Sensex, Nifty trade in positive terrain; pharma shares snap 5-day losing streak

The key equity benchmarks traded with minor gains in mid-afternoon trade as investors assessed the US Federal Reserve?s latest policy decision and its implications for global liquidity. The Fed?s 25-basis-point rate hike, which took the benchmark rate to 3.75%-4%, kept risk appetite subdued, while a stronger dollar continued to weigh on Asian currencies, including the rupee.

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 hovered above the 23,250 mark. Market participants are likely to track currency movements, US bond yields and foreign fund flows for further direction.

Pharma shares jumped after declining in the past five consecutive trading sessions.

At 13:27 IST, the barometer index, the S&P BSE Sensex jumped 51.75 points or 0.06% to 74,383.03. The Nifty 50 index added 53.65 points or 0.24% to 23,269.85.

The broader market outperformed frontline indices. The BSE 150 MidCap Index jumped 0.90% and the BSE 250 SmallCap Index rose 0.71%.

The market breadth was strong. On the BSE, 2,517 shares rose and 1,707 shares fell. A total of 235 shares were unchanged.

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.

IPO Update:

National Stock Exchange of India (NSE) received bids for 2,98,19,560 shares as against 8,86,42,911 shares on offer, according to stock exchange data at 14:27 IST on 16 September 2026. The issue was subscribed 0.34 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.

Hero Motors received bids for 25,08,64,122 shares as against 8,86,07,596 shares on offer, according to stock exchange data at 12:25 IST on 17 September 2026. The issue was subscribed 2.83 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.

Buzzing Index:

The Nifty Pharma index jumped 1.28% to Rs 26,480.80. The index declined 2.73% in the past five consecutive trading sessions

Alkem Laboratories (up 3.36%), Gland Pharma (up 3%), Aurobindo Pharma (up 2.88%), Dr Reddys Laboratories (up 2.81%), Laurus Labs (up 2.45%), Lupin (up 2.14%), Zydus Lifesciences (up 2%), Mankind Pharma (up 1.76%), Divis Laboratories (up 1.62%) and Biocon (up 1.54%) surged.

Numbers to Track:

The yield on India's 10-year benchmark federal paper fell 0.11% to 7.047 compared with the previous session close of 7.055.

In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 95.9200 compared with its close of 95.9100 during the previous trading session.

MCX Gold futures for 5 October 2026 settlement fell 0.64% to Rs 1,51,493.

The US Dollar Index (DXY), which tracks the greenback's value against a basket of currencies, was down 0.04% to 100.21.

The United States 10-year bond yield fell 0.32% to 4.988.

In the commodities market, Brent crude for the November 2026 settlement declined $1.40 or 1.32% to $104.43 a barrel.

Stock in Spotlight:

Semiconductor and electronics manufacturing stocks were in demand on Thursday, 17 September 2026, as SEMICON India 2026 got underway at Yashobhoomi in New Delhi. The three-day event is being held from 17 to 19 September under the theme Silicon to Systems: Building the Ecosystem

Syrma SGS Technology was the top gainer, rising 7.11%. MosChip Technologies surged 4.95%, followed by Kaynes Technology India, which gained 4.71%. Dixon Technologies advanced 1.11%, while Avalon Technologies rose 1.07%.

Prime Minister Narendra Modi inaugurated SEMICON India 2026 on Thursday. The event brings together companies, policymakers, investors, researchers, startups and academic institutions from across the semiconductor and electronics value chain. The PMO said more than 600 companies and representatives from 52 countries are participating.

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