Barometers trade sideways; auto shares rally for 2nd day
The Fed?s indication of another rate hike in 2026 is likely to keep investors cautious, particularly in rate-sensitive and foreign-portfolio-investment-driven segments. However, buying interest in select domestic sectors provided some support. The Nifty traded near 23,290 mark. Market participants are likely to track currency movements, US bond yields and foreign fund flows for further direction.
Auto shares witnessed buying demand for second consecutive trading session.
At 11:25 IST, the barometer index, the S&P BSE Sensex shed 14.73 points or 0.02% to 74,317.63. The Nifty 50 index added 24.20 points or 0.10% to 23,241.80.
The broader market outperformed the frontline indices. The BSE 150 MidCap Index rose 0.51% and the BSE 250 SmallCap Index jumped 0.65%.
The market breadth was strong. On the BSE, 2,423 shares rose and 1,505 shares fell. A total of 238 shares were unchanged.
Initial Public Offer (IPO):
National Stock Exchange of India (NSE) received bids for 1,40,48,848 shares as against 8,86,42,911 shares on offer, according to stock exchange data at 11:08 IST on 16 September 2026. The issue was subscribed 0.16 times.
The issue opened for bidding on 17 September 2026 and will close on 19 September 2026. The price band of the IPO is fixed between Rs 1,700 and 1,785 per share. An investor can bid for a minimum of 348 equity shares and multiples thereof.
Jindal Supreme(India) received bids for 11,86,27,859 shares as against 93,99,600 shares on offer, according to stock exchange data at 11:08 IST on 17 September 2026. The issue was subscribed12.62 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.
Hero Motors received bids for 18,02,32,654 shares as against 8,86,07,596 shares on offer, according to stock exchange data at 11:08 IST on 17 September 2026. The issue was subscribed 2.03 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 1,91,83,535 shares as against 87,93,884 shares on offer, according to stock exchange data at 11:09 IST on 17 September 2026. The issue was subscribed 0.36 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.
Sonaselection India received bids for 16,90,800 shares as against 1,00,10,000 shares on offer, according to stock exchange data at 11:09 IST on 16 September 2026. The issue was subscribed 0.17 times.
The issue opened for bidding on 17 September 2026 and will close on 19 September 2026. The price band of the IPO is fixed between Rs 94 and 99 per share. An investor can bid for a minimum of 150 equity shares and multiples thereof.
Buzzing Index:
The Nifty Auto index jumped 1% to 27,162.55. The index rose 1.52% in the two straight trading sessions.
Sona BLW Precision Forgings (up 2.51%), Samvardhana Motherson International (up 1.97%), TVS Motor Company (up 1.57%), Hero MotoCorp (up 1.51%), Bharat Forge (up 1.37%), Mahindra & Mahindra (up 1.02%), Maruti Suzuki India (up 0.97%), Uno Minda (up 0.86%), Ashok Leyland (up 0.86%) and Bosch (up 0.55%) surged.
Global Markets:
The US Dow Jones futures were up around 287 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 mixed 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. 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%.
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