Tata Steel Top Gainer as Nifty Ends Flat After Reaching 26,000 Mark
The Nifty 50 index closed nearly flat on Tuesday at 25,940.40, despite hitting an all-time high of 26,011.55 during the session. The market saw a balanced performance, with 25 stocks gaining and 25 declining.
Tata Steel emerged as the top gainer, rising by 4.25% to close at ₹160.53, leading the surge in metal stocks after China announced new economic stimulus measures. Hindalco followed closely, increasing by 3.95% to ₹717.85. Other significant gainers included Power Grid, Tech Mahindra, and Adani Enterprises.
Top Gainers:
| Stock | Current Price | Last Close | % Change |
|---|---|---|---|
| Tata Steel | ₹160.53 | ₹153.99 | 4.25% |
| Hindalco | ₹717.85 | ₹690.55 | 3.95% |
| Power Grid | ₹350.05 | ₹341.15 | 2.61% |
| Tech Mahindra | ₹1637.10 | ₹1607.15 | 1.86% |
| Adani Enterprises | ₹3093.90 | ₹3043.95 | 1.64% |
On the flip side, SBI Life recorded the biggest decline, dropping 2.91% to ₹1864.35. Other notable losers included Hindustan Unilever, Grasim Industries, UltraTech Cement, and Shriram Finance, which saw declines due to profit booking in sectors like FMCG and banking.
Top Losers:
| Stock | Current Price | Last Close | % Change |
|---|---|---|---|
| SBI Life | ₹1864.35 | ₹1920.15 | -2.91% |
| Hindustan Unilever | ₹2950.55 | ₹3028.55 | -2.58% |
| Grasim Industries | ₹2619.30 | ₹2666.90 | -1.78% |
| UltraTech Cement | ₹11761.65 | ₹11962.05 | -1.68% |
| Shriram Finance | ₹3516.30 | ₹3567.70 | -1.44% |
Vinod Nair, Head of Research at Geojit Financial Services, commented, “Domestic benchmarks are aiming to sustain new highs, driven by the US Fed’s aggressive rate cuts. Meanwhile, China’s central bank rate cut and additional stimulus measures have positively impacted global investor sentiment, benefiting domestic metal stocks. However, FMCG and banking stocks experienced declines due to profit booking at higher levels. In the near term, strong FII inflows, supported by the US Fed’s dovish outlook and potential RBI rate cuts in October, are expected to maintain the momentum.”
