September 4 Market Movements: Top Gainers and Losers in a Weak Market

On September 4, the Indian stock market experienced a decline as investors shifted their focus towards defensive sectors like FMCG and pharma amidst a weakening market. The Sensex fell by 202.80 points, or 0.25%, to 82,352.64, while the Nifty dropped 81.10 points, or 0.32%, to 25,198.70. The trading session saw 1,852 shares advance, 1,935 decline, and 90 remain unchanged.

Top Gainers of the Day

1. Rama Steel Tubes
   • CMP: Rs 11.76
   • Movement: +12%
   • Details: Shares surged after the company announced a strategic collaboration with Onix Renewable. The trading volume saw a significant increase, with over 10 crore shares changing hands.
2. Jubilant Ingrevia
   • CMP: Rs 741
   • Movement: +10%
   • Details: The stock jumped following a target price upgrade by Equirus Capital, which raised its rating to ‘long’ and set a target price of Rs 900. The upgrade was influenced by Vertellus’s shutdown of Pyridine production in the US.
3. Aether Industries
   • CMP: Rs 934
   • Movement: +5%
   • Details: Shares rose amid high trading volumes, with around 5 lakh shares changing hands, compared to the one-month average of 64,000 shares.

Top Losers of the Day

1. General Insurance Corporation of India
   • CMP: Rs 397.50
   • Movement: -6%
   • Details: Shares slumped as the Centre planned to sell a nearly 7% stake in the company through an offer for sale (OFS). The OFS opened for non-retail investors, with a floor price of Rs 395 per share.
2. Exicom Tele Systems
   • CMP: Rs 359.60
   • Movement: -5%
   • Details: The stock fell after Rakesh Jhunjhunwala’s RARE Enterprise reduced its stake by selling 15.85 lakh shares, valued at Rs 55.25 crore.
3. Godfrey Phillips
   • CMP: Rs 6,368
   • Movement: -4%
   • Details: Shares declined following the finalization of the sale of its retail business, 24Seven, to the start-up New Shop.
4. Oil and Natural Gas Corp (ONGC)
   • CMP: Rs 314.90
   • Movement: -2%
   • Details: The stock fell due to a decline in crude oil prices, which negatively impacts oil drilling companies by squeezing profit margins.

Sectoral Performance

• Defensive Sectors: FMCG and pharma stocks saw increased investor interest as the market showed weakness.
• Oil and Gas Sector: The decline in crude oil prices affected oil and gas companies differently, with HPCL benefiting from lower input costs while ONGC faced profit margin pressures.

Conclusion

September 4 saw a mixed performance in the stock market, with defensive stocks standing out amidst a broad market decline. Investors should watch for further movements in these sectors and companies as market conditions continue to evolve.