Sensex, Nifty Slip as IT & Auto Stocks Drag Market Down:

The decline in IT and automobile stocks case India’s benchmark indices to marginally slip into the red by mid-day on March 13. With hopes that the central banks would ease their monetary policies due to easing inflation rates in the US as well as India, the indices opened positive.

Around 12:25 am, the Sensex lost 45.95 points or 0.06 percent standing at 73,983.80 nad the Nifty dropped 31.10 points or 0.14 percent standing at 22,439.40. Investors had mixed opinions as approximately 1545 stocks went up and 1853 others declined.

"Indian equities are being constantly challenged on account of global uncertainties while the US and Indian macro numbers seem positive," said Dr. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services.

“Under normal circumstances this macro data would have boosted the stock market where If you look at the base case scenario is fair and even in some pockets is an attractive. But sadly the global scenario is extremely unfavorable,” he ayedd.

The unfavourable global conditions due to Trump’s trade war is estimated to restrict the rally in the Indian market. “Focusing on domestic consumption themes would be more ideal for investors,” he concluded.

Regionally, the Nifty IT index has fallen over 21% from its peak and, with the recent decline, has now entered bear market territory. In the last session, the index lost nearly 3% in value. The major highlights include Wipro, TCS, Infosys, HCLTech, and Tech Mahindra as all traded with cuts.

Looking at the broader markets, Nifty Media, Nifty Metal, Nifty Realty, and Nifty Auto indices all traded in the red ranging up to a cut of 1%. Conversely, Nifty Bank, Nifty FMCG, Nifty Energy, and Nifty PSU Bank indices increased in value by up to 0.7%.

Th0se in the midcap space saw even stronger pressure with the key index down 0.1%, but the small cap segment faced even higher selling pressure as the benchmark index dropped 0.5%.

The worst performers were Shriram Finance, Hindalco, and Tata Motors while ONGC, SBI, and Bharat Electronics were at the top as gainers.

In an effort to strengthen its balance sheet, Gensol Engineering plans to raise Rs 600 crore, causing the company’s shares to drop 5 percent. The company’s board has authorized two separate fundraising proposals. The first is to raise Rs 400 crore through the issuance of Foreign Currency Convertible Bonds (FCCBs) and the second is to raise Rs 200 crore by issuing warrants to promoters. “This move underscores the company’s strong commitment to achieving sustainable growth, reducing debt, and maximising value for its stakeholders,” said the firm in an exchange filing.

Adani Green Energy’s shares also rose by 4 percent after Macquarie began coverage with an ‘outperform’ rating with a price target of Rs 1,200, which is almost 40 percent higher than Tuesday’s closing price. Adani Green’s target of 50 GW capacity by FY2030 will significantly aid the company’s strategic positioning in India’s energy transition which will increase from 12 GW. Macquarie's note accounts for a 25 percent CAGR in the company’s EBITDA over the next five years, even in a bearish scenario.