It’s been a volatile session for the markets. It opened under pressure and attempted a slight bit of recovery before falling again. The Nifty is holding above 22,500, down roughly 1.38%, while the Sensex was moving around 72,500, lower by about 1.47% by midday. 

Here are the top movers and shakers at this hour:

Banking stocks crack after RBI move

Banking stocks took the first hit and then kept sliding. There was no pause worth noting. Shares of HDFC Bank declined around 2.3%, ICICI Bank fell about 2.2%, State Bank of India dropped 2.7%, while Axis Bank slipped nearly 4.2%. Kotak Mahindra Bank was down 3.9%, IndusInd Bank lost 4.0%, Union Bank of India declined 4.0%, Canara Bank dropped 3.6%, Bank of Baroda slipped 3.6%, and Punjab National Bank fell 3.2% by midday.

The Reserve Bank of India (RBI) capped open positions that banks can hold in the onshore currency market at $100 million at the end of each trading day. It was not just about limits, it was about what those limits imply for treasury operations and flexibility. The Nifty Bank index was down about 2.6%, and that number alone tells the story without any attempt to soften it.

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The one-year returns sitting next to these declines only made the contrast sharper. Some banks like State Bank of India and Canara Bank still carry gains of over 28% and 41% respectively.

Coal India

Coal India managed to move in the opposite direction, which stands out more on a day when most stocks are struggling. The stock rose about 3.1% to Rs 458.85 after receiving a Letter of Award from Telangana Power Generation Corporation.

The order involves setting up a 750 MWh battery energy storage system at Choutuppal, with a project value estimated at Rs 1,057.09 crore. The execution timeline is around 18 months from the signing of the agreement.

There is also a separate development that cannot be ignored. The company’s board has given an in-principle approval to divest up to 25% stake in South Eastern Coalfields Ltd, along with a possible fresh issuance of up to 10% equity. 

Public Sector stocks buzzing- ONGC, BEL

While the broader indices remained under pressure, select public sector stocks showed resilience. The Nifty CPSE index moved higher by about 1.4% before easing slightly, but it still stayed in the green when much of the market was not.

Stocks like Oil And Natural Gas Corporation, Coal India, Bharat Electronics and Oil India were among the gainers. Out of 11 stocks in the index, 6 were trading higher while 5 remained in the red. It was not a broad rally, but it was enough to stand apart.

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The West Asia conflict has entered its fifth week, and the absence of clarity is starting to weigh on sentiment. Supply disruptions in crude oil and aluminium have added to concerns about costs and availability.

IRB Infrastructure

IRB Infrastructure delivered one of the sharper moves on the day, rising over 10% before settling slightly lower but still holding gains of around 9.28% by midday.

The stock is now trading adjusted for its 1:1 bonus issue. Shareholders will receive one additional share for every existing share held, with April 1, 2026 fixed as the record date. The deemed date of allotment is April 2, and trading of the bonus shares will follow immediately after.

Aluminium stocks react to Middle East disruption

Aluminium stocks moved higher, and the reason sits thousands of kilometres away. Reports indicated that two major Middle Eastern facilities, Emirates Global Aluminium’s Al Taweelah smelter and Aluminium Bahrain’s plant, suffered damage due to missile and drone attacks on March 28.

The impact is not just physical damage. It extends to supply chains, exports, and timelines for recovery. The Strait of Hormuz facing disruption only adds to the problem.

Hindalco Industries rose about 3.02% to Rs 892.90, Vedanta gained 3.37% to Rs 671.30, and National Aluminium Company led the pack with a rise of 5.53% to Rs 391.50.