Nifty 50 Top Gainers and Losers Today, August 17: Hindalco, Tata Steel Rise; HCL Tech Falls

Indian equity benchmarks extended their losing streak to a fifth session on Monday, August 17, as selling in IT, pharma and FMCG stocks outweighed gains in metal and select financial counters.

The Nifty 50 fell 78 points, or 0.32%, to close at 24,287.65, while the Sensex declined 281 points, or 0.36%, to settle at 77,728.16. The Nifty had touched an intraday low of 24,226.95 before recovering some of its losses in afternoon trade.

Investor sentiment remained cautious amid elevated crude oil prices and uncertainty over the US-Iran peace negotiations. Brent crude rose back towards $89 a barrel as the 60-day deadline for the proposed peace agreement passed without clarity on the next steps.

Hindalco Industries was the top Nifty 50 gainer, rising 2%. Metal stocks remained firm as investors continued to track higher global metal prices and supply-side concerns. Hindalco has been among the key beneficiaries of the recent aluminium price rally, with global supply disruptions pushing prices higher.

Tata Steel gained 1.3%, extending the strength seen across the metal sector. The stock continued to find buying interest even as the broader market remained weak, with the Nifty Metal index gaining around 1.2% during the session.

HDFC Life Insurance advanced 1.3%, while Axis Bank gained 0.8%. Both stocks bucked the broader weakness in the market as investors selectively bought financial counters. Axis Bank also outperformed most of its large private-sector banking peers during the session.

ONGC rose 0.8%, with the rise in crude prices providing support to upstream oil producers. Larsen & Toubro added 0.7%, holding firm despite the weak broader market.

HCL Technologies and Infosys led the decline among Nifty 50 stocks, falling 2.6% and 2.5%, respectively. The weakness was broad-based across IT, with the Nifty IT index falling nearly 2%. A stronger rupee and weaker dollar weighed on the earnings outlook for Indian IT exporters, while geopolitical uncertainty and profit booking also kept investors away from high-growth technology stocks.

The dollar was weaker against the rupee during the session, which can weigh on IT companies because a large portion of their revenue comes from overseas markets. The broader IT sell-off also reflected caution towards the sector after its recent performance.

Sun Pharma declined 2.5%, extending weakness in pharma stocks. The sector remained under pressure amid continuing concerns over the potential impact of US tariffs on Indian generic drug exports. The US has announced a phased tariff plan on imported generic drugs, adding to concerns around the industry's longer-term export economics.

Nestle India fell 2%, while ITC declined 1.8%, adding to the pressure on FMCG stocks. The two counters were among the major defensive names facing selling during a session when investors rotated away from several consumer stocks.

Tech Mahindra slipped 1.4%, following the broader weakness across the IT pack.

What Investors Should Watch

The market will continue to track developments around the US-Iran negotiations and the flow of crude oil through the Strait of Hormuz. With Brent crude back near $89 a barrel, further escalation could keep pressure on inflation-sensitive sectors and the broader market.

Investors will also watch the rupee-dollar movement and global technology stocks for cues on IT shares. The Nifty IT index's nearly 2% decline on Monday made the sector one of the biggest drags on the benchmark.

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