Nifty reclaims 23,400 as easing oil prices lift sentiment
The domestic equity benchmarks rebounded on Wednesday, supported by signs of easing tensions in the Middle East following US-Iran talks and a continued decline in oil prices. The Nifty closed above the 23,400 level, led by gains in metal, FMCG and PSU bank shares. However, IT and oil & gas stocks declined.
The S&P BSE Sensex jumped 299.17 points or 0.40% to 74,828.25. The Nifty 50 index added 117.80 points or 0.50% to 23,446.80.
Bajaj Finance (up 3.41%), Larsen & Toubro (up 1.64%) and Reliance Industries (up 0.61%) boosted the Nifty today.
The broader market outperformed the frontline indices. The BSE 150 MidCap Index gained 0.63% and the BSE 250 SmallCap Index rose 0.65%.
The market breadth was strong. On the BSE, 2,809 shares rose and 1,579 shares fell. A total of 225 shares were unchanged.
The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, dropped 6.41% to 10.29.
Economy:
S&P Global Ratings raised its forecast for India?s FY27 real GDP growth to 7% from 6.6%, citing stronger-than-expected industrial activity, healthy consumption, robust goods exports and higher government investment. The revision follows 7.8% GDP growth in the June 2026 quarter. S&P expects growth to moderate in the second half of FY27 as the impact of GST rationalisation and income-tax cuts fades, while forecasting 7.2% growth in FY28 and 7% in FY29.
Numbers to Track:
In the commodities market, Brent crude for November 2026 settlement declined 2 cents or 0.02% to $99.23 a barrel.
The United States 10-year bond yield added 0.16% to 4.956.
The yield on India's 10-year benchmark federal paper advanced 0.31% to 7.038 compared with the previous session close of 7.016.
In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 96.7325 compared with its close of 95.6250 during the previous trading session.
MCX Gold futures for 5 October 2026 settlement shed 0.40% to Rs 1,52,110.
The US Dollar Index (DXY), which tracks the greenback's value against a basket of currencies, was up 0.24% to 100.85.
Global Markets:
Most European shares declined, retreating from earlier gains, even as Brent crude prices eased.
Most Asian stocks ended higher on Wednesday as softening crude oil prices - triggered by Saudi pipeline restarts and Middle East diplomatic progress - soothed corporate margin anxieties.
Energy bourses provided the primary tailwind after Reuters reported that state energy giant Saudi Arabia has restarted its 1,200-kilometer East-West pipeline following recent drone strikes, with crude shipments from the key Red Sea port of Yanbu potentially resuming.
Concurrently, Brent crude futures dropped as U.S. President Donald Trump indicated a peace agreement with Iran was close, citing lengthier meetings between U.S. and Iranian officials at the United Nations General Assembly in New York.
However, caution ahead of the US-China summit 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.
New Listings:
Shares of Hero Motors ended at Rs 98.51 on the BSE, representing a premium of 17.27% as compared with the issue price of Rs 84.
The stock debuted at Rs 82.10 on the BSE, a discount of 2.26% over its issue price. The stock has hit a high of Rs 98.51 and a low of Rs 80.50. On the BSE, 1.71 crore shares of the company were traded in the counter.
Shares of SS Retail ended at Rs 765.15 on the BSE, representing a premium of 80.46% as compared with the issue price of Rs 424.
The stock debuted at Rs 639.10 on the BSE, a premium of 50.73% over its issue price. The stock has hit a high of Rs 766.90 and a low of Rs 603. On the BSE, 80.84 lakh shares of the company were traded in the counter.
Shares of Jindal Supreme (India) ended at Rs 127.99 on the BSE, representing a premium of 37.62% as compared with the issue price of Rs 93.
The stock debuted at Rs 121.90 on the BSE, a premium of 31.08% over its issue price. The stock has hit a high of Rs 127.99 and a low of Rs 120. On the BSE, 13.57 lakh shares of the company were traded in the counter.
Stocks in Spotlight:
360 One Wam jumped 3.25% after the company?s board approved the appointment of Aashish Agarwal as chief executive officer (CEO), effective 15 February 2027.
Aditya Infotech hit upper circuit of 5% after the company announced the launch of its qualified institutional placement (QIP) with a floor price of Rs 3,648.43 per equity share. The company authorised the opening of the QIP issue on 22 September 2026. The floor price of Rs 3,648.43 per share represents a premium of 0.12% over the scrip?s previous closing price of Rs 3,644 on the BSE.
Subex jumped 13.76% after the company announced that it has been selected by a major mobile network operator in the Asia Pacific region to modernise and future-proof its partner ecosystem management (PEM) operations.
Arvind SmartSpaces jumped 7.39% after the company said that Arvind Sylva, which is its recently launched project in Bengaluru, has recorded bookings of over Rs 500 crore within 30 days of its launch.
Oswal Pumps surged 3.54% after the company received a Letter of Intent from Telangana Renewable Energy Development Corporation for a rooftop solar project covering 9,937 government schools across 33 districts of Telangana.
Garware Hi-Tech Films rose 2.09% after the company announced a collaboration with Lubrizol for the development and manufacturing of thermoplastic polyurethane (TPU)-based film solutions in India.
Skipper advanced 0.62%. The company announced that it has secured fresh new order of Rs 797 crore for domestic & international power transmission & distribution (T&D) projects. The company has received export orders for the supply of transmission towers and monopoles for power T&D projects in Australia.
Initial Public Offer (IPO):
Varmora Granito received bids for 87,61,548 shares as against 3,39,02,899 shares on offer, according to stock exchange data at 16:33 IST on 23 September 2026. The issue was subscribed 0.26 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 67,67,173 shares as against 3,36,73,468 shares on offer, according to stock exchange data at 16:33 IST on 23 September 2026. The issue was subscribed 0.20 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 3,94,70,823 shares as against 78,72,900 shares on offer, according to stock exchange data at 16:33 IST on 23 September 2026. The issue was subscribed 5.01 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 126 and 134 per share. An investor can bid for a minimum of 111 equity shares and multiples thereof.
Swastika Infra received bids for 59,86,062 shares as against 63,35,001 shares on offer, according to stock exchange data at 16:33 IST on 23 September 2026. The issue was subscribed 0.94 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 38,32,520 shares as against 74,30,356 shares on offer, according to stock exchange data at 16:33 IST on 23 September 2026. The issue was subscribed 0.52 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.
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