 mL multi-dose vials.

These are the generic version of Bumex injection, 0.25 mg/mL of Validus Pharmaceuticals LLC.

The launch affirms commitment to the company's continuous focus on institutional business.

According to IQVIA citing, in September 2022, The Bumex injection, 0.25 mg/mL achieved annual sales of approximately US$ 16.5 m.

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