Top gainers and losers on March 12: SENSEX, NIFTY edge lower; Infosys stock plunges 4.26%

The Indian equity benchmark ended lower on Wednesday, March 12, dragged down by selling pressure in information technology (IT) shares. The 30-share SENSEX fell for fourth session in a row and NIFTY50 index resumed decline after a day's pause in the previous session. The SENSEX ended 73 points lower 74,029.76 and NIFTY50 index declined 27 points to close at 22,470. The benchmarks opened higher but soon edged lower owing to selling pressure in IT shares amid mounting concerns over the US economy entering recession.

Top gainers and losers

“We see downside risks emerging for both the revenue growth of Indian IT services and valuation multiples,” wrote Morgan Stanley analyst Gaurav Rateria in an investor note. According to news reports, analysts note that the company’s growth may be compromised due to weaker deal wins in fiscal year 2025 compared to the previous year.

Wipro (-3.31%), Tech Mahindra (-2.77%), Nestle India (-2.48%) and Tata Consultancy Services (-1.93%) were also among the losers.

On the other hand, IndusInd Bank staged a strong rebound after falling 27% in the previous session. The stock rose 4.38% to close at ₹684.70. Tata Motors (3.12%), Kotak Mahindra Bank (2.45%), Bajaj Finance (1.73%) and ITC (1.53%) were also among the gainers.

Market statistics

As many as 4,122 stocks traded on the BSE on Wednesday. Out of this, 1,494 advanced and 2,491 stocks declined, while 137 scrips remained unchanged.

A total of 63 stocks hit their 52-week highs, while 274 stocks touched their one-year lows. Besides, 8 stocks hit their upper circuit limits, and 7 touched their lower circuit bands on Tuesday.

India VIX, the volatility gauge, stood at 13.69, declining 2.70%.

Broader market

The broader markets ended lower as NIFTY Midcap 100 index fell 0.57% and NIFTY Smallcap 100 index declined 0.215.

Sector watch

Four of 13 sector gauges compiled by the National Stock Exchange ended lower dragged down by weakness in NIFTY IT index's nearly 3% fall. NIFTY Metal, PSU Bank and Realty indices also fell between 0.5-1.65%.

On the flipside, NIFTY Bank, Auto, Financial Services, Pharma, Private Bank and Oil & Gas indices gained between 0.4-0.7%.

Stocks in news

The stock jumped up to ₹697.65 during the day.

This agreement is subject to SpaceX receiving authorisations to sell Starlink's satellite communications-based services in India, Airtel said in a statement.

It further said that the capital infusion would be done to meet its general operating expenses and enhance brand awareness, office presence, and strategic initiatives.