Despite the overall market being weighed down by higher US tariffs, which dragged both benchmark indices sharply lower in August, some stocks managed to navigate the volatility and ended the month with stellar gains, as investors adopted a stock-specific approach amid tariff tensions.
The major winners emerged from the auto pack, where sentiment improved on expectations that potential GST cuts could revive demand in urban India, which has remained sluggish in recent quarters.
Adding to the optimism were other supportive factors such as corporate tax cuts, a cumulative 100 basis-point reduction in the repo rate, the approaching festive season, and a healthy monsoon—all of which have strengthened the outlook for the auto sector. The industry’s limited dependence on exports has also helped shield it from the recent sell-off.
HBL Engg, Sarda Energy to Ola: Top stock market winners in August
Recovering sharply from a two-month decline, shares of HBL Engineering, a leading player in the battery and power systems sector, regained strength in August, ₹788 apiece”>rising 38% so far to ₹788 apiece. Most of these gains came after the company reported a robust performance in the June quarter, posting its highest-ever quarterly net profit of ₹143 crore in Q1.
The strong results also propelled the stock to a fresh all-time high of ₹819.70 apiece. With a 30% gain in 2025, provided the momentum is sustained through year-end, the stock will notch its sixth consecutive year of gains.
Similarly, Sarda Energy & Minerals surged 34% in August. If this momentum continues for the next four months, it will also achieve its sixth straight year of gains. The rally was supported by a healthy set of numbers and a series of order wins, which boosted investor sentiment.
Breaking a long spell of underperformance, Ola Electric shares jumped 37% in August to ₹56.40, marking their biggest monthly gain since listing in August 2024. However, the stock still trades well below its IPO price of ₹76 and all-time high of ₹157 apiece.
The rally was fueled by founder and chairman Bhavish Aggarwal’s growth roadmap outlined at the company’s annual Sankalp event, targeting a 25–30% share of India’s two-wheeler EV market through vertical integration and new launches. Additionally, the company reported better-than-expected June quarter earnings.
Meanwhile, auto and auto ancillary majors such as Maruti Suzuki India, Hyundai Motor India, UNO Minda, Hero MotoCorp, TVS Motor Company, and Eicher Motors gained 15–20%. Among new-age tech stocks, One97 Communications (Paytm) and Honasa Consumer (Mamaearth) advanced 12%, while Delhivery and Nykaa rose 11% each.
Other notable gainers included Godawari Power & Ispat, Netweb Technologies, Godfrey Phillips India, Authum Investment & Infrastructure, Avenue Supermarts, Jindal Stainless, Vishal Mega Mart, Endurance Technologies, GE Vernova T&D India, PVR INOX, Chalet Hotels, Lemon Tree Hotels, Dr. Lal Pathlabs, Kaynes Technology, JM Financial, Kalpataru Projects, RattanIndia Enterprises, and eClerx Services, which surged between 10% and 22% in August.
Nifty 50, Sensex on track to post losses for second month
Though Nifty 50 and Sensex recovered slightly in today’s session from the steep losses of the last two trading days, they remain on track to finish August with a drop of over 1% each.
The indices made a turnaround in mid-August after the government proposed GST rate cuts across key categories, but the optimism quickly faded when the Donald Trump administration imposed another 25% tariff on Indian-origin goods, clouding the outlook for Asia’s third-largest economy.
The additional 25% tariff, which came into effect on August 27, is seen as a penalty on India for its continued purchase of Russian oil, with Trump accusing the country of financing Russia’s war in Ukraine.
The tariff on India is also the highest among Asian countries, making its goods less attractive on the global stage. The government, meanwhile, is taking steps to offset the impact by identifying new countries to diversify exports and is reportedly preparing a supportive package, similar to the Covid-19 relief measures, to support labor-intensive sectors.
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