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Mahindra & Mahindra, Tata Motors slump on GST hike fears; Manappuram Finance rallies with record gold prices
Mahindra & Mahindra, Tata Motors slump on GST hike fears; Manappuram Finance rallies with record gold prices
Written by - Fisdom Research
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September 2, 2025
2 minutes
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Market Snapshot
What began as a strong session ended with a sharp reversal, as the Nifty slipped below 24,600, losing nearly 200 points from the day’s high.
Midcaps cooled off but managed to close in the green, supported by a positive 2:1 advance-decline ratio on the NSE.
Sectorally, FMCG, metals, PSU banks, and realty lent support, while autos, pharma, and IT stocks dragged the market lower.
Overall breadth remained upbeat despite the late sell-off, reflecting underlying market resilience.
Sectoral Trends
Sector Name
% Change
Sector Name
% Change
NIFTY FMCG
1.1
NIFTY OIL & GAS
0.6
NIFTY MEDIA
1.0
NIFTY PSU BANK
0.3
NIFTY METAL
0.9
NIFTY CONSUMER DURABLES
0.2
NIFTY REALTY
0.7
NIFTY IT
0.0
Top News
Shares of Mahindra & Mahindra and Tata Motors fell sharply after reports suggested a tax panel has proposed hiking GST on some electric cars from 5% to 18%.
Gold prices surged to a lifetime high above ₹1.05 lakh per 10 grams on MCX, boosting sentiment in gold financing stocks.
Manappuram Finance gained nearly 3%, extending its two-day rally to over 8%, as higher gold prices enhance collateral value and reduce default risk..
Top Gainers and Losers
Top Gainers
% Change
Top Losers
% Change
TATACONSUM
2.8
DRREDDY
-2.3
NESTLEIND
2.2
M&M
-2.3
POWERGRID
2.2
ICICIBANK
-1.4
Technical Outlook: Key Indices
Indices Name
Support
Resistance
Nifty
24,500
24,700
Bank Nifty
53,000
54,000
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