Indian equity markets saw a mixed session on Wednesday, March 12 as banking and financial sector stocks gained while IT shares struggled. The Nifty 50 closed 0.12 per cent lower at 22,470.5, shedding 27.4 points, while the BSE Sensex declined nearly 0.1 per cent, losing 72.56 points to settle at 74,029.76.
Top Gainers and Losers
IndusInd Bank Ltd. and Tata Motors Ltd. led the gainers on the Nifty, with the former rebounding sharply after a five-day losing streak. The stock, which has plummeted 30 per cent over the past week on the NSE, saw a surge in buying interest. Tata Motors closed 3.1 per cent following reports that its subsidiary, Jaguar Land Rover, scrapped plans to manufacture electric vehicles in India. Kotak Mahindra Bank Ltd. and Bajaj Finance Ltd. also ended in positive territory.
IT stocks dragged the market lower, with Infosys Ltd. tumbling 4.31 per cent and Wipro Ltd. falling 3.34 per cent. The Nifty IT index slipped into bear market territory, having dropped 21.67 per cent from its December peak. Tech Mahindra Ltd. lost 2.84 per cent, while Tata Consultancy
Services Ltd. and Nestle India also closed in the red. Infosys hit an intraday low of 5.88 per cent before recovering slightly to close lower by 4.31 per cent, remaining the worst performer among Nifty constituents.
Sectoral And Broader Market Trends
Despite weakness in IT stocks, major sectors such as Nifty Bank, Nifty Auto, Nifty Financial Services and Nifty Oil And Gas posted gains. The Nifty Midcap 100 index declined 0.57 per cent at the close and the Nifty Smallcap 100 closed lower by 0.21 per cent. The broader market shed approximately Rs 48,700 crore in market capitalization.
