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Midcap, smallcap indices drop up to 4% on West Asia tensions., Nifty Smallcap 100 at 6‑month low; Brainbees dives 12%., Volatility index up 17%, signaling higher market uncertainty.

* Midcap, smallcap indices drop up to 4% on West Asia tensions.
* Nifty Smallcap 100 at 6‑month low; Brainbees dives 12%.
* Volatility index up 17%, signaling higher market uncertainty.

Mid- and small-cap indices fell up to 4% amid West Asia tensions, pushing crude prices higher. Nifty Smallcap 100 hit a six-month low, with Brainbees Solutions plunging 12%. Sensex and Nifty dropped sharply, while volatility index surged 17%.

shorts/business/broader-markets-crash-up-to-4-mid-small-cap-indices-face-brunt-of-west-asia-crisis-first-cry-muthoot-finance-sail-top-losers

The broader markets on Monday declined sharply, with mid- and small-cap indices falling up to 4 percent, in line with losses in benchmark indices amid escalating tensions in the West Asia region.

The Nifty Smallcap 100 and Nifty Midcap 100 indices snapped their previous session gains and came under heavy selling pressure as the conflict in West Asia entered its fourth week, pushing crude oil prices higher.

The Nifty Smallcap 100 index dropped 4 percent and hit over a six-month low of 14,986 points. Shares of Brainbees Solutions plunged 12 percent, emerging as the worst performer, while Bandhan Bank declined more than 7 percent, weighing on the index.

The Nifty Midcap 100 index fell more than 3.5 percent to a six-month low of 52,573.55. Steel Authority of India shares dropped 7 percent, acting as a major drag. Shares of Muthoot Finance declined nearly 8 percent, adding to the weakness in the broader market. The fall came amid a sharp decline in gold prices as the ongoing military tensions in West Asia raised concerns over inflation. Rising inflation risks have increased expectations of interest rate hikes by central banks.

Meanwhile, benchmark indices remained under pressure. The Sensex fell 1,904.61 points or 2.5 percent to 72,628.35, while the Nifty declined 610.35 points or 2.6 percent to 22,504.15, its lowest level since April 9, 2025.

The volatility index rose 17 percent to 26.66, its highest level since early June 2024, indicating heightened uncertainty and risk aversion among investors.

Disclaimer: The views and investment tips expressed by investment experts on Moneycontrol.com are their own and not those of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.

Broader markets crash up to 4%: Mid-, small-cap indices face brunt of West Asia crisis; First Cry, Muthoot Finance, SAIL top losers

UBS sees Persistent Systems, Infosys, HCLTech better positioned, AI disruption may prolong IT sector de-rating, says UBS report, Recovery depends on business model transformation evidence

* UBS sees Persistent Systems, Infosys, HCLTech better positioned
* AI disruption may prolong IT sector de-rating, says UBS report
* Recovery depends on business model transformation evidence

UBS sees Infosys, HCLTech, and Persistent Systems better positioned amid IT sector de-rating, citing strong risk-reward. AI disruption may prolong valuation declines. Selectivity is key as companies adapt, with mid-caps and Infosys standing out.

shorts/business/ubs-cuts-it-valuations-sees-infosys-hcltech-persistent-as-top-picks

Shares of Indian IT services companies, including Infosys Ltd, HCL Tech Ltd, and Persistent Systems Ltd, may be better positioned amid an ongoing sector-wide de-rating, as investors shift focus from near-term demand recovery to long-term business model sustainability, according to a UBS report.

The brokerage has a more constructive view on Persistent Systems, Infosys, and HCL Tech, citing better risk-reward profiles. It upgraded Tech Mahindra Ltd to Neutral from Sell, reflecting recent valuation correction and improving margins, while downgrading Mphasis Ltd to Neutral from Buy as the expected turnaround has yet to materialise. UBS also initiated coverage on Coforge Ltd with a Neutral rating.

The brokerage said valuations across the sector have already declined 20-25 percent so far this year, but the de-rating phase may continue until there is clearer evidence of how companies adapt to artificial intelligence-led disruption. The debate has moved beyond demanding stability to whether AI-driven productivity gains will create new revenue streams or lead to pricing pressure and revenue deflation.

UBS introduced a new “VECTOR” framework to track how companies are responding to structural changes, covering Verticals, Employees, Contracts, Technology, Offerings, Regions and Revenue per Employee. Based on this, the report said mid-cap companies appear better positioned, with Persistent Systems and LTIMindtree Ltd leading, while Infosys stands out among large-cap peers.

The brokerage outlined a wide range of potential outcomes, drawing parallels with past technology disruptions. During the cloud transition between 2010 and 2019, incumbents saw about a 20 percent de-rating over two years before recovering 35 percent to 40 percent as new business models scaled. In contrast, a worst-case scenario similar to the Blockbuster versus Netflix shift between 1997 and 2010 could see prolonged disruption, with valuations falling sharply over time if companies fail to adapt.

UBS said AI-led productivity improvements could theoretically result in a 25 percent to 35 percent decline in IT services revenues if gains are competed away, though the actual impact is expected to be lower. The report noted that a higher share of fixed-price contracts could mitigate this effect, with every 20 percentage point increase in such contracts potentially reducing revenue impact by about 20 percent.

Despite the correction in valuations to below three-year averages, recovery will depend on visible evidence of successful business model transformation. UBS has reduced target multiples across the sector but maintained selective positioning based on relative strengths.

The report said selectivity will be critical as dispersion across companies increases in an evolving industry landscape shaped by artificial intelligence and changing delivery models.

UBS cuts IT valuations, sees Infosys, HCLTech, Persistent as top picks

Alkem Laboratories share price down marginally in the opening trade on March 23 despite the company received DCGI approval to manufacture and market Semaglutide Injection in India.

At 09:21am, Alkem Laboratories was quoting at Rs 5,204.05, down Rs 53.70, or 1.02 percent, on the BSE.

The company has launched its semaglutide pre-filled disposable injection pen at a price starting Rs 1,800 for a month’s dosage, which translates into a weekly cost of Rs 450.

Apart from disposable pen, Alkem is offering reusable injection pen for semaglutide administration for higher maintenance doses.

Alkem has received approval from the Drug Controller General of India (DCGI) for manufacturing and marketing semaglutide for type 2 diabetes mellitus and chronic weight management as an adjunct to diet and exercise, subsequent to a review of its Phase 3 clinical trials conducted in India.

The company launched semaglutide injection in India under the brand names “Semasize”, Obesema” and “Hepaglide”.

Catch all the market action on our live blog

The company has received a ‘Certificate of GMP Compliance of a Manufacturer’ from the Malta Medicines Authority for its manufacturing facility located at Daman, India.

The said certificate is valid for a period of three years from December 9, 2025.

Also, earlier in this month, the Department of Pharmacy (Human Medicines) – Germany has issued 'Certificate of GMP Compliance of a Manufacturer’ to company's manufacturing facility located at Baddi, India, which valid for a period of three years from.

Alkem Laboratories gets DCGI nod for Semaglutide Injection; share price fall marginally

DCX Systems share price jumped 9 percent in the early trade on March 23 following the company received purchase order from a domestic customer amounting to about Rs 563.45 crore.

At 09:18am, DCX Systems was quoting at Rs 178.85, up Rs 15.55, or 9.52 percent, on the BSE.

The said order is for manufacture and supply of Maritime Patrol Radar Systems (MPR) for the airborne application.

Catch all the market action on our live blog

On March 18, the company bagged a purchase order of Rs 12.81 crore to manufacture and supply of cable and wire harness assemblies from a domestic &amp;amp; international customers.

Earlier, in this month, the company won an order worth Rs 68.05 crore from Hindustan Aeronautics to manufacture and supply of custom-made antenna and power supplies for the airborne application.

Also, company announced the expansion of the manufacturing capabilities with the addition of oversized PCB assembly capacity at its wholly owned subsidiary, Raneal Advanced Systems.

The newly enhanced capability enables the company to assemble and test largedimension PCBs, catering to applications mainly in defense &amp;amp; aerospace and industrial electronics and advanced power systems.

DCX Systems shares rise 9% on winning purchase order of Rs 563 crore

Let's catch up on the latest news from the stock market.

From significant investments to major deals, quarterly earnings, appointments, and order wins, here’s a quick look at which stocks will be in focus in today's trade:

Stocks to Watch

HDFC Bank: HDFC Bank is currently navigating a leadership transition following the resignation of Chairman Atanu Chakraborty, who cited differences related to personal values, ethics, and certain internal practices. In a related development, the bank has terminated three senior executives in connection with lapses identified at its Dubai branch. The Reserve Bank of India has since clarified that there are no material concerns regarding the bank's conduct, governance, or financial position. Keki Mistry has been appointed as the interim non-executive chairman for a period of three months to ensure continuity during this phase.

South Indian Bank: V.J. Kurian retires as Non-Executive Part-Time Chairman on March 22. Jose Joseph Kattoor (ex-RBI Executive Director) has been appointed, effective March 23, for 3 years (RBI-approved). Senior management elevations were also approved from April 1.

MM Forgings: Board meeting intimated for March 25 to consider raising funds via equity issuance, subject to approvals.

RITES: It has secured LoA for the maintenance of Indian Railways’ 1st high-speed test track. The 64-km-long dedicated test track is developed by RDSO and is designed for comprehensive testing of rolling stock.

P N Gadgil Jewellers Store: The company has executed a retail expansion in the jewellery chain with two new stores in Maharashtra.

Kirloskar Pneumatic: The Company announced allotment of 6,100 shares under ESOP/ESOS.

GE Vernova T&amp;amp;D India: The post-ballot results include updates on having appointed Rashmi Joshi as Independent Director for five years and re-appointed Sandeep Zanzaria as Managing Director &amp;amp; CEO for three years, while also approving related party transactions with UK Grid Solutions Limited.

Tata Steel: The company has commissioned a Rs 3,200 crore project in Punjab, introducing scrap-based EAF technology for low-carbon steel production.

Bulk Deals

Ashish Kacholia (ace investor) sold 10.78 lakh shares (8.25% stake) in Naman Industries Proxima at Rs 53.41 per share for Rs 5.76 crore, while buying 7.73 lakh shares in Aelea Commodities at Rs 120.5 per share for Rs 9.32 crore.

Vanguard Total International Stock Index Fund sold 7.21 lakh shares (0.53% stake) in NIIT at Rs 59.77 per share for Rs 4.31 crore.

Norges Bank sold 60.99 lakh shares (0.63% stake) in Zee Entertainment at Rs 72.73 per share for Rs 44.36 crore. FII exit pressure on media stock.

Chanakya Opportunities Fund I offloaded 2.49 lakh shares (1.07%) in Tridhya Tech at Rs 8.15 for Rs 20.29 lakh.

India Capital Management bought 1.64 lakh shares (0.61%) in Ganesha Ecosphere at Rs 828 for Rs 13.60 crore.

Pine Oak Global Fund sold 3.95 lakh shares (1.85%) in Monika Alcobev at Rs 240 for Rs 9.48 crore.

Stocks Trade Ex-Dividend

Power Finance Corporation: Interim dividend Rs 3.25/share — ex-date and record date March 23.

Castrol India: Final dividend Rs 5.25/share — ex-date March 23.

India Glycols: Interim dividend Rs 7.50/share — ex-date March 23.

Vedanta: Board meeting today (March 23) to consider 3rd interim dividend — potential ex-date/record implications post-decision.

Stock Trades Ex-Date for Rights

TIL Ltd

Sunrest Lifescience Ltd

Regal Entertainment &amp;amp; Consultants Ltd

Stock Trades Ex-Date for Bonus

Metropolis Healthcare

Stocks in F&amp;amp;O Ban

SAMMAN Capital

SAIL

Disclaimer: Moneycontrol is a part of the Network18 group. Network18 is controlled by Independent Media Trust, of which Reliance Industries is the sole beneficiary.

Stocks in focus today: HDFC Bank, South Indian Bank, PFC, Castrol India, Vedanta, MM Forgings, RITES, Texmaco Rail, P N Gadgil Jewellers, India Glycols

Auto Ancillaries - Wheels Industry Stocks
Check latest stock performance, list of stocks, earnings review & more details about the Auto Ancillaries - Wheels industry stocks.

Gainers/Losers

Industry Market Map

Earnings Review-Q3 FY25-26

Stock News

Broader markets crash up to 4%: Mid-, small-cap indices face brunt of West Asia crisis; First Cry, Muthoot Finance, SAIL top losers

UBS cuts IT valuations, sees Infosys, HCLTech, Persistent as top picks

Alkem Laboratories gets DCGI nod for Semaglutide Injection; share price fall marginally

DCX Systems shares rise 9% on winning purchase order of Rs 563 crore

Stocks in focus today: HDFC Bank, South Indian Bank, PFC, Castrol India, Vedanta, MM Forgings, RITES, Texmaco Rail, P N Gadgil Jewellers, India Glycols

Auto Ancillaries - Wheels Industry StocksCheck latest stock performance, list of stocks, earnings review & more details about the Auto Ancillaries - Wheels industry stocks.

Gainers/Losers

Industry Market Map

Earnings Review-Q3 FY25-26

Stock News

Broader markets crash up to 4%: Mid-, small-cap indices face brunt of West Asia crisis; First Cry, Muthoot Finance, SAIL top losers

UBS cuts IT valuations, sees Infosys, HCLTech, Persistent as top picks

Alkem Laboratories gets DCGI nod for Semaglutide Injection; share price fall marginally

DCX Systems shares rise 9% on winning purchase order of Rs 563 crore

Stocks in focus today: HDFC Bank, South Indian Bank, PFC, Castrol India, Vedanta, MM Forgings, RITES, Texmaco Rail, P N Gadgil Jewellers, India Glycols

Auto Ancillaries - Wheels Industry Stocks
Check latest stock performance, list of stocks, earnings review & more details about the Auto Ancillaries - Wheels industry stocks.