Benchmarks ease for third day; PSU banks, autos shine

The domestic equity benchmarks ended with minor losses on Tuesday, marking their third straight session of decline. Concerns over a proposed H-1B visa fee hike and uncertainty in India-US trade talks weighed on sentiment. The Nifty settled below the 25,200 mark after a rangebound session, with PSU banks, metals and auto stocks finding buyers while FMCG and IT shares came under pressure. Broader indices underperformed, reflecting cautious sentiment as small- and mid-cap stocks lagged. Meanwhile, the rupee slipped to a record low amid persistent foreign fund outflows and trade deficit worries, while global uncertainties and prospects of a US Fed rate cut lifted gold prices. On the domestic front, robust output from the eight core industries offered some support, highlighting resilience in the economy despite external challenges.

The S&P BSE Sensex shed 57.87 points or 0.07% to 82,102.10. The Nifty 50 index lost 32.85 points or 0.13% to 25,169.50. In three sessions, the Sensex is down 1.09% and the Nifty has corrected 0.99%.

Hindustan Unilever (down 1.94%), ICICI Bank (down 0.49%) and HDFC Bank (down 0.65%) were major Nifty drags today.

The broader market underperformed the frontline indices. The S&P BSE Mid-Cap index fell 0.29% and the S&P BSE Small-Cap index slipped 0.35%.

The market breadth was negative. On the BSE, 1798 shares rose and 2356 shares fell. A total of 166 shares were unchanged.

The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, rose 0.63% to 10.63.

Economy:

Business activity in India moderated slightly in September, according to flash survey data released by HSBC on Tuesday.

The Flash India Composite PMI Output Index stood at 61.9, lower than the final reading of 63.2 in August, though still well above the 50-mark that separates expansion from contraction.

Services activity showed a similar trend, with the Flash India Services PMI Business Activity Index at 61.6, compared with 62.9 in August.

In manufacturing, the Flash India Manufacturing PMI Output Index eased to 62.7 from 63.7 in August, while the broader Flash Manufacturing PMI slipped to 58.5 from 59.3.

Separately, India?s eight core industries grew 6.3% in August 2025, the fastest pace in 13 months, led by higher steel, coal and cement output, Commerce Ministry data showed. Growth had slowed to 3.7% in July, while cumulative expansion for April-August 2025-26 stands at 2.8% year-on-year.

Numbers to Track:

The yield on India's 10-year benchmark federal paper shed 0.03% to 6.479 from the previous close of 6.481.

In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 88.7650 compared with its close of 88.2875 during the previous trading session.

MCX Gold futures for 3 October 2025 settlement jumped 1.60% to Rs 1,14,023.

The US Dollar Index (DXY), which tracks the greenback's value against a basket of currencies, was up 0.01% to 97.32.

The United States 10-year bond yield fell 0.34% to 4.133.

In the commodities market, Brent crude for November 2025 settlement added 30 cents or 0.45% to $66.87 a barrel.

Global Markets:

European indices advanced on Tuesday as investors awaited the eurozone flash PMI data.

Most Asian indices ended higher, fueled by a tech rally on Wall Street the previous day.

Singapore?s core inflation?which excludes the costs of private transport and accommodation?recorded its slowest increase in over four years, rising just 0.3% in August.

Overnight stateside, the three major averages ended the trading day higher. The S&P 500 reached new heights led by a move higher in Nvidia, as a partnership announcement with OpenAI fueled investor optimism about the future of artificial intelligence.

The broad market index ended the day up 0.44% at 6,693.75, while the Nasdaq Composite jumped 0.70% to finish at 22,788.98. The Dow Jones Industrial Average climbed 66.27 points, or 0.14%, to settle at 46,381.54. Along with the S&P 500, the Nasdaq and Dow had hit new all-time intraday highs during the session and closed at record highs.

New Listing:

Shares of Euro Pratik Sales settled at Rs 248.25 on the BSE, representing a premium of 0.51% compared with the issue price of Rs 247.

The scrip was listed at Rs 273.45, reflecting a premium of 10.71% to the issue price. The stock has hit a high of Rs 279.55 and a low of Rs 247. On the BSE, 11.28 lakh shares of the company were traded in the counter.

Stocks in Spotlight:

Maruti Suzuki India rose 1.83% to Rs 16097.95 after a foreign brokerage upgraded the stock to 'Buy' from 'Neutral' and set a target price of Rs 18,900. The stock touched a record high of Rs 16,321 today.

Emkay Global Financial Services hit an upper limit of 20% after veteran investor Kirti Doshi, through his family-controlled entity Antique Securities, acquired more than 21% stake in the firm. The investment forms part of a total capital infusion of Rs 227.5 crore, which also includes additional equity investment from existing promoters Krishna Kumar Karwa and Prakash Kacholia. The company said the funds will strengthen its balance sheet and support growth initiatives.

Vikran Engineering dropped 3.71% after the company?s standalone net profit declined 85.04% to Rs 5.65 crore on 55.21% fall in revenue from operations to Rs 159.16 crore in Q1 FY26 over Q4 FY25.

Refex Industries surged 15.71% after the company's board approved a composite scheme of arrangement aimed at unlocking value from its green mobility business. Under the restructuring plan, Refex Green Mobility, a wholly owned subsidiary, will be merged into Refex Industries, followed by the demerger of the Green Mobility Business unit into a newly incorporated entity, Refex Mobility Limited (RML).

RML will then be independently listed on both BSE and NSE, paving the way for two specialised platforms ? one focused on the company?s established strengths in ash and coal handling, and the other dedicated to clean-fuelled sustainable transport solutions.

Zaggle Prepaid Ocean Services rose 1.73% after the company said it has entered into an agreement with Mastercard Asia/Pacific to launch and promote co-branded domestic prepaid cards on the Mastercard network.

Shilpa Medicare added 0.42%. The firm received the initial authorization from European Medicine Agency (EMA), recommending final marketing approval for its Rivaroxaban Orodispersible Films (ODF).

ACME Solar Holdings slipped 3.49%. The company has secured domestic funding of Rs 1,100 crore from the State Bank of India (SBI) to refinance existing debt for its 300 MW renewable energy project in Rajasthan.

Hindustan Construction Company (HCC) advanced 2.93% after the company has secured two significant contracts from Patna Metro Rail Corporation (PMRCL), collectively valued at approximately Rs 2,565.81 crore.

Brigade Enterprises lost 1.09%. The company said that it has signed a joint development agreement to develop a residential project in Banashankari, 5th Stage, South Bengaluru. The project has a gross development value (GDV) of approximately Rs 1,200 crore.

IPO Update:

The initial public offer (IPO) of Anand Rathi Share and Stock Brokers received bids for 53,62,596 shares as against 1,33,63,342 shares on offer, according to stock exchange data at 16:51 IST on Tuesday (23 September 2025). The issue was subscribed 0.40 times.

The issue opened for bidding on Tuesday (23 September 2025) and it will close on Thursday (25 September 2025). The price band of the IPO is fixed between Rs 393 and 414 per share. An investor can bid for a minimum of 36 equity shares and in multiples thereof.

Atlanta Electricals' IPO received bids for 2,00,54,975 shares as against 65,38,439 shares on offer, according to stock exchange data at 16:51 IST on Tuesday (23 September 2025). The issue was subscribed 3.07 times.

The issue opened for bidding on Monday (22 September 2025) and it will close on Wednesday (24 September 2025). The price band of the IPO is fixed between Rs 718 and 754 per share. An investor can bid for a minimum of 19 equity shares and in multiples thereof.

Seshaasai Technologies' IPO received bids for 1,35,87,525 shares as against 1,37,67,095 shares on offer, according to stock exchange data at 16:51 IST on Tuesday (23 September 2025). The issue was subscribed 0.99 times.

The issue opened for bidding on Tuesday (23 September 2025) and it will close on Thursday (25 September 2025). The price band of the IPO is fixed between Rs 402 and 423 per share. An investor can bid for a minimum of 35 equity shares and in multiples thereof.

Solarworld Energy Solutions' IPO received bids for 98,87,724 shares as against 80,93,092 shares on offer, according to stock exchange data at 16:51 IST on Tuesday (23 September 2025). The issue was subscribed 1.22 times.

The issue opened for bidding on Tuesday (23 September 2025) and it will close on Thursday (25 September 2025). The price band of the IPO is fixed between Rs 333 and 351 per share. An investor can bid for a minimum of 42 equity shares and in multiples thereof.

Jaro Institute of Technology Management and Research's IPO received bids for 32,35,328 shares as against 37,23,404 shares on offer, according to stock exchange data at 16:51 IST on Tuesday (23 September 2025). The issue was subscribed 0.87 times.

The issue opened for bidding on Tuesday (23 September 2025) and it will close on Thursday (25 September 2025). The price band of the IPO is fixed between Rs 846 and 890 per share. An investor can bid for a minimum of 16 equity shares and in multiples thereof.

Ganesh Consumer Products' IPO received bids for 36,71,996 shares as against 89,12,228 shares on offer, according to stock exchange data at 16:51 IST on Tuesday (23 September 2025). The issue was subscribed 0.41 times.

The issue opened for bidding on Monday (22 September 2025) and it will close on Wednesday (24 September 2025). The price band of the IPO is fixed between Rs 306 and 322 per share. An investor can bid for a minimum of 46 equity shares and in multiples thereof.

GK Energy's IPO received bids for 1,98,66,89,222 shares as against 2,21,80,828 shares on offer, according to stock exchange data at 16:51 IST on Tuesday (23 September 2025). The issue was subscribed 89.57 times.

The issue opened for bidding on Friday (19 September 2025) and it will close on Tuesday (23 September 2025). The price band of the IPO is fixed between Rs 145 and 153 per share. An investor can bid for a minimum of 98 equity shares and in multiples thereof.

Saatvik Green Energy's IPO received bids for 9,37,25,824 shares as against 1,42,71,970 shares on offer, according to stock exchange data at 16:51 IST on Tuesday (23 September 2025). The issue was subscribed 6.57 times.

The issue opened for bidding on Friday (19 September 2025) and it will close on Tuesday (23 September 2025). The price band of the IPO is fixed between Rs 442 and 465 per share. An investor can bid for a minimum of 44 equity shares and in multiples thereof.

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