Nifty trades above 23,350 mark; metal shares shine

The key equity benchmarks continued to trade near day?s high in mid-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 traded above the 23,350 mark.

Metal shares witnessed buying demand for three consecutive trading sessions.

At 13:27 IST, the barometer index, the S&P BSE Sensex jumped 303.70 points or 0.41% to 74,625.53. The Nifty 50 index added 82.50 points or 0.36% to 23,353.60.

In the broader market, the Nifty Midcap 100 index rose 0.88%. The Nifty Smallcap 100 index rose 1.40%.

On the NSE, 2,276 shares were trading in green, while 1,202 shares were trading in red. A total of 102 shares were unchanged.

IPO Update:

National Stock Exchange of India (NSE) received bids for 8,48,73,944 shares as against 8,86,42,911 shares on offer, according to stock exchange data at 14:06 IST on 18 September 2026. The issue was subscribed 0.96 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.

Hero Motors received bids for 48,74,06,898 shares as against 8,86,07,596 shares on offer, according to stock exchange data at 14:06 IST on 17 September 2026. The issue was subscribed 5.50 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.

Buzzing Index:

The Nifty Metal index jumped 1.19% to Rs 13,012.10. The index jumped 2.71% in the three consecutive trading sessions

Welspun Corp (up 5.63%), Jindal Stainless (up 3.12%), Hindustan Zinc (up 2.39%), Hindustan Copper (up 2.27%), Adani Enterprises (up 2.04%), APL Apollo Tubes (up 2.01%), Lloyds Metals & Energy (up 1.56%), Steel Authority of India (up 1.52%), Vedanta (up 1.48%) and JSW Steel (up 1.14%) surged.

Numbers to Track:

The yield on India's 10-year benchmark federal paper rose 0.07% to 7.056 compared with the previous session close of 7.051.

In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 95.8750 compared with its close of 95.8975 during the previous trading session.

MCX Gold futures for 5 October 2026 settlement rose 0.78% to Rs 1,54,141.

The US Dollar Index (DXY), which tracks the greenback's value against a basket of currencies, was up 0.11% to 100.36.

The United States 10-year bond yield added 0.06% to 4.950.

In the commodities market, Brent crude for the November 2026 settlement declined $1.71 or 1.63% to $103.11 a barrel.

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