Indian equity benchmarks were largely flat in Midday trade, struggling to find direction after the recent rally. The Nifty 50 is trading around 26,330 while the BSE Sensex is near 85,700. With the indices going nowhere in a hurry, stock-specific triggers dictated price action, and there was plenty of it across jewellery, banking, retail, cement, NBFCs and consumer durables.
Here are the top movers and shakers at this hour:
PC Jeweller
PC Jeweller share price surged nearly 8% at midday, hitting a fresh 52-week high after the company wrapped up Q3 FY26 with a strong operating performance. The jewellery maker reported standalone revenue growth of around 37% year-on-year, driven by sustained demand during the festival and wedding season.
The company reiterated its intention to turn debt-free in the near term, noting that since signing the settlement agreement with banks in September 2024, it has already reduced outstanding debt by roughly 68%.
Punjab National Bank
Punjab National Bank share price rose around 2.3%, touching a new 52-week high after the lender released its Q3 FY26 business update. The numbers were steady rather than spectacular, but they reinforced the ongoing recovery story.
PNB’s global business expanded 3.8% sequentially and 9.57% year-on-year to Rs 28.92 lakh crore, while global deposits grew 8.54% YoY. Advances were equally firm, with global advances up 10.98% YoY and domestic advances rising 10.15% YoY.
IT stocks
IT stocks were under heavy selling pressure at midday, clearly the weakest pocket of the market. The Nifty IT index fell more than 2%, the steepest decline among all sectoral indices, with every single constituent trading in the red.
Infosys led the losses, with the stock dropping as much as 3.5% to an intraday low. The selling was not selective. HCL Technologies, Wipro, Persistent Systems, and Tech Mahindra were all down over 2% apiece by midday, reflecting broad-based risk-off sentiment toward the sector.
The pressure follows a cautious assessment from global brokerage HSBC, which said that Indian IT should no longer be viewed as a long-term double-digit compounding sector. The brokerage argued that the long-term stock return trajectory for IT services companies is now flatter than in the past and likely to be far more cyclical.
Stocks will be a lot more cyclical around this mean path. Hence, top-tier IT stocks require a lot more active management around their cycles and volatility, HSBC said. While the brokerage does see room for a cyclical rebound in 2026 or FY27, it made it clear that near-term performance will remain uneven, a view that markets appeared to be pricing in sharply at midday.
HDFC Bank
HDFC Bank share price is in focus. It fell nearly 2% in early trade before recouping some ground. It is currently around 0.5% higher at midday after the lender announced its Q3 FY26 business update. Advances under management rose 9.8% YoY to Rs 29.4 lakh crore, while gross advances grew 11% YoY.
Deposits also held up well, rising 11.5% YoY to Rs 28.5 lakh crore, though the elevated loan-to-deposit ratio above 100% continued to attract scrutiny. The stock’s muted reaction suggested investors are waiting for the actual earnings print for clarity on margins rather than reacting to topline growth alone.
Avenue Supermarts
Avenue Supermarts share price fell close to 2% despite the company reporting a 13% year-on-year rise in standalone revenue for Q3 FY26. Revenue from operations stood at Rs 17,612.62 crore, compared with Rs 15,565.23 crore a year ago.
The Ramco Cements
Share price of The Ramco Cements gained around 3.2–3.6% at midday after the company received approval from the Andhra Pradesh government to include quartzite mineral in its existing limestone mining lease.
The development improves long-term raw material security, something cement investors tend to value quietly but seriously.
Ola Electric
Shares of Ola Electric Mobility surged nearly 7% to touch an intraday high of around Rs 43, on January 5, as the Bhavish Aggarwal firm signalled a business turnaround in December 2025.
With 9,020 units registered in December (as per VAHAN data), the company has increased its market share month-on-month (MoM) to 9.3% in December over 7.2% in November 2025. In addition to this, Ola’s market share in the second half of December 2025 (as per VAHAN data) further increased to nearly 12%, indicating a clear uptick in demand and market share gains, it said.
Poonawalla Fincorp
Share price of Poonawalla Fincorp traded higher by about 1.2% at midday after earlier rising over 3% following its Q3 FY26 business update. The NBFC continues to see improving traction, though the stock remains nearly 13% below its 52-week high.
Amber Enterprises
Shares of Amber Enterprises India rose roughly 3% after the company disclosed that its step-down subsidiaries have received formal approval under the Electronics Components Manufacturing Scheme (ECMS).
The approval strengthens Amber’s position in the domestic electronics supply chain, particularly at a time when policy support for local manufacturing is being watched closely.