Market Commentary - Quick Review
The domestic equity benchmarks ended with significant losses on Thursday as rising crude oil prices, a weakening rupee and a surge in global Treasury bond yields weighed on investor sentiment. Expectations of further interest rate hikes by the US Federal Reserve also dented risk appetite. The Nifty closed below the 23,100 level.
All the sectoral indices on the NSE ended in the red, with private banks, metal and auto shares leading the decline.
As per provisional closing data, the barometer index, the S&P BSE Sensex tanked 1,247.71 points or 1.67% to 73,580.54. The Nifty 50 index tumbled 383.70 points or 1.64% to 23,063.10.
In the broader market, the BSE 150 MidCap Index declined 2.07% and the BSE 250 SmallCap Index fell 1.28%.
The market breadth was weak. On the BSE, 1,476 shares rose and 2,879 shares fell. A total of 229 shares were unchanged.
The rupee weakened against the US dollar. The partially convertible rupee was hovering at 95.9650, compared with its previous close of 95.7300. Brent crude for November 2026 settlement rose $2.54, or 2.46%, to $105.62 a barrel.
New Listing:
Shares of National Stock Exchange of India were at Rs 1,817 on the BSE, representing a premium of 1.79% as compared with the issue price of Rs 1,785.
The stock debuted at Rs 1,800 on the BSE, a premium of 0.84% over its issue price.
The stock has hit a high of Rs 1,878 and a low of Rs 1,800. On the BSE, over 5.15 crore shares of the company were traded in the counter.
Shares of Sonaselection India were at Rs 107.09 on the BSE, representing a premium of 8.17% as compared with the issue price of Rs 99.
The stock debuted at Rs 102 on the BSE, a premium of 3.03% over its issue price.
The stock has hit a high of Rs 107.09 and a low of Rs 102. On the BSE, over 2.54 lakh shares of the company were traded in the counter.
IPO Update:
A-One Steels India received bids for 32,80,087 shares as against 73,84,934 shares on offer, according to stock exchange data at 15:30 IST on 24 September 2026. The issue was subscribed 0.44 times.
The issue opened for bidding on 24 September 2026 and will close on 28 September 2026. The price band of the IPO is fixed between Rs 385 and 405 per share. An investor can bid for a minimum of 37 equity shares and multiples thereof.
Moneyview received bids for 26,18,68,887 shares as against 23,25,24,175 shares on offer, according to stock exchange data at 15:30 IST on 24 September 2026. The issue was subscribed 1.13 times.
The issue opened for bidding on 24 September 2026 and will close on 28 September 2026. The price band of the IPO is fixed between Rs 32 and 34 per share. An investor can bid for a minimum of 441 equity shares and multiples thereof.
Elevate Campuses received bids for 75,42,032 shares as against 3,36,73,468 shares on offer, according to stock exchange data at 15:30 IST on 24 September 2026. The issue was subscribed 0.22 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 12,36,41,013 shares as against 78,72,900 shares on offer, according to stock exchange data at 15:30 IST on 24 September 2026. The issue was subscribed 15.70 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 95,74,362 shares as against 63,35,001 shares on offer, according to stock exchange data at 15:30 IST on 24 September 2026. The issue was subscribed 1.51 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 79,86,280 shares as against 74,30,356 shares on offer, according to stock exchange data at 15:30 IST on 24 September 2026. The issue was subscribed 1.07 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.
Varmora Granito received bids for 4,96,32,915 shares as against 3,39,02,899 shares on offer, according to stock exchange data at 15:30 IST on 24 September 2026. The issue was subscribed 1.46 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.
Buzzing Index:
The Nifty Private Bank index declined 2.19% to 26,763.95. The index rose 0.28% in the past trading session.
IDFC First Bank (down 4.89%), Bandhan Bank (down 4.48%), IndusInd Bank (down 4.2%), Axis Bank (down 4.09%), RBL Bank (down 3.87%), Yes Bank (down 3.44%), Kotak Mahindra Bank (down 1.94%), HDFC Bank (down 1.01%), Federal Bank (down 0.83%) and ICICI Bank (down 0.29%) declined.
Stocks in Spotlight:
IOL Chemicals & Pharmaceuticals declined 2.66%. The company announced that it has received registration for its product Triacetin under the applicable EU REACH framework.
Max Estates added 2.07% after the company said that it has enter into a binding memorandum of understanding for a prosposed joint development agreement (JDA) for an approximately 9.76-acre land parcel in Ghaziabad, structured on a capital-light basis. The proposed land parcel would have a super built-up development potential of nearly 1.5 million square feet. and is estimated to host a gross development value (GDV) of Rs 2,500-3,000 crore.
Vikran Engineering jumped 9.51% after the company announced that it has secured a new order aggregating approximately Rs 153.76 crore from Power Grid Corporation of India for the 400 kV AIS Extension Substation Package SS 136T.
Genesys International Corporation rose 3.91% to Rs 292.15 after the company announced that it had secured a Rs 283 crore World Bank-funded contract to develop a 3D digital map and spatial intelligence platform for Ahmedabad. The project will cover around 625 sq km of Ahmedabad and digitally map land parcels, properties, roads, water networks, sewerage systems, stormwater drainage infrastructure and other civic assets.
Jagsonpal Pharmaceuticals rallied 9.87% after the company has entered into a business transfer agreement (BTA) with Group Pharmaceuticals to acquire its wellness portfolio on a going-concern basis through a slump sale. Under the transaction, Jagsonpal will pay an initial consideration of Rs 23.7 crore at closing. An additional consideration of up to Rs 23 crore will be linked to sales achieved during FY2027-28, taking the total consideration to a maximum of Rs 46.7 crore. The transaction is expected to be completed on or before 1 November 2026.
Global Markets:
US Dow Jones index futures were down 194 points on Thursday, pointing to a lower opening for US stocks.
Most European shares declined as Brent crude futures surged more than 2%
Switzerland's central bank kept its key interest rate at 0% on Thursday, defying the tightening cycle that has begun among many of its major peers.
Asian stocks ended mixed on Thursday as investors weighed lingering tensions in the Middle East and awaited the highly anticipated talks between the US and China.
A sharp rise in US Treasury yields heightened concerns over inflation and interest rates. The 10-year US Treasury yield rose to around 5.11%, its highest level since 2007 and its biggest one-day increase since the market turmoil triggered by US President Donald Trump's April 2025 tariff announcement.
Stronger-than-expected US economic data and weak demand at a $70 billion five-year Treasury auction contributed to the rise in yields. The US private-sector output expanded at its fastest pace in more than five years in September, while price pressures also increased. The S&P Global Flash US Composite PMI rose to 58.4 in September from 56.0 in August, marking its highest level in more than five years.
The rise in Treasury yields increased market expectations of another Federal Reserve interest rate hike and put pressure on global bond markets.
Oil prices remained elevated after Brent crude jumped nearly 4% on Wednesday to settle at $103.08 a barrel, ending a five-day losing streak.
The dollar remained close to its strongest level since late July as investors assessed the changing interest-rate outlook and continued to monitor developments in energy markets.
Wall Street indexes fell on Wednesday as the surge in Treasury yields weighed on equities. The Nasdaq Composite fell 1.1% after posting back-to-back record closes earlier in the week. The Dow Jones Industrial Average declined 0.7%, while the S&P 500 fell 0.8%.
Chinese President Xi Jinping arrived in Washington on Wednesday for a three-day state visit and was welcomed by US President Donald Trump. The two leaders are scheduled to hold talks on Thursday, with trade and artificial intelligence among the issues in focus.
US Treasury Secretary Scott Bessent met Chinese Vice Premier He Lifeng ahead of the summit and said Washington and Beijing had agreed to extend their trade truce by two months, to 10 January 2027.
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