GIFT Nifty up 82 points amid strong Asian cues, NSE IPO opens today
GIFT Nifty:
GIFT Nifty September 2026 futures were up 82.50 points, indicating a positive start for the Nifty 50, tracking strong Asian cues.
NSE IPO:
The initial public offering (IPO) of National Stock Exchange of India (NSE) opens for subscription today and will close on 21 September 2026. The book-built issue is entirely an offer for sale (OFS) of 12.64 crore shares. The price band has been fixed at Rs 1,700 to Rs 1,785 per share. Retail investors can bid for a minimum of 8 shares, requiring a minimum investment of Rs 14,280 at the upper end of the price band.
Trump Tariffs:
The US House of Representatives on Wednesday passed a Russia sanctions bill by 262-159 that gives President Donald Trump the power to impose tariffs of up to 100% on countries buying Russian oil and gas, directly targeting major importers such as India and China. The bill, which follows Senate approval on 7 August 2026, also expands sanctions on Russian officials, financial institutions and vessels linked to Russia's shadow fleet, while extending existing Iran sanctions by five years.
Institutional Flows:
Foreign portfolio investors (FPIs) sold shares worth Rs 2,032.61 crore, while domestic institutional investors (DIIs) were net buyers to the tune of Rs 3,908.23 crore in the Indian equity market on 16 September 2026, according to provisional data.
FPIs sold shares worth Rs 18871.85 crore in September so far, through 16 September 2026. This follows net cash purchases of Rs 17,366 crore in August 2026, while they were net buyers of Rs 6,731.97 crore in July 2026.
Global Markets:
The US Dow Jones futures were up around 310 points on Thursday, pointing to a stronger opening for US equities after Wall Street ended sharply lower in the previous session following the Federal Reserve's policy decision. The Fed raised interest rates for the first time in three years and signalled that another rate hike could come before the end of 2026.
Asian equities traded mostly higher on Thursday as investors assessed the Fed's rate hike and easing crude oil prices.
Oil prices eased on signs that Saudi Arabia was working to restore crude flows following damage to its East-West pipeline. Brent crude slipped to $105 a barrel in early Asian trading on Thursday, extending the previous session's decline. Reports that Saudi Arabia was arranging additional crude shipments via Oman helped reduce immediate concerns about supply disruptions.
The Saudi East-West pipeline, which provides an alternative route for moving crude away from the Persian Gulf, was damaged in a drone attack launched from Iraq, according to reports. Saudi Arabia had shut the pipeline following the attack, raising concerns about further pressure on an already-tight global oil market. The US administration subsequently indicated that operations would resume, easing some of the supply-risk premium in crude prices.
The gains in parts of Asia came after a heavy sell-off on Wall Street on Wednesday. The Dow Jones Industrial Average fell 631.21 points, or 1.21%, to 51,461.90, while the S&P 500 declined 0.45%. The Nasdaq Composite was broadly flat.
The Federal Reserve raised its benchmark federal funds target range by 25 basis points to 3.75%-4%, marking its first rate increase since July 2023. The decision reflected the Fed's concern that inflation remains elevated despite resilient economic activity and labour-market conditions. Fed Chair Kevin Warsh said inflation was still too high and that monetary policy would remain focused on preventing higher energy prices from generating broader inflationary effects.
The Fed's updated projections point to another rate increase in 2026. Sixteen of the 19 officials indicated support for at least one further hike this year, while the median projection put the policy rate at 4.1% at the end of 2026. The median forecast also showed the rate remaining at 4.1% in 2027.
The central bank raised its inflation outlook, with the median forecast for headline PCE inflation at 3.7% for 2026, well above its 2% target. Core PCE inflation was projected at 3.4%. At the same time, the Fed raised its 2026 GDP growth forecast to 2.3%, while the median unemployment-rate projection was 4.1%.
Domestic Market:
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. 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.
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