The stock market started with gains but could not stop gaining at the close. After touching a new high of 14,256 points, the Nifty fell under selling pressure and fell 120 points. The Nifty closed at 14,137 in the last few hours.

Metal stocks outperformed. The Nifty Metal Index rose 3.83 per cent. Hindustan Zinc is up 14 per cent. Metal stocks such as Hindustan Copper, Tata Steel, Hindalco, Nalco, JSPL, SAIL and JSW Steel also rose between 40 per cent and 80 per cent. Hindustan Copper. Shares of Tata Steel, Hindalco, JSPL and JSW Steel hit 52-week highs.

Shares of FMCG, IT and pharma were under selling pressure. Nifty stocks gained the most. 23 stocks fell while 27 stocks gained.

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The Nifty crossed the 13,200 mark at one point but closed below it. The Nifty was down 100 points during the day. At the same time, the Nifty was able to close with gains. Metal stocks and public sector bank stocks were the top gainers. Private banks came under selling pressure.

The Nifty Metal Index, which continues to outperform the Nifty, rose 2.31 per cent. Shares of SAIL and Hindalco rose more than 4 per cent.

The majority of Nifty stocks traded higher. Out of the 50 stocks in the Nifty, 35 gained while 15 lost. Maruti Suzuki, NTPC, ONGC, Hindalco and SBI were the top five gainers in the Nifty.

Today, Maruti shares were up over 7 per cent. Maruti Suzuki India (MSI), the country’s largest carmaker, sold 1.53,223 units in November. Sales were up 1.7 per cent from November last year. The positive news helped Maruti’s share to jump.

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The Sensex fell below 37,000 points following a sharp fall. The Sensex ended at 36.553 points. The Nifty closed at 10,805. The market, which opened with a loss, continued to decline sharply since then. The Nifty fell nearly 1,000 points from its highs in August.

Most of the index-based stocks were down on the day. Forty-seven stocks in the Nifty declined while only three stocks rose. Nifty stocks that registered gains were Infratel, Zee Limited and Hindustan Unilever.

IndusInd Bank, Tata Motors, Bajaj Finance, Grasim Industries and TCS were the biggest losers in the Nifty. IndusInd Bank fell 7.45 per cent. Tata Motors, Bajaj Finance, Grasim Industries and TCS were down more than 5 per cent.

IT and metal stocks were the biggest losers. The Nifty IT index was down 4.20 per cent and the Nifty metal index was down 4.24 per cent. Sales pressure was also strong in the banking, auto and pharma sectors. The Nifty Bank Index was down 3.41 per cent, the Nifty Auto Index was down 3.54 per cent and the Nifty IT Index was down 3.04 per cent.

IT stocks TCS and Tech Mahindra fell more than 5 per cent. Metal stocks such as Jindal Steel, NMDC, National Aluminum and SAIL also fell more than 50 per cent. Shares of IndusInd Bank, RBL Bank and Federal Bank also lost over 5 per cent.

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Thirty-five Nifty stocks rose while 15 stocks declined. Bharti Airtel, JSW Steel, Hindalco, Asian Paints and Bajaj Finance were the top five gainers in the Nifty. Bharti Airtel rose 7.11%. Shares of JSW Steel, Hindalco, Asian Paints, Bajaj Finance, NTPC and Tata Steel gained over 4%.

The Supreme Court ruling on the payment of AGR arrears by telecom companies has created a mixed reaction among stocks in the sector. Shares of Bharti Airtel rose 70 per cent, while Vodafone Idea fell more than 12 per cent.

The September 1 verdict was eagerly awaited one of the Supreme Court. The Supreme Court has allowed telecom companies 10 years to pay AGR arrears. This deadline will start on April 1, 2021. The court also ordered that 10 per cent of the amount be paid by March 31. The telecom companies had asked the Supreme Court to allow them 15 years. The verdict has generated a positive response in the market in general.

Metal stocks performed the best on September 1. The Nifty Metal Index was up 3.15 per cent. Shares of JSW Steel, Jindal Steel, Hindalco, Tata Steel, SAIL and National Aluminum rose over 40 per cent. The Nifty Pharma index was up 2.34 per cent and the Nifty FMCG was up 1.28 per cent. Leading pharma stocks Biocon gained 7.63%.

Infratel, ONGC, Axis Bank, Adani Ports and Infosys were the biggest losers in the Nifty.

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