Benchmarks trade near the day's high; European markets trade lower

The benchmark indices traded near the day's high in afternoon trade, supported by easing crude oil prices and softer global bond yields. Market sentiment also received a boost after Moody?s raised its India FY27 GDP growth forecast to 7%, citing the resilience of the domestic economy despite ongoing geopolitical tensions in West Asia. The Nifty regained the 23,300 mark.

At 13:31 IST, the S&P BSE Sensex was up 214.04 points, or 0.29%, at 74,528.63. The Nifty 50 index was up 52.80 points, or 0.23%, at 23,323.40.

In the broader market, the Nifty Midcap 100 index rose 1.01% while the Nifty Smallcap 100 index added 1.03%.

The market breadth was positive. On the BSE, 2523 shares were trading in green, while 1636 shares were trading in red. A total of 261 shares were unchanged.

The Bank of Japan raised its policy interest rate by 25 basis points to 1.25%, the highest level in 31 years, in a widely anticipated move aimed at containing inflation. The decision was approved by a 7-2 vote, with board members Toichiro Asada and Ayano Sato dissenting. Governor Kazuo Ueda was scheduled to explain the decision at a press conference later on Friday.

Economy:

Moody?s Ratings raised its India GDP growth forecast for FY27 to 7% from 6%, citing stronger-than-expected economic momentum and resilience to disruptions from the Middle East conflict.

India?s real GDP growth accelerated to 8.2% YoY in the first six months of calendar 2026, supported by stronger private consumption, robust investment and sustained strength in services.

Moody?s retained India?s Baa3 sovereign rating with a stable outlook. The review, completed on 10 September, did not constitute a rating action.

Gainers & Losers:

Adani Enterprises (up 2.69%), Indigo (up 2.25%), HDFC Bank (up 2.24%), Ultratech Cement (up 2.22%) and Adani Ports (up 2.10%) were the top gainers.

TCS (down 3.44%), Tata Motors Passenger Vehicle (down 3.12%), Nestlle India (down 2.48%), Wipro (down 1.62%) and Coal India (down 1.59%) were the top losers.

Stocks in Spotlight:

Concord Biotech added 1.50%. The company said that the U.S. Food and Drug Administration (US FDA) had successfully concluded the inspection of the company's Valthera Formulation Facility, with one minor procedural observation.

OnEMI Technology Solutions shed 0.88%. The company said that its board has approved a proposal to raise approximately up to Rs 832 crore through the issuance of equity shares on a preferential basis. The company stated that marquee investors, including Axis Mutual Fund, HDFC Mutual Fund, Massachusetts Institute of Technology, White Oak, 360 One, Groww Mutual Fund, Bandhan Mutual Fund, have participated in the proposed preferential issue.

Gujarat Themis Biosyn advanced 3.15%. The company has announced the completion of the acquisition of 100% equity shareholding in MicroBiopharm Japan Co. (MBJ), Japan, through Themis Biosyn Japan, a wholly owned subsidiary incorporated in Japan.

Global Markets:

European markets edged lower while most Asian indices traded higher on Friday, following an overnight rally on Wall Street and a drop in crude oil prices.

The Bank of Japan raised its policy rate by 25 basis points to 1.25% from 1%, marking its highest level since 1995. The yen remained weak against the US dollar. The BOJ said the rate hike was aimed at addressing the risk of inflation rising above its 2% target.

In Europe, the Bank of England kept UK interest rates unchanged at 3.75% on Thursday in a 6-3 vote. The central bank maintained a cautious stance, with three policymakers voting for a 25-basis-point increase amid concerns that higher energy prices could generate further inflationary pressure.

US stock market ended higher on Thursday amid easing oil prices, dropping Treasury yields after strong labour data. The Dow Jones Industrial Average rallied 0.61%, while the S&P 500 gained 1.14%. The Nasdaq Composite closed 1.69%.

The rally in US technology stocks lifted the Nasdaq index. Nvidia stock price surged 2.54%, AMD shares jumped 6.36%, Intel share price spiked 7.67%, Apple stock price rose 1.38%, Microsoft shares gained 1.52%, and Amazon share price rallied 2.13%.

Crude oil prices extended losses for a third session on hopes of limited supply disruption. Reports emerged of additional Saudi crude shipments through Oman, easing supply worries.

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