Closing Bell: Nifty 50 Ends Lower Near 24,050 Mark as Crude Oil Hits USD 92

The benchmark equity indices, Sensex and Nifty, closed in negative territory on Tuesday as rising crude oil prices and bond yields amid escalating Middle East tensions offset optimism over stronger-than-expected domestic economic growth.

The Nifty 50 touched an Intraday high of 24,143.15 but failed to sustain above the 24,100 mark, with selling pressure intensifying during the second half of the session. After holding above 24,050 for much of the morning, the index slipped below this level around 1:30 PM and remained under pressure. It touched an intraday low of 23,952.55 before recovering modestly towards the close.

At the close, the Nifty 50 settled at 24,055.80, down 24.60 points, or 0.10 per cent. The Sensex declined 12.99 points to close at 76,944.28, while Bank Nifty ended 1.06 per cent lower. India VIX remained unchanged.

Crude oil prices rose more than 1 per cent on Tuesday as renewed U.S.-Iran fighting heightened concerns over potential disruptions to energy flows through the Strait of Hormuz. Brent crude gained 1.7 per cent to USD 92.18 per barrel, while WTI futures rose 1.8 per cent to USD 87.10 per barrel. The rise in crude oil prices increased concerns over inflation and borrowing costs, adding pressure to domestic equities despite strong economic growth data.

India’s real GDP grew 7.8 per cent year on year in Q1 FY27, beating the RBI’s 7 per cent forecast. Growth was supported by strong investment, manufacturing, services and exports. Gross fixed capital formation surged 11.9 per cent, while manufacturing and services grew 9.2 per cent and 10 per cent, respectively. Private consumption also remained resilient. However, weak agriculture and mining activity, higher energy prices and global uncertainties could pose challenges to sustaining growth above 7 per cent.

India’s manufacturing PMI fell to a five-year low of 52.8 in August from 53.5 in July, marking the third consecutive monthly decline as growth in output and new orders slowed. Export growth also moderated, while manufacturing employment declined for the first time in two-and-a-half years. However, easing input cost pressures and improving business confidence provided some support, keeping the PMI above the 50 mark that indicates expansion.

India’s gross GST collections rose 14.8 per cent year on year to nearly Rs 2 lakh crore in August 2026, marking the third consecutive month of double-digit growth. The increase was driven mainly by a 29 per cent surge in GST revenue from imports. Net GST collections increased 8.3 per cent to Rs 1.68 lakh crore as refunds jumped 68 per cent. Cumulative gross GST collections during April-August rose 11 per cent to Rs 10.43 lakh crore. Maharashtra’s GST collections increased 8 per cent to Rs 28,779 crore during August.

The broader market remained under pressure, with the Nifty Midcap 100 index declining 1.39 per cent and touching a monthly low. The Nifty Smallcap 100 index fell 0.23 per cent, extending its previous losses.

Sectorally, only three of the 11 sectoral indices ended in positive territory. The Nifty IT index jumped 0.98 per cent, with seven of its 10 constituents closing in positive territory. In contrast, the Nifty Pharma index declined 1.45 per cent, snapping a five-day winning streak. The index had touched its 50-DEMA on Monday.

Among individual stocks, Tribhovandas Bhimji Zaveri surged 20 per cent after Chennai-based GRT Jewellers agreed to acquire a controlling stake in the jewellery retailer.

Happiest Minds declined 10.87 per cent after ITC announced that its IT unit would acquire a 22.1 per cent stake in the software services provider. ITC gained 4.34 per cent.

Newly listed Milky Mist Dairy gained 10 per cent after reporting a rise in quarterly profit.

Reliance Industries was the biggest contributor to the Nifty 50's performance, adding 46.58 points, followed by Bharti Airtel, which contributed 44.27 points. ITC added another 23.34 points.

On the other hand, Axis Bank was the biggest drag on the index, reducing it by 26.26 points. ICICI Bank and State Bank of India weighed by 24.97 points and 22.95 points, respectively.

Market breadth remained firmly in favour of declining stocks on September 1, 2026. Out of 3,649 stocks traded on the NSE, 1,345 advanced, 2,196 declined and 108 remained unchanged.

A total of 119 stocks touched their 52-week highs, while 111 stocks hit their 52-week lows. Additionally, 107 stocks were locked in their Upper Circuits, whereas 98 stocks were locked in Lower Circuits.