Benchmark indices ended in the green, recovering from a gap down start, despite selling pressure in IndusInd Bank due to accounting concerns and IT shares tracking the overnight weakness in Nasdaq.
At close, Nifty 50 ended at 22,500 and the Sensex remained flat near 74,100 with selloff in IndusInd Bank shares weighing on the sentiment in the banking pack. Realty, telecom, and oil & gas stocks saw strong gains. The BSE Midcap index rose 0.7% and the Smallcap index slipped 0.7% at close.
Stocks had opened sharply lower on March 11, with all sectors in the red, tracking Wall Street’s steep selloff that rubbed off on Asian markets, denting investor sentiment globally on worries of a US recession amid escalating trade tensions.
A Nuvama said that despite recent correction, small and midcap stocks are still at expensive valuations, making them vulnerable to further decline. So far this year, small and midcap indices have dropped 24% and 20.5%, respectively.
Top Gainers
Macrotech Developers (Lodha) led the pack with a strong rally, surging over 5% after the company sealed a deal to acquire a 3.4-acre land parcel in Mumbai’s Jogeshwari West suburb from Unichem Laboratories for more than Rs 279 crore.
Godrej Properties saw a solid uptick, climbing over 3% to help the Nifty Realty index bounce back nearly 3% and snap its three-day losing streak.
Sun Pharma shares gained over 3% after ICICI Securities upgraded the stock to ‘Buy.’ The stock has been riding on investor optimism following its $355 million acquisition of Nasdaq-listed Checkpoint Therapeutics.
Bharat Electronics Ltd (BEL), a key defence PSU, saw its shares rise about 2% after securing fresh orders worth Rs 843 crore. This pushed its total order inflows for FY25 to Rs 14,567 crore. The new contracts cover RF seekers, radar upgrades, vessel and air traffic management systems, electro-optic repair facilities, spares, and services.
ICICI Bank shares climbed around 2.5% while the broader market was subdued owing to weakness in IT, banking, and auto stocks. ICICI Bank played a key role in the rebound, however, the Bank Nifty continued its downward trend for a second straight session.
Top Losers
IndusInd Bank shares crashed 26% on March 11, its worst fall ever, extending the losing streak to five straight sessions. IndusInd shares briefly touching Rs 670, a level last seen on November 3, 2020.
360 One WAM slipped 2.88%, losing over 10% in just two sessions as retail investor participation weakens amid five consecutive months of equity market declines.
Angel One shares fell 2.84%, marking its third straight session in the red after Goldman Sachs cut its price target for the second time in a week to Rs 4,230 per share, maintaining a ‘Neutral’ rating.
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Shares of struggling EPC player Gensol Engineering extended their losing streak to 11 sessions on March 11, as investors offloaded their holdings. The stock has hit a multi-month low, weighed down by multiple ratings downgrades and concerns over delays in servicing its term loan obligations.
Mahindra & Mahindra (M&M) shares dropped over 3% but recovered later, as selling pressure persisted. The stock hit a 52-week high on February 10 but remains above its 52-week low of Rs 1,789 from March 15 last year.
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