Nifty closes above 23,250 as selective buying offsets rate hike concerns
The key equity benchmarks inched higher on Thursday, as investors assessed the US Federal Reserve's latest policy decision and its implications for global liquidity. The Fed raised its benchmark interest rate by 25 basis points to 3.75%-4%, its first hike since 2023. The central bank's projections also kept the possibility of another rate increase this year on the table, with the latest projections showing a range of views among policymakers.
The Fed's indication of another rate hike in 2026 kept investors cautious, particularly across rate-sensitive and foreign-portfolio-investment-driven segments. The higher US rate environment supported the dollar and kept pressure on emerging-market currencies.
However, selective buying helped the Nifty close above the 23,250 mark. Realty and pharma stocks were in demand, while banks and oil & gas stocks declined.
The S&P BSE Sensex shed 21.86 points or 0.03% to 74,314.59. The Nifty 50 index added 53 points or 0.23% to 23,270.60.
Bharat Electronics (up 2.51%), Tata Steel (up 2.34%) and Eternal (up 1.69%) were major Nifty movers today.
Crude oil prices provided some relief during the session. Brent crude eased below $104 per barrel mark, although geopolitical risks in the Middle East remained a concern.
Investor attention was also on the National Stock Exchange's Rs 22,561.5 crore IPO, which opened for subscription on Thursday. The offer is entirely an offer for sale by existing shareholders, with the price band set at Rs 1,700-1,785 per share. The issue is scheduled to remain open until 21 September 2026.
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 positive. On the BSE, 2,686 shares rose and 1,642 shares fell. A total of 217 shares were unchanged.
The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, dropped 7.82% to 12.14.
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.
Numbers to Track:
In the commodities market, Brent crude for the November 2026 settlement declined $2.34 or 2.21% to $103.49 a barrel.
The US Dollar Index (DXY), which tracks the greenback's value against a basket of currencies, was down 0.15% to 100.16.
The United States 10-year bond yield fell 0.38% to 4.985.
The yield on India's 10-year benchmark federal paper rose 0.13% to 7.064 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 95.9300 compared with its close of 95.9100 during the previous trading session.
MCX Gold futures for the 5 October 2026 settlement fell 0.49% to Rs 1,51,724.
Global Markets:
The US Dow Jones futures were up around 382 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 signaled that another rate hike could come before the end of 2026.
European equities advanced, while Asian equities ended 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%.
New Listings:
Shares of Manipal Payment and Identity Solutions ended at Rs 345.75 on the BSE, representing a premium of 1.99% as compared with the issue price of Rs 339.
The stock debuted at Rs 332 on the BSE, a discount of 2.06% over its issue price. The stock has hit a high of Rs 350 and a low of Rs 316. On the BSE, over 7.62 lakh shares of the company were traded in the counter.
Shares of Rentomojo were at Rs 532.95 on the BSE, representing a premium of 31.92% as compared with the issue price of Rs 404.
The stock debuted at Rs 480 on the BSE, a premium of 18.81% over its issue price. The stock has hit a high of Rs 547 and a low of Rs 480. On the BSE, over 47.51 lakh shares of the company were traded in the counter .
Shares of Steamhouse India were at Rs 102.20 on the BSE, representing a premium of 26.17% as compared with the issue price of Rs 81.
The scrip was listed at 93, a premium of 14.78% compared with issue price. The stock has hit a high of Rs 102.29 and a low of Rs 91.51. On the BSE, over 84.12 lakh shares of the company were traded in the counter.
Shares of Asset Reconstruction Company (India) were at Rs 137.05 on the BSE, representing a discount of 1.40% as compared with the issue price of Rs 139.
The scrip was listed at 113, matching the issue price. The stock has hit a high of Rs 141.60 and a low of Rs 130.90. On the BSE, over 20.77 lakh shares of the company were traded in the counter.
Shares of LCC Projects were at Rs 172.75 on the BSE, representing a premium of 18.32% as compared with the issue price of Rs 146.
The scrip was listed at 191.90, a premium of 31.44% compared with the issue price. The stock has hit a high of Rs 191.90 and a low of Rs 172.75. On the BSE, over 27.67 lakh shares of the company were traded in the counter.
Shares of Karamtara Engineering were at Rs 351.95 on the BSE, representing a premium of 38.56% as compared with the issue price of Rs 254.
The scrip was listed at 320, a premium of 25.98% compared with the issue price. The stock has hit a high of Rs 351.95 and a low of Rs 320. On the BSE, over 19.48 lakh shares of the company were traded in the counter.
Stocks in Spotlight:
RIR Power Electronics surged 10.70% after the company announced the completion of installation of silicon carbide (SiC) epitaxial wafer manufacturing reactors at its semiconductor facility in Bhubaneswar, Odisha.
Emami added 2.33% to Rs 377.90 after the company?s board approved a share buyback through the open market at a maximum price of Rs 475 per equity share, aggregating up to Rs 282 crore. The company proposes to buy back up to 59,36,842 equity shares, representing 1.36% of its paid-up equity share capital as of 31 March 2026.
Tata Motors advanced 2.88% after the company announced a price increase of up to 1% on its range of commercial vehicles, effective 1 October 2026.
Precision Wires India rose 2.57% after the company said that it has commenced some trial production of copper cathodes at its copper refining/recycling plant located at Zaroli, Gujarat.
Neogen Chemicals jumped 3.37% after the company has announced the successful completion of qualified institutions placement (QIP) for the equity shares of the company, raising an aggregate of approximately Rs 599.99 crore. Pursuant to the QIP, the company allotted 26,60,753 equity shares of face value Rs 10 each at an issue price of Rs 2,255 per equity share (including a premium of Rs 2,245 per equity share).
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, jumped 6.94%. MosChip Technologies surged 4.69%, followed by Kaynes Technology India, which gained 3.99%. Dixon Technologies advanced 0.83%, while Avalon Technologies rose 0.81%.
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.
IPO Update:
National Stock Exchange of India (NSE) received bids for 3,67,69,784 shares as against 8,86,42,911 shares on offer, according to stock exchange data at 16:55 IST on 17 September 2026. The issue was subscribed 0.41 times.
The issue opened for bidding on 17 September 2026 and will close on 21 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 8 equity shares and multiples thereof.
Jindal Supreme (India) received bids for 29,52,88,651 shares as against 93,99,600 shares on offer, according to stock exchange data at 16:55 IST on 17 September 2026. The issue was subscribed 31.42 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 88 and 93 per share. An investor can bid for a minimum of 161 equity shares and multiples thereof.
Hero Motors received bids for 29,75,98,378 shares as against 8,86,07,596 shares on offer, according to stock exchange data at 16:55 IST on 17 September 2026. The issue was subscribed 3.36 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 79 and 84 per share. An investor can bid for a minimum of 178 equity shares and multiples thereof.
SS Retail received bids for 5,06,85,075 shares as against 87,93,884 shares on offer, according to stock exchange data at 16:55 IST on 16 September 2026. The issue was subscribed 5.76 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 403 and 424 per share. An investor can bid for a minimum of 35 equity shares and multiples thereof.
Sonaselection India received bids for 46,63,800 shares as against 1,00,10,000 shares on offer, according to stock exchange data at 16:55 IST on 17 September 2026. The issue was subscribed 0.47 times.
The issue opened for bidding on 17 September 2026 and will close on 21 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.
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