Benchmarks trade near the day's high; metal shares tumble on profit booking

The domestic equity barometers traded with strong gains and hit fresh intraday high in afternoon trade, supported by easing crude oil prices and positive global cues. The Nifty hovered above 23,450 level. Metal shares, however, snapped their three-day rising streak.

At 14:27 IST, the S&P BSE Sensex advanced 676.35 points or 0.91% to 74,971.31. The Nifty 50 index added 110 points, or 0.47%, to 23,456.40.

In the broader market, the BSE 150 Midcap index rose 0.19% while the BSE 250 Smallcap index gained 0.18%.

The market breadth was mostly even. On the BSE, 2,183 shares were trading in green, while 2,201 shares were trading in red. A total of 268 shares were unchanged.

IPO Update:

National Stock Exchange of India (NSE) received bids for 34,14,44,032 shares as against 8,86,42,911 shares on offer, according to stock exchange data at 14:24 IST on 21 September 2026. The issue was subscribed 3.85 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.

Buzzing Index:

Metal stocks traded in the negative zone, with the Nifty Metal index falling 51.65 points or 0.4% to currently trade at 13,000.95. The index had advanced 3.03% in the last three sessions.

APL Apollo Tubes (down 3.41%), Vedanta (down 2.52%), Jindal Stainless (down 1.04%), Hindustan Zinc (down 1%) and Adani Enterprises (down 0.93%) were the top losers.

Among the other losers were Tata Steel (down 0.74%), Hindalco Industries (down 0.62%), Steel Authority of India (down 0.41%) and JSW Steel (down 0.16%).

Meanwhile, Welspun Corp (up 3%), Jindal Steel (up 1.61%) and NMDC (up 1.55%) managed to trade in the green.

Stocks in Spotlight:

Welspun Enterprises tumbled 5.29%. The company said that its material subsidiary Welspun Michigan Engineers has secured two significant sewer rehabilitation projects from Ahmedabad Municipal Corporation (AMC) with an aggregate contract value of Rs 351.24 crore.

Kothari Industrial Corporation added 1.25%. The company announced that it has received a letter of acceptance (LOA) from Tiruppur City Municipal Corporation, Tiruppur, for a project worth Rs 24.93 crore. The contract is for providing food services under the Perunthalaivar Kamarajat Moming Breakfast Scheme to school children from the conrmon kitchen located at Anupparpalayam Government Higher Secondary School premises.

Numbers to Track:

The yield on India's 10-year benchmark federal paper fell 0.03% to 7.065 compared with the previous session close of 7.067.

In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 95.80 compared with its close of 95.96 during the previous trading session.

MCX Gold futures for 5 October 2026 settlement fell 0.49% to Rs 1,53,625.

The US Dollar Index (DXY), which tracks the greenback's value against a basket of currencies, was up 0.05% to 100.27.

The United States 10-year bond yield declined 0.72% to 4.960.

In the commodities market, Brent crude for the November 2026 settlement declined $2.36 or 2.27% to $101.51 a barrel.

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