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Trendlyne Marketwatch
03 Sep 2026
Market closes lower amid weakness in IT and FMCG stocks
By Trendlyne Analysis

 

Nifty 50 closed at 23,873.45 (-41, -0.2%), BSE Sensex closed at 76,152.86 (-417.5, -0.6%) while the broader Nifty 500 closed at 23,254.05 (31.3, 0.1%). Market breadth is in the green. Of the 2,818 stocks traded today, 1,694 were gainers and 1,071 were losers.

Indian indices closed lower after paring early gains due to weakness in IT and FMCG stocks. The Indian volatility index, Nifty VIX, fell 2.2% and closed at 11.3 points. India’s Services Purchasing Managers’ Index (PMI) rose to 54.1 in August from 53.3 in July, but remained the second-lowest since March 2022. Growth was supported by stronger output and new business, although the pace of expansion remained among the weakest recorded in more than four years.

Nifty Smallcap 100 and Nifty Midcap 100 closed higher. Nifty IT and BSE IT Sector are among the top index losers today. According to Trendlyne’s sector dashboard, Software & Services emerged as the worst-performing sector of the day, with a fall of 0.7%.

Asian markets closed mixed. European markets traded with varied trends. US index futures traded higher. Investors await the US ISM Services PMI for August and weekly jobless claims data, due later today, for cues on business activity and the labour market. Meanwhile, Middle East tensions remained elevated after Iran launched missile and drone strikes at US bases in Kuwait in response to US attacks earlier this week. US President Donald Trump also said renewed US attacks on Iran would not last long, keeping the Strait of Hormuz in focus.

  • Relative Strength Index (RSI) indicates that stocks like Entero Healthcare and Tourism Finance Corp of India are in the overbought zone.

  • Lohia Corp is rising as its CFO Anupam Agarwal targets a Rs 2,500 crore revenue in the next two years, driven by demand for technical textiles and woven raffia.

  • Aster DM Quality Care is rising sharply as its promoter Union (Mauritius) Holdings buys 46.1 lakh shares worth Rs 350.3 crore through a block deal at an average price of Rs 760 per share. Centella Mauritius Holdings sells the shares.

  • Jindal Worldwide surges to its 20% upper limit as its electric-vehicle arm, Jindal Mobilitric, plans to expand its network to 100 showrooms by FY28. It targets around 40 showrooms by FY27 and has opened its first two outlets in Srinagar and Jaipur.

  • Data from the oil ministry’s Petroleum Planning and Analysis Cell (PPAC) shows India’s LPG consumption fell 16% YoY to 11.3 million tonnes during April–August. The decline came amid a shift towards piped natural gas (PNG) following LPG supply disruptions caused by the West Asia war. LPG demand also dropped 16% in August.

  • Godrej Consumer Products plunges to its 52-week low of Rs 859.6 per share as analysts flag domestic growth concerns after the company plans to halve inventory in the general trade channel to 10 days from around 20 days currently. They point out that growth could remain subdued due to the general trade inventory correction, elevated investments and a difficult input-cost environment.

  • Metropolis Healthcare rises as it projects revenue to grow at a 14.5% CAGR over three years, with EBITDA margin expanding 310 bps to 27.5%. Management notes that the performance will be driven by network expansion, TruHealth wellness offerings, specialty diagnostics demand, technology-led direct-to-consumer growth and selective acquisitions.

  • Prestige Estates Projects is rising after adding a 17.1-acre land parcel in Sector 109, Gurgaon, for a residential project. The development will have a saleable area of 2.8 million sq ft and an estimated gross development value of Rs 5,600 crore.

  • Investec upgrades Torrent Power to a 'Buy' rating with a higher target price of Rs 1,515. The brokerage expects the company to enter a 3-4 year earnings inflection phase, driven by the 1.4 GW Nabha Power acquisition and accelerated renewable build-out. Nabha Power is expected to add Rs 11 billion to steady-state EBITDA from FY27, while the 4.2 GW renewable pipeline should significantly boost its asset base and cash flows.

  • RBL Bank soars to its 5-year high of Rs 409.7 per share as it mobilises $3.4 bn (~Rs 32,472 crore) in foreign (FCNR-B) deposits via the RBI's swap facility till August 31. The bank's international arm disburses loans worth $1.1 bn (~Rs 10,309 crore) against these deposits.

  • Garden Reach Shipbuilders & Engineers is rising after signing MoUs with Det Norske Veritas (DNV) and Damen. The DNV partnership covers advanced warships, green shipping and digital shipbuilding, while Damen will support the design and construction of dredgers in India.

  • Tata Power is rising as Nuvama reportedly upgrades the stock to a 'Buy' call from 'Hold' with a higher target price of Rs 421 per share. This indicates a potential upside of 14.2%. The brokerage believes that the Kleros ruling is now reflected in the stock, while the market is yet to fully value medium-term growth opportunities. It expects the company's pipeline across pumped storage projects (PSP), transmission and Bhutan hydro projects to drive revenue growth in the medium-term.

  • India’s Services PMI rises to 54.1 in August from 53.3 in July. However, the reading remained the second-lowest since March 2022 and was slightly below the long-term average of 54.5. Growth was driven by stronger output and new business, although the overall pace remained among the weakest recorded in more than four years.

  • Power Grid Corp of India rises as it secures an inter-state transmission system (ISTS) project with annual transmission charges of Rs 3,244 crore to evacuate power from Barmer, Rajasthan, to South Kalamb, Maharashtra. The project involves setting up 6,000 MW, 800 kilovolts (kV) HVDC terminals at Barmer and South Kalamb, along with transmission lines through Rajasthan, Gujarat and Maharashtra.

  • Altius Telecom Infrastructure Trust is rising as global investment group La Caisse reportedly invests Rs 12,100 crore in the trust for a 24% stake.

  • Quality Power Electrical Equipments is falling sharply as its board of directors defers its Rs 157.5 crore preferential issue to Winwin Speciality Insulators as they seek other modes for the fundraise. The board had earlier approved the issue as part of the consideration to acquire a 100% stake in Winwin Speciality.

  • Society of Indian Automobile Manufacturers (SIAM) President Shailesh Chandra says the Indian auto industry records steady FY26 growth, with passenger vehicle sales hitting a record 46 lakh units, up 7.9%. EV registrations rise nearly 25% YoY, while the industry fully transitions to E20-compliant petrol vehicles from April 1, 2025, supported by strong domestic demand and exports.

  • Lumino Industries' shares debut on the bourses at a 34.1% premium to the issue price of Rs 82. The Rs 700 crore IPO received bids for 118.1 times the total shares on offer.

  • Persistent Systems' board of directors approves a $450 mn (~Rs 4,250 crore) fundraise by issuing equity shares or other securities. The board also approves raising $1.3 bn (~Rs 11,800 crore) through debt instruments.

  • Inox Wind is rising as it secures a repeat order from Indian Oil Corp to develop a 100 MW wind project. As per the order, Inox Wind will supply wind turbine generators, provide engineering, procurement & construction (EPC), project execution and post-commissioning operating & maintenance services.

  • India's Finance Ministry urges public sector general insurers to focus on profitable segments and reduce incurred claim ratios, as the government seeks to improve underwriting and operational performance. Department of Financial Services (DFS) Secretary Sanjay Lohiya also calls for a stronger, standardised KPI framework to enable consistent assessment of financial and non-financial performance.

  • RPG Life Sciences is rising as its board of directors approves acquiring active pharmaceutical ingredients (API) business of Raghava Life Sciences through its subsidiary, RPG Active Pharma, for Rs 135 crore. The acquisition is in line with the company's focus on expanding its API business.

  • Meesho is falling as 8 crore shares (or a 1.7% stake) worth Rs 1,650.4 crore reportedly change hands in a block deal at an average price of Rs 206 per share. SoftBank Vision Fund entity SVF II Meerkat is the likely seller in the transaction.

  • Hexaware Technologies is falling as its Chief Executive Officer (CEO), Srikrishna Ramakarthikeyan, tenders his resignation, effective October 28. Vivek Jetley to be the new CEO.

  • Housing and Urban Development Corporation is rising as it signs a memorandum of understanding (MoU) with the Bihar government to provide term loans of up to Rs 25,000 crore over five years. The funding will support land acquisition and the development of industrial parks across the state.

  • Nifty 50 was trading at 23,968.65 (54.2, 0.2%), BSE Sensex was trading at 76,724.95 (154.6, 0.2%), while the broader Nifty 500 was trading at 23,290.65 (67.9, 0.3%).

  • Market breadth is ticking up strongly. Of the 2,230 stocks traded today, 1,707 were on the uptick, and 443 were down.

Riding High:

Largecap and midcap gainers today include Solar Industries India Ltd. (21,500, 4.4%), SBI Cards and Payment Services Ltd. (661, 4.1%) and Torrent Power Ltd. (1,289.30, 3.2%).

Downers:

Largecap and midcap losers today include Godrej Consumer Products Ltd. (880, -2.8%), Bharat Forge Ltd. (1,981, -2.5%) and Federal Bank Ltd. (344.60, -2.5%).

Volume Rockets

22 stocks in BSE 500 are trading on high volumes today.

Top high volume gainers on BSE included Brigade Enterprises Ltd. (712.30, 11.3%), Jyoti CNC Automation Ltd. (1,026.85, 7.5%) and Anant Raj Ltd. (628.30, 6.7%).

Top high volume losers on BSE were Deepak Fertilisers & Petrochemicals Corporation Ltd. (1,355.90, -4.3%), Godrej Consumer Products Ltd. (880, -2.8%) and Hexaware Technologies Ltd. (532, -2.1%).

Elecon Engineering Company Ltd. (435.95, 4.6%) was trading at 26.0 times of weekly average. RBL Bank Ltd. (408.10, 4.8%) and JSW Holdings Ltd. (11,590, 1.3%) were trading with volumes 8.8 and 8.6 times weekly average respectively on BSE at the time of posting this article.

BSE 500: highs, lows and moving averages

11 stocks overperformed with 52 week highs, while 11 stocks were underachievers and hit their 52 week lows.

Stocks touching their year highs included - Caplin Point Laboratories Ltd. (2,845, 4.6%), Solar Industries India Ltd. (21,500, 4.4%) and Welspun Corp Ltd. (2,641.60, 4.7%).

Stocks making new 52 weeks lows included - Dabur India Ltd. (380.70, 0.5%) and Godrej Consumer Products Ltd. (880, -2.8%).

10 stocks climbed above their 200 day SMA including JM Financial Ltd. (134.53, 4.0%) and Great Eastern Shipping Company Ltd. (1,353.60, 3.7%). 12 stocks slipped below their 200 SMA including PG Electroplast Ltd. (553.90, -2.1%) and Amara Raja Energy & Mobility Ltd. (860.40, -1.3%).

 
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