Noida, Sep 1 (APAC Media): Indian equity markets BSE Sensex and NSE Nifty ended marginally lower on Tuesday after a volatile session, as rising crude oil prices and geopolitical concerns kept investors cautious.
The Sensex closed at 76,944.28, down 12.99 points, or 0.02 per cent, while the Nifty 50 declined 24.60 points, or 0.10 per cent, to settle at 24,055.80.
The market remained choppy through the day as investors weighed gains in select heavyweight stocks against selling in banking, automobile and pharmaceutical counters.
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Crude oil prices remained a key concern for investors. Brent crude traded above USD 92 a barrel amid continuing geopolitical tensions, raising worries over inflation and India’s import bill.
A sustained rise in crude prices could put pressure on corporate margins and the Indian rupee, particularly if higher energy costs begin feeding into domestic inflation.
Among the major gainers, ITC rose 4.32 per cent, while Adani Ports gained 3.36 per cent. Bharti Airtel advanced 3.11 per cent, with HCL Technologies and Reliance Industries also ending higher.
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Airtel remained in focus during the session following continued investor interest in the telecom major.
On the losing side, automobile stocks faced notable pressure. Maruti Suzuki fell around 4.7 per cent, while Shriram Finance declined nearly 4.8 per cent. InterGlobe Aviation, Nestle India and Asian Paints were among other prominent losers.
Banking stocks also weakened, with the Nifty Bank index ending around 1 per cent lower. Individual stocks remained active on corporate developments.
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PVR INOX attracted attention after its board approved a share buyback worth up to Rs 300 crore at Rs 1,450 per share. The announcement put the cinema operator among the closely watched stocks during Tuesday’s trade.
Happiest Minds Technologies, however, came under heavy selling pressure and fell more than 11 per cent after the company announced a proposed amalgamation with ITC Infotech.
Under the proposed transaction, ITC Infotech will issue 25 equity shares for every 81 Happiest Minds shares. Promoter Ashok Soota and an affiliated entity have also agreed to sell a 22.106 per cent stake for about Rs 1,329.7 crore.
Milky Mist Dairy Food was another standout performer. Its consolidated first-quarter profit jumped nearly tenfold year-on-year to Rs 64.7 crore, while revenue rose 43.6 per cent to Rs 973.4 crore. The stock gained close to 10 per cent.
Analysts said markets could remain volatile in the near term as investors track crude prices, foreign fund flows, global bond yields and geopolitical developments.
The Nifty’s ability to hold the 24,000 level will remain important for near-term market direction, they said.
–ENDS–
Disclaimer:Â This article is for informational purposes only and is based on publicly available information. APAC Media is not responsible for investment decisions or losses. Please conduct your own research or consult a financial adviser before investing.
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