Sensex, Nifty gain as falling crude and heavyweight buying lift sentiment
The Nifty opened at 23,330.20 and slipped to an intraday low of 23,314.80 in early trade. The index recovered steadily through the morning session, crossed 23,400 and touched an intraday high of 23,466.80 in mid-afternoon trade. It pared some gains thereafter but remained above the 23,400 mark at the close.
Brent crude fell to around $101 a barrel as concerns over supply disruptions eased and investors assessed the recovery in Saudi oil shipments. Lower crude prices provided some relief to concerns over inflation and higher energy costs for the Indian economy.
Foreign fund flows also provided support. Foreign portfolio investors turned net buyers on Friday after a prolonged selling streak. However, FPIs remained net sellers in September through 18 September.
Global cues were broadly positive, with most Asian markets advancing and US equity futures trading higher. Investors also remained focused on the planned meeting between US President Donald Trump and Chinese President Xi Jinping later this week, with trade and economic relations among the key areas under watch.
The S&P BSE Sensex jumped 564.03 points or 0.76% to 74,858.99. The Nifty 50 index added 67.90 points or 0.29% to 23,414.30.
Eternal (up 2.77%), Reliance Industries (up 1.71%) and HDFC Bank (up 1.16%) boosted the Nifty higher today.
In the broader market, the BSE 150 MidCap Index shed 0.02% and the BSE 250 SmallCap Index rose 0.09%.
The market breadth was negative. On the BSE, 2,213 shares rose and 2,243 shares fell. A total of 261 shares were unchanged.
The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, dropped 1.07% to 11.26.
Numbers to Track:
In the commodities market, Brent crude for the November 2026 settlement declined $2.75 or 2.65% to $101.12 a barrel.
The United States 10-year bond yield declined 0.92% to 4.950.
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 95.7200 compared with its close of 95.9600 during the previous trading session.
MCX Gold futures for the 5 October 2026 settlement fell 0.54% to Rs 1,53,555.
The US Dollar Index (DXY), which tracks the greenback's value against a basket of currencies, was up 0.09% to 100.31.
Global Markets:
Dow Jones futures were up 416 points on Monday, as investors assessed developments ahead of US President Donald Trump's meeting with Chinese President Xi Jinping in Washington later this week.
US Treasury Secretary Scott Bessent and Chinese Vice Premier He Lifeng held preparatory talks in New York over the weekend, covering trade, tariffs, critical minerals and artificial intelligence. The discussions also included a proposed mechanism for notifying each other about AI incidents with potential national security implications.
Investor sentiment was also supported by easing crude oil prices and signs of possible diplomatic engagement between Washington and Tehran. Trump said he was open to meeting Iranian President Masoud Pezeshkian during the United Nations General Assembly in New York this week. However, tensions remained elevated after Iran and the US exchanged threats over the weekend, while Yemen's Iran-backed Houthis launched missile and drone attacks on Saudi Arabia, including targets in Riyadh and near the country's oil infrastructure.
European markets advanced on Monday as lower Brent crude oil prices and renewed optimism over a potential US-Iran deal improved investor sentiment.
Most Asian indices ended higher, led by technology and semiconductor stocks as strong demand for artificial intelligence infrastructure supported chipmakers. Easing oil prices also provided some relief to markets, although crude remained above $100 a barrel and geopolitical risks continued to weigh on the outlook. The Japanese market was closed for a holiday.
Brent crude fell below $102 a barrel as investors focused on signs of a recovery in Saudi oil shipments. Reports indicated that Saudi Arabia was seeking to restore flows through its East-West pipeline after the route was damaged in recent attacks. Saudi crude exports have already recovered to more than 4 million barrels per day in September from 2.4 million barrels per day in August, according to provisional Kpler data. However, the ongoing Houthi attacks and disruption to regional shipping routes remain a risk to global oil supplies.
Wall Street ended mixed on Friday. The Dow Jones Industrial Average fell 0.18%, while the S&P 500 gained 0.17% and the Nasdaq Composite rose 0.40%. Semiconductor stocks supported the Nasdaq and S&P 500, while broader weakness weighed on the Dow. US Treasury yields moved above 5% during the session, adding to concerns over inflation and the outlook for interest rates.
The upcoming Trump-Xi summit remains a key focus for global markets. Trade tariffs are expected to be a major issue, with the existing US-China trade truce due to expire in November. Discussions are also expected to cover critical minerals and AI, both of which have become increasingly important to the technology supply chain. The latest preparatory talks produced an agreement to establish an AI dialogue and operationalise a previously discussed Board of Trade mechanism.
New Listings:
Shares of Manika Plastech ended at 43 on the BSE, matching the issue price of Rs 43.
The scrip was listed at 43, matching the initial public offer (IPO) price. The stock has hit a high of Rs 43.10 and a low of Rs 40.86. On the BSE, over 7.25 lakh shares of the company were traded in the counter.
Stocks in Spotlight:
Tega Industries jumped 9.66% after its wholly owned material subsidiary, Tega McNally Minerals, secured a domestic contract worth Rs 126 crore from Kalpataru Projects International. The contract, valued at Rs 126 crore excluding GST, covers the design, engineering, manufacture, inspection, transportation, supply, supervision of erection, testing, commissioning and performance guarantee demonstration of equipment.
GK Energy rallied 5.55% after the company received a Letter of Award (LoA) from Maharashtra State Electricity Distribution Company (MSEDCL) for setting up a Battery Energy Storage System (BESS) project in Maharashtra.
Welspun Corp advanced 3.93% after the company's associate, East Pipes Integrated Company for Industry (EPIC), signed a contract with Saudi Arabian Oil Co. (Aramco) for the manufacturing and supply of steel pipes. EPIC, a listed company in the Kingdom of Saudi Arabia (KSA), secured the contract, valued at 771 million Saudi riyals (SAR), or approximately Rs 2,000 crore, including value added tax.
Jaiprakash Power Ventures surged 7.43% after the company announced settlement terms with National Asset Reconstruction Company (NARCL) in connection with insolvency proceedings initiated earlier this year. Jaiprakash Power Ventures said NARCL and the company have agreed to settle the matter and claim for Rs 511 crore as full and final payment. The settlement is subject to fulfilment of certain other conditions and execution of definitive agreement(s).
HEG Advanced Materials rallied 3.90% after its subsidiary, Replus Engitech, received orders worth Rs 217.56 crore from Indus Towers for the supply of lithium-ion battery banks.
Stallion India Fluorochemicals hit an upper circuit of 5% after the company commenced commercial operations at its Semiconductor & Specialty Gas debulking and blending facility at Khalapur, Maharashtra.
Biocon rose 2.60% after its wholly owned subsidiary, Biocon Biologics, received a positive opinion from the Committee for Medicinal Products for Human Use (CHMP) of the European Medicines Agency (EMA).
Diamond Power Infrastructure rose 1.73% after the company announced that it has secured orders aggregating Rs 116.49 crore for the supply of 11 kV XLPE insulated medium voltage power cables.
Initial Public Offer (IPO):
National Stock Exchange of India (NSE) received bids for 50,16,47,312 shares as against 8,86,42,911 shares on offer, according to stock exchange data at 16:36 IST on 21 September 2026. The issue was subscribed 5.66 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.
Sonaselection India received bids for 1,99,40,400 shares as against 1,00,10,000 shares on offer, according to stock exchange data at 16:36 IST on 21 September 2026. The issue was subscribed 1.99 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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