Nifty above 23,400 level; FMCG shares advance

The key equity benchmarks traded with modest gains in mid-morning trade as crude oil prices fell below the $100-per-barrel mark, easing concerns over inflation and the country?s import bill. Investors also remained focused on global developments, including the ongoing talks between US President Donald Trump and Chinese President Xi Jinping. The Nifty traded above the 23,400 level, while FMCG shares advanced after declining in the past trading session.

At 11:30 IST, the barometer index, the S&P BSE Sensex, jumped 328.91 points or 0.44% to 74,857.99. The Nifty 50 index rose 104.55 points or 0.40% to 23,432.05.

In the broader market, the BSE 150 MidCap Index added 0.45% and the BSE 250 SmallCap Index rose 0.48%.

The market breadth was positive. On the BSE, 2,597 shares rose and 1,398 shares fell. A total of 245 shares were unchanged.

Initial Public Offer (IPO):

Varmora Granito received bids for 53,63,504 shares as against 3,39,02,899 shares on offer, according to stock exchange data at 11:25 IST on 23 September 2026. The issue was subscribed 0.16 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.

Elevate Campuses received bids for 3,00,038 shares as against 3,36,73,468 shares on offer, according to stock exchange data at 11:25 IST on 23 September 2026. The issue was subscribed 0.01 times.

The issue opened for bidding on 23 September 2026 and will close on 25 September 2026. The price band of the IPO is fixed between Rs 343 and 362 per share. An investor can bid for a minimum of 41 equity shares and multiples thereof.

Adroit Industries (India) received bids for 62,57,514 shares as against 78,72,900 shares on offer, according to stock exchange data at 11:25 IST on 23 September 2026. The issue was subscribed 0.79 times.

The issue opened for bidding on 23 September 2026 and will close on 25 September 2026. The price band of the IPO is fixed between Rs 126 and 134 per share. An investor can bid for a minimum of 111 equity shares and multiples thereof.

Swastika Infra received bids for 13,13,172 shares as against 63,35,001 shares on offer, according to stock exchange data at 11:25 IST on 23 September 2026. The issue was subscribed 0.21 times.

The issue opened for bidding on 23 September 2026 and will close on 25 September 2026. The price band of the IPO is fixed between Rs 175 and 185 per share. An investor can bid for a minimum of 81 equity shares and multiples thereof.

ArMee Infotech received bids for 7,26,400 shares as against 74,30,356 shares on offer, according to stock exchange data at 11:25 IST on 22 September 2026. The issue was subscribed 0.10 times.

The issue opened for bidding on 23 September 2026 and will close on 25 September 2026. The price band of the IPO is fixed between Rs 350 and 375 per share. An investor can bid for a minimum of 40 equity shares and multiples thereof.

Buzzing Index:

The Nifty FMCG index gained 1.02% to 46,123.85. The index fell 0.53% in the past trading session.

Emami (up 3.9%), Radico Khaitan (up 3.39%), United Spirits (up 2.17%), United Breweries (up 1.91%), Varun Beverages (up 1.86%), Patanjali Foods (up 1.83%), Nestle India (up 1.33%), ITC (up 1.17%), Colgate-Palmolive (India) (up 1.01%) and Godrej Consumer Products (up 0.7%) fell.

Global Markets:

Asian stocks were mixed on Wednesday, while Japan's markets remained closed for a holiday. Caution ahead of the US-China summit also kept broader moves in equities muted. Trump and Chinese President Xi Jinping are scheduled to meet in Washington on Thursday, 24 September, with markets watching for developments on trade and artificial intelligence.

US stocks ended mixed on Tuesday, with the Nasdaq Composite closing at a record high for the second consecutive session, supported by gains in technology and artificial intelligence-related stocks. The Dow Jones Industrial Average declined 0.36%, while the S&P 500 was broadly flat at 7,764.64. The Nasdaq advanced 0.45% to 27,244.28.

Technology and AI stocks remained in focus following optimism around Meta Platforms' newly launched AI assistant, Muse. The launch has added to expectations of wider adoption of AI agents and supported gains across technology and semiconductor stocks.

US and Iranian officials also held talks on the sidelines of the United Nations General Assembly in New York. Trump said the meeting was productive, while Iranian officials reiterated conditions for reopening the Strait of Hormuz, including a reduction in US military pressure.

Oil prices extended their decline following the reports of diplomatic engagement. Brent crude fell below the $99-a-barrel mark, with markets also tracking reports that Saudi Arabia was preparing to restore operations on its East-West oil pipeline.

Reports that Iran could reopen the Strait of Hormuz if certain conditions are met also contributed to expectations of improved supply flows. The developments have eased some concerns over energy supply disruptions, although geopolitical risks remain.

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