Sensex Ends 374 Points Lower, Nifty Slips Below 24,000 as HDFC Bank, HCL Tech Drag Markets

TEN NEWS NETWORK

National News (02/09/2026): Indian equity markets extended their losing streak for a third consecutive session on Wednesday, September 2, as rising crude oil prices and higher bond yields intensified concerns over inflation and borrowing costs. The benchmark indices remained under pressure throughout the trading session after opening in negative territory. At the close, the BSE Sensex fell 374 points, or 0.4%, to 76,570, while the NSE Nifty50 declined 141 points, or 0.5%, to 23,883.

Weakness in heavyweight banking, IT and automobile stocks contributed significantly to the market decline. Selling pressure was particularly visible in several major constituents, although gains in select energy, infrastructure and financial stocks provided some support.

HDFC Bank, HCL Technologies Among Major Sensex Drags

On the Sensex, IndusInd Bank emerged as the biggest loser, declining 1.79% to Rs 977.10. It was followed by Asian Paints, which dropped 1.61% to Rs 2,526.70.

Mahindra & Mahindra slipped 1.56% to Rs 3,191.80, while HDFC Bank also declined 1.56% to Rs 700.95. HCL Technologies fell 1.49% to Rs 1,330.90.

On the positive side, Adani Ports & SEZ gained 1.63% to Rs 1,672.90, making it the top Sensex gainer. Bajaj Finserv advanced 1.02%, while Power Grid Corporation rose 1%. NTPC gained 0.96%, and Tata Motors Passenger Vehicles Ltd ended 0.74% higher.

Auto Stocks Face Heavy Selling Pressure

The automobile sector remained one of the weakest pockets of the market.

Hero MotoCorp plunged 4.95% to Rs 5,280, emerging as the biggest loser on the Nifty. Eicher Motors declined 3.53%, while Bajaj Auto fell 2.14%. Mahindra & Mahindra also remained under pressure, ending 2.09% lower.

Hero MotoCorp’s decline came despite the company reporting an increase in overall sales for August. The automaker sold 5.68 lakh units during August 2026, up 2.65% from 5.54 lakh units sold in the corresponding month last year.

However, investors appeared concerned about the composition of the sales growth. Motorcycle sales fell 1.53% to 4.94 lakh units, while exports dropped sharply by 24.6% to 26,093 units. The weaker performance in motorcycles and overseas markets overshadowed the rise in total sales and weighed on the stock.

Coal India Leads Nifty Gainers

Among Nifty stocks, Coal India was the standout performer, climbing 3.66% to Rs 416.30. Adani Ports & SEZ gained 1.41%, while Power Grid advanced 1.23%.

Adani Enterprises rose 0.84%, and Tata Motors Passenger Vehicles Ltd added 0.65%.

Apart from Hero MotoCorp, Eicher Motors, Wipro, Bajaj Auto and M&M featured among the biggest Nifty decliners.

NMDC Reports Strong Production Growth

Shares of mining major NMDC remained in focus after the company reported strong operational numbers for August.

NMDC’s iron ore production jumped 20.77% year-on-year to 4.07 million tonnes (MT) in August 2026, compared with 3.37 MT during the same month last year.

Iron ore sales also increased, rising 5.60% to 3.58 MT, against 3.39 MT in August 2025.

The company’s Chhattisgarh division reported a 19.46% rise in production to 2.64 MT, while sales from the division increased 10.09% to 2.51 MT.

Production from the Karnataka division rose 23.28% to 1.43 MT. However, sales from the division declined 3.60% to 1.07 MT.

The production numbers indicate continued strength in NMDC’s mining operations, although investors will also track the company’s sales performance and commodity price trends.

Midcaps, Smallcaps Also End Lower

Broader markets were unable to escape the selling pressure. The BSE 150 Midcap index declined 0.5%, while the BSE 250 SmallCap index slipped 0.4%.

Sectoral performance remained mixed. Buying interest was visible in power and realty stocks, while IT and automobile shares witnessed noticeable selling.

The broader market weakness indicates that Wednesday’s decline was not limited to the frontline indices, with investors adopting a cautious stance across several segments.

Rupee Weakens; Gold and Silver Prices Decline

Currency and commodity markets also reflected a cautious trading environment.

The Indian rupee was trading at Rs 94.90 against the US dollar.

On the commodities front, the latest MCX gold contract was down 0.9% at Rs 1,50,230 per 10 grams, while silver prices declined 1.1% to Rs 2,32,816 per kg.

What Is Driving the Market Weakness?

A renewed rise in crude oil prices has become a key concern for investors as it could put additional pressure on India’s inflation outlook. Higher bond yields have added another layer of uncertainty, potentially affecting borrowing costs and equity valuations.

The recent decline also comes amid concerns over stretched valuations in parts of the Indian stock market. Analysts have cautioned that strong investor flows into popular stocks and index funds can push valuations beyond levels justified by underlying earnings.

Despite the near-term volatility, investors continue to monitor corporate earnings, global commodity prices, currency movements, bond yields and foreign capital flows for signals about the market’s next direction.

Market Snapshot — September 2, 2026

Sensex: 76,570, down 374 points (0.4%)

Nifty50: 23,883, down 141 points (0.5%)

Top Sensex gainer: Adani Ports & SEZ, +1.63%

Top Sensex loser: IndusInd Bank, -1.79%

Top Nifty gainer: Coal India, +3.66%

Top Nifty loser: Hero MotoCorp, -4.95%

Rupee: Rs 94.90 per US dollar

Gold: Rs 1,50,230/10 grams, down 0.9%

Silver: Rs 2,32,816/kg, down 1.1%

The takeaway: Indian markets remained firmly in the red for the third straight session, with oil prices, rising yields and concerns over valuations keeping investors cautious. Auto and IT stocks bore the brunt of selling, while coal, power and infrastructure counters offered some relief.