Benchmarks snap three-day winning streak; Nifty slips below 25,350

The domestic equity benchmarks ended lower on Friday, breaking a three-session winning run that was driven by optimism over potential U.S. Federal Reserve rate cuts and progress in trade talks between India and the U.S.

The Nifty settled below the 25,350 mark as selling in private banks and IT stocks weighed on sentiment. However, buying interest was seen in PSU banks, realty, and energy counters, which helped limit the overall losses.

The S&P BSE Sensex tanked 387.73 points or 0.47% to 82,626.23. The Nifty 50 index fell 96.55 points or 0.38% to 25,327.05. In the past three sessions, the Sensex added 1.50% while the Nifty gained 1.41%.

ICICI Bank (down 1.32%), Mahindra & Mahindra (down 1.04%) and HDFC Bank (down 0.97%) were major drags today.

In the broader market, the S&P BSE Mid-Cap index shed 0.09% and the S&P BSE Small-Cap index added 0.16%.

The market breadth was positive. On the BSE, 2134 shares rose and 2001 shares fell. A total of 190 shares were unchanged.

The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, added 0.83% to 9.97.

Numbers to Track:

The yield on India's 10-year benchmark federal paper fell 0.03% to 6.507 from the previous close of 6.509.

In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 88.1250 compared with its close of 88.2050 during the previous trading session.

MCX Gold futures for 3 October 2025 settlement rose 0.23% to Rs 109,306.

The US Dollar Index (DXY), which tracks the greenback's value against a basket of currencies, was up 0.20% to 97.55.

The United States 10-year bond yield rose 0.51% to 4.124.

In the commodities market, Brent crude for November 2025 settlement shed 56 cents or 0.83% to $66.88 a barrel.

Global Market:

European stocks were mixed Friday in the wake of the rate cut by the U.S. Federal Reserve.

Asian market ended mixed as the Bank of Japan kept its policy rate steady at 0.5%.

Japan's core inflation rate fell to its lowest since November 2024, coming in at 2.7% for August and marking a third straight month of decline, according to government data. Headline inflation in the country also dropped to 2.7%, coming down from 3.1% in July and marking a fresh low since November 2024.

Overnight in the U.S., the major averages closed higher after the Federal Reserve signaled it was embarking on an easing rate path, reinvigorating investors and raising hopes for a ratcheting up of economic growth.

The S&P 500 ended higher 0.48% at 6,631.96, while the Nasdaq Composite jumped 0.94% to settle at 22,470.73. The Dow Jones Industrial Average added 124 points, or 0.27%, to close at 46,142.42.

Stocks in Spotlight:

Shares of Adani Group companies rallied after the Securities and Exchange Board of India (Sebi) cleared the conglomerate and its chairman Gautam Adani of allegations made by US-based Hindenburg Research.

Adani Power (up 12.40%), Adani Total Gas (up 7.35%), Adani Enterprises (up 5.04%), NDTV (up 5%), Adani Energy Solutions (up 4.70%), Adani Green Energy (up 5.33%), ACC (up 1.21%), Adani Ports and Special Economic Zone (up 1.09%) and Ambuja Cements (up 0.28%) surged.

The rally followed Sebi's orders concluding that the group had not violated related party transaction norms, noting that the transactions flagged by Hindenburg were not categorized as such under the rules applicable at the time. Hindenburg's 2023 report had erased billions in market value and shaken investor sentiment, though Adani consistently denied the charges. Sebi's clean chit is now seen as a significant relief, offering clarity and restoring confidence among investors.

Redington surged 3.96% as excitement grew around the launch of Apple's iPhone 17 in India. The latest iPhone models hit stores today, with pre-orders already underway, fueling optimism for Apple's key distribution partner in the country.

John Cockerill India rallied 5.22% after the company announced that it has secured a contract from Tata Steel for setting up a Push-Pull Pickling Line (PPPL) and an Acid Regeneration Plant (ARP) at Jamshedpur.

Jaykay Enterprises jumped 5.15% after its step-down subsidiary, Allen Reinforced Plastics, received a letter of intent (LoI) worth Rs 94.45 crore from BrahMos Aerospace for the manufacture of composite parts.

CESC advanced 2.73% after the company's subsidiary, CESC Green Power announced plans to set up solar cell / module and other value chain / ancillary manufacturing across multiple locations in India.

Larsen & Toubro (L&T) shed 0.30%. The company announced that its construction equipment & industrial products design & development (CE & IPDD) vertical has secured significant orders across multiple business segments it serves.

Kaynes Technology India fell 1.13%. The company announced the resignation of Rajesh Sharma from the position of chief executive officer (CEO) and key managerial personnel, effective 31 October 2025.

Texmaco Rail & Engineering advanced 0.81%. The company announced that it has received a purchase order worth Rs 86.85 crore from Ultratech Cement for the supply of BCFC wagons along with a brake van.

RITES rose 0.72%. The company announced that it has secured an order worth Rs 78.65 crore from NTPC for hiring diesel locomotives on a lease basis for NTPC power plants across India.

TCC Concept hit an upper circuit of 5% after the company has executed a term sheet to acquire up to 100% stake in Pepperfry. The acquisition of Pepperfry is intended to strengthen the company's presence in the e-commerce and digital marketplace space, complementing its core focus on technology-driven platforms.

IPO Update:

GK Energy's IPO received bids for 5,67,92,274 shares as against 2,21,80,828 shares on offer, according to stock exchange data at 16:51 IST on Friday (19 September 2025). The issue was subscribed 2.56 times.

The issue opened for bidding on Friday (19 September 2025) and it will close on Tuesday (23 September 2025). The price band of the IPO is fixed between Rs 145 and 153 per share. An investor can bid for a minimum of 98 equity shares and in multiples thereof.

Saatvik Green Energy's IPO received bids for 82,44,864 shares as against 1,42,71,970 shares on offer, according to stock exchange data at 16:51 IST on Friday (19 September 2025). The issue was subscribed 0.58 times.

The issue opened for bidding on Friday (19 September 2025) and it will close on Tuesday (23 September 2025). The price band of the IPO is fixed between Rs 442 and 465 per share. An investor can bid for a minimum of 44 equity shares and in multiples thereof.

VMS TMT's IPO received bids for 1,25,63,52,600 shares as against 1,23,00,000 shares on offer, according to stock exchange data at 16:51 IST on Friday (19 September 2025). The issue was subscribed 102.14 times.

The issue opened for bidding on Wednesday (17 September 2025) and it will close on Friday (19 September 2025). The price band of the IPO is fixed between Rs 94 and 99 per share. An investor can bid for a minimum of 150 equity shares and in multiples thereof.

Ivalue Infosolutions' IPO received bids for 1,16,08,950 shares as against 1,31,17,272 shares on offer, according to stock exchange data at 16:51 IST on Friday (19 September 2025). The issue was subscribed 0.89 times.

The issue opened for bidding on Thursday (18 September 2025) and it will close on Monday (22 September 2025). The price band of the IPO is fixed between Rs 284 and 299 per share. An investor can bid for a minimum of 50 equity shares and in multiples thereof.

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