Closing Bell: Nifty at 22,500, Sensex flat as IndusInd Bank crashes; realty, telecom, oil & gas rally

Indian equity indices ended on flat note in the volatile session on March 11. At close, the Sensex was down 12.85 points or 0.02 percent at 74,102.32, and the Nifty was up 37.60 points or 0.17 percent at 22,497.90.

We wrap up today's edition of the Moneycontrol live market blog, and will be back tomorrow morning with all the latest updates and alerts. Please visit https://www.moneycontrol.com/markets/global-indices for all the global market action.

After showing weakness from near the hurdle of 22700 levels on Monday, Nifty witnessed smart upside recovery from the lows on Tuesday and closed the day on a positive note. After opening with a downside gap of 115 points the market shifted into an upside recovery soon after the opening. The bounce continued amidst a range movement in the mid to later part of the session and Nifty finally closed near the highs. The opening downside gap has been filled completely.

A long bull candle was formed on the daily chart which is signaling a formation of bullish 'meeting line' type candle pattern after a small decline. Similar candle pattern was formed on 4th March and that was followed by a reasonable bounce in the market. Hence, this is positive indication and further upside from here could confirm the reversal pattern.

After the negative chart pattern like lower tops and bottoms over the last few weeks, Nifty is now in the process of forming a new higher bottom at 22300 levels. A decisive upmove above the hurdle of 22700-22800 levels could confirm the bullish shift and that could open more upside in the near term. Immediate support is placed at 22315 levels.

Markets remained volatile but managed to close slightly in the green amid mixed signals. A weak global outlook led to a gap-down opening, but selective buying in heavyweight stocks helped recover losses and push the indices higher by the close. As a result, the Nifty index ended at 22,497.90, up 0.17%.

Sector-wise, a mixed trend kept traders cautious—realty, financials, and metals posted gains, while banking and IT ended in the red. Broader markets also showed divergence, with the midcap index rising over half a percent, while smallcaps slipped into negative territory.

Looking ahead, global cues, particularly from the U.S., may continue to drive volatility. On the technical front, a decisive breakout from the 22,250-22,650 range could set the next directional move for Nifty; otherwise, the sideways trend may persist. In the current environment, we maintain our view of selective stock-picking while managing positions on both sides.

Today, the benchmark indices witnessed a modest recovery from lower levels, with the Nifty ends 38 points higher. Among sectors, the Realty index outperformed, rallying by 3.75 percent, while the Private Banks and Capital Market indices shed over 1 percent.

Technically, in the backdrop of weak global sentiment, our market opened with a gap down; however, due to buying interest at lower levels, it recovered sharply. We believe that as long as the market is trading above 22,300/73700, the short-term outlook remains bullish. On the higher side, it could retest the levels of 22,600-22,650/74500-74700. Conversely, if it falls below 22,300/73700, the sentiment could change. Below this level, traders may prefer to exit their long positions.

The Nifty started the day with a gap down, following weak global cues. However, during the day, the sentiment remained positive. Overall, the sentiment remains positive for the very short term, supported by strong momentum in the RSI indicator and the index closing above the 50 EMA on the hourly timeframe.

In the very short term to short term, the index might continue its strength with the potential to reach 22,660–22,700. Above 22,700, the Nifty might move towards 23,000. On the lower end, support is placed at 22,400 on a sustained basis.

Despite significant selloffs in the U.S. and other Asian markets driven by concerns over an economic slowdown caused by the ongoing trade war, the domestic market is showing signs of a gradual recovery. Its relatively lower volatility can be attributed to a moderation in valuations following recent corrections, along with supportive factors such as falling crude oil prices, an easing Dollar Index, and expectations of a rebound in domestic earnings.

These elements are expected to contribute to stability amid prevailing trade uncertainties. Meanwhile, attention remains on the upcoming retail inflation data, which could provide insights into potential interest rate cuts.

Markets ended mixed in a choppy trading session with benchmark Nifty erasing its losses towards close due to selective buying. Weakness in Asian and US markets indices kept the mood cautious, while strong foreign fund outflows coupled with volatile currency and global economic uncertainty continue to make investors risk averse.

Benchmark Index opened on a subdued note, influenced by weak global cues, but quickly bounced back from its immediate support level of 22,330. After a rangebound mid-session, a sudden surge towards the close enabled the Index to end the trade at 22,497.90 with notable gains of 37.60 points. On the sectoral front, Realty emerged as the top performer, gaining over 3%, followed by Metal, while BankNifty and IT sectors were the major laggards.

The broader market showed a contrasting trend, with Midcaps rising by more than 0.60%, outperforming the Benchmark Index, while Smallcaps declined nearly 1%, underperforming.

As highlighted previously, the Index successfully defended the 22,330 support level, which remains a key level for the near term. To strengthen its upward momentum, the Index must overcome the resistance zone of 22,620-22,730.

Indian rupee ended 12 paise higher at 87.21 per dollar on Tuesday against Monday's close of 87.33.

Indian equity indices ended on flat note in the volatile session on March 11.

At close, the Sensex was down 12.85 points or 0.02 percent at 74,102.32, and the Nifty was up 37.60 points or 0.17 percent at 22,497.90. About 1411 shares advanced, 2406 shares declined, and 115 shares unchanged.

BSE Midcap index was up 0.7 percent, while smallcap index was down 0.7 percent.

Trent, Sun Pharma, ICICI Bank, Shriram Finance, BPCL were among the top gainers on the Nifty, while losers were IndusInd Bank, Infosys, Bajaj Finserv, Power Grid Corp, M&M.

Among sectors, metal, realty, telecom, oil & gas rose 0.5-3 percent, while auto, IT, bank fell between 0.3-0.7 percent each.

Indian Rupee traded flat to positive today on weak tone in the US Dollar index and a decline in the US 10-year treasury yields. Weak crude oil prices and mixed to positive domestic markets too supported the Rupee. However, FII outflows capped sharp gains.

We expect Rupee to trade with a slight positive bias on weakness in the US Dollar index and a recovery in the domestic markets. However, uncertainty over the trade tariff issue and FII outflows may cap sharp upside.

Traders may take cues from JOLTS job openings data from the US. Investors may remain cautious ahead of the inflation data from the US and India this week. USDINR spot price is expected to trade in a range of Rs 86.95 to Rs 87.40.

#1 Estimates a 200 bps YoY decline in FY26 is possible

#2 Credit costs in Q4FY26 can be 300 bps lower than Q4FY25

#3 This could drive consensus EPS upgrades; PE ratios would fall, making valuations attractive

#1 Sharp correction makes Indian OMCs trade below their historic mean valuations, do not see business deterioration

#2 Negatives: INR & GRM weakness

#3 Positives: low oil prices, auto fuel demand, & minimal government intervention

#4 Maintain buy call on BPCL – target price Rs 440

#5 Maintain buy call on HPCL, target price Rs 450, IOC, target price Rs 170

#1 Domestic market outlook is uncertain in the near term

#2 Management remains confident of export potential, especially for EVs

#3 Deterioration in domestic demand or lack of export traction are downside risks

#1 Post 25 percent YTD dip, Voltas trades at 40X PE FY26, discount to hit 5-year average

#2 9MFY25 leadership market share is steady at 21 percent

#3 Analysis of past 20 quarters shows that Voltas's RAC market share often slows in Q4

#4 Slows in Q4 but recovers thereafter to >20 percent

#5 Estimates Voltas’s growth to normalize in Q4FY25 Vs 9MFY25, due to high base last year

#6 AC industry is likely to be well-stocked in compressors to cater to +25-30 percent YoY demand this summer

#1 Fitch affirms Union Bank Of India at BBB-/Stable; Upgrades Viability Rating

#2 Fitch Affirms Bank Of India at `BBB-/Stable; Upgrades Viability Rating

#1 To acquire Checkpoint Therapeutics

#2 To pay USD 355 million in upfront payment

#3 Acquisition adds to the company’s specialty business

#4 The company has a presence in onco-derm (cancer of skin) through Odomzo & Nidlegy

The Board has approved the re-appointment of Sukhdev Singh Khinda as Managing Director of the company, and Salwinderjit Kaur as Whole-Time Director of the company.

The Sensex was up 16.08 points or 0.02 percent at 74,131.25, and the Nifty was up 48.55 points or 0.22 percent at 22,508.85. About 1202 shares advanced, 2389 shares declined, and 101 shares unchanged.

The Board has approved the issuance of non-convertible debentures (NCDs) worth up to Rs 500 crore.

The plant for manufacture and supply of HFC (R32) at Surat has commenced commercial operations with dispatch of the first commercial lot to the customer today.

Adani Energy Solutions share price recovers more than 2 percent from day's low

The Board has approved the appointment of Sachin Kumar Agrahari as Chief Financial Officer of the company, replacing Sushil Prajapati, effective March 10. Sushil Prajapati has resigned as Chief Financial Officer.

The custom synthesis and specialty chemicals company has signed a 10-year letter of intent valued at $106 million (approximately Rs 922 crore) with a Korean multinational company.

The company has secured additional orders worth Rs 843 crore since March 6, 2025. Major orders include RF seekers, vessel and air traffic management systems, electro-optic repair facilities, radar upgradation, spares, and services. With these orders, its total accumulated orders during the current financial year stand at Rs 14,567 crore.

Promoters have infused Rs 29 crore into Gensol through the conversion of warrants into equity. The warrants will be converted into 4,43,934 equity shares at a price of Rs 871 per share.

The company announced its entry into the daily supplements space with the expansion of its Arth range. Arth offers a wide range of supplements that harness the power of ancient Indian herbs like Brahmi.

The board of directors approved the appointment of Ajit Pratap Singh as the Chief Financial Officer and Key Managerial Personnel of the company with effect from March 24, 2025.

The Sensex was up 26.78 points or 0.04 percent at 74,141.95, and the Nifty was up 36.70 points or 0.16 percent at 22,497.00. About 1144 shares advanced, 2400 shares declined, and 103 shares unchanged.

Investigators from the Bioresearch Monitoring Program (BIMO) and the Office of Study Integrity & Surveillance (OSIS) of the US Food and Drug Administration (US FDA) completed a five-day comprehensive inspection of the company's Clinical Research Organisation, AnaCipher, in Hyderabad.

The on-site inspection, conducted during March 3-7, covered both clinical and bioanalytical phases of three Bioavailability and Bioequivalence (BA/BE) studies submitted by clients to the US FDA.

The facility received one Form 483 at the end of the inspection, which will be responded to within the specified timeframe.

The board of directors of Zydus Lifesciences at its meeting held today approved entering into a Put Option Agreement, Share Purchase Agreements, and other agreements to acquire, directly or through its affiliates, a controlling stake i.e. 85.6% equity shares of Amplitude Surgical SA, France from the existing shareholders at a price of Euro 6.25 per equity share aggregating to a consideration value of Euro 256.8 million.

The company's subsidiary, Thermax Chemical Solutions, has entered into a Share Subscription and Shareholders Agreement with Brazil-based Oswaldo Cruz Química Indústria E Comércio Ltda (OCQ) to establish a new company in India.

Thermax Chemical Solutions will hold a majority 51% stake in the new company, with the remaining 49% held by OCQ. This partnership aims to establish a dedicated production facility for manufacturing acrylic resins in India.

#1 Shares set to post biggest single-day fall ever

#2 Company erases market cap of nearly Rs 18,000 crore today

#1 Receives new orders worth Rs 8.43 billion

#2 Major orders include RF seekers, vessel, air traffic management system

#3 Major orders include electro optic repair facility, radar upgradation, spares & more

#4 BEL received new orders worth Rs 5.77 billion on March 6

#5 Overall order inflow for FY25 now stands at Rs 146 billion, compared with guidance of Rs 250 billion

R S Bansal has been reappointed as Chief Financial Officer of the company for three years, effective April 1, 2025.

Ace investor Madhusudan Kela and Yash Kela-backed Singularity AMC, along with its partners, has signed definitive agreements to invest up to Rs 500 crore in Bhilwara Energy, an associate company of HEG.

The investment will support Bhilwara Energy in creating an integrated energy transition platform, HEG Greentech, focused on power assets, battery-grade anode materials, food-grade bottle-to-bottle recycling, graphene, and advanced battery systems manufacturing for energy storage & electric vehicles.

The company has received a work order from Coal India for engagement as an E-auction service provider for conducting e-auctions of coal and coal products of Coal India/coal companies for two years.

The company has received a Letter of Acceptance for a project worth Rs 312 crore from Maharashtra State Electricity Transmission Co.

The US stock market experienced a significant sell-off, with major indices like the S&P 500 declining by 2.7%—a drop of nearly 9% from its February 19, 2025 peak—losing almost 250 points in a single day. The Dow Jones Industrial Average also plummeted by 900 points as of March 10, 2025.

It is a drop which is driven by multiple factors, including trade policy uncertainties and fears of a potential recession. However, the primary concern has been the ongoing back-and-forth tariff announcements, which have unsettled investors and further dampened market sentiment. Concerns about a possible economic slowdown—or even a recession—have added to the turmoil, with the technology sector being the most affected.

Furthermore, with U.S. President Trump firm on imposing reciprocal tariffs starting in April, volatility is expected to remain elevated despite near-term risks.

#1 Hindustan Zinc: Serentica to provide up to 530mw renewable power

The firm set the floor price at Rs 1219.65 a share for QIP

IIFL Capital: SEBI inspection on merchant banking debt issues

The Board members will be meeting on March 17 to consider the second interim dividend for the financial year 2024-25.

The company has made an investment of Rs 300 crore on a rights basis in its subsidiary, Aditya Birla Housing Finance. Post this investment, there is no change in the percentage shareholding of Aditya Birla Capital, and Aditya Birla Housing Finance continues to be a wholly owned subsidiary of the company.

The company has opened its QIP issue on March 10 and set a floor price at Rs 1,219.65 per share.

The company launched a Qualified Institutions Placement (QIP) on March 10. The floor price has been fixed at Rs 12,112.50 per share.

The company has signed a Memorandum Of Understanding (MoU) with Wavin Industries for acquisition of its Indian piping (building and infrastructure) business, at an aggregate consideration of USD 30,000,000 (United States Dollars thirty minions) plus net working capital on the closing date, to be decided in due course. This is subject to due diligence and applicable regulatory approvals.

The Sensex was down 247.18 points or 0.33 percent at 73,867.99, and the Nifty was down 60.70 points or 0.27 percent at 22,399.60. About 929 shares advanced, 2244 shares declined, and 111 shares unchanged.

#1 Discloses potential loss of 2.4 percent of net worth

#2 Bank mentions that inter desk swap accounting of FX hedges had a process flaw within the bank

#3 The flaw led to an understatement of costs

#4 Visibility on stock continues to reduce

#5 Over the past 3 months, the CFO has resigned, and the CEO has been given a shorter-than-expected tenure extension

#6 Now, they are made aware of a big loss in the derivatives portfolio

#7 See downside risk to numbers post the company’s disclosure