The Indian equity market is under pressure in midday trade with the Nifty below the 25,650 and the Sensex around 83,400. Weakness was broad-based, but the real action sat in individual stocks and sectors reacting to earnings, regulatory developments, and budget-linked cues. Defence, cement, aviation, renewables, retail, and autos all saw sharp, stock-specific moves that cut through the otherwise dull index tape.
Here are the top movers and shakers at this hour:
Defence stocks
Hindustan Aeronautics share price fell 3.8% by midday as selling pressure returned to defence counters. The stock extended its decline even after the company said five LCA Mk1A aircraft are fully ready for delivery and that discussions with the Indian Air Force are ongoing to complete deliveries at the earliest. HAL also stated that engine supply from GE is improving and future delivery schedules remain aligned. Despite these assurances, the market stayed cautious.
The broader defence pack remained under strain. MTAR Technologies slipped as much as 8%, weighed down by profit booking after a sharp recent rally. Bharat Dynamics and Bharat Electronics were also lower, as concerns around execution timelines and delivery visibility continued to dominate sentiment. The Nifty India Defence was down nearly 3% intraday, extending losses seen over the last two sessions, even as the benchmark indices themselves were only modestly lower.
JSW Cement
JSW Cement share price jumped about 9% intraday after the company posted a sharp turnaround in its December quarter numbers. The company reported a net profit of Rs 142 crore, compared with a loss of Rs 69 crore in the year-ago period. Revenue rose 13% to Rs 1,621 crore, while operating performance stood out, with EBITDA surging 93% and margins expanding sharply to 17.6%.
Volume growth added to the positive narrative. Total volumes increased 14% year-on-year, with cement volumes up 7% and GGBS volumes rising 17%. The numbers were strong, and the stock reacted exactly the way markets usually do when profitability returns decisively.
IndiGo
InterGlobe Aviation share price declined around 2% after the Competition Commission of India ordered a detailed probe into the airline for alleged unfair business practices. The regulator said it had prima facie found that IndiGo abused its dominant position, following a review of data from the DGCA and other sources. The order came months after large-scale flight cancellations that caused passenger disruptions. The stock remained under pressure as regulatory risk moved back into focus.
Renewable energy stocks
Renewable energy stocks traded largely in the red. Waaree Energies slipped about 1%, despite its US subsidiary securing an overseas order for 150 MW of solar modules. NTPC Green Energy fell around 0.6%, even after commissioning 125 MW of solar capacity at the Bhadla project in Rajasthan. Suzlon Energy dropped over 2%, giving back some recent gains despite having bagged a 248.5 MW wind order last month from the ArcelorMittal Group.
In contrast, Adani Green Energy was marginally higher, up about 0.4%, after touching higher intraday levels earlier in the session.
Devyani International
Devyani International share price surged as much as 9.5% intraday, extending a three-session rally that has taken the stock up more than 16%. This came despite the company reporting a wider loss of Rs 10 crore for the December quarter. Revenue rose 11.3%, and operating profit improved, with EBITDA margins holding at 16%. The stock continued to find buyers, driven by operating resilience rather than bottom-line optics.
Force Motors
Force Motors share price gained nearly 6% by midday, extending a strong multi-day rally. The stock had earlier climbed as much as 11% intraday, crossing the Rs 22,000 mark for the first time. The move followed a blockbuster December quarter, where consolidated net profit surged 253% to Rs 406 crore. Sequential profit growth and a sharp rise in other income supported the rally, even as the broader market traded lower.
Trent
Trent share price rose about 1% by midday after the company reported steady December-quarter numbers. Consolidated profit after tax increased 2.7% to Rs 510 crore, despite an exceptional loss linked to the implementation of new labour codes. Revenue grew 14.8% to Rs 5,345 crore, driven by store expansion across Westside and Zudio formats. Margins remained stable, which appeared to reassure the market.
PB Fintech
The PB Fintech share price saw a sharp 5% jump in trade today. The shares were under pressure for the last two sessions despite strong Q3 on plans for raising funds via QIP. However, in a regulatory filing, PB Fintech announced that the board meeting to consider the QIP has been cancelled.