Mumbai, India — The Indian stock market ended almost flat on Friday, August 21, with the SENSEX and NIFTY50 extending their gains for a second consecutive session but giving up most of the day’s momentum by the close. Gains in major banking, power and infrastructure stocks were largely offset by declines in IT, auto and consumer-focused shares.
- Key Highlights:
- SENSEX gained three points to close at 77,540.83.
- NIFTY50 advanced 20 points to finish at 24,252.
- Power Grid was the top NIFTY50 gainer, rising 2.9%.
- JBM Auto surged as much as 9.89% following a report on a potential Bain Capital investment.
- Welspun Corp jumped as much as 17% after announcing its largest-ever order worth about $1.8 billion.
SENSEX, NIFTY50 End Nearly Flat
The SENSEX traded within a 280-point range during the session before finishing just three points higher at 77,540.83. The NIFTY50 moved between an intraday high of 24,284 and a low of 24,206 before settling at 24,252, up 20 points.
The gains marked a second straight session of advances for both benchmark indices, although the final performance remained subdued as selling in several heavyweight stocks limited the upside.
ICICI Bank, Power Grid, Kotak Mahindra Bank, Larsen & Toubro and Bharat Electronics were among the stocks supporting the benchmarks. Their gains were countered by weakness in Infosys, Maruti Suzuki, Mahindra & Mahindra, Hindustan Unilever and HCL Technologies.
Power Grid Leads NIFTY50 Gainers
Power Grid emerged as the strongest performer among NIFTY50 stocks, gaining 2.9% to close at ₹272. Other notable gainers included HDFC Life, Kotak Mahindra Bank, Nestle India, Bharat Electronics, Bajaj Finserv, NTPC, Coal India and SBI Life.
These stocks advanced between 0.6% and 2.4%, helping limit the impact of declines across several other major sectors.
At the sectoral level, nine of the 15 major sector gauges tracked by the National Stock Exchange ended higher. NIFTY Metal led the gains with an increase of nearly 1%.
Auto and IT Stocks Face Selling Pressure
Several sectors finished lower, with auto, FMCG, IT, media, pharma and healthcare stocks coming under selling pressure.
Maruti Suzuki, Trent, HCL Technologies, IndiGo, ONGC, ITC, Infosys, Bajaj Auto, Tata Motors Passenger Vehicles, Tata Consumer Products and Hindustan Unilever were among the major NIFTY50 decliners.
The weakness in technology and automobile stocks offset gains in financial and infrastructure counters, keeping the broader benchmarks close to unchanged by the end of trading.
JBM Auto Rallies on Bain Capital Investment Report
JBM Auto was among the standout individual stocks outside the benchmark’s major movers. The shares climbed as much as 9.89% to ₹685 after a report by The Economic Times said Bain Capital was considering a significant minority investment in JBM Auto’s electric vehicle manufacturing unit.
According to the report, the U.S.-based private equity firm could invest up to ₹2,850 crore in the unit. Discussions were still underway regarding the eventual stake size and structure of the transaction.
The proposed investment, as reported, would provide growth capital to the business and support JBM Auto’s efforts to develop from a conventional auto-parts manufacturer into a broader clean-energy mobility platform.
Welspun Corp Surges After Record Order
Welspun Corp was another major market mover, with its shares rising as much as 17% to an intraday high of ₹2,349.
The rally followed the company’s announcement that it had secured the largest single order in its history. The pipe-supply contract is valued at approximately $1.8 billion, equivalent to around ₹17,200 crore, and will be executed through the company’s manufacturing facility in the United States.
The company described the order as a major milestone in its global expansion and said it reinforced its position in the energy and infrastructure sector.
Broader Market Ends Mixed
The broader market delivered a mixed performance. The NIFTY Midcap 100 gained 0.1%, while the NIFTY Smallcap 100 performed better, rising 0.7%.
Market breadth on the NSE was marginally positive, with 1,885 shares closing higher compared with 1,634 stocks that ended lower.
Asian Markets Remain Mixed
Asian equities also delivered a mixed performance. China’s Shanghai Composite gained 0.04%, while Hong Kong’s Hang Seng rose 1.21%. South Korea’s KOSPI advanced 0.9%, whereas Japan’s Nikkei declined 0.36%.
Back in India, NIFTY Bank, Financial Services, Private Bank, Realty and Consumer Durable indices posted gains ranging between 0.2% and 0.5%, while weakness in several defensive and growth-oriented sectors kept the overall market tone cautious.
The session therefore ended with the major benchmarks slightly higher, extending their short-term recovery while reflecting a market divided between gains in financial and infrastructure stocks and selling in technology and automobile counters.
Disclaimer: This article is intended for informational purposes only and should not be considered investment advice or a recommendation to buy or sell any security. Market data and company developments are based on the supplied material and may change. Investors should conduct their own research and consult a qualified financial adviser before making investment decisions.
Praveen Yadav is the Founder and Content Creator of The Nation Bulletin, an independent digital news platform focused on delivering timely, reliable and meaningful news from India and around the world.
