Stock Market Highlights: Markets end flat; Nifty below 22,500, Sensex slips 70 points; Infosys, Wipro major losers

Indian headline indices Sensex and Nifty ended flat today, with the Sensex closing 0.10% lower at 74,029.76, while the Nifty declined 0.12% to settle at 74,029.76.

Minutes before the closing bell, the Sensex was trading at 74,057.09, down 45.23 points (0.06%), while the Nifty stood at 22,473.10, losing 24.80 points (0.11%).

The share price of Infosys is trading down by nearly 5% at Rs 1,586. Over the last five trading days, the stock has declined by approximately 7%. The company has a market capitalisation of Rs 6.58 lakh crore. Its 52-week high stands at Rs 2,006.45, while the 52-week low is Rs 1,358.35.

The stock market saw 2,845 stocks traded today so far, with 946 advancing and 1,813 declining, while 86 remained unchanged. Market sentiment leaned negative as 201 stocks hit their 52-week low, significantly higher than the 18 stocks that touched their 52-week high. In addition to this, 58 stocks were locked in the upper circuit, while 135 stocks hit the lower circuit.

IndusInd Bank, Tata Motors, Kotak Mahindra Bank, HDFC Bank, and Bajaj Finance were the top gainers in the Nifty 50. Infosys, Wipro, Tech Mahindra, HCL Technologies, and Axis Bank remained the major losers in the Nifty 50.

Except for bank and financial service stocks, FMCG were trading in the green in today’s trade. It was up 0.06% at the 51,982.70 level. Balrampur Chini topped the charts followed by ITC, United Breweries, United Spirits, and many others.

The share price of Infosys fell as much as 6% to an intra-day low of Rs 1,563.80. It was the major loser in the Nifty 50. The stock is 15% away from its 52-week low of Rs 1,358.35.

The Nifty 50 makes lower lows, dragged by tech stocks on US recession fears. However, the banking stocks outperform the overall markets to trade in the green. Out of 5 top gainers in the Nifty 50, top 3 were banking stocks.

The Nifty IT Index has nosedived over 3%. All major IT stocks are down over anywhere between 3-4% individually. Index Heavyweights like Infosys, HCL Tech, Wipro, TCS are struggling amid mounting concerns over revenue growth, macroeconomic uncertainties, and brokerage downgrades.

The share price of IndusInd Bank rallied almost 15% from the day’s low to Rs 694.70 after opening 5% lower on March 12. The stock was the top gainer in the Nifty 50. IndusInd Bank’s share price slumped 27% in a single day on March 11.

IndusInd Bank, Tata Motors, Kotak Bank, Trent, and BPCL were the top gainers in the Nifty 50 on March 12. Wipro, Infosys, HCL Technologies, TCS, and Dr Reddy’s Lab were the major losers in the Nifty 50.

The Nifty 50 opened 72 points or 0.32% higher at 22,569, while the S&P BSE compiled Sensex jumped 264 points or 0.36% at 74,366.

Bharti Airtel has signed an agreement with SpaceX to bring Starlink’s satellite internet to India. However, the deal will depend on SpaceX getting approval from Indian authorities to sell Starlink services. Airtel may sell Starlink equipment in its stores and provide Starlink’s services to businesses.

US President Donald Trump will not increase tariffs on Canadian steel and aluminum imports to 50%. The reversal came six hours after Trump announced his plan to double import duties on the Canadian metals in response to Ontario’s decision to slap a 25% tax on electricity exports to the U.S. However, the tariffs of 25% are still going ahead and will take effect from March 12.

Asia markets are relatively stable despite the overnight fall across Wall Street. The 25% tariff on Canadian steel and aluminium comes into effect starting today. Japan’s Nikkei 225 was trading 0.03% higher at 36,805. However, the Asia Dow was trading 1.3% down at 3,649.04. South Korea’s Kospi was up 1.33% at 2,571. The Shanghai Composite traded flat at 3,379.83.