Sensex rises 363 points, Nifty gains 24 points: 3 reasons why stocks ended mixed

The equity benchmark indices BSE Sensex and NSE Nifty ended mixed on Friday (September 4), with the Sensex rising 363 points to 76,515 while the Nifty gained 24.25 points to 23,898 in a range-bound session.

Broader markets underperformed, with the Nifty Midcap index falling 156 points to 63,079, while several stocks moved sharply on company-specific developments.

Why did the stock market end mixed today?

The BSE Sensex gained 363 points to 76,515, while the Nifty rose 24.25 points to 23,898, ending below the 23,900 mark. The Nifty Bank slipped 10.95 points to 57,370, while the Nifty Midcap index fell 156 points to 63,079.

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1. Capital market stocks gain on SEBI update

Capital market stocks remained in focus after the Securities and Exchange Board of India (SEBI) update on CAS. BSE gained 9% in two days following the update.

Meanwhile, insurance stocks were active in trade, with SBI Life Insurance emerging as the top Nifty gainer.

2. Cables & wires stocks fall sharply

Cables and wires stocks saw a sharp fall after UltraTech Cement's entry into the segment. KEI Industries fell more than 8%. At the same time, Tata Steel gained nearly 3%, helping the Nifty Metal index emerge as the top-performing sectoral index.

3. Stock-specific action keeps the market busy

HAL rose nearly 3% following an update on GE Aerospace engine deliveries. HEG gained 3%, with Friday being the last date to be eligible to own the demerged entities. Physics Wallah surged more than 5% on a large trade and a positive brokerage note, while Dhoot Transmission rose over 1% after its Q1 results.

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ESDS Software Technologies had a strong debut, more than doubling from its issue price. Prestige Estates ended nearly 2% higher following a Maharashtra Real Estate Appellate Tribunal (MREAT) order in the Mahalaxmi Tower project case.

New India Assurance surged 17%, while IFCI gained 5%, amid sources indicating that SEBI is likely to approve the National Stock Exchange of India’s (NSE) initial public offering (IPO) next week.

Multi Commodity Exchange of India (MCX) gained 3% amid expectations that SEBI might release a circular in September on allowing foreign portfolio investors (FPIs) in commodity derivatives.

Market breadth favoured declines, with the advance-decline ratio at 1:1.

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From the Sensex basket, Tata Steel Ltd, Hindustan Aeronautics Ltd, Reliance Industries Ltd, Titan Company Ltd, NTPC Ltd and Tata Motors Passenger Vehicles Ltd were the major gainers.

Eternal Ltd, HCL Technologies Ltd, Apollo Hospitals Enterprise Ltd, Bharti Airtel Ltd, Hindalco Industries Ltd and Oil and Natural Gas Corporation Ltd were the biggest laggards.

Market This Week

The equity benchmark indices ended the week lower, with the Sensex and Nifty falling nearly 1% each. The market declined for the fourth straight week, marking its longest losing streak in five months, while the Nifty Midcap index underperformed.

Among sectors, Oil & Gas and Financials gained the most, while Nifty Auto was the top laggard. The Nifty Auto index fell nearly 4% during the week following auto sales updates.

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Market weakness was broad-based, with 38 of the 50 Nifty stocks ending in the red. Adani Enterprises, Eicher Motors and Maruti Suzuki were the top Nifty losers, while Coal India, Reliance Industries, Tata Steel and ONGC emerged as the top gainers.

In the midcap space, Tata Technologies, Tata Chemicals, Persistent Systems and Exide Industries were among the top losers. IGL, LIC Housing Finance, Torrent Power and IDFC First Bank were the top midcap gainers.