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Informist, Wednesday, Mar. 12, 2025

By Akshita Kumar

MUMBAI – Benchmark indices ended down Wednesday because of a fall in information technology stocks, particularly index heavyweight Infosys. Uncertainty around the impact of US tariffs and policies also weighed on the overall market sentiment. On the other hand, gains in select financial services stocks limited the fall of the indices.

The Nifty 50 ended at 22470.50 points, down 27.40 points or 0.1% and the BSE Sensex ended at 74029.76 points, down 72.56 points or 0.1%. Both the benchmark indices had opened 0.2% higher, but did not sustain these gains for long. The indices fell as much as 0.7% during the day, and closed off their intraday lows.

These days, markets are mostly moving on trade tariff-related news flows, said Vipin Kumar, assistant vice-president of technical and derivatives at Global Capital Market. Broader market indices also ended down. Nifty mid-cap indices ended down 0.5-0.7% and the small-cap indices ended down 0.2-0.3%.

Most large-cap information technology stocks such as Infosys, Wipro, Tech Mahindra, Tata Consultancy Services, and HCL Technologies ended down 2-4% and were the worst hit in the Nifty 50 index. Morgan Stanley has downgraded Infosys to 'equal weight' and cut its target price to INR 1,740 from INR 2,150 earlier, media reports said. The brokerage said the revenue growth and valuations in the IT sector face strong downside risks amid global uncertainties, prompting it to cut target prices for domestic IT majors, reports said. Due to heavy selling in the IT space, the Nifty IT index ended at its lowest level in over eight months at 36310.65 points. The index closed down 2.9%, extending its losses for the fourth straight session. The index was the worst hit among the sectoral indices, with all its constituents in the red.

Shares of few fast-moving consumer goods companies such as Nestle India, Tata Consumer Products, and Hindustan Unilever ended down 1-2.5%. Nestle India ended down, snapping a five-day winning streak. 

According to data released by the Association of Mutual Funds in India Wednesday, the mutual fund industry's overall assets under management fell 4% on month to a seven-month low of INR 64.53 trillion in February. The drop was primarily due to a weak performance by equity-oriented funds. Shares of major insurers SBI Life Insurance Co. and HDFC Life Insurance Co. ended nearly 1% lower each.

Shares of Asian Paints ended down 1.6%, snapping a five-day winning streak during which it gained 7.4%. Last week, the stock had gained on the back of a fall in prices of crude oil. Shares of Bharti Hexacom ended down 6.3%. The stock was the worst hit in the Nifty 200 index.

Shares of telecommunication-linked companies Indus Towers and Vodafone Idea ended down 5% and 4%, respectively. These stocks fell after rivals Bharti Airtel and Reliance Jio separately partnered with SpaceX for internet services in India. Shares of Indegene and FirstSource Solutions ended down 9.5% and 7.4%, respectively, and were the worst hit in the Nifty 500 index. FirstSource Solutions extended its fall for the fifth straight session.

Shares of IndusInd Bank ended higher by 4%. The stock was the top gainer in the Nifty 50 index. The bank's promoter Ashok Hinduja assured that the lender's financials remain healthy, and it will be fully supported should any capital requirement arise, media reports said. On Tuesday, the stock had plunged 27%, wiping out its market capitalisation by more than INR 190 billion, after the private sector bank reported accounting discrepancies in its foreign exchange derivatives portfolio. Shares of other private banks such as Kotak Mahindra Bank and index heavyweight HDFC Bank ended up 2.5% and 1.5%, respectively.

Shares of automaker Tata Motors ended up 3% following positive comments by brokerages about the operations of its subsidiary Jaguar Land Rover. Shares of BSE ended up 5.4% and snapped a five-day losing streak. Shares of NLC India ended up 4.6%, and was among the top Nifty 200 gainers. Shares of Balrampur Chini Mills and KEC International ended up 8% and 6%, respectively, and were among the top performers in the Nifty 500 index. Both these stocks snapped a two-day losing streak.

Nifty Realty and Nifty Media were among the worst hit sectoral indices, with most of their constituents in the red. On the other hand, Nifty Private Bank, Nifty Healthcare, and Nifty Financial Services closed up 0.7%, 0.6%, and 0.5%, respectively.

* Of the Nifty 50 stocks, 19 rose and 31 fell

* Of the Sensex stocks, 11 rose and 19 fell

* On the NSE, 993 stocks rose, 1,830 fell, and 139 were unchanged

* On the BSE, 1,494 stocks rose, 2,491 fell, and 137 were unchanged

* Nifty Private Bank: up 0.7%; Nifty IT: down 2.9%; Nifty Realty: down 1.7%

BSE                                               NSE

Sensex: 74029.76, down 72.56 points or 0.1%       Nifty 50: 22470.50, down 27.40 points or 0.1%

End

Edited by Ashish Shirke

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