Nifty settles above 23,300 as Moody?s GDP upgrade, easing oil support sentiment

The key equity benchmarks ended mixed on Friday, as easing crude oil prices and softer global bond yields supported investor sentiment. Market sentiment was also aided by Moody's upward revision of India's FY27 GDP growth forecast to 7% from 6%, citing stronger-than-expected domestic activity and the resilience of the economy amid the ongoing conflict in West Asia. However, Moody's flagged elevated energy prices and El Ni?o-related food price pressures as risks to inflation, consumption and growth.

The Nifty closed above the 23,300 level, while the Sensex ended almost flat. Metal and realty stocks rallied, while IT and consumer durables shares declined.

In the primary market, the NSE IPO was fully subscribed by Friday afternoon, while investors continued to track subscription trends in other ongoing issues and monitor the listing performance of recently listed companies.

The S&P BSE Sensex shed 19.63 points or 0.03% to 74,294.96, while the Nifty 50 index rose 75.80 points or 0.33% to 23,346.40.

Bharti Airtel (up 3.12%), HDFC Bank (up 2.52%) and Bajaj Finance (up 2.49%) supported the Nifty today.

The broader market outperformed the frontline indices. The BSE 150 MidCap Index jumped 1.30% and the BSE 250 SmallCap Index added 1.31%.

The market breadth was strong. On the BSE, 2,714 shares rose and 1,618 shares fell. A total of 228 shares were unchanged.

The NSE's India VIX, which gauges expected near-term market volatility, dropped 7.36 % to 11.39.

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.

Moody?s, however, flagged elevated energy prices and El Ni?o-related food price pressures as risks to inflation, consumption and economic growth. Higher energy prices could also increase government subsidy spending and require additional fiscal support, while rising defence and infrastructure spending could constrain fiscal consolidation.

Numbers to Track:

In the commodities market, Brent crude for the November 2026 settlement declined $1.68 or 1.60% to $103.14 a barrel.

The yield on India's 10-year benchmark federal paper rose 0.17% to 7.063 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 95.8950 compared with its close of 95.8975 during the previous trading session.

MCX Gold futures for 5 October 2026 settlement rose 0.76% to Rs 1,54,138.

The US Dollar Index (DXY), which tracks the greenback's value against a basket of currencies, was up 0.10% to 100.35.

The United States 10-year bond yield added 0.18% to 4.956.

Global Markets:

European indices traded lower while most Asian indices ended 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.

New Listing:

Shares of Veegaland Developers were at Rs 144.95 on the BSE, representing a premium of 3.54% as compared with the issue price of Rs 140.

The stock debuted at Rs 151 on the BSE, a premium of 7.86% over its issue price. The stock has hit a high of Rs 153.95 and a low of Rs 143.45. On the BSE, over 10.93 lakh shares of the company were traded in the counter.

Stocks in Spotlight:

Skyways Air Services jumped 5.70% after the company's consolidated net profit jumped 190.1% to Rs 19.67 crore in Q1 FY27 from Rs 6.78 crore in Q1 FY26. Revenue for the period under review rose by 90.4% year-on-year (YoY) to Rs 1,216.53 crore during the quarter.

The board also approved plans to set up overseas offices, subsidiaries, joint ventures or associates in China, Malaysia, Indonesia, Singapore and the Philippines. The aggregate investment for the expansion will not exceed Rs 30 crore over a period of time.

In addition, the company approved incremental capital infusion of up to Rs 20 crore into its existing overseas subsidiaries over a period of time.

Yashpal Sharma has been designated as chief executive officer of the company with effect from 17 September 2026, in addition to his existing role as chairman and managing director.

GPT Infraprojects rose 4.97% after the company announced securing a major railway infrastructure order worth Rs 483.72 crore from Rail Vikas Nigam Limited (RVNL).

Concord Biotech added 2.66% after 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 declined 0.96%. 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 2.13% after 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.

Responsive Industries slipped 2.26% after the company's board decided not to proceed with its proposed share buyback at this stage. The board took the decision at its meeting held on 17 September 2026 after considering prevailing market conditions and global economic uncertainties. The company said these factors have impacted its export business.

Initial Public Offer (IPO):

National Stock Exchange of India (NSE) received bids for 10,12,68,168 shares as against 8,86,42,911 shares on offer, according to stock exchange data at 16:57 IST on 18 September 2026. The issue was subscribed 1.14 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 1,70,10,22,477 shares as against 93,99,600 shares on offer, according to stock exchange data at 16:57 IST on 18 September 2026. The issue was subscribed 180.97 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 58,94,71,386 shares as against 8,86,07,596 shares on offer, according to stock exchange data at 16:57 IST on 18 September 2026. The issue was subscribed 6.65 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 90,81,57,145 shares as against 87,93,884 shares on offer, according to stock exchange data at 16:57 IST on 18 September 2026. The issue was subscribed 103.27 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 88,52,850 shares as against 1,00,10,000 shares on offer, according to stock exchange data at 16:57 IST on 18 September 2026. The issue was subscribed 0.88 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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