Stock Market Update: March 11 - Apar Industries, Redington, Axis Bank, Finolex Cables, TVS Motor Among Notable Decliners

Indian Stock Market Sees Selling Pressure on March 11

The Indian stock market witnessed a decline in Wednesday's trade, with the Nifty 50 falling 1.63% to 23,866 and the BSE Sensex dropping 1.72% to 76,763. The broader markets also saw significant losses, with the Nifty Midcap 100 and Nifty Smallcap 100 indices falling 1.25% and 0.36%, respectively.

Sectoral Indices

The selling pressure was widespread across sectors, with the Nifty Auto index leading the decline at 3.15%. The Nifty Private Bank index also tumbled 2.41%, while other key sectoral indices such as Nifty PSU Bank, Nifty Realty, Nifty IT, and Nifty Chemicals fell over 1%. In contrast, the Pharma and oil & gas sectors saw buying interest.

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Top Losers

The top laggards among Nifty 500 stocks included Apar Industries, which crashed 7.4% to ₹9,260 apiece. Other wires and cables stocks, such as KEI Industries and Finolex Cables, declined 5% and 4.4%, respectively. Authum Investment & Infrastructure also reversed its recent gains, tumbling 6.8% to ₹453.2 apiece.

Auto Stocks

Auto stocks also saw significant selling, with TVS Motor Company losing 5% of its value to ₹3,600 apiece. Other auto stocks, such as Ashok Leyland, Mahindra & Mahindra, Hyundai Motor India, and Eicher Motors, all fell over 3.8%.

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Gains in Gas Stocks

Despite the broad-based sell-off, some stocks managed to close the session higher. Adani Total Gas rallied 20% after the government moved to secure domestic gas supplies and boost LPG output. Other gas stocks, such as Gujarat Gas, Gujarat State Petronet, and Mahanagar Gas, also gained 4.2%, 3.7%, and 3.2%, respectively.

Market Capitalisation

The fall in Axis Bank shares pushed the company's market capitalisation below ₹4 lakh crore to ₹3,89,270 crore, marking the biggest intraday decline since mid-December.