Benchmark indices failed to hold on to early gains as growth worries continued to weigh on IT stocks and banking shares dragged Nifty 50 lower, sending it below 22,400.
The Sensex ended 0.27 percent lower at 73,828.91 and Nifty 50 ended down 0.33 percent to 22,397.20. Marred by a negative market breadth, BSE Mid and Smallcap indices shed 0.5 percent each.
Top Gainers
Adani Green
Adani Green gained about 4 percent in the trading session. Brokerage firm, Macquarie, on March 13, initiated coverage on Adani Green, rating it 'Outperform' with a price target of Rs 1,200, which is 40 percent higher from Wednesday's closing figure.
IndusInd Bank
IndusInd Bank shares fell about 2 percent, even as CLSA maintained an 'Outperform' rating on the stock. CLSA, meanwhile, cut its target price to Rs 900 from Rs 1,300 earlier.
InfoBeans Technologies
InfoBeans Technologies shares gained more than 3 percent following a partnership with a leading Canadian standards organisation to implement AI-driven solutions.
MTNL
Mahanagar Telephone Nigam (MTNL) shares surged 16 percent after the Minister of State for Communications Pemmasani Chandra Sekhar informed Lok Sabha on March 12 that BSNL and MTNL earned Rs 12,984.86 crore from the monetisation of assets since 2019
Coromandel International
Coromandel International gained 2.5 percent after signing agreements to acquire majority stake (53 percent) in NACL Industries for Rs 820 crore. The transaction, priced at Rs 76.7 per share, will see Coromandel acquiring shares from the current promoter, KLR Products.
Top Losers
Nifty IT
Amid fears of recession in the US, Indian IT stocks remained under stress, with the Nifty IT index entering the bear territory, tumbling over 21 percent from its peak. Major IT players, including Wipro, Infosys, HCLTech, and Tech Mahindra, saw a percent declines during the day.
Gensol Engineering
The company's shares continued to trade at lower circuit of 5 percent throughout the day. As per the latest announcement, the company is planning a fundraise of Rs 600 crore to enhance its financial standing, raising the company’s reserves against its debt.
PB Fintech
PB Fintech's shares continued to trade low, at nearly 10 percent fall, for second straight session, still bearing impact of its proposal to infuse Rs 696 crore in the healthcare arm, a move that has failed to cheer investors. Nilesh Shah, Envision Capital told CNBC-TV18 during an interaction that he does not see PB Fintech's foray into healthcare as 'capital misallocation'.
HDFC AMC
HDFC AMC share price fell for another 3 percent during the day, as the monthly systematic investment plan (SIP) inflows into mutual funds fell to a three-month low of Rs 25,999 crore in February as market selloff intensified.
Bharat Forge
Bharat Forge stock prices were down 4 percent under stress from the US Environmental Protection Agency's (EPA) statement to roll back a series of Biden era regulations aimed at reducing pollution and address climate concerns. The move is seen as a step away from policies for electric mobility, and the shares of the company were trading sharply lower during the trading session.
