Benchmarks snap four-session winning streak; Nifty ends below 23,350

The key equity benchmarks snapped a four-session winning streak on Tuesday, with the Nifty closing below the 23,350 mark. Selling in IT, FMCG and PSU bank stocks outweighed gains in metal and realty shares. The market opened higher on positive global cues but came under pressure during the session, while Brent crude falling below $100 a barrel provided some relief.

The S&P BSE Sensex declined 329.91 points or 0.44% to 74,529.08. The Nifty 50 index lost 85.30 points or 0.36% to 23,329. The 50-unit index rose 1.28% in the past four consecutive sessions.

Larsen & Toubro (down 0.98%), Bharti Airtel (down 0.71%) and Reliance Industries (down 0.56%) were major Nifty drags today.

In the broader market, the BSE 150 MidCap Index rose 0.02% and the BSE 250 SmallCap Index shed 0.25%.

The market breadth was negative. On the BSE, 2,174 shares rose and 2,189 shares fell. A total of 230 shares were unchanged.

The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, dropped 2.88% to 10.92.

Numbers to Track:

In the commodities market, Brent crude for the November 2026 settlement fell $2.64 or 2.63% to $97.70 a barrel.

The United States 10-year bond yield declined 0.75% to 4.927.

The yield on India's 10-year benchmark federal paper fell 0.62% to 7.010 compared with the previous session close of 7.054.

In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 95.5800 compared with its close of 95.7800 during the previous trading session.

MCX Gold futures for the 5 October 2026 settlement shed 0.39% to Rs 1,52,500

The US Dollar Index (DXY), which tracks the greenback's value against a basket of currencies, was down 0.71% to 100.36.

Global Markets:

The US Dow Jones index futures were up 173 points on Tuesday, pointing to a higher opening for US stocks after Wall Street posted a strong rally in the previous session.

European equities advanced on Tuesday, extending their rebound from the start of the week. Easing crude oil prices, renewed interest in technology stocks and expectations of diplomatic efforts between the US and Iran supported risk sentiment. Investors also remained focused on developments around the Strait of Hormuz and their impact on global energy supplies.

Most Asian stocks ended higher, tracking the strong overnight rally on Wall Street. Technology and AI-related shares led gains across several regional markets, while lower oil prices and expectations of renewed US-Iran engagement also supported sentiment.

US stocks ended sharply higher on Monday, with the Nasdaq Composite rising 2.26% to a record closing high as investors returned to artificial intelligence and semiconductor 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. The rally was also supported by a decline in the US 10-year Treasury yield, which fell below 5% to around 4.95%.

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%. The Philadelphia Semiconductor Index gained 4.29%, reflecting strong buying in semiconductor and AI-related stocks.

Brent crude eased as investors assessed signs of improving supply flows and possible diplomatic progress in the Middle East. Saudi Arabia has increased crude loadings from its Gulf terminals following disruptions to its East-West Pipeline. As per reports, Saudi Aramco loaded about 14 million barrels of crude onto seven very large crude carriers at Ras Tanura on Sunday, indicating a partial recovery in export flows.

The prospect of diplomatic engagement between the US and Iran also supported sentiment. 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. However, no meeting has been confirmed, and as per reports, Pezeshkian does not currently plan to meet Trump.

Iran has separately indicated that it could reopen the Strait of Hormuz within seven days if the US eases military pressure and lifts its blockade of Iranian ports. As per reports, the proposal was communicated through mediators and remains conditional. Any reopening of the strategic waterway could ease concerns over disruptions to global energy supplies.

The Trump administration has also proposed investing $5 billion in a new fund to help Middle Eastern countries rebuild energy infrastructure damaged during the conflict and reduce their dependence on the Strait of Hormuz. As per reports, the proposed fund could receive another $5 billion from regional countries, potentially taking its size to $10 billion.

Stocks in Spotlight:

Meesho surged 9.66% to Rs 240.20 after a foreign brokerage maintained its 'buy' rating on the stock and raised its target price to Rs 260 from Rs 210.

Coal India rose 3.35% to Rs 428.40 after a foreign brokerage upgraded the stock to 'overweight' from 'equal-weight' and raised its target price to Rs 480 from Rs 420.

Transrail Lighting rallied 14.44% after the company announced the completion of phase 1 of its brownfield expansion for conductor manufacturing at its Silvassa location. Following the expansion, the company's conductor manufacturing capacity has increased to 40,800 km per annum from 24,000 km per annum.

Pace Digitek surged 9.12% after its material subsidiary, Lineage Power (LPPL), secured an order worth Rs 488.46 crore from NTPC GE Power Services for a battery energy storage system (BESS) project. The order, valued at Rs 488.46 crore including GST, covers the supply, testing, supervision of erection and commissioning of BESS containers along with Battery Management Systems (BMS) and Energy Management Systems (EMS).

Garden Reach Shipbuilders & Engineers (GRSE) gained 0.92% after the company's board approved a capital budgetary outlay of Rs 2,896 crore for construction of a greenfield shipyard at Raichak in West Bengal. The approval was made at the board meeting held on 21 September 2026. GRSE said the new facility will enhance its shipbuilding capacity across both naval and commercial segments.

Embassy Developments fell 0.83%. The company said that it has signed a pact for the sale of an entire residential tower at its Embassy Terazza project in Juhu, Mumbai, for approximately Rs 711 crore. The buyer is Dinesh Thakkar, founder, chairman and managing director of Angel One. Embassy Developments said the residence comprises an entire G+7-storey tower with a RERA carpet area of 63,000 sq ft.

Augmont Enterprises declined 4.81% after the company reported a 15.29% decline in consolidated net profit to Rs 57.73 crore in Q1 FY27 from Rs 68.15 crore in Q1 FY26. Revenue from operations, however, jumped 30.2% year on year to Rs 18,945.58 crore in the quarter ended 30 June 2026.

Symbiotec Pharmalab fell 3.29%. The company has reported 52.8% fall in consolidated net profit to Rs 14.1 crore despite a 7% rise in revenue from operations to Rs 218.2 crore in Q1 FY27 as compared with Q1 FY26.

Puravankara added 0.52%. The company announced its entry into the Delhi-NCR real estate market with the allotment of a 13.44-acre land parcel in Greater Noida. The said land parcel has a saleable potential of nearly 4.57 million square feet and an estimated gross development value (GDV) of approximately Rs 5,200 crore.

Initial Public Offer (IPO):

Varmora Granito received bids for 36,94,378 shares as against 3,39,02,899 shares on offer, according to stock exchange data at 16:48 IST on 22 September 2026. The issue was subscribed 0.11 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.

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