Top gainers and losers on September 11: Tata Motors, ONGC, and Wipro are major NIFTY draggers

Benchmark indices SENSEX and NIFTY reversed early gains and closed lower by around 0.5% each on Wednesday, September 11, due to selling in IT and oil shares.

Retreating from the day’s high of 25,113, NIFTY dropped 122 points, or 0.49%, to close at 24,918. As many as 34 NIFTY shares declined, and 16 shares advanced. The barometer hit a low of 24,885.15 in the intraday trade.

Benchmark SENSEX declined 398 points, or 0.49%, to close at 81,523 as 20 of its components dropped and 10 advanced. SENSEX opened higher and hit the day’s high of 82,134. However, losses in Reliance Industries, Tata Motors and HDFC Bank dragged the index lower to 81,423.

Weak global markets also affected market sentiment, as investors were cautious ahead of the release of inflation data, both domestically and in the United States.

A sharp decline in Brent crude prices to below $70 per barrel suggests weakening global demand, which has fuelled concerns about weakening growth prospects for the global economy.

In the broader market, NIFTY midcap indices slipped 0.20%, while smallcap indices dropped 0.78%.

Among sectoral indices, NIFTY Oil and Gas dropped the most up to 1.92%, followed by NIFTY Media (1.5%), NIFTY Metal (1.4%), and NIFTY PSU Bank (1.75%). NIFTY FMCG and Consumer Durables were the only gainers.

Bajaj Auto, Asian Paints among top gainers

Bajaj Auto was the biggest gainer among NIFTY shares. The two-wheeler major rallied nearly 5% to hit an all-time high of ₹11,501.3 apiece in intraday trade as experts remained positive on the stock. Bajaj Auto shares closed 4.03% higher at ₹11,430.15 apiece on the NSE.

Asian Paints rallied 2.23% to settle at ₹3,368.5 apiece on the NSE, following a decline in crude oil prices. Lower crude prices are a positive for paint manufacturers. On the other hand, Bajaj Finance advanced 1.65% to settle at ₹7,361.

Shriram Finance shares rebounded nearly 1% to close at ₹3,288 apiece on the NSE. To increase its presence in the country, the company has hired former cricketer Rahul Dravid as a brand ambassador.

Britannia gained 0.8% to close at ₹6,017.75 apiece, while Sun Pharma settled 0.79% higher at ₹1,850.9 apiece.

Tata Motors, ONGC, Wipro among lead losers

Tata Motors shares dropped the most among NIFTY stocks. The auto major declined over 6% to hit a low of ₹971.25 intraday after the company announced discounts of up to ₹3 lakh on its electric vehicle models soon after doling out price cuts for petrol and diesel models. Tata Motors shares closed 5.73% lower at ₹976.4 apiece on the NSE.

ONGC continued to decline for the eighth straight day on Wednesday, following a drop in global crude oil prices. ONGC shares closed lower 2.94% at ₹286.9 apiece.

Wipro dropped 1.85% to settle at ₹516, while Larsen and Toubro declined by 1.56% to 3,540. Adani Enterprises declined 1.55% to ₹2,940 apiece.