Nifty above 23,400 level; metal shares under pressure

The key equity benchmarks continued to trade with minor gains in mid-morning trade after a sharp sell-off in the previous session, as gains in the broader market were offset by weakness in IT stocks. Elevated crude oil prices and geopolitical risks kept investors cautious. The Nifty traded above the 23,400 level, while metal shares declined after advancing in the past two trading sessions.

At 11:30 IST, the barometer index, the S&P BSE Sensex, jumped 9.12 points or 0.02% to 74,762.18. The Nifty 50 index rose 4.60 points or 0.02% to 23,437.45.

In the broader market, the BSE 150 MidCap Index fell 0.43% and the BSE 250 SmallCap Index shed 0.08%.

The market breadth was negative. On the BSE, 1,868 shares rose and 2,083 shares fell. A total of 249 shares were unchanged.

Initial Public Offer (IPO):

Veegaland Developers received bids for 18,56,022 shares as against 1,13,07,692 shares on offer, according to stock exchange data at 11:15 IST on 10 September 2026. The issue was subscribed 0.16 times.

The issue opened for bidding on 10 September 2026 and will close on 15 September 2026. The price band of the IPO is fixed between Rs 130 and 140 per share. An investor can bid for a minimum of 107 equity shares and multiples thereof.

Prasol Chemicals received bids for 9,19,424 shares as against 54,43,229 shares on offer, according to stock exchange data at 11:15 IST on 10 September 2026. The issue was subscribed 0.17 times.

The issue opened for bidding on 8 September 2026 and will close on 10 September 2026. The price band of the IPO is fixed between Rs 643 and 676 per share. An investor can bid for a minimum of 22 equity shares and multiples thereof.

Glass Wall Systems (India) received bids for 23,53,75,014 shares as against 1,64,57,298 shares on offer, according to stock exchange data at 11:15 IST on 10 September 2026. The issue was subscribed 14.30 times.

The issue opened for bidding on 8 September 2026 and will close on 10 September 2026. The price band of the IPO is fixed between Rs 172 and 182 per share. An investor can bid for a minimum of 82 equity shares and multiples thereof.

Kanohar Electricals received bids for 17,66,06,305 shares as against 1,16,93,326 shares on offer, according to stock exchange data at 11:15 IST on 10 September 2026. The issue was subscribed 15.10 times.

The issue opened for bidding on 8 September 2026 and will close on 10 September 2026. The price band of the IPO is fixed between Rs 601 and 632 per share. An investor can bid for a minimum of 23 equity shares and multiples thereof.

LCC Projects received bids for 3,95,69,574 shares as against 2,09,27,281 shares on offer, according to stock exchange data at 11:15 IST on 10 September 2026. The issue was subscribed 1.89 times.

The issue opened for bidding on 9 September 2026 and will close on 11 September 2026. The price band of the IPO is fixed between Rs 139 and 146 per share. An investor can bid for a minimum of 102 equity shares and multiples thereof.

Karamtara Engineering received bids for 4,51,11,636 shares as against 2,54,14,937 shares on offer, according to stock exchange data at 11:15 IST on 10 September 2026. The issue was subscribed 1.78 times.

The issue opened for bidding on 9 September 2026 and will close on 11 September 2026. The price band of the IPO is fixed between Rs 241 and 254 per share. An investor can bid for a minimum of 59 equity shares and multiples thereof.

Asset Reconstruction Company (India) received bids for 1,99,76,686 shares as against 3,69,12,363 shares on offer, according to stock exchange data at 11:15 IST on 10 September 2026. The issue was subscribed 0.54 times.

The issue opened for bidding on 9 September 2026 and will close on 11 September 2026. The price band of the IPO is fixed between Rs 132 and 139 per share. An investor can bid for a minimum of 107 equity shares and multiples thereof.

Steamhouse India received bids for 2,79,72,000 shares as against 3,76,36,363 shares on offer, according to stock exchange data at 11:15 IST on 10 September 2026. The issue was subscribed 0.74 times.

The issue opened for bidding on 9 September 2026 and will close on 11 September 2026. The price band of the IPO is fixed between Rs 77 and 81 per share. An investor can bid for a minimum of 185 equity shares and multiples thereof.

Manipal Payment and Identity Solutions received bids for 27,45,908 shares as against 1,30,60,472 shares on offer, according to stock exchange data at 11:15 IST on 10 September 2026. The issue was subscribed 0.21 times.

The issue opened for bidding on 9 September 2026 and will close on 11 September 2026. The price band of the IPO is fixed between Rs 322 and 339 per share. An investor can bid for a minimum of 44 equity shares and multiples thereof.

Rentomojo received bids for 4,81,04,144 shares as against 2,17,72,311 shares on offer, according to stock exchange data at 11:15 IST on 10 September 2026. The issue was subscribed 2.21 times.

The issue opened for bidding on 9 September 2026 and will close on 11 September 2026. The price band of the IPO is fixed between Rs 384 and 404 per share. An investor can bid for a minimum of 37 equity shares and multiples thereof.

Buzzing Index:

The Nifty Metal index declined 0.44% to 13,331.90. The index rose 1.81% in the past two trading sessions.

Hindalco Industries (down 1.04%), NMDC (down 0.73%), Tata Steel (down 0.68%), Jindal Stainless (down 0.68%), Jindal Steel (down 0.56%), Adani Enterprises (down 0.44%), Vedanta (down 0.42%), JSW Steel (down 0.31%), Steel Authority of India (down 0.3%) and Hindustan Zinc (down 0.11%) tanked.

Stocks in Spotlight:

Dilip Buildcon (DBL) jumped 5.54% after the company said that it has received a letter of intent from the Petroleum and Natural Gas Regulatory Board (PNGRB) for the development of the Paradip, Odisha?Raipur, Chhattisgarh LPG pipeline.

Global Markets:

The US Dow Jones index futures are currently up by 159 points, signaling a positive opening for US stocks today.

Asian shares traded lower on Thursday, 10 September 2026, tracking overnight losses on Wall Street as a sharp rise in crude oil prices and higher US Treasury yields heightened concerns over inflation and interest rates. The escalation in the US-Iran conflict and growing risks to energy supplies kept investors cautious.

Wall Street ended lower for the third consecutive session on Wednesday as Brent crude climbed above $100 a barrel for the first time since July. The Dow Jones Industrial Average declined 0.77% to 52,380.66, while the S&P 500 fell 0.48% to 7,636.36. The Nasdaq Composite closed 0.64% lower at 26,253.34.

The renewed rise in oil prices followed an escalation in the US-Iran conflict, with attacks on oil tankers and shipping in the Middle East raising fears of prolonged disruption to crude supplies.

The Strait of Hormuz remains a key concern for markets because the waterway historically handles roughly one-fifth of global oil and gas supplies.

Higher oil prices have also complicated the outlook for global central banks. Markets are increasingly concerned that sustained energy inflation could delay interest-rate cuts or force policymakers to maintain a tighter stance for longer. Investors are therefore watching upcoming US inflation data closely, with the Producer Price Index due on Thursday and the Consumer Price Index on Friday. The data will be important for expectations around the Federal Reserve's policy decision on 15-16 September.

US Treasury yields also moved higher. The benchmark 10-year Treasury yield rose to 4.848% after touching 4.86%, its highest level since November 2023. The 30-year yield increased to 5.297%.

Apple unveiled its first foldable iPhone, the iPhone Duo, along with the iPhone 18 Pro and Pro Max. The new Pro models start $100 higher than their predecessors. Apple shares fell 0.3% on Wednesday but gained 0.6% in after-hours trading.

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