SENSEX plunges 2%, NIFTY50 below 23,250 in noon deals; ACME Solar, Tata Motors among buzzing stocks

The Indian equity market continued to decline in the afternoon session on Friday, March 13, amid a rally in crude prices as the war in West Asia showed no signs of de-escalation.

Furthermore, the rupee slumped 12 paise to its record low of 92.37 against the US dollar in early trade, as FII outflow continued for the 10th day.

The SENSEX slumped by as many as 1,346 points to an intraday low of 74,688.95. Meanwhile, the NIFTY50 touched the day’s low of 23,193.55.

At 12:40 PM, the S&P BSE SENSEX was trading 1,263.98 points, or 1.66% lower at 74,770.44, while NSE’s NIFTY50 stood at 23,216.95, reflecting a 422.20 points, or 1.79% decline.

On March 12, the foreign institutional investors (FIIs) sold stocks worth ₹7,049.87 crore, while the domestic institutional investors (DIIs) purchased equities worth ₹7,449.77 crore on a net basis, according to exchange data.

Furthermore, the India VIX, the volatility gauge, spiked over 3% during Friday’s noon session.

The top losers in the NIFTY50 index were Larsen & Toubro (L&T), which fell 5.71%. It was followed by Hindalco Industries (-5.45%), Tata Steel (-4.60%), Tata Motors Passenger Vehicles (-4.38%) and Eicher Motors (-3.94%).

On the contrary, just three out of 50 stocks advanced in the index, including Tata Consumer Products (2.29%), Hindustan Unilever (1.65%) and Bharti Airtel (0.14%).

Buzzing stocks on March 13: Check list

Smart meter stocks, such as Genus Power Infrastructures, HPL Electric & Power, Adani Energy Solutions, and ITI Limited, among others, were in the spotlight, as a parliamentary panel urged the power ministry to undertake urgent measures to accelerate the installation of smart meters in a structured and time-bound manner.

Smart meters are digital electricity meters that automatically record and transmit power consumption data to the utility company in real time, eliminating the need for manual meter readings.

The Eleventh Report of the Committee on 'Demands for Grants (2026-27) of the Ministry of Power' was tabled in Parliament on Thursday.

Shares of Tata Motors CV were trading in red, despite announcing that it won cumulative orders for more than 5,000 buses and bus chassis from multiple State Transport Undertakings (STUs) across India.

In a regulatory filing, it stated that each tender was awarded through a competitive e-bidding process under the Government’s procurement system, with deployments scheduled in phases, as agreed with the respective STUs.

The stock of ACME Solar Holdings surged as much as % to an intraday high of ₹ per equity share on Friday, March 13, on the National Stock Exchange (NSE).

This comes after the company said that, through its various subsidiaries, it has commissioned 142.67 MW / 481.49 MWh of Battery Energy Storage System (BESS) in phase-1 out of its total planned BESS capacity of 585 MW/ 2011.24 MWh under these Special Purpose Vehicles (SPVs).

Max Financial Services shares fell on the NSE, despite its board approving the fundraiser for an amount aggregating up to and not exceeding ₹2,000 crore through Qualified Institutions Placements (QIPs).

“The proposed utilization of fund raise is primarily to meet the funding requirements of its material subsidiary company, viz., Axis Max Life Insurance Limited, for supporting its business growth and expansion plans and balance for general corporate purposes,” it stated in an exchange filing on Thursday.

HFCL stock gained as much as 3.66% to hit a high of ₹77.20 on the NSE, before falling into the negative territory.

In its filing to stock exchanges, HFCL said it has entered into a five-year supply agreement with a customer for the supply of high-quality, high-fibre-count Optical Fibre Cables (OFC) through its overseas, wholly owned subsidiary.

The company said the total potential value of the contract over its tenure is estimated at nearly $1.10 billion, equivalent to around ₹10,159 crore, based on prevailing selling prices of OFC products being supplied.

Shares of Ramky Infrastructure rallied as much as 6.64% to ₹489 apiece on the NSE on Friday, as the company secured a ₹3,000 crore order from Maharashtra Industrial Development Corporation (MIDC).

In an exchange filing on March 13, the company said that a concession agreement has been executed between MIDC and the company's wholly-owned subsidiary, Maha Integrated Life Sciences City Limited, as a developer.

The project was awarded for the "development, operation, maintenance and management of the upcoming high-tech pharmaceutical park in Dighi Port Industrial Area, Mangaon and Roha Taluk, Raighad District in the state of Maharashtra on PPP Basis."