On Wednesday, September 2, Indian stock markets were under heavy selling pressure as higher US-Iran tension pushed crude oil prices higher with global stock markets sending a signal of a risk-off mood.
The Nifty 50 fell 0.89% to 23,841.40 and Sensex 0.79% to 76,333.20 in morning trading. Major sectors were in the red and mid-cap and small-cap indices also in the red.
Despite the general selloff there were still a few stocks that held their ground.
Those stocks attracted buying interest because they were based on company developments, they had strong operational updates or at least they were relatively defensive in nature.
Coal India Leads the Gainers
Coal India has been the best performer and shares are up about 3.6% on the day. It has a 5.5% increase in coal supplies in August.
Investor appetite was also bolstered by the company’s plans to launch an initial public offering of its Mahanadi Coalfields subsidiary.
Sun Pharma Holds Firm
Sun Pharmaceutical Industries was also stable, however. The company gained about 0.5% after a good pricing agreement in the US helped relieve some of the tension around tariffs.
Market Pressure Remains Broad
The broader market weakness was largely driven by rising crude oil prices and renewed geopolitical tensions.
Brent crude oil prices climbed above $95 a barrel as investors worried about potential disruptions to energy supplies. Higher crude prices are particularly important for India because the country relies heavily on imported oil.
An escalation in energy costs can increase the import bill, pressure inflation and potentially complicate interest-rate expectations.
The biggest casualties were oil-sensitive businesses. Oil marketing companies, tyre firms, paint manufacturers and airlines were under selling pressure as investors were assessing the impact of higher fuel and raw-material costs.
Investors Watch Defensive Stocks
The divergence between the broad market and some of the gainers shows how investors are turning to companies with stronger company-specific triggers.
Coal India's operating performance and Sun Pharma's US pricing development were reasons why investors were interested in buying even as sentiment worsened elsewhere.
Other stocks in focus on September 2 included ITC, Wipro, Premier Energies, L&T Finance and BPCL, according to pre-market market-watch lists.
The market is very much sensitive to developments in the Middle East, crude prices and global bond yields.
With volatility high, investors are likely to keep a close watch on stocks with earnings or operational strength despite challenging macroeconomic conditions.
Note: Stock prices and gains can change during market hours. All figures above are market conditions according to market conditions on September 2, 2026 and are not investment advice.
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