Nifty tops 24,850 as Infy buyback plan lifts IT shares; Fed-cut bets underpin gains

The key equity barometers ended higher for a second straight session as a buyback proposal from Infosys ignited a rally in IT names, while consumer discretionary stocks gained on optimism around broad GST rate cuts. Sentiment was also aided by rising expectations of a U.S. Federal Reserve rate cut later this month, helping the Nifty finish above 24,850 despite the weekly F&O expiry today. Investors now turn to inflation prints due later this week for cues on the policy path and near-term market direction.

The S&P BSE Sensex added 314.02 points or 0.39% to 81,101.32. The Nifty 50 index rose 95.45 points or 0.39% to 24,868.60.

Infosys (up 4.85%), Adani Ports & SEZ (up 2.54%) and TCS (up 1.09%) supported gains in Nifty today.

The broader market underperformed the frontline indices. The S&P BSE Mid-Cap index rose 0.20% and the S&P BSE Small-Cap index advanced 0.22%.

The market breadth was negative. On the BSE, 1,994 shares rose and 2,130 shares fell. A total of 157 shares were unchanged.

The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, declined 1.40% to 10.69.

Numbers to Track:

The yield on India's 10-year benchmark federal paper rose 0.14% to 6.472 from the previous close of 6.461.

In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 88.1150 compared with its close of 88.0925 during the previous trading session.

MCX Gold futures for 3 October 2025 settlement rose 0.68% to Rs 109,257.

The US Dollar Index (DXY), which tracks the greenback's value against a basket of currencies, was down 0.14% to 97.31.

The United States 10-year bond yield rose 0.44% to 4.063.

In the commodities market, Brent crude for November 2025 settlement advanced 48 cents or 0.73% to $66.50 a barrel.

Global Market:

Most European shares advanced on Tuesday, as investors digested the ongoing political turmoil in France following the ousting of Prime Minister Francois Bayrou on Monday.

Asian market ended mixed as expectations of a U.S. rate cut as early as next week persisted, even as political upheavals continued.

The Japanese market saw strong buying interest for the second consecutive session after the country?s Prime Minister Shigeru Ishiba announced his resignation Sunday.

The rally is being fuelled by hopes that the next leader from the ruling Liberal Democratic Party (LDP) could unleash a new wave of fiscal stimulus to bolster the Japanese economy.

Overnight stateside, the three major averages closed higher. The Nasdaq Composite closed at a record high as investors geared up for a data-heavy week that includes two closely watched readings on inflation.

The tech-heavy Nasdaq finished up 0.45% at 21,798.70, a record high after hitting a new all-time intraday high in the session. The S&P 500, meanwhile, settled up 0.21% at 6,495.15, while the Dow Jones Industrial Average rose 114.09 points, or 0.25%, to close at 45,514.95.

Breathing new life into the equities rally were expectations that the Federal Reserve would ease rates when it meets next week, following Friday's dismal U.S. jobs report.

New Listing:

Shares of Amanta Healthcare ended at Rs 140.65 on the BSE, representing a premium of 11.63% compared with the issue price of Rs 126.

The scrip was listed at Rs 134, exhibiting a premium of 6.35% to the issue price. The stock has hit a high of Rs 140.65 and a low of Rs 132. On the BSE, over 5.47 lakh shares of the company were traded in the counter.

The initial public offer (IPO) of Amanta Healthcare was subscribed 82.61 times. The issue opened for bidding on 1 September 2025 and it closed on 3 September 2025. The price band of the IPO was fixed between Rs 120 and 126 per share.

Stocks in Spotlight:

The Nifty IT index surged 2.76% to 35,255.90, snapping a five-day losing streak as investors engaged in value buying after recent declines. The index dropped 4% over the past five sessions amid tariff uncertainties and global concerns.

Infosys (up 4.85%), Wipro (up 2.81%), Tech Mahindra (up 2.45%), Persistent Systems (up 2.41%), Mphasis (up 2.26%), Coforge (up 1.92%), LTIMindtree (up 1.65%), HCL Technologies (up 1.57%), Oracle Financial Services Software (up 1.54%) and Tata Consultancy Services (up 1.09%) rose.

Infosys rallied after the company announced that its board will meet on Thursday (11 September 2025) to consider a proposal for buyback of fully paid-up equity shares of the company.

Tata Consultancy Service (TCS) rose after the company has signed a partnership with CEA to accelerate innovation and industrialization of physical AI solutions.

RailTel Corporation of India rallied 5.41% after the company announced that it has secured a series of significant work orders from the Bihar Education Project Council (BEPC), with a cumulative value of Rs 713.52 crore.

Regaal Resources fell 1.26% after the company reported a 1.19% decline in standalone net profit to Rs 9.06 crore, despite a 26.52% increase in net sales to Rs 246.56 crore in Q1 FY26 compared to Q1 FY25.

Morepen Laboratories rose 4.40% after the company announced that its subsidiary, Morepen Medipath, has signed a joint venture agreement with UAE-based Bimedical FZE. The proposed joint venture company, to be incorporated in India, will focus on manufacturing, trading and selling medical devices. Both partners will contribute equally in the share capital of the new entity, with Morepen Laboratories holding an indirect 30% stake through its subsidiary. The company clarified that the joint venture will be treated as a related party but its promoters have no direct interest apart from their shareholding in Morepen Medipath.

Waaree Renewable Technologies rose 2.56% after the company received a Letter of Award (LOA) for executing a large-scale solar project with a capacity of 870 MWac/1218 MWp.

Nova Agritech declined 2.25% after the company announced that its chief financial officer (CFO), Gunupudi Kamoji Srinivas, has resigned from his position effective from 8 September 2025.

Virtual Galaxy Infotech advanced 2.44% after the company entered into a memorandum of understanding (MoU) with Xangars Infratech Solutions for deployment of 1 lakh UPI and QR-based sound boxes with digital payment solutions in India.

Quality Power Electrical Equipments gained 2.44% after its step-down arm, Endoks Enerji Anonim Sirketi, secured two orders worth Rs 75.19 crore from a European customer for supply of its FACTS system to a steel plant.

Gujarat Mineral Development Corporation (GMDC) declined 2.97% as investors booked profits after the stock surged 18.45% in the last two sessions.

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