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By Richard Fargose
March 11, 2025 at 12:25 PM IST
Highlights
• IndusInd Bank shares crash 27% on discrepancy in derivative portfolio
• IndusInd Bank promoter Ashok Hinduja assures support, 'ready to inject capital' if required
• Sun Pharma shares rise over 3% with positive brokerage outlook as firm to acquire US biotech company
• Raymond shares fall after promoter creates pledge on 1% equity
The benchmark equity indices flat today. Financial stocks, particularly IndusInd Bank, underperformed due to accounting-related concerns.
IndusInd Bank shares plunged 27%, suffering its biggest single-day drop, after the bank reported accounting discrepancies related to foreign exchange derivatives, with an adverse impact of about 2.35% of its net worth as of December 2024.
Other financial stocks, such as Axis Bank and HDFC Bank, also faced selling pressure. However, a surge in metal, and oil and gas stocks lifted sentiment, offering some relief to investors.
| Indices | Last | Change | % Change |
| Sensex | 74,102.32 | -12.85 | -0.02% |
| NIFTY 50 | 22,497.90 | 37.60 | 0.17% |
| NIFTY MIDCAP 100 | 48,762.75 | 322.65 | 0.67% |
| NIFTY SMALLCAP 100 | 15,075.90 | -122.25 | -0.80% |
| INDIA VIX | 14.07 | 0.08 | 0.62% |
SECTORAL PERFORMANCE
Nifty Realty rallied most, up nearly 4% as Phoenix Mills, Macrotech Developers, DLF, and Oberoi Realty rose 4-7%. Mid-cap stocks also performed well, with the Nifty Midcap index rising by 323 points or 0.67%.
| Top Gainers | % Change | Top Losers | % Change |
| NIFTY REALTY | 3.6% | NIFTY BANK | -0.8% |
| NIFTY OIL & GAS | 1.2% | NIFTY IT | -0.7% |
| NIFTY FINANCIAL SERVICES | 0.6% | NIFTY AUTO | -0.3% |
| NIFTY HEALTHCARE INDEX | 0.6% | NIFTY MEDIA | -0.2% |
| NIFTY METAL | 0.5% | NIFTY FMCG | -0.1% |
Yields on 10-year government bonds inched slightly lower after moving in a narrow range as investors awaited key inflation data and open market purchase of bonds.
India’s retail inflation data for February is due to be released on Wednesday, when the RBI will also buy government bonds debt worth ₹500 billion.
| Tenure | Today | Previous |
| 10-year Gilt | 6.69% | 6.70% |
| 5-year gilt | 6.61% | 6.62% |
| 5-year OIS | 6.00% | 5.96% |
The Indian rupee gained 0.1% against the US dollar due to likely intervention by the RBI and fall in the dollar index to its lowest level since November.
The dollar index was down 0.5% at 103.5, while the offshore Chinese yuan rose 0.4%. Uncertainty about trade tariffs and their impact on the growth-inflation dynamic in the US has dented risk appetite from markets alongside a sharp selloff in US equities.
| Unit | Today | Previous |
| Dollar/Rupee | 87.21 | 87.33 |
| Dollar Index | 103.51 | 103.95 |
| 1-year Dollar/rupee premium (%) | 2.20% | 2.16% |
OUTLOOK
Indian equities are expected to remain volatile as investors are on the edge globally after US President Donald Trump declined to rule out a recession as a result of his tariff policies.
The rupee is expected to move between 87.00 and 87.60, as traders await key economic data releases on Wednesday, including US and India Inflation figures. The data is expected to influence expectations of rate cuts by respective central banks.
Key Events & Data on Wednesday.
Economic Data:
- India February CPI data
- India January industrial production data
- US February CPI data
- US crude oil inventories data
Corporate Actions:
- Dishman Carbogen Amcis board to discuss fundraising plans
- National Highways Infra Trust board to consider dividend
- Railtel Corp of India board to consider dividend
- Power Finance Corp board to consider dividend
Other Key Events:
- ECB President Lagarde Speaks
- ECB's Lane Speaks
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