Market pare gains; IT shares decline

The key equity benchmarks reversed all early gains and traded with minor losses in mid-morning trade as foreign fund outflows and geopolitical concerns weighed on sentiment despite easing crude oil prices and firm global cues. The Nifty traded below the 23,400 level, while IT shares extended their losses for the third consecutive trading session.

At 11:30 IST, the barometer index, the S&P BSE Sensex, declined 80.97 points or 0.11% to 74,783.94. The Nifty 50 index lost 20.10 points or 0.09% to 23,397.05.

In the broader market, the BSE 150 MidCap Index added 0.34% and the BSE 250 SmallCap Index rose 0.05%.

The market breadth was positive. On the BSE, 2,219 shares rose and 1,744 shares fell. A total of 259 shares were unchanged.

Initial Public Offer (IPO):

Varmora Granito received bids for 16,22,262 shares as against 3,39,02,899 shares on offer, according to stock exchange data at 11:25 IST on 22 September 2026. The issue was subscribed 0.05 times.

The issue opened for bidding on 22 September 2026 and will close on 24 September 2026. The price band of the IPO is fixed between Rs 140 and 148 per share. An investor can bid for a minimum of 101 equity shares and multiples thereof.

Buzzing Index:

The Nifty IT index fell 1.30% to 28,456.30. The index tanked 2.1% in the three consecutive trading sessions.

HCL Technologies (down 2.85%), Mphasis (down 1.69%), Infosys (down 1.57%), Tech Mahindra (down 1.5%), Tata Consultancy Services (down 1.07%), Persistent Systems (down 0.98%), Coforge (down 0.73%), and Wipro (down 0.62%) fell.

Global Markets:

Asian stocks traded higher on Tuesday, tracking a strong overnight rally on Wall Street, as gains in technology stocks and easing crude oil prices supported investor sentiment.

US stocks ended sharply higher on Monday, with the Nasdaq Composite rising to a record closing high as investors returned to artificial intelligence-related stocks. The Dow Jones Industrial Average rose 0.71% to 52,048.83, while the S&P 500 gained 1.49% to 7,764.70. The Nasdaq advanced 2.26% to 27,122.09.

Among major technology stocks, Nvidia rose 2.30%, AMD jumped 9.95%, Intel rallied 12.14%, Microsoft gained 1.59%, Amazon advanced 1.87%, Meta Platforms surged 11.43% and Apple rose 0.85%. Semiconductor stocks led the broader technology rally, with the Philadelphia Semiconductor Index gaining 4.29%.

Oil prices remained in focus after Brent crude fell 3.4% on Monday to around $100.34 a barrel. Brent was trading near $100.22 on Tuesday as investors assessed signs of easing supply disruptions and possible diplomatic engagement between the US and Iran.

Saudi Arabia has also increased crude shipments from its Gulf terminals following disruptions to its East-West pipeline.

US President Donald Trump said he was probably open to meeting Iranian President Masoud Pezeshkian during the United Nations General Assembly in New York this week. The possibility of direct talks has added to expectations of diplomatic efforts to ease tensions and reduce risks to regional energy supplies.

The Trump administration has also reportedly proposed investing $5 billion in a fund to help Middle Eastern countries rebuild energy infrastructure damaged during the Iran war and reduce their dependence on the Strait of Hormuz.

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