Top gainers and losers on March 10: SENSEX, NIFTY50 erase gains; IndusInd Bank drops nearly 4%

The Indian equity benchmarks erased intraday gains to end lower on Monday, March 10. The National Stock Exchange benchmark NIFTY50 index snapped its three-day winning streak while the 30-share SENSEX fell for second straight session. The NIFTY50 index touched an intraday low of 22,429.05 after hitting high of 22,676.75 in morning deals while the SENSEX index dropped 719 points from the day's highest level. For most part of the day, the benchmarks were trading firmly higher before they succumbed to profit booking in afternoon trading.

Top gainers and losers

Market statistics

As many as 4,229 stocks traded on the BSE on Friday. Out of this, 1,203 advanced and 2,877 stocks declined, while 149 scrips remained unchanged.

A total of 75 stocks hit their 52-week highs, while 129 stocks touched their one-year lows. Besides, 11 stocks hit their upper circuit limits, and 4 touched their lower circuit bands on Thursday.

India VIX, the volatility gauge, stood at 13.99, rising 3.82%.

Broader market

The broader market underperformed its larger peers as Nifty Midcap 100 index dropped 1.53% and Nifty Smallcap 100 index declined 1.97%.

Sector watch

Selling pressure was broad-based as all the 13 major sector gauges compiled by the National Stock Exchange, barring the measure of FMCG shares, ended lower dragged down by weakness in Nifty PSU Bank index's nearly 2% fall. Nifty Bank, Consumer Durables, Realty, Auto, Metal, Pharma and Bank indices also fell between 0.5-2% each.

Stocks in news

According to a Bloomberg report, an investigation on Ola Electric found that out of roughly 3,400 showrooms for which data is available, a little over 100 locations had trade certificates required under India’s Motor Vehicles Act.

More than 95% of the electric scooter maker’s store lacked the basic certification needed to display, sell, offer test rides on or transport unregistered two-wheelers.

The announcement led to a surge in Infosys shares, rising as much as 1.95% to hit an intraday high of ₹1,719.

Infosys shares have corrected 16% from their 52-week high of ₹2,006.45, the stock touched on December 13, 2024, data from the National Stock Exchange showed. At close, shares of the firm settled at ₹1,700.05 per share, rising 0.83% on NSE.

The stock, which has been reeling under pressure after credit rating downgrades by CARE and ICRA, announced on Friday, March 7, that the company's promote₹have sold approximately 2.37% of total equity shares of the company, amounting to 9,00,000 shares, to unlock liquidity that will be reinvested into the business through equity infusion.

This step is part of a strategy aimed at reinforcing the company’s balance sheet and supporting stability, it said.