Market Wrap, March 11: Indices see sharp recovery from day's lows; NIFTY50 ends above 22,500; IndusInd Bank crashes 27%

The equity benchmark indices on Tuesday, March 11, traded negative following the global cues but later showed some signs of revival. The market sentiment was buoyed majorly by a rout on Wall Street on Monday amid fresh tensions on trade war.

However, gains in the midcap counter and realty counter helped the market to recover from the day’s low. Investors also remained cautious ahead of India’s February inflation reports, which are expected on Wednesday.

The 30-share index BSE Sensex during the opening bell had slipped below the 74,000-mark but later recovered during the day’s trade. The NIFTY50 index also settled above the 22,500 level. The benchmark indices ended the session mixed.

At close, the S&P BSE SENSEX stood at 74,102.32, falling 12.85 points, or 0.02%, while the NSE's NIFTY50 index ended at 22,507.50, rising 47.20 points, or 0.21%.

IndusInd Bank was the biggest laggard on the 50-share index, crashing over 27%.

The market breadth was largely in favour of negative, as 1,868 stocks declined on the NSE out of 2,880 stocks traded during the session.

The broader market also ended mixed, with midcap stocks taking the lead.

Globally, the US stock market suffered a heavy blow on Monday amid fears of a recession. According to a Reuters report, the bloodbath on Wall Street wiped out $4 trillion from the S&P 500’s peak last month, when Wall Street was cheering much of Trump's agenda.

The Dow Jones Industrial Average slipped 890.01 points, or 2.08%, to settle at 41,911.71, while the S&P 500 lost 155.64 points, or 2.70%, to end the session at 5,614.56 levels. The tech-heavy index, the Nasdaq Composite, dropped 727.90 points, or 4.00%, to 17,468.32.

On Monday, the S&P 500 closed down 8.6% from its record high, which was touched on February 19, shedding over $4 trillion in market value since then and nearing a 10% decline that would represent a correction for the index.

All Asian markets are trading lower; the Taiwan Weighted lost 388.06 points, or 1.76%, to 22,071.09; the Nikkei 225 slipped 235.16 points, or 0.64%, to 36,793.11; the Hang Seng declined 184.77 points, or 0.78%, to 23,598.72; the KOSPI dropped 32.79 points, or 1.29%, to 2,537.60; and the Shanghai Composite was down by 0.82 points, or 0.02%, to 3,365.34.

Meanwhile, the foreign institutional investors (FIIs) offloaded equities worth ₹485.41 crore on a net basis on Monday, according to exchange data.

As many as 2,958 stocks traded on the NSE on Tuesday. Out of this, 1,850 declined and 1,041 stocks advanced, while 67 scrips remained unchanged.

A total of 14 stocks hit their 52-week highs, while 200 stocks touched their one-year lows. Besides, 46 stocks hit their upper circuit limits, and 205 touched their lower circuit bands on Tuesday.

India VIX, the volatility gauge, was trading 0.62% higher at 14.07 levels.

The broader market closed mixed on Tuesday. Nifty Midcap 100 advanced 0.67% at 48,762.75-level while Nifty Smallcap 100 declined 0.80% to settle at 15,075.90.

Nifty Realty (3.63%), Nifty Oil and Gas (1.21%), Nifty Midsmall IT & Telecom (1.08%), Nifty Financial Services (0.77%) and Nifty Financial Services (0.64%) were among the contributors.

Nifty Private Bank (-1.38%), Nifty Bank (-0.75%), Nifty IT (-0.65%), Nifty Auto (-0.34%) and Nifty Media (-0.18%), were among the most losing sectors.

As many as 33 stocks on the NIFTY50 index traded in green, while only 17 closed negatives. The biggest gainers on the index were Trent, BPCL, Sun Pharma, Bharat Electronics and ICICI Bank, rising as much as 4.13%.

On the flip side, the top five losers were IndusInd Bank, Infosys, Bajaj Finserv, Mahindra and Mahindra (M&M) and Power Grid, declining as much as 27.06% on the 50-share index.

“A final report of the external agency is awaited, and based on which the bank will appropriately consider any resultant impact in its financial statements,” the bank said in a statement.

The company, in an exchange filing, said: “Major orders include RF seekers, vessel and air traffic management systems, electro-optic repair facilities, radar upgrades, spares, services, etc.”

“Each stock option is convertible into one fully paid-up equity share having a face value of ₹1 each,” the company said in an exchange filing on Tuesday. Its exercise price is ₹9 per stock option.