The Indian benchmark indices, SENSEX and NIFTY50, continued their downward trend during the volatile afternoon session on Wednesday, March 11, weighed down by auto and private bank stocks.
The SENSEX declined by as many as 1,045.15 points to an intraday low of 77,160.83. Meanwhile, the NIFTY50 reached the session’s low of 23,971.60.
At 12:36 PM, the S&P BSE SENSEX slumped by 965.33 points, or 1.23%, to 77,240.65, while NSE’s NIFTY50 was trading at 23,990.10, reflecting a 271.50 points, or 1.12% fall.
On Tuesday, the foreign institutional investors (FIIs) sold stocks worth ₹4,672.64 crore, while the domestic institutional investors (DIIs) purchased equities worth ₹6,333.26 crore on a net basis, according to exchange data.
Furthermore, the India VIX, the volatility gauge, spiked over 10% during Wednesday’s noon session.
Shares of Bajaj Finance, which lost 3.97%, contributed to the decline of the NIFTY50 index. It was followed by Bajaj Finserv (-3.35%), Axis Bank (-3.10%), Mahindra & Mahindra (-3.06%), and Bajaj Auto (-2.55%), which were among the top losers.
On the contrary, the top gainers included NTPC (1.70%), Wipro (1.59%), Jio Financial Services (1.50%), Coal India (1.42%) and Tech Mahindra (1.14%).
Buzzing stocks on March 11: Check list
Pipe, pumps, and EPC stocks
The stock of Shakti Pumps, KSB Limited, VA Tech Wabag, Astral, NCC, L&T, among others were trading with impressive gains in an otherwise volatile market on Wednesday, March 11, as the Union Cabinet on Tuesday approved the extension of the Jal Jeevan Mission up to December 2028 with an enhanced outlay of ₹8.7 lakh crore, Union Minister Ashwini Vaishnaw said.
The project was launched by Prime Minister Narendra Modi in 2019 to provide safe and adequate drinking water through tap connections to all households in rural India.
“The Cabinet approved the Ministry of Jal Shakti’s proposal to restructure and reorient the implementation of the Jal Jeevan Mission (JJM) from infrastructure creation to service delivery, supported by drinking water governance and an institutional ecosystem for a sustainable rural piped potable water supply,” the minister said at a press conference.
InterGlobe Aviation
Shares of InterGlobe Aviation Limited, which operates budget carrier IndiGo, rose as much as 3.02% to an intraday high of ₹4,512.90 in early trade on March 11, after the company announced that Pieter Elbers has stepped down as chief executive officer (CEO) with immediate effect.
In an exchange filing on March 10, the company stated that Elbers resigned due to personal reasons and his notice period was waived.
“It has been both an honour and a privilege to serve as IndiGo’s CEO these past years, since September 2022, and being a part of the great IndiGo family, its beautiful growth story, and the steps we have made together in this. If the company so desires, obviously, I will be available for any handover or transition otherwise,” Elbers said in his resignation letter.
Meanwhile, Rahul Bhatia, Managing Director of IndiGo, will lead the company as the interim CEO until the announcement of a new leader.
Reliance Industries
The stock of Reliance Industries (RIL) was trading in red after hitting a high of ₹1,434 apiece on the National Stock Exchange (NSE), as the US President Donald Trump announced that the Indian oil refining giant will invest in an oil refinery in Brownsville, Texas, via a $300 billion deal.
In his post on Truth Social, President Donald Trump announced that an oil refinery will be opened in Brownsville, Texas, United States, the first new establishment in the region over the last 50 years.
Trump extended his gratitude to Reliance Industries for their “tremendous investment” in what is being called a $300 billion oil refinery deal. He also said that this refinery aims to fuel the US markets, strengthen America’s energy production capabilities, and boost global exports from the United States.
H.G. Infra Engineering
Shares of H.G. Infra Engineering rallied as much as 19.13% to hit an intraday high of ₹584.40 per unit on the NSE, on bagging an order worth ₹401.33 crore from Anuppur Thermal Energy (MP) Pvt Ltd in Madhya Pradesh.
In a regulatory filing dated March 10, the company stated that it secured the order for the development of railway infrastructure at the thermal power project in Anuppur, Madhya Pradesh.
As per the filing, the project involves the execution of civil works, including earthwork, bridges, and station buildings, along with P-way works for the development of railway infrastructure at the 2×800 MW thermal power project.
The project, expected to be done in an item rate or Bill of Quantities (BOQ) mode, has a construction period of 18 months.
Waaree Energies
Waaree Energies’ stock rose as much as 2.87% to the session’s peak of ₹2,732 apiece on Wednesday, March 11, as the company’s subsidiary is investing $30 million in a US solar holding company to boost international reach.
In an exchange filing on March 10, the company said that its wholly-owned unit, Waaree Solar Americas Inc, has entered into a share subscription agreement with United Solar Holdings for the subscription of 53,68,551 series B preferred shares for $30 million.
“The transaction is not a related party transaction. None of the company’s promoter / promoter group / other group companies have any interest in the above transaction,” Waaree Energies said.
Sedemac Mechatronics
Sedemac Mechatronics shares debuted at ₹1,535 apiece on the NSE on Wednesday, March 11. This reflects a premium of 13.54% over the issue price of ₹1,352 per share.
On the BSE, the scrip started trading at ₹1,510 per unit, up 11.69% from the issue price.
A lot consisted of 11 shares. Investors who received the Sedemac Mechatronics IPO allotment made ₹16,885 per lot.