Sensex: Slipped 206.61 points (0.26%) to close at 80,157.88 after swinging nearly 753 points intraday.
Nifty 50: Ended 45.45 points (0.18%) lower at 24,579.60, well off its day’s high of 24,756.10.
Broader markets, however, bucked the trend. The Nifty Midcap 100 ended 0.27% higher, while the Nifty Smallcap index gained 0.53%.
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Impact on the stock market
Sector-wise performance
Worst performers:
- Private Banks fell 0.7%
- Financial Services dipped 0.56%
- Healthcare was down 0.33%
- Pharma eased 0.27%
Top gainers:
- Media jumped 0.98%
- Metals rose 0.85%
- Realty gained 0.72%
- Consumer Durables edged up 0.24%
| Sector/Index | Performance |
| IT & BPM sector | -0.01% |
| Healthcare sector | -0.33% |
| Oil & Gas sector | 0.62% |
| Real estate sector | 0.72% |
| PSU Bank in India | 0.28% |
Top gainers today
| Company | Share Price (in ₹) | Change % |
| Power Grid Corp | 286.70 | 2.45 |
| TATA Cons. Prod | 1,100.80 | 2.33 |
| Nestle | 1,200.60 | 2.23 |
| NTPC | 336.30 | 1.69 |
| Tata Steel | 158.39 | 1.42 |
Top losers today
| Company | Share Price (in ₹) | Change % |
| Sun Pharma | 1,562.50 | -2.01 |
| ITC | 405.85 | -0.95 |
| HUL | 2,649.50 | -0.39 |
| Titan Company | 3,618.60 | -0.28 |
| Reliance | 1,353.90 | -0.24 |
Market aftermath: Impact on stocks
Silver rally sparks Hindustan Zinc and peers
Silver crossed $40 an ounce for the first time since 2011, riding on strong investor demand and gold’s record run above $3,500/oz. With the rupee also testing record lows of 88/USD, exporters are staring at windfall gains.
- Hindustan Zinc gained about 1.5% in today’s trade after surging 3.9% on Monday.
- Vedanta shares recovered from early lows.
- Goldiam International – a jewellery exporter – jumped more than 11% in the past five sessions.
Clearly, the silver lining is turning into real stock market shine.
Sun TV gets a sports-driven upgrade
It wasn’t just metals in focus. Sun TV Network surged 6% to ₹581 after Avendus Spark upgraded the stock to “buy” – its first positive call in five years.
Why the change? Analysts now see Sun TV less as a traditional broadcaster and more as a sports powerhouse, thanks to its IPL franchise, Sunrisers Hyderabad.
- Short-term target: ₹680 (25% upside)
- Three-year target: ₹840 (54% upside)
The brokerage expects IPL revenue to grow at a 9–12% CAGR, touching ₹15,000 crore by 2027, with sports making up nearly 60% of Sun TV’s valuation. Add to that the July acquisition of the Northern Superchargers, a UK-based cricket franchise worth ₹1,161 crore, and Sun TV is clearly betting big on global sports.
You may also read: Sun TV vs. Zee Entertainment: Titans of India’s Media Economy
Phoenix Mills: retail story looks strong
Real estate and retail giant Phoenix Mills rallied nearly 5% after Motilal Oswal upgraded the stock to “buy” with a price target of ₹2,044, implying 35% upside.
The bullish view is anchored in retail consumption trends:
- Between FY15–25, its retail portfolio clocked 11% CAGR in consumption and 12% CAGR in rental income.
- With new malls in Lucknow, Indore, Ahmedabad, Pune, and Bengaluru, the growth curve looks set to steepen.
- Analysts expect rental income to grow at a whopping 21% CAGR to ₹2,800 crore by FY27, while total income could hit ₹3,900 crore.
For investors looking at India’s consumption boom, Phoenix Mills might just be the perfect shopping cart.
Also read: Ola Electric share price rises 3%, 22% in five days. What’s behind the surge?
Crude oil watch: global tensions keep traders alert
Away from equities, crude oil futures edged higher as geopolitical tensions between Russia and Ukraine escalated.
- Brent: $68.44 (+0.43%)
- WTI: $64.94 (+0.51%)
- MCX September crude: ₹5,725 (+0.39%)
The big question for the week: what will OPEC+ decide? With supply cuts already unwound and surplus risks looming, traders are bracing for possible fresh curbs.
Other commodities also moved:
- Nickel: ₹1,372 (+1.22%)
- Dhaniya: ₹7,654 (-0.36%)
- Turmeric: ₹12,426 (-0.64%)
Conclusion
2nd September was a reminder that the market isn’t just about the benchmark indices. While Sensex and Nifty wobbled under banking and pharma weakness, pockets of strength emerged in metals, media, and real estate. Silver’s surge, Sun TV’s sports-powered rerating, and Phoenix Mills’ retail growth story showed how stock-specific narratives continue to drive opportunities.
With the GST Council meeting ahead and crude oil jitters in the background, volatility may stay high. But for sharp-eyed investors, days like this prove that even in a sideways market, the right stories can still deliver winning trades.
For more stock market insights, check out the StockGro blog.
