Top Gainers and Losers on May 13: SAIL, Dixon Tech, Vodafone Idea, HPCL, Berger Paints, Ather Energy Lead the Pack

Indian Equities Bounce Back from Losses

Indian equities ended Wednesday's trade with modest gains, marking a reversal from four consecutive sessions of losses. The benchmark indices pared a significant portion of their intraday advances, with the Nifty 50 settling 0.14% higher at 23,412 compared to Tuesday's close. The S&P BSE Sensex gained 0.08% to settle at 74,615.

The broader markets outperformed the frontline indices, with the Nifty Midcap 100 index advancing 0.74%, while the Nifty Smallcap 100 index rose 0.24%. This shift in market breadth indicates a turn in favor of the bulls.

The Indian government's decision to increase import tariffs on gold, silver, and other precious metals from 6% to 15% on Tuesday may have contributed to the market's recovery. The announcement was made to preserve foreign exchange reserves, following Prime Minister Narendra Modi's call to citizens to avoid gold purchases for one year.

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The market's previous four sessions had seen both the Nifty and Sensex lose more than 2% of their value, erasing part of the rally seen in April. The US-Iran deadlock had pushed crude oil prices higher and intensified concerns over the broader economic fallout from the conflict.

Market Performance Comparison

Metal stocks emerged as the top performers, with 14 out of the 15 constituents of the Nifty Metal index ending the session with strong gains. Steel Authority of India led the rally, surging 14% to ₹200 apiece. Other notable gainers included Vedanta, Hindustan Copper, NMDC, Hindustan Zinc, Adani Enterprises, National Aluminium Company, Tata Steel, Hindalco Industries, Lloyds Metals and Energy, and others.

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Better-than-expected March quarter earnings pushed Dixon Technologies shares 9.8% higher to ₹11,131 apiece, while Berger Paints India rallied 5.2% to ₹513.3 apiece. A mild pullback in crude oil prices boosted crude-sensitive stocks, with all three oil marketing companies, Hindustan Petroleum Corporation, Bharat Petroleum Corporation, and Indian Oil Corporation, surging up to 6%. Asian Paints shares settled 4.6% higher at ₹2,620 apiece.

EV stocks Ather Energy and Ola Electric Mobility also witnessed renewed buying, advancing 3% and 2.8%, respectively. New-age technology stocks such as Meesho and Urban Company gained 6% and 3.5%, respectively. Similarly, PhysicsWallah and Groww rallied 3.4% and 2.9%, respectively.

Other notable gainers included Suzlon Energy, BEML, Bharat Heavy Electricals, Godfrey Phillips India, Aarti Drugs, and Belrise Industries, all of which closed with gains of over 3%.

Pine Labs emerged as the top laggard of the session, plunging 13.7% to ₹162.2 apiece after the expiry of the stock's six-month pre-IPO lock-in period. Meanwhile, Torrent Power and eClerx Services declined 8.8% and 6.5%, respectively. Cohance Lifesciences also came under heavy selling pressure, with the stock ending the session down 6% at ₹457 apiece.