Stock Market Updates: Sensex, Nifty Slide Dragged by Banks, Metals

The Indian stock market was trading in the red on March 11, 2024, amid weak global cues. At 12: 25 PM, Sensex was down 404 points at 73,715.24 while Nifty shed 106 points and was trading at 22,387.10.

Around 1,005 stocks advanced and 2,847 declined while 142 stocks remained unchanged on the BSE.

Among the sectors, selling was witnessed in Bank Nifty, Metals, and the media space which shed over 1 percent each followed by the auto and realty space.

Top Nifty50 Gainers

Top Nifty50 Losers

Most Active Stocks on NSE in Terms of Volumes

Asian markets trade weak

Most Asian markets were trading on a weak note with Japan’s Nikkei down 2.24 percent at 38,820.49. Kospi shed 0.77 percent at 2,659.84. On the other hand, Hang Seng added 1.29 percent and was trading at 16,567.24.

Also read: Pratham Projects IPO: Top Things to Know as Issue Opens for Subscription

Stocks on the Move

Tata Group Stocks Slide

Shares of several Tata group firms experienced declines of up to 10 percent on March 11, following reports suggesting that Tata Sons was unlikely to pursue an initial public offering in the near future. The parent company, overseeing various Tata group firms, is reportedly exploring different avenues to comply with RBI norms. Tata Sons registered as a CIC (Core Investment Company) with the Reserve Bank of India, falls under the category of an “upper layer” NBFC (Non-Banking Financial Company), obligating the company to list on exchanges within three years of notification.

The RBI issued a notification to this effect for Tata Sons in September 2023, indicating that it must complete the listing process by September 2025. In response to these developments, Tata Consumer witnessed a 3 percent decline, while Tata Steel saw a reduction of over 2 percent.

Torrent Power Stock Hits All-Time High

Torrent Power shares surged 12.5 percent to reach an all-time high of Rs 1,287.5 per share. However, the stock price retraced from this peak. The company secured a 306-megawatt (MW) solar project in Maharashtra for Rs 1,540 crore. In a filing to the exchange dated March 7, Torrent Power announced that it had received a letter of award (LoA) from the Maharashtra State Electricity Distribution Company (MSEDCL). The award is for supplying 306 MW of solar power as part of the Mukhya Mantri Saur Krushi Vahini Yojana 2.0 scheme for feeder-level solarisation under the PM KUSUM Scheme.

Macrotech Developers Gains

On March 11, 2024, the stock price of Macrotech Developers experienced an intraday gain following the company’s successful raising of Rs 3,300 crore through a qualified institutional placement (QIP). The allocation of shares in this QIP saw Invesco Developing Markets Fund receiving the highest share at 21.4 percent of the total issue size. GQG Partners followed with an allocation of 11.2 percent of the QIP issue, and Stitching Depositary APG Emerging Markets Equity Pool secured 9 percent of the QIP issue.

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