Top gainers and losers, March 2: IndiGo tanks 6%, L&T falls 5%, Adani Ports down 3%; check list

Over the weekend, the US and Israel attacked Iran, with the crisis intensifying following the death of Iran’s Supreme Leader, Ayatollah Ali Khamenei. The escalation has jolted global energy markets, with traders focusing on the Strait of Hormuz, the narrow waterway linking the Persian Gulf to the Gulf of Oman. Nearly 20% of global petroleum liquids and about a fifth of global liquefied natural gas shipments transit the strait.

Oil prices surged sharply, as Brent Crude oil (futures for May delivery) rallied as much as 13.04% to a 52-week high of $82.37 per barrel.

On Friday, the foreign institutional investors (FIIs) sold shares worth ₹7,536.36 crore, while the domestic institutional investors (DIIs) purchased equities worth ₹12,292.81 crore on a net basis, according to exchange data.

The SENSEX crashed as much as 2,743.46 points to hit an intraday low of 78,543.73. Meanwhile, the NIFTY50 tanked to touch the day’s low of 24,603.50.

The SENSEX dropped 1,048.34 points or 1.29% to end at 80,238.85. Similarly, the NIFTY50 closed lower by 328.05 points or 1.30% at 24,850.60.

NIFTY50 top gainers and losers

The 50-share NIFTY index was dragged down by selling in the shares of InterGlobe Aviation (IndiGo), which closed 6.09% lower, amid a decline in tourism and tourism-adjacent stocks as major airspaces and airports in the Middle East remain closed due to the ongoing conflict. Furthermore, aviation stocks are largely sensitive to an increase in oil prices, as aircraft fuel and oil account for a substantial 28.7% of total airline costs, according to WATS.

It was followed by Larsen and Toubro (-5.24%), which fell as the company remains one of the largest Indian players in the Middle East, with significant business exposure to the region.

According to JM Financial estimates, as reported by news channels, nearly 37% of the company’s order book is linked to Middle Eastern projects, while around 33% of its order inflows in 9MFY26 have come from the region.

Adani Ports and Special Economic Zone (-3.43%), Maruti Suzuki India (-3.29%) and Asian Paints (-3.08%) were among the top other losers of the day.

The stock of Asian Paints fell as it is an oil-sensitive company.

On the other hand, the top pack of gainers was led by Bharat Electronics, which surged 2.13%, as investor sentiment remained strong on defence stocks amid the Middle East conflict.

Hindalco Industries (1.70%), Sun Pharmaceutical Industries (0.93%), Oil & Natural Gas Corporation (0.63%) and ITC (0.35%) trailed behind BEL.

Shares of ONGC advanced as it is an upstream company, which means it explores for and produces crude oil. When global oil prices increase, the oil they sell fetches a higher price, directly boosting their revenue and profit margins (assuming production costs remain largely unchanged). In simple terms, higher crude prices mean they earn more for the same barrel of oil, which improves earnings expectations and makes their stocks more attractive to investors.

Just eight out of 50 stocks in the NIFTY50 index advanced, rest declined.

NIFTY Midcap 100 top gainers and losers

NSE’s midcap gauge, the NIFTY Midcap 100, fell by 935.10 points, or 1.58%, to close at 58,180.50 on Monday. Of its 100 constituents, only 10 stocks advanced, while the remaining 90 declined.

The index was weighed down by Rail Vikas Nigam (-5.15%), Indian Renewable Energy Development Agency (-4.70%), Swiggy (-3.94%), Voltas (-3.93%) and Suzlon Energy (-3.91%), which were among the top laggards.

On the flipside, the top winners included Tube Investments of India (3.47%), Muthoot Finance (3.35%), KEI Industries (2.75%), National Aluminium Company (2.09%) and Lupin (0.66%).

NIFTY Smallcap 100 top gainers and losers

The NIFTY Smallcap 100 ended at 16,632.40, down by 296.50 points or 1.75% on March 2.

Redington (-6.90%), IFCI (-5.92%), Himadri Speciality Chemical (-5.74%), Aegis Vopak Terminals (-4.94%) and JBM Auto (-4.68%) were its top losers.

On the contrary, its top gainers were Tejas Networks (6.90%), Multi-Commodity Exchange (2.55%), Neuland Laboratories (2.21%), Anand Rathi Wealth (2.01%) and Hindustan Copper (1.71%).