Stock Market Today (4 September 2026): UltraTech Enters Cables, Tata Chemicals Falls, Power Grid Wins ₹1,152 Cr Order

Indian equities saw a stock-specific session on 4 September, with corporate developments, brokerage calls and sector moves driving sharp action across individual counters. UltraTech Cement's entry into the cables market emerged as a major theme, weighing on Polycab and KEI, while Tata Chemicals remained under pressure amid developments around its Kenya operations. On the positive side, Power Grid secured a ₹1,152 crore Gujarat project, Puravankara rallied on strong growth, and Angel One gained on improving client and funding metrics.

UltraTech Enters Cables Market; Polycab and KEI Under Pressure

UltraTech Cement entered the wires and cables business through its Ultravolt brand, triggering a sharp reaction across listed cable manufacturers. Polycab India slipped around 5%, while KEI Industries fell as much as 7% as investors assessed the potential impact of a new large competitor. UltraTech's entry could increase competitive intensity in the industry, putting pricing, margins and market-share trends under greater scrutiny.

Tata Chemicals Falls on Kenya Operations Developments

Tata Chemicals remained under pressure after Kenya halted operations involving the company's local business, with reports indicating the company may have to exit the market after a long presence. The company has said it is awaiting further instructions and has asserted compliance with applicable requirements. Tata Chemicals shares fell sharply during the session and remained one of the key stocks in focus.

Power Grid Bags ₹1,152 Crore Gujarat Project

Power Grid Corporation secured a ₹1,152 crore project in Gujarat, adding another significant order to its transmission portfolio. The project is linked to green power infrastructure in the state and reinforces the broader investment theme around India's expanding power transmission and renewable-energy network.

Puravankara Surges 12% on Strong Growth

Puravankara was among the day's notable gainers, rising as much as 12% after reporting strong FY26 performance. Sales growth of 55% and a reported profit of ₹56.75 crore helped improve investor sentiment. The strong operating performance put the real-estate developer firmly among the session's active stocks.

PhysicsWallah Gains on Motilal Oswal Buy Call

PhysicsWallah gained around 3% after Motilal Oswal reiterated a Buy rating and set a ₹200 target price. The brokerage highlighted the company's growth outlook, while the stock also witnessed significant trading activity during the session.

Angel One Jumps 8% on Strong Client Metrics

Angel One was another strong performer, rising around 8% after reporting continued improvement in its client and funding metrics. Average client funding increased 40% year over year to ₹74.2 billion in August, while the client base grew 18% year over year to 39.56 million. The stock also benefited from positive sentiment across capital-market-related counters.

IEX Reports 20.2% Rise in August Power Trading Volume

Indian Energy Exchange gained after reporting a 20.2% year-over-year increase in power trading volume for August. The company also reported a 12% rise in Q1 profit after tax. The latest volume numbers point to continued activity on the exchange as India's electricity market expands.

Reliance, Wockhardt and Other Stocks in Focus

Reliance Industries gained around 2% and moved above its 100-day average, while Nuvama Wealth received a boost after the Supreme Court lifted a ₹900 crore liability. SBI Life topped the Nifty during the session, while Wockhardt gained 6.6%, taking its year-on-year rise to around 40.6%.

In infrastructure and manufacturing, CG Power unveiled a ₹792 crore plant in Madhya Pradesh and rolled out its first transformer. Texmaco Rail also remained in focus after securing new orders, with reported order visibility reaching ₹11,500 crore.

Other Key Market Developments

HAL gained around 3% after GE delivered three more engines for the Tejas Mk1A programme. HUL outlined a medium-term EBITDA margin target of 22–24% and highlighted premiumisation and AI as key growth areas. NIACL surged after market expectations around a potential NSE listing, while IFCI gained on developments related to NSE's proposed listing.

Meanwhile, Aster DM saw the Dr. Moopen family increase its stake to 24.58% through a ₹350 crore purchase. SAIL reported August sales growth of 13% year over year, while IEX and several infrastructure stocks remained active on strong operational updates.

Market Outlook

Today's market action was driven primarily by company-specific catalysts rather than a single broad market theme. UltraTech's entry into cables created pressure across established cable manufacturers, while Tata Chemicals faced uncertainty around its Kenya operations. At the same time, infrastructure companies such as Power Grid and CG Power benefited from new projects and capacity additions.

Investors may want to track how competition develops in the cables market, whether Tata Chemicals receives further clarity on its Kenya operations, and whether strong operating momentum continues at companies such as Puravankara, Angel One and IEX. Brokerage targets on PhysicsWallah, CG Power, Sterlite Tech and other active stocks could also influence near-term sentiment.