The Nifty 50 and the S&P BSE Sensex touched record highs, with Nifty climbing to 25,445 points and Sensex reaching 82,988 points. However, profit booking in select sectors capped the gains, and both indices closed the session nearly flat—Nifty at 25,383 (+0.11%) and Sensex at 82,988 (+0.12%).
Among Nifty 50 constituents, 26 stocks ended in the green, with NTPC leading the charge, up 2.6%. Other strong performers included JSW Steel, Hindalco Industries, Larsen & Toubro, ICICI Bank, and Axis Bank, all of which gained between 1% and 1.7%. Broader markets, especially the Nifty Midcap 100 and Smallcap 100, continued to outperform, with the Midcap index rising 0.38% to 60,259 points.
Impact on the stock market
Out of 13 sectoral indices, nine closed in the green. Nifty Energy and Nifty Metal were the top gainers, rising 0.8% and 0.6%, respectively. Stocks like Vedanta and Jindal Stainless benefited from a weaker dollar, which made dollar-denominated commodities more attractive to foreign buyers. Additionally, IT stocks like LTIMindtree and HCL Technologies touched new 52-week highs.
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| Sector/Index | Performance |
| IT & BPM sector | -0.10% |
| Healthcare sector | +0.22% |
| Oil & Gas sector | +0.11% |
| Real estate sector | +0.57% |
| PSU Bank in India | -0.01% |
Top gainers today
| Company | Price | Change (%) |
| NTPC Share Price | 411.10 | +2.42 |
| Hindalco Share Price | 685.15 | +1.77 |
| JSW Steel Share Price | 971.00 | +1.72 |
| Shriram Finance Share Price | 3,418.95 | +1.51 |
| Larsen Share Price | 3,662.25 | +1.36 |
Top losers today
| Company | Price | Change (%) |
| Bajaj Finance Share Price | 7,345.75 | -3.33 |
| HUL Share Price | 2,867.10 | -2.25 |
| Bajaj Finserv Share Price | 1,857.60 | -1.95 |
| SBI Life Insura Share Price | 1,821.25 | -1.37 |
| Britannia Share Price | 6,063.00 | -1.14 |
Market aftermath: Impact on stocks
Stove Kraft jumps 7%, reaches 52-week high
Stove Kraft’s stock surged by 7% to reach a 52-week high of ₹932 following a ‘buy’ recommendation from Emkay Global. The brokerage firm cited the company’s attractive valuations, strong free cash flows, and market share growth, giving the stock a target price of ₹1,350.
Stove Kraft, known for its popular brands like Pigeon and Gilma, has been expanding its distribution channels, including e-commerce and modern retail, which has helped it capture a larger share of the cooking appliance market.
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Bajaj Housing Finance makes blockbuster debut with shares up 136%
Bajaj Housing Finance made an extraordinary debut on the stock market, opening at ₹150, which was a 114% premium over its issue price of ₹70. By the end of the day, the stock hit its upper circuit limit of ₹165, recording a remarkable 136% gain.
The IPO was oversubscribed by 64 times, driven by strong demand from both institutional and retail investors. This strong debut pushed Bajaj Housing Finance’s market valuation to an impressive ₹1,37,406 crore, making it one of the top performers of the day.
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Tolins Tyres debuts flat, hits 5% upper circuit
Tolins Tyres saw a relatively modest listing, with shares debuting at ₹227 on the BSE, just ₹1 above its issue price of ₹226. However, the stock quickly gained momentum, hitting the 5% upper circuit and closing at ₹239.40 on the NSE.
Despite the subdued start, the IPO had been oversubscribed by 27 times, indicating strong interest from investors. Tolins Tyres plans to utilize the IPO proceeds for loan repayments and augmenting long-term working capital, positioning itself for future growth.
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Crude oil price decline
Crude oil futures remained largely steady, Brent futures trading at $71.58, down just 0.03%. WTI futures on the other hand, edged up by 0.04% to $67.78. The market was cautious ahead of the US Federal Reserve’s interest rate decision later this week, with expectations of a potential rate cut by 25 to 50 basis points.
Weak economic data from China also weighed on crude prices, with China’s industrial production growth slowing to 4.5% in August from 5.1% in July. Additionally, the US Federal Reserve’s potential interest rate cut could provide a boost to crude demand by making it cheaper and more accessible.
Conclusion
The Indian stock market witnessed a day of mixed emotions—new record highs, strong IPO performances, and profit booking in key sectors. Broader markets, especially mid- and small-cap stocks, continued to show strength. Bajaj Housing Finance’s debut was the highlight of the day, with a stellar 136% gain.
While crude oil remained steady, global economic factors, including a potential rate cut by the US Federal Reserve, could drive future price movements. As we move into the next trading session, all eyes will be on how these factors continue to shape the market.
Stay tuned on StockGro for more updates on market trends.
