Top Gainers & Losers on Mar 04: Petronet LNG, Mahanagar Gas, Tata Steel, HPCL, BPCL, Force Motors among top losers

The sell-off in the Indian stock market deepened further in Wednesday's session, with key benchmarks falling over 1.5% as investors fled risky assets amid the ongoing conflict in the Middle East, which entered its fifth day and widened further, leaving the Street worried about its ripple effects on the domestic economy.

The Nifty 50 closed 1.55% lower at 24,480, while the Sensex lost 1122 points, or 1.40%, to settle at 79,116. Both indices have declined over 1% for the third consecutive session. At one point during the day, the benchmarks had plunged more than 2%.

The broader markets also faced similar losses, with the Nifty Midcap 100 and the Nifty Smallcap 100 indices falling over 2% each.

Crude oil prices have risen for the fourth straight day, with Brent crude futures topping $84 per barrel on fears of supply disruptions after Iran reportedly closed the Strait of Hormuz — a key route that accounts for about 20% of global oil and LNG trade.

Investors were cautioned about the impact of higher crude prices on the economy, as they could stoke inflation and potentially widen the trade deficit. If prices remain elevated for a prolonged period, they could also weigh on corporate earnings.

Gas stocks hit hard; OMCs fall over 5%

Gas stocks such as Petronet LNG, Mahanagar Gas, and GAIL were hit hard in trade, falling 9%, 7.7%, and 7.9%, respectively, as gas prices surged after Qatar reportedly shut liquefied natural gas (LNG) production following Iranian strikes. The nation supplies about 20% of the world’s LNG and is the second-largest exporter, behind the US.

Petronet LNG, in a stock exchange notification issued late Tuesday, noted that vessels were unable to safely transit through the Strait of Hormuz to reach Ras Laffan, the loading port of QatarEnergy.

Multibagger Force Motors also came under severe selling pressure, with the stock falling 8.3% to ₹21,450 apiece. Metal stocks such as Tata Steel, SAIL, Jindal Steel, NMDC, Jindal Saw, and Hindustan Copper declined between 5% and 7%.

All three state-run oil marketing companies (OMCs) — Indian Oil Corporation (IOC), Hindustan Petroleum Corporation (HPCL), and Bharat Petroleum Corporation (BPCL) — dropped over 5% as concerns grew that higher crude oil prices could impact their auto fuel marketing margins.

More than 100 stocks from the Nifty 500 basket have fallen by over 3%.

Select stocks defy market meltdown

In a broad-based sell-off, a few stocks managed to buck the trend, with Balrampur Chini Mills emerging as the top performer, surging 7.3% to ₹491.70 apiece. It was followed by Chennai Petroleum, Poly Medicure, Sagility India, and Gujarat Gas, which jumped over 5%.

Zen Technologies shares also closed 4.53% higher at ₹1,406 apiece, while eClerx Services gained 4.43% to ₹3,220. Defence major Solar Industries India extended gains for the second straight session, rising 4% to the ₹14,523 level.

Other stocks such as Abbott India, Praj Industries, Affle (India), 3i Infotech, Tejas Networks, Swiggy, Firstsource Solutions, and NACL Industries advanced between 3% and 4%.

Disclaimer: We advise investors to check with certified experts before making any investment decisions.