The Nifty 50 ended the session down by 0.13%, closing at 25,356 points, while the S&P BSE Sensex closed nearly flat, slipping 0.09% to 82,890 points.
Despite these declines, the Nifty Midcap 100 index reached a significant milestone by crossing the 60,000 mark for the first time, closing at 60,189 points with a 0.66% gain.
The IT sector, led by Wipro’s 4.2% jump, was one of the standout performers, as easing inflationary pressures encouraged central banks to cut interest rates.
Impact on the stock market
Sectors like pharma and FMCG pushed the market into a slight decline. Despite this, the Nifty IT index stood out, surging by 1% to reach a fresh all-time high, backed by strong performances in IT majors like Wipro and MphasiS.
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| Sector/Index | Performance |
| IT & BPM sector | +0.56% |
| Healthcare sector | -0.17% |
| Oil & Gas sector | -0.67% |
| Real estate sector | +1.73% |
| PSU Bank in India | +1.23% |
Top gainers today
| Company | Price | Change (%) |
| Wipro Share Price | 550.60 | +3.88 |
| Bajaj Finance Share Price | 7,598.50 | +2.29 |
| IndusInd Bank Share Price | 1,464.05 | +1.43 |
| Axis Bank Share Price | 1,217.45 | +1.17 |
| Tata Steel Share Price | 153.49 | +1.15 |
Top losers today
| Company | Price | Change (%) |
| SBI Life Insura Share Price | 1,846.50 | -1.57 |
| Adani Ports Share Price | 1,452.10 | -1.39 |
| HDFC Life Share Price | 705.40 | -1.28 |
| Coal India Share Price | 490.25 | -1.09 |
| ITC Share Price | 513.85 | -1.09 |
Market aftermath: Impact on stocks
Bajaj Finance, Bajaj Finserv rise ahead of Bajaj Housing Finance listing
Both Bajaj Finance and Bajaj Finserv saw a strong uptrend today, rising by up to 3% ahead of Bajaj Housing Finance’s much-anticipated IPO debut. The ₹6,560 crore IPO set a record for the highest bids by value ever in India, with investors showing great enthusiasm.
The grey market premium continues to remain high, suggesting a strong listing performance for Bajaj Housing Finance. As a result, positive sentiment around the Bajaj Group stocks is building, reflecting in the market prices of Bajaj Finance and Bajaj Finserv.
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Godfrey Phillips shares surge ahead of bonus issue
Godfrey Phillips’ stock surged 11% to hit a record high of ₹7,430.95, driven by the anticipation of the company’s upcoming board meeting to approve a 2:1 bonus issue. The news attracted heavy buying from investors as shareholders are keen to capitalize on the bonus shares.
This stock also gained momentum after the successful reappointment of Bina Modi as Managing Director, securing 86.64% shareholder support, further strengthening the company’s leadership during a time of family disputes.
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Tolins Tyres IPO set to debut
Tolins Tyres is set to debut on September 16, and its IPO attracted significant interest, being oversubscribed by 25 times. The grey market premium of ₹30 suggests a strong debut, with an expected listing price of ₹256 per share, 13.2% higher than its issue price of ₹226.
Investors are particularly bullish due to the company’s diverse product range in the tyre and retreading industry, with strong exports to over 40 countries. The healthy subscription numbers from retail, non-institutional, and institutional investors indicate strong confidence in its market performance.
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Crude oil price decline
Crude oil prices continued their upward trend, driven by supply disruptions caused by Hurricane Francine in the Gulf of Mexico. Brent crude futures traded at $72.27, up 0.42%, while WTI futures rose to $69.39, reflecting a 0.61% increase.
According to the US Bureau of Safety and Environmental Enforcement (BSEE), over 41% of oil production and 53% of natural gas production in the Gulf of Mexico have been halted due to the hurricane. This significant reduction in supply has provided temporary support to oil prices.
However, the International Energy Agency (IEA) noted that global oil demand growth is decelerating, led by China’s economic slowdown and increased adoption of electric vehicles. Despite the recent price surge, the medium-term outlook for oil remains bearish.
Conclusion
The Indian stock market ended a relatively flat session with notable performances in the midcap, smallcap, and IT sectors. Key stocks such as Bajaj Finance, Godfrey Phillips, and Tolins Tyres saw significant movement, driven by upcoming listings, bonus announcements, and IPO listings.
Meanwhile, crude oil prices continue to rise due to supply disruptions, despite broader concerns about global demand. As we move forward, the market is likely to witness further volatility, with investors closely tracking economic and geopolitical developments.
Stay tuned on StockGro for more updates on market trends.
