Sensex, Nifty trade higher; metal shares shine

The key equity benchmarks traded with moderate gains in mid-morning trade, supported by buying interest in heavyweight stocks. Investors remained focused on September-quarter earnings, with the Nifty hovering above the 23,100 mark.

Market participants will track global developments, foreign institutional investor (FII) flows and further corporate earnings announcements for cues on market direction.

Metal shares gained for the second trading session.

At 11:25 IST, the barometer index, the S&P BSE Sensex jumped 318.18 points or 0.42% to 74,630.62. The Nifty 50 index added 116.60 points or 0.50% to 23,115.25.

In the broader market, the Nifty Midcap 150 Index shed 0.11% and the Nifty Smallcap 250 Index rose 0.15%.

The market breadth was positive. On the BSE, 1,984 shares rose and 1,323 shares fell. A total of 109 shares were unchanged.

SEBI revises CAS framework:

The Securities and Exchange Board of India (SEBI) has revised the closing auction session (CAS) framework, introducing a 3:30 p.m. to 3:40 p.m. auction window and changing the reference price calculation to the volume-weighted average price (VWAP) of trades executed during the final 15 minutes of continuous cash-market trading. Most changes will take effect from 7 December 2026.

Order entry will close at a randomly determined, system-driven time between 3:38 p.m. and 3:40 p.m., with only limit and market orders permitted during the auction. Index derivatives will trade until 3:45 p.m., except expiring index contracts, which will close at 3:30 p.m. on expiry days, while stock derivatives will trade until 3:45 p.m. daily. The cash-market post-close session will run from 3:50 p.m. to 4 p.m., with trades executed at the closing price.

SEBI has also specified fallback reference prices when no trades occur during the final 15 minutes or on the day, and clarified expiry settlement calculations and restrictions on iceberg and stop-loss orders during CAS.

IPO Update:

Fusion CX received bids for 1,91,93,085 shares as against 1,40,40,000 shares on offer, according to stock exchange data at 11:15 IST on 16 October 2026. The issue was subscribed 1.37 times.

The issue opened for bidding on 14 October 2026 and will close on 16 October 2026. The price band of the IPO is fixed between Rs 275 and 289 per share. An investor can bid for a minimum of 51 equity shares and multiples thereof.

Tonbo Imaging India received bids for 4,52,93,955 shares as against 85,26,033 shares on offer, according to stock exchange data at 11:15 IST on 16 cOctober 2026. The issue was subscribed 5.31 times.

The issue opened for bidding on 15 October 2026 and will close on 19 October 2026. The price band of the IPO is fixed between Rs 665 and 700 per share. An investor can bid for a minimum of 21 equity shares and multiples thereof.

Zetwerk Manufacturing Business received bids for 4,51,75,878 shares as against 18,50,66,845 shares on offer, according to stock exchange data at 11:15 IST on 15 October 2026. The issue was subscribed 0.24 times.

The issue opened for bidding on 15 October 2026 and will close on 19 October 2026. The price band of the IPO is fixed between Rs 143 and 151 per share. An investor can bid for a minimum of 99 equity shares and multiples thereof.

Sahajanand Medical Technologies received bids for 43,92,708 shares as against 97,50,482 shares on offer, according to stock exchange data at 11:15 IST on 16 October 2026. The issue was subscribed 0.45 times.

The issue opened for bidding on 15 October 2026 and will close on 19 October 2026. The price band of the IPO is fixed between Rs 327 and 344 per share. An investor can bid for a minimum of 43 equity shares and multiples thereof.

Bonfiglioli Transmissions received bids for 1,95,94,825 shares as against 3,02,82,330 shares on offer, according to stock exchange data at 11:15 IST on 16 October 2026. The issue was subscribed 0.65 times.

The issue opened for bidding on 15 October 2026 and will close on 19 October 2026. The price band of the IPO is fixed between Rs 558 and 586 per share. An investor can bid for a minimum of 25 equity shares and multiples thereof.

Economy:

The government has raised windfall tax on exports of petrol, and reduced levies on diesel, according to a government notification issued late on Thursday night. The tax on petrol export was hiked to Rs 2.5 per litre from Rs 0.5 per litre, according to the notification. On the other hand, duty on diesel exports was slashed to Rs 8.5 per litre from Rs 16 per litre, effective October 16, the order said.

Buzzing Index:

The Nifty Metal Index climbed 1.17% to 12,519.60. The index rallied 4.27% in the two straight trading sessions.

Vedanta Aluminium Metal (up 3.89%), National Aluminium Company (up 2.54%), Lloyds Metals & Energy (up 2.2%), Jindal Steel (up 1.94%), Hindustan Zinc (up 1.93%), JSW Steel (up 1.63%), Jindal Stainless (up 1.4%), NMDC (up 1.24%), Hindustan Copper (up 1.17%) and Vedanta (up 1.14%) surged.

Global Market:

Most Asian indices advanced on Friday as investors assessed Wall Street's rebound and weighed persistent inflation concerns against the recent technology sell-off.

IDX Composite index tumbled more than 10%, marking its steepest one-day decline since 1998 and triggering a temporary trading halt. The sell-off followed global index provider MSCI?s proposal to downgrade Indonesia?s market classification from emerging market to standalone market status, citing concerns over market transparency, shareholding structures and investability.

US equities closed higher on Thursday. The Dow Jones Industrial Average climbed 1.08%, while the S&P 500 advanced 0.33% and the Nasdaq Composite gained 0.08%. The rebound came as Treasury yields eased and investors shifted towards defensive sectors, including healthcare and consumer-related stocks.

The gains followed a technology-led sell-off earlier in the week, triggered by hotter-than-expected US consumer inflation data that revived concerns about further Federal Reserve interest rate increases.

Technology shares remained vulnerable amid questions over whether strong demand for artificial intelligence would justify substantial spending on data centres, semiconductors and cloud infrastructure, particularly in a high-interest-rate environment.

Inflation remained a key concern after US producer prices rose more than expected in September. The Producer Price Index (PPI) for final demand increased 1.3% month on month, marking its largest monthly gain since March 2022. Annual producer inflation accelerated to 6.3% from 5.6% in August, indicating that price pressures were broadening beyond energy.

The producer inflation data followed a stronger-than-expected consumer price report released on Wednesday. Together, the reports heightened concerns about persistent inflation and increased uncertainty over the Federal Reserve's interest rate outlook.

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