India’s economy just delivered a 7.8% GDP surprise, yet the Nifty barely moved on Tuesday, and now Brent crude has jumped toward $95 a barrel on fresh US-Iran fighting near the Strait of Hormuz.
That tension between a genuinely strong domestic growth print and a genuinely dangerous oil shock is set to frame Wednesday’s session, alongside three sharp company-specific stories: TBZ’s record-breaking rally on the GRT Jewellers buyout, a leadership change at HDFC Bank, and a fast rebound in Adani Group stocks after Monday’s MSCI-linked rout. Here’s the full stocks-to-watch list for Wednesday, September 2:
Need to Know
- TBZ shares hit a record ₹366.80, surging nearly 20% to their exchange-permitted upper circuit, after GRT Jewellers signed a deal to buy a 74.12% controlling stake for up to ₹1,033.71 crore and trigger a mandatory open offer for another 25.88% at ₹249.61 a share.
- HDFC Bank CEO Sashidhar Jagdishan will not seek reappointment and retires October 26; the bank is weighing deputy MD Kaizad Bharucha and an external candidate as successors, with analysts flagging re-rating potential for a stock down sharply since 2026 began.
- Reliance Industries gained 2.5% to an intraday high of ₹1,311.50 after Jefferies raised its target price to ₹1,710 and flagged petrochemical margins up 64% this quarter versus February.
- All nine listed Adani Group companies fell Monday, erasing close to ₹1.4 lakh crore in a single session tied to MSCI rebalancing flows through India’s new closing-auction system, then rebounded as much as 4.6% on Tuesday, led by Adani Green Energy.
- Maruti Suzuki fell over 5% after August dispatches came in 10% below July’s record, even as domestic passenger-vehicle sales still climbed 34.8% year-on-year.
- India’s Q1 FY27 GDP grew a stronger-than-expected 7.8%, well above the 7.1% Reuters poll consensus, and FPIs turned net buyers for a second straight month, yet the Nifty and Sensex still closed marginally lower on Tuesday, pressured by oil.
Market Snapshot (Tuesday, Sept 1 close)
| Indicator | Level | Change |
|---|---|---|
| Sensex | 76,944.28 | -12.99 pts (-0.02%) |
| Nifty 50 | 24,055.80 | -24.60 pts (-0.10%) |
| Bank Nifty | 57,409.60 | -615.35 pts (-1.06%) |
| Nifty Midcap 100 | — | -1.39% |
| Nifty Smallcap 100 | — | -0.23% |
| India VIX | 11.25 | +0.49% |
| Brent Crude | ~$91.28/bbl | +0.87% on the day |
| USD/INR | 94.94 | +28 paise, near two-month high |
| FPI flows (August, net) | +$3.1 billion (~₹30,919 crore) | 2nd straight month of buying |
| FPI flows (CY26 YTD, net) | -$24.6 billion (~₹2.27 lakh crore) | Still net sellers for the year |
All levels as of Tuesday’s close. Brent has extended gains since, trading near $95 a barrel in Wednesday’s early session as the US-Iran conflict widens.
The Big Picture: Strong Growth, Weak Tape
The Sensex closed Tuesday down a marginal 12.99 points at 76,944.28, and the Nifty slipped 24.60 points to 24,055.80, a second straight day of losses even after data showed the economy grew 7.8% in the April-June quarter, comfortably ahead of the Reuters poll’s 7.1% consensus and the RBI’s own 7% projection.
Bank Nifty underperformed sharply, falling over 1% as banking and auto stocks led the drag alongside realty and pharma, even as IT and FMCG bucked the trend. Renewed US-Iran hostilities near the Strait of Hormuz pushed Brent crude from Tuesday’s roughly $91-a-barrel close toward $95 in early Wednesday trade, while India VIX ticked up only modestly to 11.25, a relatively calm reading given the geopolitical noise.
Asian markets extended the risk-off mood into Wednesday, with bond yields rising on inflation worries, a backdrop that could keep IT and rate-sensitive stocks under pressure through the session.
TBZ Rockets to a Record High on the GRT Jewellers Deal
Tribhovandas Bhimji Zaveri was the standout mover of the week. GRT Jewellers signed a share purchase agreement on August 31 to acquire a 74.12% controlling stake in the 162-year-old jeweller from its promoter group for up to ₹1,033.71 crore, at up to ₹209 a share, roughly 31% below Monday’s closing price of ₹304.40.
The deal separately triggers a mandatory open offer for another 25.88% of public shareholding at ₹249.61 a share, which could cost GRT up to another ₹431.09 crore if fully subscribed.
Despite both transaction prices sitting well below the pre-deal market price, TBZ stock still surged to its exchange-permitted upper circuit of ₹366.80 as traders bet on a stronger combined footprint once GRT’s southern-India network merges with TBZ’s western and eastern presence.
With the stock now trading nearly 47% above the open-offer price, profit-booking risk is worth watching once the initial euphoria cools, one technical analyst has flagged a possible pullback zone near ₹330.
HDFC Bank’s Leadership Handover
HDFC Bank confirmed over the weekend that MD & CEO Sashidhar Jagdishan has decided not to seek reappointment and will retire on October 26, despite the board’s attempts to persuade him to stay. The bank is now weighing internal and external contenders for the role, including deputy MD Kaizad Bharucha, as it fast-tracks its succession process.
Analysts have pointed to the possibility that a new CEO’s profile could offer re-rating potential for a stock that has underperformed peers through 2026, though that remains a market interpretation rather than a confirmed catalyst, and the succession timeline itself is the more concrete near-term story.
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Reliance Industries Rides Refining and Retail Strength
RIL shares climbed as much as 2.5% intraday to ₹1,311.50, among the biggest contributors to the Sensex’s gains before the index pared them into the close.
Jefferies retained its Buy rating and nudged its target price to ₹1,710 from ₹1,705, implying roughly 33% upside in its base case, pointing to firm petrochemical spreads and average PE/PP/PET margins up 64% in the current quarter versus February-end, and resilient oil-to-chemicals profitability as global refining capacity stays tight amid the Middle East conflict.
The brokerage also flagged a recovery in Reliance Retail’s growth to the mid-teens as a further re-rating trigger, projecting 10% consolidated EBITDA growth annually through FY29 and a bull-case target near ₹1,900 if both O2C margins and retail momentum beat estimates.
Adani Group Steadies After MSCI-Linked Turbulence
Monday’s MSCI India rebalancing, which added Adani Energy Solutions, Lenskart, Groww parent Billionbrains Garage Ventures, and Laurus Labs to the index while trimming Reliance Industries’ weight, triggered unusually sharp swings during India’s new closing-auction session.
All nine listed Adani Group companies ended Monday lower, erasing close to ₹1.4 lakh crore (about $15 billion) in combined market value, the group’s steepest one-day loss in roughly 21 months.
Adani Enterprises plunged 9.8%, its worst single-day fall since January, while Adani Energy Solutions sank more than 10%.
The group rebounded on Tuesday as the one-time passive-fund selling pressure eased and bargain-hunters stepped in, with Adani Green Energy leading gains of as much as 4.6% intraday and the broader group up to roughly 3.5%.
Whether that recovery extends into Wednesday, now that the rebalancing-linked flows have largely played out, is worth watching.
Maruti Suzuki Slides on a Sequential Sales Dip
Maruti Suzuki was Tuesday’s biggest Nifty laggard, falling over 5% after reporting total August sales of 219,220 units, a 10% sequential decline from July’s record 241,421 units, alongside a 7.4% year-on-year drop in exports that appears to be the more direct trigger for the stock’s reaction.
The headline sequential dip masks continued underlying strength: total sales were still up 21.3% year-on-year, and domestic passenger-vehicle sales rose 34.8% to 176,971 units, with utility-vehicle volumes up 46.3%.
Technically, the stock has broken below its short-term moving averages, with ₹13,200-13,300 now seen as an immediate resistance zone.
FPI Money Returns, But 2026 Outflows Still Loom
Foreign portfolio investors bought a net $3.1 billion (roughly ₹30,919 crore) of Indian equities in August, marking a second consecutive month of buying after July’s inflow, on the back of improving earnings and a firmer rupee, which closed at a nearly two-month high of 94.94 against the dollar on Tuesday, up 28 paise, aided by RBI intervention.
Even so, FPIs remain net sellers of about $24.6 billion (roughly ₹2.27 lakh crore) for 2026 so far, meaning the recent turnaround has only partly offset the earlier selloff.
Track live institutional activity on NiftyTrader’s FII-DII Tracker: https://niftytrader.in/fii-dii-data.
Also on the Radar
Beyond the day’s headline stocks to watch, a dozen smaller company stories are also in play:
- Tata Motors: Said it has cleared all prior regulatory requirements for its roughly ₹38,000-crore Iveco Group acquisition, with a public tender offer expected to open shortly.
- Ujjivan Small Finance Bank: MD & CEO Sanjeev Nautiyal took early retirement on health grounds; executive director Carol Furtado has been named acting CEO for three months, subject to RBI approval.
- Hero MotoCorp: Total August dispatches rose to 5.68 lakh units from 5.54 lakh a year earlier, helped by stronger scooter demand and continued growth at EV arm VIDA.
- NMDC: August iron-ore production rose to 4.07 million tonnes from 3.37 million tonnes a year ago, with sales up to 3.58 million tonnes.
- Wipro: Renewed its Digital Workplace Services contract with ABB, extending an existing engagement focused on AI-enabled automation.
- Adani Green Energy: Commissioned a 139 MW solar project at Khavda, Gujarat, taking operational renewable capacity past 20,280 MW.
- Reliance Industries: Its FMCG arm launched an ice-cream brand, Bombay Creamery, priced from ₹10, marking its entry into the category.
- Gland Pharma: Said the US FDA completed a GMP inspection at its Visakhapatnam plant with zero observations.
- L&T Finance: Received perpetual IRDAI registration to operate as a composite corporate agent.
- Ashiana Housing: Reported August bookings of 1.67 lakh sq ft worth ₹165.93 crore.
- Texmaco Rail & Engineering: Bagged a ₹24.48-crore wagon order from Transport Corporation of India.
- Welspun Corp: Signed an MoU with Jordan’s government and Perma-Pipe for pipe manufacturing facilities.
What to Watch Wednesday
Wednesday’s session sits at the intersection of a genuinely strong domestic growth story and a genuinely uncertain global one.
GDP at 7.8%, a second month of FPI buying, and a rupee near a two-month high argue for underlying resilience, but crude oil pushing toward $95 on an escalating Middle East conflict is the wildcard that could override every sector-specific catalyst at any point in the session.
Within that backdrop, three company-specific threads are the more immediately tradeable stories: whether TBZ’s circuit-hitting rally cools once profit-booking sets in near the open-offer price, whether HDFC Bank’s succession clarity starts closing its valuation gap with peers as candidates emerge, and whether Adani Group’s Tuesday rebound extends now that MSCI-linked flows have largely worked through the system. Oil, not any single stock, is the number that could decide the tone of the day.
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