Market Commentary - Quick Review
The key equity benchmarks ended with moderate gains today, snapping a four-session losing streak, supported by positive global cues and easing global bond yields. Domestic equities showed signs of stabilisation after a challenging start to September, with investors assessing global macroeconomic developments and ongoing geopolitical uncertainties.
The Nifty settled near the 23,900 level, while the Sensex also closed above 76,500 mark. However, market sentiment remained cautious ahead of the US nonfarm payrolls report, due later today. Investors are awaiting the data for fresh cues on the Federal Reserve's monetary policy trajectory and the outlook for interest rates.
Metal, media and private bank shares advanced while realty, pharma and IT shares witnessed selling pressure.
As per provisional closing data, the barometer index, the S&P BSE Sensex jumped 362.57 points or 0.48% to 76,515.43. The Nifty 50 index added 24.25 points or 0.10% to 23,897.70.
In the broader market, the BSE 150 MidCap Index shed 0.01% and the BSE 250 SmallCap Index rose 0.24%.
The market breadth was positive. On the BSE, 2,484 shares rose and 1,900 shares fell. A total of 246 shares were unchanged.
The United States 10-year bond yield declined 0.04% to 4.760.
Economy:
SEBI said it will review the methodology for determining settlement prices of derivative contracts on expiry following feedback received after the introduction of the Closing Auction Session (CAS) in the equity cash segment from 3 August 2026. The regulator said the CAS-determined closing price also serves as the basis for settling derivative contracts on expiry. After monitoring the mechanism during its first month and receiving feedback from stock exchanges, brokers, traders, mutual funds, FPIs and other market participants, SEBI said it may propose changes to the settlement-price methodology and plans to issue a consultation paper in about a week.
New Listings:
Shares of ESDS Software Solution were at Rs 895.55 on the BSE, representing a premium of 108.75% as compared with the issue price of Rs 429.
The stock debuted at Rs 746.30 on the BSE, a premium of 73.96% over its issue price.
The stock has hit a high of Rs 895.55 and a low of Rs 746.30. On the BSE, over 18.08 lakh shares of the company were traded in the counter.
Shares of Priority Jewels were at Rs 236.45 on the BSE, representing a premium of 18.23% as compared with the issue price of Rs 200
The stock debuted at Rs 225.20 on the BSE, a premium of 12.6% over its issue price.
The stock has hit a high of Rs 236.45 and a low of Rs 225.20. On the BSE, over 2.26 lakh shares of the company were traded in the counter.
Buzzing Index:
The Nifty Metal index jumped 1.07% to 13,317.45. The index jumped 1.22% in the two straight sessions.
APL Apollo Tubes (up 4.06%), Tata Steel (up 2.73%), Hindustan Zinc (up 1.88%), Jindal Steel (up 1.64%) and Adani Enterprises (up 1.43%), JSW Steel (up 1.3%), Vedanta (up 0.78%), Hindalco Industries (up 0.68%), NMDC (up 0.61%) and Hindustan Copper (up 0.59%) advanced.
Stocks in Spotlight:
Ultratech Cement advanced 1.11% after the company has launched the wires and cables business, Ultravolt, marking the Aditya Birla Group company's fourth new business foray in three years. Backed by an investment of Rs 1,800 crore, Ultravolt is expected to become the second-largest player in the wires segment by capacity. The business aims to build a scaled national brand and rank among the top two players in the segment within five years.
Sterlite Technologies hit the upper circuit of 5% after the company announced a major capacity expansion at its existing manufacturing facility. The company plans to invest around Rs 3,000 crore in the expansion. The investment will be funded through internal accruals and/or debt. Sterlite Technologies plans to increase its installed manufacturing capacity by approximately 50%. The expansion is expected to be completed by the end of FY29.
Rail Vikas Nigam (RVNL) rose 1.19% after the company secured a Rs 405 crore project from East Coast Railway for execution of roadbed, bridges and allied works.
B.R.Goyal Infrastructure rallied 3.76% after the company announced that it has secured a toll collection contract from NHAI worth Rs 108.68 crore.
Shanthi Gears rallied 6.15% after the company's board approved the appointment of Sai Krishna Alluri as chief financial officer (CFO), effective 3 September 2026. Separately, the board approved the appointment of Helena Susan as Head'Human Resources and designated her as senior management personnel (SMP).
Global Markets:
European markets traded higher while Asian stocks ended mostly higher on Friday, following a strong rally on Wall Street as US Treasury yields eased and expectations of a September Federal Reserve rate hike moderated.
Chinese artificial intelligence stocks rose on Friday after OpenAI launched its latest model, GPT-6 Astra, which investors viewed as a positive read-through for the country's AI developers. MiniMax gained 6.5%, Baidu 4.6%, Kuaishou Technology 4.2%, JD.com 4.1% and Xiaomi 3.9%, while Z.AI edged higher. The gains extended a recent rally in Chinese AI stocks as investors assessed the commercial potential of faster advances in large language models and more autonomous AI-agent services.
US equities rallied sharply on Thursday, with the Dow Jones Industrial Average rising 1.18% to 53,686.11, the S&P 500 gaining 1.06% to 7,747.71 and the Nasdaq Composite advancing 1.40% to 26,584.06. Technology stocks led the gains, with Microsoft, Meta Platforms and Nvidia among the major advancers. Snowflake surged 16.6% after its results, lifting the broader software segment.
Market sentiment improved after Federal Reserve Governor Christopher Waller said he would support keeping the federal funds rate unchanged if upcoming data confirms that inflationary pressures are easing. Following his comments, the probability of a September rate hike fell to around 50% from 63.2% on Wednesday, according to CME FedWatch. The US 10-year Treasury yield also retreated for a second consecutive session.
Attention has now shifted to the US nonfarm payrolls report due later on Friday. The data could influence expectations for the Fed's September 15-16 policy meeting.
Oil prices remain a key risk for global markets. Brent crude was around $95.7 a barrel on Friday and is headed for a weekly gain of about 7%, as continued US-Iran tensions raised concerns over disruptions to energy supplies through the Strait of Hormuz.
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