The Nifty managed to stay above 24,000 despite swings through the session, reflecting a mixed market where gains in select heavyweight stocks helped offset pressure across several sectors.
The rupee also had a positive session. The currency appreciated 27 paise intraday and closed at ₹94.95 per US dollar, compared with Monday’s close of ₹95.16.
Among individual stocks, Maruti Suzuki emerged as the top Nifty loser after the automaker reported August sales that came in below estimates. The stock remained under pressure following the sales update.
On the other hand, Bajaj Auto gained nearly 2% after reporting strong August sales, making the auto space a mixed pocket of the market.
Reliance Industries extended its recent gains and rose nearly 2%, even as the broader market remained weak in parts. Adani Group stocks also ended higher, with Adani Ports gaining more than 3%.
Commodity-linked stocks saw some sharp moves. Sugar stocks fell as much as 6% after the government reduced the stock-holding limit, adding pressure to the sector. Meanwhile, Brent crude rose above $92 a barrel, weighing on oil-sensitive names. Asian Paints and BPCL fell as much as 4%.
The aviation sector also came under pressure, with IndiGo falling nearly 4% after a hike in jet fuel prices raised concerns around operating costs.
At the other end of the Nifty, ITC emerged as the top gainer. Happiest Minds Technologies, however, fell more than 10% following the announcement of the ITC-Happiest Minds deal, making it one of the day’s notable decliners.
The wires and cables space was also under pressure. KEI Industries fell to a 17-month low, while Havells declined 6% after UltraTech Cement’s entry into the wire segment raised concerns around intensifying competition.
Among other movers, Godrej Agrovet jumped more than 6% after a positive brokerage note, while Graphite India gained more than 4% after GrafTech announced a cut in graphite electrode capacity.
EPL slipped more than 8% after promoter Epsilon Bidco sold its entire stake in the company. Ujjivan Small Finance Bank also fell more than 5% after its Managing Director and CEO sought early retirement.
Market breadth remained weak despite the gains in the headline indices. The advance-decline ratio stood at 1:2, indicating that declines outnumbered advances by a significant margin.
Overall, the session was marked by a clear divergence beneath the headline gains. While support from select large-cap names helped the benchmarks hold firm, a broad swathe of stocks remained under pressure, with commodity prices, company-specific developments and sectoral triggers driving sharp moves.
