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29th August to 4th September
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| | The week began with unusually heavy trading as MSCI’s index rebalancing pushed passive funds to adjust their portfolios during the Closing Auction Session on Monday. Turnover in the 15-minute window reached a record ₹39,718 crore, creating sharp movements in stocks like Lenskart Solutions and Adani Energy Solutions. These flows briefly lifted the Bank Nifty, but the broader Nifty 50 still closed lower on Monday. India’s strong economic signals could not reverse the mood. GDP grew 7.8%, beating expectations of 7.1%, led by improved corporate earnings improved. Another positive was those foreign investors buying $3.1 billion of Indian equities in August, the highest monthly inflow in 23 months. However, these inflows remained small against the ~$24.6 billion Indian shares sold during calendar year 2026. Global risks ultimately carried more weight. Renewed West Asia tensions pushed Brent Crude near $96, raising concerns about inflation and a spike in India’s import bill. The rupee offered support by strengthening to a 10-week high near 94.49 after the RBI’s FCNR helped scheme mobilise over $127 billion in inflows, mostly from NRIs. Friday’s rebound ended the market’s four-session losing streak The uncertainty due to geopolitical issues continued to sustain risk-off sentiment among Indian risk assets. | |
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| | Benchmark Index Moves | | Index | | | Nifty 50 | | Sensex | | Bank Nifty |
| | | | Closing Level | | | 23,897.70 | | 76,515.43 | | 57,369.65 |
| | | | % Weekly Change | | | ▼ -0.61% | | ▼ -0.47% | | ▼ -0.10% |
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Market Breadth: The momentum in the markets was negative with total gainers at 2,563 and total losers at 2,982. | |
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| |  | | Top Weekly Gainers & Losers (Nifty 100) |
 Gainers
| Stock Name | % weekly change | Delivery volumes in past week Vs prev month | | Tata Power | ▲ 4.55% | 1.1X | | Solar Industries | ▲ 4.20% | 1.5X | | Coal India | ▲ 3.84% | 2.1X | | Reliance Industries | ▲ 3.10% | 1.5X | | TCS | ▲ 2.47% | 1.1X |
Tata Power shares rose after it bagged a few orders, and a brokerage upgraded their target price on the stock after it fell below ₹350 post an adverse arbitration ruling.
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| |  Losers
| Stock Name | % weekly change | Rise in delivery volumes in past week Vs previous month | | Adani Energy | ▼ -12.83% | 2.8X | | Adani Enterprises | ▼ -7.29% | 2.6X | | TVS Motor | ▼ -6.27% | 1.6X | | Zydus Lifesciences | ▼ -5.82% | 0.9X | | Eicher Motors | ▼ -5.80% | 1.5X |
Eicher Motors fell despite an 11% rise in August Royal Enfield sales, as its higher margin >350cc motorcycle volumes declined 13% YoY, prompting profit booking after the stock’s recent rally.
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| |  | | Stocks & Sectors in the News |
 | FMCG | What happened FMCG emerged as one of the market’s few defensive pockets. ITC led the gains, while Nestle India was among the biggest laggards. The sector finished positively even though participation remained uneven.
Why it happened ITC gained more than 4% after its arm ITC Infotech announced plans to acquire a 22.1% stake in Happiest Minds and merge the two technology businesses, with the resultant merged entity listing on the exchanges. Defensive buying also supported the sector as investors moved towards relatively stable consumer businesses. | Which stocks moved |
|  | Information Technology | What happened
IT stocks followed a two-part story. The sector initially weakened due to profit-booking. It then recovered and gained, led by Infosys. Tata Elxsi, and HCL Technologies however, remained under pressure.
Why it happened
Investors returned to large IT companies as a defensive option when broader-market sentiment weakened. HCL Technologies rose more than 3%, while Infosys gained close to 1% on higher volumes. Tata Elxsi remained weak amid company-specific caution and selling in mid-cap technology shares.
| Which stocks moved | ▼ | HCL Technologies | | ▼ | Tata Elxsi |
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|  | Banking | What happened Banks started on a relatively positive note, supported by private-sector heavyweights, but the momentum did not last. The Nifty Bank subsequently fell approximately 1%, while the PSU Bank index lost around 1.2%. Axis Bank & Kotak Mahindra Bank provided limited support, whereas State Bank of India & IndusInd Bank were among the notable losers.
Why it happened Broader financial stocks faced selling as rising global bond yields and renewed foreign outflows reduced risk appetite. HDFC Bank initially gained 2.5% despite MD and CEO Sashidhar Jagdishan’s decision to step down but later reversed its gains and touched a fresh 52-week low. | Which stocks moved | ▲ | Kotak Mahindra Bank | | ▲ | Axis Bank | | ▼ | SBI |
| | ▼ | Canara Bank | | ▼ | HDFC Bank | | ▲ | ICICI Bank |
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|  | Pharmaceuticals | What happened Pharmaceuticals were among the weakest performing sectors, with the Nifty Pharma index declining approximately 1.5%. Dr Reddy’s Laboratories, Zydus Lifesciences, Sun Pharma & Divi’s Laboratories faced selling pressure. Why it happened: Sun Pharma’s US pricing agreement highlighted a wider shift towards lower drug prices, tariff-linked concessions and local manufacturing. This raised concerns over pricing power, costs and future US market access for overall Indian pharmaceutical exporters.
| Which stocks moved | ▼ | Muthoot Finance | | ▼ | Dr Reddy’s Laboratories | | ▼ | Zydus Lifesciences |
| | ▼ | Sun Pharma | | ▼ | Divi’s Laboratories |
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| |  | | Top Delivery-volume Movers (Nifty 500) |
Rising Delivery Volume (Last week vs Prev month) | Stock Name | Avg delivery volume % | Avg month delivery volume % | Avg 6-month delivery volume | | Balkrishna Industries | 63.10 | 62.93 | 58.47 | | Astral | 72.08 | 72.08 | 45.11 | | Adani Energy | 72.31 | 63.65 | 46.65 | | Concord Biotech | 86.56 | 61.85 | 40.86 | | SBFC Finance | 79.59 | 55.06 | 58.94 |
SBFC Finance’s delivery volume increased because HDFC Life bought 73 lakh shares, a 0.65% stake worth ₹73.73 crore, in a bulk transaction.
Falling delivery volume (Last week vs Prev month) | Stock Name | Avg delivery volume % | Avg month delivery volume % | Avg 6-month delivery volume | | Pfizer | 64.05 | 74.54 | 62.20 | | Tenneco Clean Air | 53.31 | 68.07 | 57.44 | | Aster DM Quality Care | 63.07 | 74.53 | 62.94 | | Bharti Hexacom | 49.75 | 50.36 | 63.86 | | Life Insurance Corp | 57.69 | 62.46 | 54.92 |
After the mega OFS and strong Q1 results, LIC saw no further major stock-specific catalysts, leading the delivery volumes to normalise and decline.
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| |  | | Year high and year low in the past week (Nifty 200) |
Stocks that hit their 52-week high:
Bosch, Solar Industries, Oracle Financial Services Software, Bajaj Auto, Divi's Laboratories, Glenmark Pharmaceuticals, Coforge, Laurus Labs, Aurobindo Pharma, Lenskart Solutions, and FSN E-Commerce Ventures
Stocks that hit their 52-week low:
PI Industries, Hindustan Unilever, ICICI Lombard General Insurance, Blue Star, Voltas, Godrej Consumer Products, HDFC Bank, Indian Railway Catering and Tourism Corporation, Dabur India, ITC, Rail Vikas Nigam, and Indian Railway Finance Corp
Lumino Industries IPO attracted strong investor interest, receiving an overall subscription of 118.12 times. It subsequently listed at ₹110 on the NSE, compared with its issue price of ₹82, delivering listing gains of approximately 34.15% ESDS Software Solution IPO was subscribed 142.88 times, supported by strong demand across investor categories. The shares listed at ₹757 on the NSE, against an issue price of ₹429. | |
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 Note: The stocks given in the table above are only for informational purposes and are not recommendations. | |
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| |  | | Research Calls (Long-Term) |
| Research Partner | Date of call | Stock | View | Target Price (₹) | | Markets Mojo | 2nd Sept | ACS Technologies | BUY | 50.02 | | William O’ Neil India | 27th Aug | Usha Martin | BUY | 494.00 |
Here is how some of the expert research calls are performing | Research Partner | Date of call | Stock/Scrip | Entry Price (₹) | Price movement since call (%) | | Markets Mojo | 25th Aug | Great Eastern Shipping | 1305.55 | 4.96% |
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| |  | | Commodity Moves |
| |  | | Brent Crude | | | |  | | Gold Futures | | | |  | | Silver Futures | | | |  | | Natural Gas Futures (NYMEX) | | | |  | | Copper Futures | |
| | | | $95.15 | | | | $4,524.15 | | | | $67.63 | | | | $2.92 | | | | $6.67 | |
| | | | 8.00% | | | | -0.13% | | | | 0.96% | | | | 1.18% | | | | 0.23% | |
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| |  | | Forex Moves |
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| |  | | FIIs vs DIIs |
Last week | | (In ₹ crore) | Cash (provisional) | Index Futures | Stock Futures | Index Options | Stock Options | | | | FIIs | -7,539.80 | -5,882.60 | 3,742.40 | -36,938.80 | -1,371.80 | | | | DIIs | 19,410.20 | 118.10 | -177.20 | -30.00 | -2,220.60 | |
Year-to-date | | (In ₹ crore) | Cash | Index Futures | Stock Futures | Index Options | Stock Options | | | | FIIs | -3,53,568.80 | -85,364.90 | -13,872.70 | -6,65,396.20 | -44,420.60 | | | | DIIs | 5,73,141.90 | 4,876.90 | 19,171.90 | 8,282.70 | -1,58,535.30 | |
Note: FII data is as of 3rd September 2026 and DII F&O data up to 20th August 2026 only. | |
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| |  | | Global Signals | |
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Aisan Markets
Asian markets began on a mixed note, with gains in China, South Korea and Singapore offset by declines in Japan, Taiwan and Australia. The mood then weakened as renewed tensions in the Middle East pushed oil prices higher. Japan’s Nikkei fell 1%, led by chipmakers, while Hong Kong also declined. Rising bond yields added to the unease, leaving investors worried that costlier energy could keep inflation and interest rates elevated.
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European Markets
European markets started on the back foot, with Germany’s DAX among the biggest losers, while London remained closed for a holiday. When the UK market reopened, the pressure widened as surging oil prices and eurozone inflation of 3.3% revived fears of higher interest rates. Mining, manufacturing and travel stocks struggled, although energy shares gained. Investors worried that expensive fuel could slow growth while keeping prices high.
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US Markets
Wall Street also stumbled into the new month. Stocks fell in both sessions as renewed conflict in the Middle East sent oil prices and government bond yields sharply higher. The Dow declined 0.7% in the first session and another 0.8% in the next, while technology shares faced heavier selling pressure. Energy stocks were the main bright spot. The message from investors was clear: higher fuel costs could revive inflation and keep borrowing costs elevated for longer.
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Although Friday’s rebound offered some relief, there isn’t a clear change in direction for markets. Next week, the path may depend on whether crude oil cools, geopolitical tensions ease and foreign flows improve. A broader recovery beyond IT and continued rupee strength could support sentiment, while rising oil prices and fresh CAS volatility may keep investors cautious. | |
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| |  | | Upcoming events (5th September 2026 to 11th September 2026) |
Macroeconomic events & Earnings 10
September
Mutual Fund Equity Inflows (India)
| | 11
September
FX Reserves (India)
| | 12
September
CPI Inflation (India) | | 12
September
Bank Deposits (India) |
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September 4, 2026 | 21 mins read
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