Nifty, Sensex Post Fourth Straight Weekly Loss as Crude Spike and Global Yields Drive 1.15% Decline 

Mumbai, Sept 5: Indian stocks ended a choppy week on 4 September as the benchmark indices extended their losing streak to the fourth straight week – their longest such run in five months. The Nifty 50 and Sensex gave up early gains on rising crude oil prices, spiking global bond yields and persistent foreign fund outflows, though a late-week recovery on Friday provided some relief.  

The Nifty 50 ended the week at 23,897.70, a decline of 1.15% or 277.95 points from its previous close, while the Sensex ended the week at 76,515.43, having lost 0.97% or 749.08 points in the five-day trading session. Overall market conditions were rather mixed, with mid-caps experiencing some downward pressure while small caps showed resilience, indicating a selective sell-off pattern that prevailed during the course of the week. 

Benchmark Indices Record Fourth Straight Weekly Decline as 16 Sectors Bleed 

The week’s performance marked a significant milestone for Indian equities, with the Nifty and Sensex posting their fourth consecutive weekly decline—the steepest weekly losses for both indices in five months. The Nifty 50 opened the September series on a weak note at 24,080.40 on Monday, 31 August, and steadily lost ground through the week, touching a weekly low of 23,873.45 on Thursday before staging a modest recovery on Friday. 

The Sensex mirrored this trajectory, opening the week at 76,957.27 and sliding to a low of 76,152.86 on Thursday before closing at 76,515.43 on Friday. Twelve of the 16 major sectoral indices declined for the week, with the Nifty Auto index emerging as the worst performer, shedding nearly 4% on concerns over slowing sales growth and a high base effect. The Nifty IT index, which had been a standout performer in the prior week, surrendered its gains mid-week as profit-booking and geopolitical uncertainties weighed on technology stocks. 

Nifty 50: Weekly Decline of 277.95 Points as Selling Intensifies Mid-Week 

The Nifty 50 began the week at 24,080.40 on Monday, 31 August, declining 0.39% or 95.25 points in the first session itself. Tuesday brought little reprieve, with the index slipping just 0.01% to 24,055.80, as investors remained bearish despite some support from IT and FMCG stocks. The real damage occurred on Wednesday, when the Nifty plunged 141.35 points or 0.59% to 23,914.45, weighed down by heavy selling in auto and IT stocks. Thursday saw the index hit its weekly low of 23,873.45, down 0.17%, before Friday’s rebound of 24.25 points or 0.10% lifted it to 23,897.70. 

The index’s intraday high for the week was recorded on Monday at approximately 24,150, while the weekly low of 23,873.45 was touched on Thursday. Key stocks that weighed on the Nifty 50 included HDFC Bank, which hit a four-year low mid-week, and Mahindra & Mahindra, which fell 5.1% over the week. On the positive side, Adani Enterprises gained 1.83% on Thursday following a positive brokerage note, while Kotak Mahindra Bank extended its weekly gains to approximately 5%. 

Sensex: 30-Share Index Sheds 749 Points as HDFC Bank, Reliance Drag 

The BSE Sensex, comprising 30 prominent stocks, opened the week at 76,957.27 on Monday, 31 August, falling 0.40% or 307.24 points. Tuesday saw a marginal decline of 12.99 points to 76,944.28, as the index remained range-bound amid mixed global cues. Wednesday proved to be the worst session, with the Sensex dropping 373.90 points or 0.49% to 76,570.35. Thursday extended the losses, with the index falling 0.55% to 76,152.86—its weekly low—before Friday’s recovery of 362.57 points or 0.48% lifted it to 76,515.43. 

The Sensex’s intraday high for the week was approximately 77,639, touched in early trade on Thursday, 27 August, before a dramatic reversal. The index’s weekly low of 76,152.86 was recorded on Thursday, 3 September. HDFC Bank was the single largest drag on the Sensex, with the heavyweight banking stock falling over 2% on Thursday alone amid news of a US class-action lawsuit that rattled investors. Reliance Industries also contributed to the downside, while IT stocks provided some support on selective days. 

Nifty Next 50 and Broad Market Indices Show Mixed Performance 

The Nifty Next 50, which tracks the next 50 large-cap companies after the Nifty 50, showed relative resilience during the week. The index closed at 74,347.45 on 27 August, down 0.21% or 153.60 points from the previous session. The index traded within a weekly range of 74,234.90 to 74,738.20, with a one-week return of approximately 0.6%. 

The Nifty 500, representing the broader market, closed at 23,482.00 on 27 August, reflecting a decline of 0.33%. The BSE 100 and BSE 500 indices mirrored the weakness in the broader market, though specific performance data for the full week remained limited. The broader market indices largely tracked the downward trajectory of the benchmark indices, with selling pressure emanating from heavyweight financials and auto stocks spilling over into the broader universe. 

Mid-Cap and Small-Cap Indices Diverge as Small-Caps Hit Fresh Record High 

The broader market presented a striking divergence in performance during the week. The Nifty Midcap 150 index closed the week at 23,168.35, marking a weekly loss of 0.22%. The Nifty Midcap index declined 0.2-0.3% over the week, reflecting the broader selling pressure that engulfed mid-sized companies. The Nifty Midcap 150’s weekly range saw resistance at 23,370-23,570 and support at 23,020-22,820. 

In stark contrast, the Nifty Smallcap 250 index demonstrated remarkable resilience, closing the week at 18,496.15 with a weekly gain of 0.44%. The Nifty Smallcap index advanced 0.2% to hit a fresh record high during the week, underscoring the strength in smaller companies even as large-caps struggled. The Nifty Smallcap 250 traded within a key resistance zone of 18,600-18,800 and support at 18,250-18,050. 

The divergence between mid-cap and small-cap performance highlighted the selective nature of the sell-off, with investors rotating into smaller names even as they pared exposure to mid-sized companies. The Nifty Midcap 150 had gained about 0.42% in the prior week, while the Nifty Smallcap 250 had gained about 0.51%, suggesting that the broader market had been outperforming frontline benchmarks before the current week’s reversal. 

Sectoral Indices: Auto Sheds 4%, IT and Metal Show Resilience 

Sectoral performance during the week was sharply divided, with the Nifty Auto index emerging as the biggest loser, falling nearly 4% on concerns that sales growth could slow amid a high base and potentially weaker rural demand following a rainfall deficit. Maruti Suzuki fell 5.1% over the week, while Mahindra & Mahindra lost 4.9%, dragging the auto index lower. 

The Nifty IT index, which had rallied 3.5% in the preceding week, surrendered its gains mid-week before staging a partial recovery. The index declined over 2% on Wednesday, 2 September, emerging as the biggest drag on the benchmark indices that session. HCL Technologies emerged as a key gainer within the IT pack, with the stock gaining on a day when auto fell 1.22% and pharma declined 1.45%, reflecting IT’s continued role as the market’s defensive anchor amid crude spikes and geopolitical risks. 

The Nifty Metal index was the best-performing sectoral index on Friday, rising 1.07% to 13,317.45, though it had lost 1.86% over the week. The index had earlier traded at 13,525.35 on 28 August before giving up gains. The Nifty Oil & Gas index rose 0.21% on Friday, providing support to the benchmarks. The Nifty Media index gained 1.74% on Thursday, while Nifty Realty rose 2.58% on the same day. 

The Nifty FMCG index was among the key laggards, declining 0.62% on Thursday and 0.46% in the prior week. The Nifty Pharma and Nifty Healthcare indices underperformed on multiple sessions, with the Nifty Pharma falling 0.68% on Friday and the Healthcare index declining 0.87%. The Nifty PSU Bank index declined 0.94% to 8,587.80 on Thursday, 27 August, after having risen 1.52% in the preceding two sessions. 

India VIX Rises Above 11 as Market Volatility Intensifies Mid-Week 

The India VIX, the measure of market volatility in the domestic market, witnessed a sharp spike during the week as selling pressure intensified. The volatility index rose more than 3% to 11.86 on Wednesday, 2 September, indicating heightened expectations of market turbulence in the near term. The India VIX had closed at 10.66 on 1 September, down 9.35% from previous levels, but the mid-week sell-off pushed the index higher. 

By the end of the week, the India VIX had settled at 10.62, down 0.56% from its mid-week peak. The index remained at comparatively low absolute levels despite the sharp rise during Thursday’s sell-off, suggesting that while short-term volatility had increased, broader market anxiety remained contained. The India VIX had ranged between 8.72 and 28.91 over the past 52 weeks, with the current levels indicating a market that was still far from panic territory. 

Lumino Industries Lists at 34% Premium After 118x Subscription 

The primary market witnessed significant activity during the week, with Lumino Industries making a spectacular debut on the NSE. The company’s ₹700 crore initial public offering, which was open for subscription from 27 August to 31 August, was subscribed an impressive 118.12 times, with demand led by Qualified Institutional Buyers. The IPO was a public cum offer for sale book-building issue. 

Lumino Industries shares listed at a 34% premium over the issue price on 3 September, rewarding investors who had participated in the highly oversubscribed offering. The stock opened at ₹109.88 on the NSE, compared to the issue price of ₹82, and extended its gains in the first hour of trading. The strong listing performance underscored the robust demand for quality IPOs in the Indian market, even as benchmark indices struggled. 

Complete Sports and Management India IPO opened for subscription on 28 August, though the issue saw a slow response on the first day. The shares were scheduled to debut on 4 September on the BSE SME platform. Kwick Forensic Solutions SME IPO also opened for subscription from 27 August to 31 August, with the grey market premium indicating strong investor interest. 

ITC Infotech and Happiest Minds Announce Mega Merger to Create India’s 11th-Largest IT Services Provider 

Happiest Minds Technologies has announced a proposed merger with ITC Infotech to create an AI-first global technology services company targeting US$1 billion in annual revenue by FY28. The combined entity will have ₹7,033 crore in pro-forma FY26 revenue, more than 19,000 employees, 800+ customers and operations across 30+ countries. 

As part of the transaction, ITC Infotech will acquire a 22.1% stake in Happiest Minds for ₹1,330 crore, at an average price of about ₹395 per share. The merger will involve a 25:81 share-swap ratio, while ITC will hold about 73.4% of the merged company. The transaction remains subject to regulatory and shareholder approvals. 

Happiest Minds shares fell as much as 12.2% to ₹357.50 in early September 1 trade, while ITC gained nearly 5% to ₹269, reflecting contrasting market reactions to the deal. 

Devyani International Revises Sapphire Foods Merger; Gabriel India Acquires 30% Stake in HL Klemove 

Devyani International and Sapphire Foods India have revised their proposed merger scheme after Sapphire Foods Mauritius Ltd (SFML) mutually terminated its planned sale of an 18.5% stake in Sapphire Foods to Arctic International. SFML will now participate in the merger on the same terms as other Sapphire Foods shareholders. 

The termination does not alter the key merger terms. Under the proposed arrangement, Devyani International will issue 177 shares for every 100 Sapphire Foods shares. 

The stocks, however, did not rally following the development. Devyani International share price closed at ₹146.11 on 27 August and stood at ₹139.28 on 4 September, marking a decline of about 4.7%. Sapphire Foods fell from ₹239.74 to around ₹232 over the same period, down roughly 3.2%. The price movement indicates that investors remained cautious despite the revised merger structure. 

Great Eastern Shipping Announces ₹900 Crore Buyback; Man Infraconstruction to Consider First-Ever Buyback 

The Great Eastern Shipping Company’s shares gained over 3% after the company announced a ₹900 crore share buyback through the open-market route. The stock opened 2.2% higher at ₹1,324.90 and touched an intraday high of ₹1,363, before trading 2% higher at ₹1,341.70. The company will buy back shares at a maximum price of ₹1,530 per share, a 16% premium to its previous close of ₹1,317.20. At the maximum size, the buyback could cover 58.82 lakh shares, representing 4.12% of paid-up equity capital. GE Shipping has gained 20% in 2026, while its one-year gain stands at 43%. 

Man Infraconstruction has approved a ₹169.29 crore share buyback of up to 99 lakh fully paid-up equity shares at a maximum price of ₹171 per share. The Board approved the proposal on September 1 through the open-market route via the stock exchange mechanism. The buyback represents approximately 2.45% of the company’s paid-up equity capital. Promoters and the promoter group hold 62.52%, while public shareholders own 37.48%. The company has also constituted a Buyback Committee to oversee the required formalities and implementation of the programme. 

44 Stocks Trade Ex-Dividend on September 4 Including Indigo Paints and ONGC 

A total of 49 corporate action entries were listed for 4 September, including dividends, stock splits, a bonus issue, and a share buyback. Among the prominent names, Indigo Paints and ONGC were among 44 stocks that traded ex-dividend on 4 September. The dividend announcements spanned across sectors, with companies rewarding shareholders ahead of the festival season. 

Quess Corp Reports 7.43% QoQ Revenue Growth to ₹4,181.69 Crore 

Quess Corp Ltd reported revenue of ₹4,181.69 crore in Q1 FY27, up 7.43% quarter-on-quarter (QoQ) from ₹3,892.45 crore and 14.52% year-on-year (YoY). Operating profit stood at ₹84.54 crore, down 2.11% QoQ from ₹86.36 crore but up 24.52% YoY. PBDT increased 20.18% QoQ to ₹95.70 crore from ₹79.63 crore, while profit before tax rose 24.44% QoQ to ₹85.89 crore from ₹69.02 crore, marking a 64.41% YoY increase. Net profit stood at ₹82.13 crore, rising 27.63% QoQ from ₹64.35 crore and 61.07% YoY. 

Quess Corp shares reacted positively to the Q1 FY27 results on 30 July 2026, rising as much as 4.08% to ₹319.95, their highest level since June 2025. The stock later pared some gains and closed at around ₹309.60, up 0.75%. The positive reaction followed the company’s 61% YoY growth in consolidated net profit and 15% increase in revenue for the June quarter. 

Weekly Gainers and Losers: New India Assurance Surges 17.70%, R R Kabel Plunges 13.29% 

The weekly performance of individual stocks saw sharp divergences. The New India Assurance Company Ltd emerged as the top gainer for the week, surging 17.70%. Tejas Networks Ltd followed with a gain of 8.23%, while Wockhardt Ltd rose 7.08%. Affle 3I Ltd gained 6.40%, and Pine Labs Ltd advanced 6.31%. 

On the losing side, R R Kabel Ltd was the top loser, plunging 13.29%. Adani Energy Solutions Ltd followed with a decline of 12.83%, while KEI Industries Ltd fell 12.39%. Zee Entertainment Enterprises Ltd dropped 11.90%, and Kaynes Technology India Ltd lost 10.47%. 

The week’s price action underscored the vulnerability of Indian equities to global crude oil prices and US monetary policy expectations, with the Nifty and Sensex logging their fourth consecutive weekly decline—their longest losing streak in five months. The divergence between large-caps and small-caps suggests selective buying in the broader market even as benchmark indices struggled. Market participants should monitor crude oil trajectories and Federal Reserve communications closely, as these factors will likely determine the near-term direction of domestic equities. The record FCNR inflows into India, which strengthened the rupee to 94.49 against the dollar, provided a silver lining and could support foreign institutional investor sentiment in the coming weeks. 

Source 

• https://www.nseindia.com/index-tracker/NIFTY%2050 

• https://www.nseindia.com/index-tracker/NIFTY%20BANK 

• https://www.niftyindices.com/indices/equity/sectoral-indices/nifty-auto 

• https://www.niftyindices.com/indices/equity/broad-based-indices/NIFTY-Midcap-100 

• https://www.niftyindices.com/indices/equity/broad-based-indices/nifty-smallcap-500 

• https://www.niftyindices.com/indices/equity/sectoral-indices/nifty-oil-and-gas-index 

• https://www.niftyindices.com/indices/equity/sectoral-indices/nifty-it 

• https://www.bseindia.com/sensex/code/16/ 

• https://www.nseindia.com/