The NSE Nifty 50 fell 45 points, or 0.18%, to close at 24,580, while the S&P BSE Sensex dropped 207 points, or 0.26%, to 80,158. Both benchmarks slipped after briefly trading higher in the session.
“Markets are at very interesting juncture. On one hand, you have all these challenges, tariff related, slower consumption and recently also in terms of financials, there has been some stress. At the same time, on the other hand, you have these GST tax cuts which are expected also, if you look at the recent data whether the GDP numbers, two-wheeler numbers they are strong. So I would say market has been selective in its approach, how different sectors and stocks have performed,” Ajay Khandelwal, Fund Manager, Motilal Oswal Asset Management said.
Financials and heavyweight lenders underperformed, with the Nifty Bank index losing 0.6% to 53,661. Mahindra & Mahindra was the top Nifty laggard, falling over 2% on auto sector newsflow.
In contrast, state-run companies saw buying interest, with Power Grid Corp and NTPC among the top Nifty gainers. Reliance Industries advanced 1%, limiting the benchmark’s losses.
Two-wheeler makers extended gains ahead of the GST Council meeting, with Hero MotoCorp and Eicher Motors adding about 1% each. Tyre stocks also jumped, with MRF, JK Tyre and Ceat up 5–6% on expectations of a possible GST rate cut.
Metals outperformed, with NMDC and National Aluminium Co surging around 5% each, while midcaps outshone largecaps, the Nifty Midcap 100 index rising 0.27% to 56,977.
Among individual movers, Phoenix Mills gained 3% after a positive brokerage note, Samman Capital jumped 11% on strong volumes, and gold financiers advanced with Manappuram Finance up 2% on higher global bullion prices. Mobikwik soared 20% after Abu Dhabi Investment Authority (ADIA) sold a 2% stake via block deals.
Market breadth remained positive, with the advance-decline ratio at 2:1.
First Published: Sept 2, 2025 3:44 PM IST