Gainers & Losers: Key Stock Movements on September 2

On September 2, benchmark indices Nifty and Sensex closed on a positive note, hitting new record highs despite a volatile trading session. A rally in FMCG and bank stocks boosted sentiment, though metal and pharma stocks saw declines.

By the end of the day, the Sensex had risen 194 points or 0.2 percent to 82,559, and the Nifty was up 37 points to 25,273. The market breadth was negative, with 1,684 shares advancing, 2,191 shares declining, and 133 shares remaining unchanged.

Top Gainers of the Day

HPCL

CMP: ₹427.95
Movement: +2%

HPCL shares rose over 2 percent, driven by a decline in Brent crude prices. The drop in crude prices is expected to benefit oil marketing companies (OMCs) by reducing input costs, allowing for better margins on refined products like petrol and diesel. Brent crude prices have dropped nearly 7 percent in five sessions due to reduced demand from China and anticipated production increases from OPEC+.

Hero MotoCorp

CMP: ₹5,575
Movement: +2%

Hero MotoCorp’s shares climbed over 2 percent following the release of its better-than-expected August sales figures. The two-wheeler manufacturer reported a 5 percent year-on-year increase in total sales, reaching 5.12 lakh units, surpassing market estimates.

Gujarat Gas

CMP: ₹674.45
Movement: +11%

Gujarat Gas shares soared over 11 percent after the company’s board approved a scheme of arrangement and amalgamation involving Gujarat State Petroleum Corporation, GSPC Energy, and Gujarat State Petronet merging into Gujarat Gas. This strategic move led to a surge in the company’s stock price as brokerages upgraded their target prices.

Top Losers of the Day

One 97 Communications (Paytm)

CMP: ₹610.75
Movement: -2%

Shares of Paytm’s parent company, One 97 Communications, fell nearly 2 percent as investors booked profits following a recent rally. The stock had surged over 15 percent in the previous two sessions, driven by positive regulatory developments.

Dr. Reddy’s Laboratories

CMP: ₹6,868
Movement: -2%

Dr. Reddy’s shares dropped over 2 percent after the National Medical Products Administration of China suspended the import, sale, and use of the company’s Atomoxetine Hydrochloride capsules, impacting investor sentiment.

Dixon Technologies

CMP: ₹12,627
Movement: -4%

Dixon Technologies’ shares declined over 4 percent after the company indicated that growth for FY25 would be slow due to its ongoing ramp-up phase. The company is currently making adjustments and expansions, which are expected to slow down growth temporarily.

Sectoral Impact

The trading session witnessed gains in FMCG and banking sectors, while metal and pharma stocks edged lower. The mixed performance across sectors reflects the volatile nature of the current market environment.