Indian equities are flat in afternoon trade. The Nifty is hovering around the 25,700 mark, while the Sensex is trading near 83,600. The tone was uneven. Sharp selling in technology and defence stocks offset strength in select consumption, export-oriented and power names, with stock-specific triggers dictating the moves rather than any single market-wide factor.
Here are the top movers and shakers at this hour:
IT stocks
IT stocks were deep in the red, extending losses seen overnight in global technology markets. The Nifty IT index was down nearly 6% by midday, with all constituents trading lower. Infosys shares fell as much as 8.4%, marking their worst single-day decline in almost six years. LTIMindtree was down around 6%, Tata Consultancy Services slipped about 5.5%, and Wipro declined over 4%. MidCap IT names also came under pressure, with Coforge down 8.4% and Persistent Systems lower by 6.7%. The selling followed a sharp fall in US tech stocks, where concerns over new artificial intelligence tools disrupting established software revenue models triggered broad-based exits.
Adani Group stocks
Adani Group stocks traded firmly higher by midday after the group announced a strategic partnership in the defence and aerospace space. Adani Power gained 6.4%, Adani Green Energy rose 2.9%, Adani Energy Solutions advanced 1.9%, Adani Ports and Special Economic Zone added 1.4%, and Adani Enterprises was up 1.3%. New Delhi Television surged 8.6%, while AWL Agri Business climbed 1.3%. Even smaller group-linked names such as Orient Cement were up about 2%.
The buying followed an announcement that Adani Defence & Aerospace and Italian aerospace major Leonardo have entered into a strategic partnership to establish an integrated helicopter manufacturing ecosystem in India. The two companies signed a Memorandum of Understanding to address domestic military requirements, with a focus on producing Leonardo’s AW169M and AW109 TrekkerM helicopters for the Indian Armed Forces. The announcement came close on the heels of Adani Defence unveiling a separate strategic collaboration with Brazilian aircraft maker Embraer, reinforcing the group’s push into defence manufacturing and aerospace platforms.
Power finance stocks
Power finance stocks were also in focus after a key budget signal. Power Finance Corporation rose 4.4% by midday, reacting positively to indications that the government plans to merge PFC and REC as part of a broader restructuring of public sector non-banking financial companies. The proposal was formally flagged by Finance Minister Nirmala Sitharaman in the Union Budget, where she said the restructuring would help achieve scale, reduce overlap and improve efficiency in long-term infrastructure financing.
Both PFC and REC are central to funding India’s power ecosystem, lending across generation, transmission, distribution and equipment manufacturing. The budget commentary brought clarity on the government’s intent, prompting buying interest in PFC as investors assessed the potential benefits of a larger, consolidated balance sheet and streamlined operations.
Bharat Coking Coal
Bharat Coking Coal shares dropped as much as 6.7% after the company reported a loss of Rs 22.8 crore for the December 2025 quarter. Revenue declined sharply year-on-year, while coal production for the first nine months of the financial year fell to 24.65 million tonnes from 29.06 million tonnes a year earlier. The stock, which had listed in January at a steep premium, saw selling pressure build as the first set of post-listing numbers highlighted weaker volumes and earnings.
Sheela Foam
Sheela Foam shares surged 20% to hit the upper circuit after the mattress maker reported a sharp improvement in December quarter performance. Net profit more than doubled to Rs 39 crore, while revenue rose 8% to Rs 842 crore. Operating profit climbed 31%, with margins expanding to 10.1%. Management said both mattress and foam segments delivered strong volume growth, aided by benefits from the Kurlon acquisition.
Hindustan Aeronautics
Hindustan Aeronautics share price fell over 6% by midday. The stock reacted to reports suggesting the company was no longer in contention for the Advanced Multirole Combat Aircraft programme, coupled with disappointment over defence capital expenditure levels in the Union Budget. The move erased part of the previous session’s gains and kept sentiment cautious around large defence contractors.
Export-oriented stocks
Export-focused textile and apparel stocks extended their rally. Gokaldas Exports jumped about 17.6%, building on the sharp gains seen earlier in the week. Kitex Garments rose around 12%, while Indo Count Industries advanced roughly 11% and K P R Mill gained about 2.6%. The buying followed optimism around the India–US trade agreement, with expectations of lower tariffs improving visibility for companies with significant exposure to the US market.