Summary
The Sensex rose 138.36 points to close at 74,902.59 and the Nifty 50 gained 46.30 points to end at 23,477.80 on Thursday, 10 September 2026, snapping a three day losing streak as bank shares supported amid persistent oil volatility.
Nifty Financial Services, PSU Bank and Private Bank outperformed while Auto and Metal lagged, with HDFC Life, Power Grid and ONGC the top Nifty gainers.
Redington rose up to 5.5% after Apple launched the iPhone 18 series and raised iPhone 17 prices in India by over 20%, while HCL Tech fell 1.5% on Citi’s sell call with a ₹1,110 target.
Gaja Alternative fell 3.5% after revenue halved in its first results since listing, and Brent held above $100 at $101.04 as Iran attacked 10 ships near the Strait of Hormuz.
The Sensex rose 138.36 points, or 0.19%, to close at 74,902.59, while the Nifty 50 settled 46.30 points, or 0.2%, higher at 23,477.80.
The broader market lagged the bounce. The Nifty MidCap fell 0.38% and the Nifty SmallCap slipped 0.07%, so the recovery was a large cap affair.
Impact on the stock market
Sectoral gainers: Nifty Financial Services, Nifty PSU Bank and Nifty Private Bank outperformed, a sharp reversal from Tuesday when the same group led the declines.
Sectoral losers: Nifty Auto and Nifty Metal underperformed, with metals cooling after Wednesday’s electrode driven rally.
| Sector/Index | Performance |
| IT & BPM sector | -0.08% |
| Healthcare sector | -0.38% |
| Oil & Gas sector | 0.01% |
| Real estate sector | -0.02% |
| PSU Bank in India | 0.39% |
Top gainers today
| Company | Share Price (in ₹) | Change % |
| HDFC Life | 526.15 | 12.15 |
| Power Grid Corp | 271.75 | 5.90 |
| ONGC | 237.27 | 3.25 |
| Bharti Airtel | 1,839.00 | 24.30 |
| Tech Mahindra | 1,525.80 | 17.80 |
Top losers today
| Company | Share Price (in ₹) | Change % |
| HCL Tech | 1,207.00 | -1.85 |
| Hindalco | 1,014.00 | -1.26 |
| Tata Steel | 186.78 | -1.04 |
| Adani Enterprise | 3,077.20 | -0.89 |
| M&M | 3,123.80 | -0.83 |
Market aftermath: Impact on stocks
Gaja Alternative: Down 3.5% as Revenue Halves in Its First Results Since Listing
Gaja Alternative Asset Management fell as much as 3.5% before settling 2.12% lower at ₹155.33 after its first results as a listed company showed revenue from operations dropping nearly 50% to ₹16 crore in the June quarter, from ₹31 crore a year earlier. Sequentially, revenue declined 20% from ₹20 crore in the March quarter.
The bottom line told a better story, with profit after tax rising 35% to ₹27 crore from ₹20 crore, but the market focused on the topline slide. The company, which operates under the Gaja Capital brand, listed on August 26 at ₹185 on the NSE, a 15.63% premium to its issue price, after a ₹550 crore initial share sale priced at ₹152 to ₹160. The stock now trades below its listing price, a reminder that newly listed companies face their sternest test at the first earnings report.
HCL Tech: Down 1.5% as Citi Stays at Sell on Rich Valuation
HCL Technologies fell 1.5% to ₹1,211, the top loser on both the Nifty 50 and Nifty IT, after Citi retained its sell rating with a target price of ₹1,110, implying around 10% downside. The stock has fallen about 26% in 2026 against the Nifty 50’s 10.3% decline, and trades at an adjusted price to earnings multiple of 18.4 times with a market value just under ₹3.29 lakh crore.
Citi’s argument is about price, not progress. The brokerage acknowledged HCL Tech is making good headway in artificial intelligence, which opens a new addressable market, and was constructive on the data centre opportunity, where the company could capture more value as a full stack player. But the demand environment remains largely unchanged, automotive and telecom engineering verticals are under pressure, the software segment faces macro weakness and a shift to term licences, and the valuation premium to large cap peers persists. Separately, the company announced an Advanced Semiconductor Lab in Bengaluru with an investment of ₹185 crore, a 40,000 square foot facility offering post silicon engineering, advanced testing and failure analysis services for global customers.
Redington: Up 5.5% as Apple Launches the iPhone 18 and Raises India Prices
Redington shares rose up to 5.5% to an intraday high of ₹398.45 on September 10 after Apple launched the iPhone 18 series, entered foldables with the iPhone Duo and raised iPhone 17 prices in India sharply. As one of Apple’s primary authorised distribution partners across India, the Middle East and Africa, Redington earns a significant share of its mobility revenue from Apple products, so higher prices translate directly into higher distribution value.
The price moves are striking. The 256 GB iPhone 17 now starts at ₹99,900, up 20.5% from ₹82,900, while the iPhone 18 Pro starts at ₹1,64,900, a 22% jump over the iPhone 17 Pro, and the Pro Max at ₹1,79,900, up 20%. India’s increases are far steeper than the 8 to 9% seen in the US and UK. The iPhone Duo, Apple’s passport sized foldable starting at ₹2,99,900, opens into a 7.6 inch screen, runs the new A20 Pro chip and Apple’s own C2 modem, and arrives on October 23 positioned as a business productivity device. Analysts have long argued Apple’s entry could finally take foldables mainstream, the way it did with smartwatches and wireless earbuds.
Crude Oil: Holding Above $100 as Iran Attacks 10 Ships Near Hormuz
Brent crude stayed above the $100 mark on Thursday, with November futures at $101.04, down 0.17%, and October WTI at $96.11, up 0.06%. On the MCX, September crude futures rose 0.48% to ₹9,143.
The escalation continued on the water. Iran said it attacked 10 ships near the Strait of Hormuz, following the US sinking of five Iranian tankers, and reports said Iran fired ballistic missiles at a US military base in Jordan. UK Maritime Trade Operations issued advisories about several merchant vessels in the Northern Arabian Gulf and Gulf of Oman coming under disabling fire. US President Donald Trump added a political frame, claiming Iran is trying to influence the US mid term elections in November and predicting the war would end immediately after them. Elsewhere, natural gas fell 1.04% to ₹266.90 on the MCX, while cottonseed oilcake slipped 1.02% to ₹2,631 and dhaniya eased 0.33% to ₹15,670 on the NCDEX.
Conclusion
Thursday’s bounce was welcome but narrow: banks pulled the benchmarks higher while the broader market slipped and Brent held above $101 with ships under fire near Hormuz. Redington’s rally on Apple’s 20% plus India price hikes, Citi’s caution on HCL Tech and Gaja Alternative’s harsh first report card kept the stock specific lessons coming. The market has stabilised at lower levels, but stability with oil in triple digits and attacks on commercial shipping is conditional at best. Watch whether the banks can lead a second day, whether Hormuz flows hold, and whether $100 crude starts showing up in the inflation prints. Until then, treat every bounce as a chance to tidy the portfolio rather than a signal to charge back in.
