Benchmarks recover after recent sell-off; Nifty ends above 23,200
The key equity benchmarks ended higher on Wednesday, snapping a two-session losing streak. Gains followed a pause in crude oil prices and a marginal easing in global bond yields.
The Nifty 50 opened at 23,201.60 and initially came under pressure, hitting an intraday low of 23,116.10. The index recovered from the day's low as bargain hunting emerged after the previous session's sharp sell-off. It later touched an intraday high of 23,284.75 before settling above 23,200 level.
However, gains remained capped as investors stayed cautious ahead of the US Federal Reserve's policy decision later today. FMCG and bank stocks advanced, while IT and pharma shares declined.
The S&P BSE Sensex jumped 332.63 points, or 0.45%, to 74,336.45. The Nifty 50 index added 99 points, or 0.43%, to 23,217.60. The Sensex and Nifty had declined 1.20% and 1.53%, respectively, over the previous two trading sessions.
State Bank of India (up 2.42%), HDFC Bank (up 0.69%) and ICICI Bank (up 0.62%) supported the Nifty today.
In the broader market, the BSE 150 MidCap Index rose 0.07% and the BSE 250 SmallCap Index shed 0.13%.
The market breadth was negative. On the BSE, 1,979 shares rose and 2,351 shares fell. A total of 257 shares were unchanged.
Economy:
The Union Cabinet on 16 September 2026 approved raising the wage ceiling for mandatory Employees' Provident Fund Organisation (EPFO) coverage to Rs 25,000 per month from Rs 15,000. The revised ceiling will take effect from 17 September 2026 and is expected to bring an estimated 51 lakh additional employees under the social security net, Union Minister Ashwini Vaishnaw said after the Cabinet meeting.
Numbers to Track:
The United States 10-year bond yield shed 0.08% to 4.992.
In the commodities market, Brent crude for the November 2026 settlement fell $1.24 or 1.14% to $107.51 a barrel.
The yield on India's 10-year benchmark federal paper fell 0.23% to 7.057 compared with the previous session close of 7.073.
In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 95.9300 compared with its close of 95.8800 during the previous trading session.
MCX Gold futures for 5 October 2026 settlement rose 1% to Rs 1,52,323.
The US Dollar Index (DXY), which tracks the greenback's value against a basket of currencies, was up 0.04% to 99.68.
Global Markets:
European equities advanced on Wednesday, stabilizing after a severe sell-off pushed continental bourses to multi-month lows.
UK consumer price inflation accelerated to 3.1% in August compared with 2.9% inflation in July, marking the first reading above 3% since March, driven largely by a sharp increase in motor fuel prices.
The inflation data comes ahead of the Bank of England?s monetary policy decision scheduled for Thursday, with investors assessing the implications for the central bank?s interest-rate outlook.
Most Asian equity benchmarks ended higher on Wednesday, supported by regional gains ahead of the US Federal Reserve's monetary policy announcement. The upward movement occurred alongside elevated crude oil prices and higher US Treasury yields.
In Japan, trade deficit widened significantly to JPY 1,105.6 billion in August 2026 from JPY 294.1 billion a year earlier. It marked the fourth consecutive month of deficit and the largest since January, as imports grew faster than exports. Imports surged 28.0% year-on-year to JPY 11,153.9 billion, following a 27.9% rise in July, marking the strongest growth since November 2022. Exports rose 19.3% to JPY 10,048.4 billion.
US indices declined on Tuesday, driven by positioning ahead of the Federal Reserve meeting and rising bond yields. The Dow Jones Industrial Average fell 328.09 points, or 0.63%, to 52,093.11; the S&P 500 declined 0.45% to 7,585.73; and the Nasdaq Composite dropped 0.78% to 25,981.57. Certain technology shares recorded advances, with Qualcomm gaining over 4%, and Advanced Micro Devices and Coherent each rising approximately 2%.
The Federal Reserve is scheduled to release its interest rate decision on Wednesday. Market pricing reflects expectations of a 25-basis-point increase from the existing target range of 3.5% to 3.75%. Market attention is focused on the policy statement and accompanying commentary regarding inflation, economic conditions, and projected interest rate adjustments.
New Listings:
Shares of Kanohar Electricals ended at Rs 751.30 on the BSE, representing a premium of 18.88% compared with the issue price of Rs 632.
The stock debuted at Rs 672.05 on the BSE, a premium of 6.34% over its issue price. The stock has hit a high of Rs 786.95 and a low of Rs 672.05. On the BSE, over 23.80 lakh shares of the company were traded in the counter.
Shares of Glass Wall Systems (India) ended at Rs 215.35 on the BSE, representing a premium of 18.32% compared with the issue price of Rs 182.
The stock debuted at Rs 190.10 on the BSE, a premium of 4.45% over its issue price. The stock has hit a high of Rs 228.10 and a low of Rs 185.05. On the BSE, over 45.11 lakh shares of the company were traded in the counter.
Shares of Prasol Chemicals ended at Rs 672.05 on the BSE, representing a discount of 0.58% compared with the issue price of Rs 676.
The stock debuted at Rs 611 on the BSE, a discount of 9.62% over its issue price. The stock has hit a high of Rs 672.05 and a low of Rs 600.50. On the BSE, over 3.50 lakh shares of the company were traded in the counter.
Stocks in Spotlight:
Godavari Biorefineries surged 5.21% after China's patent office granted the company a patent for compounds used to treat viral infections. The patent covers compounds that inhibit V-ATPase activity in cells and their use in medicines for treating viral infections. The patent was granted on 15 September 2026, following an application filed on 10 May 2021.
Allied Blenders and Distillers advanced 2.52%. The company said that it has been granted a licence for manufacture of malt spirits for potable purpose by the Commissioner of Prohibition and Excise, Telangana, Hyderabad.
Equitas Small Finance Bank rose 2.66% after the bank said that its board has approved a proposal to raise funds aggregating to Rs 500 crore through the issuance of non-convertible debentures.
Alkem Laboratories rose 0.27%. The company has announced the launch of NeuCeno (cenobamate), anti-seizure medication (ASM) for the treatment of partial-onset seizures in adult patients.
Praj Industries fell 1.26%. The company said that it signed a development & commercialization agreement for bio-isobutanol (Bio-IBA) technology in India. Under the agreement, Praj will lead the commercialization of Bio-IBA technology in India, with exclusive rights to deploy the technology in the country.
R R Kabel rose 0.71% after commencing commercial production at its new Unit 3 manufacturing facility in Silvassa on 15 September 2026. The facility will manufacture wires and cables and has a planned capacity of 18,000 MT per annum, with 12,000 MT per annum currently operational. The remaining capacity is expected to become operational by December 2026.
BMW Ventures shed 1.18%. The company secured two purchase orders worth Rs 72.94 crore from Tata Projects. The orders cover the supply of TMT steel of FE-550D grade for the 3X800MW USCTPP-ADANI Project. The order value includes all taxes.
IPO Update:
Hero Motors received bids for 12,26,40,042 shares as against 8,86,07,596 shares on offer, according to stock exchange data at 17:00 IST on 16 September 2026. The issue was subscribed 1.38 times.
The issue opened for bidding on 16 September 2026 and will close on 18 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.
Manika Plastech received bids for 60,14,82,852 shares as against 2,13,86,919 shares on offer, according to stock exchange data at 17:00 IST on 16 September 2026. The issue was subscribed 28.12 times.
The issue opened for bidding on 11 September 2026 and will close on 16 September 2026. The price band of the IPO is fixed between Rs 40 and 43 per share. An investor can bid for a minimum of 348 equity shares and multiples thereof.
Jindal Supreme (India) received bids for 7,07,73,346 shares as against 93,99,600 shares on offer, according to stock exchange data at 17:00 IST on 16 September 2026. The issue was subscribed 7.53 times.
The issue opened for bidding on 16 September 2026 and will close on 18 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.
SS Retail received bids for 1,26,74,480 shares as against 87,93,884 shares on offer, according to stock exchange data at 17:00 IST on 16 September 2026. The issue was subscribed 1.44 times.
The issue opened for bidding on 16 September 2026 and will close on 18 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.
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