The Sensex fell 307.24 points to close at 76,957.27 and the Nifty 50 lost 95.25 points to end at 24,080.40 on Monday, 31 August 2026, as IT, metal, realty and media shares weighed amid weak global cues.
Nifty Auto and Private Bank outperformed while Media, Metal, Realty and IT lagged, with Adani Enterprises, Adani Ports and Eternal the top Nifty losers.
Ola Electric jumped 8% to ₹42.1 as the top midcap gainer, extending its rally after the S1Z scooter launch and a ₹95.8 crore PLI incentive.
Milky Mist reported a more than 1,000% jump in June quarter profit to ₹64.5 crore, and Brent crude rose 4.71% to $90.18 after US forces struck Iranian minelaying positions in the Strait of Hormuz.
The Sensex fell 307.24 points, or 0.4%, to close at 76,957.27, while the Nifty 50 ended 95.25 points, or 0.39%, lower at 24,080.40.
The broader market was split. The Nifty MidCap rose 0.24%, helped by Ola Electric’s surge, while the Nifty SmallCap fell 0.74%, reversing its recent outperformance.
Impact on the stock market
Sectoral gainers: The Nifty Auto and the Nifty Private Bank indices outperformed, with autos supported by the buzz around electric two wheelers. The Nifty MidCap’s 0.24% gain added some support.
Sectoral losers: The Nifty Media, the Nifty Metal, the Nifty Realty and the Nifty IT indices underperformed, with metals reversing after a strong run and IT extending its recent weakness.
| Sector/Index | Performance |
| IT & BPM sector | -0.29% |
| Healthcare sector | 0.85% |
| Oil & Gas sector | 0.33% |
| Real estate sector | -0.52% |
| PSU Bank in India | 0.06% |
Top gainers today
| Company | Share Price (in ₹) | Change % |
| Sun Pharma | 1,984.80 | 3.38 |
| Nestle | 1,496.50 | 2.88 |
| Axis Bank | 1,300.00 | 2.77 |
| Max Healthcare | 1,042.10 | 2.76 |
| Grasim | 3,371.00 | 2.46 |
Top losers today
| Company | Share Price (in ₹) | Change % |
| Adani Enterprise | 2,859.10 | -9.76 |
| Adani Ports | 1,593.10 | -6.70 |
| ITC | 255.50 | -3.95 |
| Bharti Airtel | 1,811.90 | -3.75 |
| TMPV | 308.85 | -3.30 |
Market aftermath: Impact on stocks
Ola Electric: An 8% Jump on S1Z Momentum and a PLI Incentive
Ola Electric Mobility shares jumped 8% in afternoon trade on August 31 to ₹42.1, extending Friday’s 3.2% gain and emerging as the top midcap gainer of the day. The stock is now up around 11.3% in 2026 against a 7.5% decline in the Nifty 50, and the company’s market value rose above ₹19,300 crore.
The trigger was the launch of the S1Z, a new mass market electric scooter range built on the company’s indigenously developed Bharat Cell LFP battery technology. The 3.1 kWh and 5.1 kWh variants are priced at an introductory ₹79,999 and ₹99,999, with claimed ranges of up to 179 km and 301 km. Adding to the momentum, the company has received a ₹95.8 crore incentive sanctioned under the government’s Production Linked Incentive scheme, a direct boost to cash flows at a time when the electric two wheeler market is drawing renewed investor attention.
Milky Mist: Profit Jumps Over 1,000% in Its First Results Since Listing
Milky Mist Dairy Food reported a more than 1,000% jump in standalone net profit to ₹64.5 crore for the quarter ended June 30, 2026, up from ₹5.7 crore in the same quarter a year earlier. Revenue rose 45% to ₹973 crore from ₹673 crore.
The operating performance was just as strong. Operating profit grew 74.5% to ₹145 crore from ₹83 crore, with a margin of 14.88%. The summer portfolio did the heavy lifting: ice cream sales rose 60% year on year, paneer revenue grew 34%, and cheese and curd grew 38% and 27% respectively. For a company that listed only recently and focuses on value added dairy rather than liquid milk, this is the kind of first report card that justifies the attention its stock has received.
Nifty Metal Falls 2.45% as Rate Hike Talk Hits Bullion
Metal stocks settled sharply lower on Monday, with Adani Enterprises, National Aluminium Co, Hindustan Zinc and others declining, as bullion prices weakened after US Federal Reserve Chairman Kevin Warsh indicated the possibility of an interest rate hike. The Nifty Metal index fell 2.45%, with 13 of its 15 constituents ending in the red, making it the worst performing sector of the day.
The link runs through silver. October silver futures fell nearly 1% to $66.86 per ounce on the COMEX, and Hindustan Zinc, a major silver producer, fell over 4% as a result, while its parent company Vedanta declined more than 3%. Adani Enterprises, Nalco and Hindustan Zinc fell by up to 10% between them. Higher interest rates typically strengthen the dollar and reduce the appeal of non yielding assets like precious metals, so a hawkish Fed signal tends to hit metal producers quickly. After a strong August for the sector, the sell off is a reminder that metals trade on global macro signals as much as on domestic demand.
Crude Oil: Brent Jumps Nearly 5% After US Strikes on Iranian Minelaying Forces
Crude oil futures surged on Monday morning after US forces attacked an Iranian island in the Strait of Hormuz. December Brent futures were at $90.18, up 4.71%, and October WTI futures were at $85.09, up 2.03%. On the MCX, September crude futures rose 1.77% to ₹8,125.
US Central Command said its forces took limited, precise action against Islamic Revolutionary Guard Corps minelaying forces posing an imminent threat in the strait, describing it as eliminating a threat to civilian mariners and commercial shipping. The IRGC called the strikes an act of aggression. Analysts at ING noted this was the first military exchange between the US and Iran in a month: the US struck Iranian launchers over the weekend amid suggestions Iran was about to lay mines, and Iran retaliated with missiles towards a US base in Jordan, which were intercepted. The concern now is whether this ignites further rounds of strikes and leaves shippers hesitant to navigate the strait, just as regional producers had grown more comfortable moving crude through it.
Conclusion
August ended on a sour note, with the Sensex at 76,957 and Brent back above $90 after the weekend strikes reversed last week’s Hormuz optimism. The benchmarks remain capped by oil, and the rotation into autos and private banks shows investors still favour safety. Yet Ola Electric’s 8% surge on a well received launch and Milky Mist’s 1,000% profit jump prove that strong company specific stories are still being rewarded. September opens with one question above all others: does the US Iran exchange escalate or fade? The answer will decide whether the market gets the clear road it has waited for all month, or another stretch of capped rallies. Watch the strait, and keep backing the stocks with numbers behind them.
