India’s stock market witnessed a volatile session on March 11, with key indices opening sharply lower but recovering by the end of the day. While realty and telecom stocks gained, banking shares saw mixed performance, with IndusInd Bank taking a massive hit. The market movement was influenced by global concerns, including trade tensions and fears of a US recession.
Indian stock markets faced a turbulent session on March 11, opening with sharp losses due to global concerns, but recovering by the close. Benchmark indices Nifty 50 and Sensex managed to regain lost ground, despite significant selling pressure in banking and IT stocks.
Market Overview
At close, the Nifty 50 ended at 22,500, while the Sensex remained near 74,100. IndusInd Bank’s significant decline weighed heavily on banking stocks, while realty, telecom, and oil & gas sectors saw strong gains. The BSE Midcap index rose 0.7%, while the Smallcap index slipped by the same margin.
Top Gainers
- Macrotech Developers (Lodha): The stock surged over 5% following the company’s land acquisition deal worth $33.5 million in Mumbai’s Jogeshwari West.
- Godrej Properties: Realty stocks rebounded, with Godrej Properties rising over 3%, helping the Nifty Realty Index snap a three-day losing streak.
- Sun Pharma: The pharma giant gained 3% after ICICI Securities upgraded the stock to ‘Buy’ following its $355 million acquisition of Checkpoint Therapeutics.
- Bharat Electronics Ltd (BEL): The defense PSU gained 2% after bagging fresh orders worth $101 million, boosting its FY25 order book to $1.75 billion.
- ICICI Bank: Despite broader market weakness, ICICI Bank climbed 2.5%, supporting market recovery.
Top Losers
- Induslnd Bank: The stock crashed 26%, marking its biggest-ever single-day fall, hitting a 52-week low of INR 670 due to accounting concerns.
- 360 One WAM Ltd: The stock dropped 2.88%, accumulating 10% losses over two sessions, as retail investor participation weakened.
- Angel One Ltd: Declining for the third consecutive session, Angel One fell 2.84%, impacted by Goldman Sachs cutting its price target to INR 4,230.
- Gensol Engineering: Shares of the struggling EPC firm extended their losing streak to 11 sessions, amid investor concerns over loan servicing delays.
- Mahindra & Mahindra (M&M): The auto major lost 3% in early trade, though it later recovered slightly, staying above its 52-week low of INR 1,789.
Market Outlook
Analysts warn that small and midcap stocks remain overvalued despite recent corrections, leaving them vulnerable to further declines. Global concerns, including a possible US recession and trade tensions, are also expected to keep investors cautious in the coming weeks.
