IndiGo to Vodafone Idea: Stock Market Winners and Losers in March
March has historically been a positive month for Indian stocks. Over the last decade, the final month of the financial year has seen repeat winners like InterGlobe Aviation (IndiGo) and NHPC. At the same time, companies like Vodafone Idea and IDFC First Bank have consistently struggled.
How the Market Performs in March
A look at the last 10 years shows that the Nifty 50 has closed March in the green eight times. On average, it has delivered a return of 0.8%. While this gain seems small, the consistency is impressive. In fact, the index saw strong gains of over 4% in 2016, 2019, 2022, and 2025, proving that March can be a high-momentum month.
The broader markets are more volatile. The Nifty Midcap 100 and Nifty Smallcap 100 have finished in positive territory six times in the last decade. However, their average returns are much lower 0.3% for midcaps and -0.5% for smallcaps.
While years like 2016 and 2025 saw gains exceeding 4%, 2020 remains a reminder of the risks. During the pandemic crash, midcaps fell by 30% and smallcaps tumbled by 37%.
Best and Worst Performing Sectors Since 2016
Safe-haven sectors and commodity-linked themes usually hold up best in March. FMCG has been one of the most reliable sectors, showing gains in seven out of the last 10 years. Energy and metals have also performed well, often helped by global price cycles and year end positioning.
| NSE Sector | Positive Years (Out of 10) | Average Returns (%) |
| FMCG | 7 | 2.6% |
| Metal | 7 | 1.3% |
| Energy | 7 | 2.1% |
| Bank | 7 | 0.2% |
| Pharma | 5 | 0.7% |
| Real Estate | 5 | 0.4% |
| IT | 4 | -0.7% |
| Auto | 4 | -1.9% |
The banking sector often closes in the green but with very small average gains. In contrast, the IT and Auto sectors have historically struggled in March, both in terms of how often they gain and their average returns.
Top Stock Winners in March
Some stocks stand out for their consistent and high returns during this month. Adani Energy Solutions has led the pack with average March gains of 13%, closing in the green seven times over the last decade.
Other top performers include:
- Solar Industries India: 10% average gain
- CG Power: 8% average gain
- InterGlobe Aviation (IndiGo): 7% average gain
- Adani Enterprises: 7% average gain
- Steady Gainers: Torrent Power, NHPC, APL Apollo Tubes, Nestle India, and Adani Ports have all seen steady mid single digit growth.
Stocks That Often Struggle in March
On the other side, several stocks have a history of underperforming. Vodafone Idea has averaged a 10% drop in March, finishing in the red seven times over the last 10 years.
Other stocks with frequent declines include:
- Inox Wind
- Apollo Hospitals
- IDFC First Bank
- Samvardhana Motherson International
These stocks average losses of about 5 to 6% in March. High debt, specific industry problems, or year end selling often weigh these companies down.
What to Expect This March
Historically, the Nifty enters March with a slightly positive trend. This is supported by tax planning, portfolio adjustments, and institutional rebalancing before the financial year ends.
Large-cap stocks usually hold up better during global uncertainty. Midcaps and smallcaps tend to do well only when investors are willing to take more risks. Investors should keep a close watch on global trends, oil prices, foreign investment activity, and earnings forecasts for the new financial year.
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