Sensex, Nifty extend rally on PSU bank strength; broader indices stay firm

The domestic equity benchmarks extended gains for a second straight session on Wednesday, lifted by optimism around India-U.S. trade talks and hopes of a U.S. Federal Reserve rate cut later in the day. The Nifty closed above the 25,300 mark, aided by strength in PSU banks, IT and energy stocks. Broader markets also remained firm, with the BSE Midcap index advancing for the eighth session in a row.

The S&P BSE Sensex rallied 313.02 points or 0.38% to 82,693.71. The Nifty 50 index added 91.15 points or 0.36% to 25,330.25. Over the last two trading sessions, the Sensex has gained 1.11% and the Nifty has added 1.04%.

State Bank of India (up 3.02%), Bharat Electronics (up 2.36%) and Reliance Induistries (up 0.60%) boosted the indices higher today.

In the broader market, the S&P BSE Mid-Cap index rose 0.19%, extending its eight-day rally to 2.82%. The S&P BSE Small-Cap index gained 0.51%, advancing 2.12% over four straight sessions.

The market breadth was positive. On the BSE, 2080 shares rose and 2032 shares fell. A total of 185 shares were unchanged.

The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, fell 0.24% to 10.25.

Numbers to Track:

The yield on India's 10-year benchmark federal paper shed 0.28% to 6.472 from the previous close of 6.491.

In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 87.8450 compared with its close of 88.0900 during the previous trading session.

MCX Gold futures for 3 October 2025 settlement shed 0.71% to Rs 109,370.

The US Dollar Index (DXY), which tracks the greenback's value against a basket of currencies, was up 0.18% to 96.82.

The United States 10-year bond yield fell 0.22% to 4.015.

In the commodities market, Brent crude for November 2025 settlement shed 41 cents or 0.60% to $68.06 a barrel.

Global Market:

Most European market declined on Wednesday as investors assessed the latest U.K. inflation data, which showed annual price growth holding steady at 3.8% in August.

Asian market traded mixed after Wall Street declined as investors awaited the key monetary policy decision from the U.S. Federal Reserve's two-day meeting, where it is expected to cut interest rates.

Japan's exports dropped 0.1% year on year in August, government data showed. The latest reading compares with the 2.6% decline in exports in the previous month.

Meanwhile, Singapore's non-oil domestic exports plunged 11.3% in August year over year, according to government data Wednesday. It followed a revised 4.7% decline in July. The latest reading was dragged down by falling demand in specialised machinery, food preparations and petrochemicals.

Overnight stateside, U.S. stocks were lower as investors took some profits ahead of the Fed outcome. The S&P 500 ended 0.13% lower, after hitting a fresh record earlier in the session. The Nasdaq Composite lost 0.07% while the Dow Jones Industrial Average dropped 0.27%.

Stocks in Spotlight:

The Nifty PSU Bank index added 2.61% to 7,315.90. The index has risen 3.67% in three straight sessions. Bank of Maharashtra (up 3.83%), Punjab National Bank (up 3.12%), Canara Bank (up 2.69%), Bank of Baroda (up 2.29%), Central Bank of India (up 2.19%), Union Bank of India (up 2.02%), UCO Bank (up 2.01%), Bank of India (up 1.63%), Punjab & Sind Bank (up 1.34%), Indian Bank (up 1.17%) and Indian Overseas Bank (up 0.97%) ended higher.

State Bank of India rallied over 3% after the bank said it has completed the divestment of a 13.18% stake in Yes Bank to Japan's Sumitomo Mitsui Banking Corporation (SMBC) for a consideration of about Rs 8,889 crore. This transaction involved the sale of 413.44 crore equity shares at Rs 21.50 per share.

Multi Commodity Exchange of India (MCX) jumped 3.51% after reports said SEBI chairman Tuhin Kanta Pandey outlined new reform measures for the commodity derivatives market. Speaking at an event hosted by MCX, Pandey reportedly said strengthening the commodity market is a key priority. He added that SEBI is in talks with the government to permit banks, insurers and pension funds to trade in commodities, a move that could expand institutional participation and improve liquidity.

Premier Explosives jumped 12% after the Telangana Pollution Control Board (TGPCB) revoked the closure order on its factory located at Katepally Village in Yadadri-Bhuvanagiri district.

One MobiKwik Systems dropped 4.08% after the company disclosed an incident of unauthorized settlements claimed by certain registered merchants and users in collusion from limited locations in Haryana. In a regulatory filing, One MobiKwik Systems said the fraud occurred between September 11 and 12, 2025, and involved claims of around Rs 40 crore. Of this, the company has already recovered about Rs 14 crore, bringing the estimated net impact to Rs 26 crore.

Bluspring Enterprises rose 1.82% after Tata Mutual Fund increased its holding in the facility management company through a bulk deal on 16 September 2025. According to BSE data, Tata MF purchased an additional 11.38 lakh shares, representing a 0.76% stake, at Rs 79.50 apiece, aggregating to Rs 9.04 crore. As of June 2025, Tata MF already held 75.88 lakh shares or a 5.09 percent stake in Bluspring Enterprises.

Mahindra Lifespace Developers surged 3.90% after it has been selected as the development partner for two society redevelopment projects in Chembur, Mumbai, with a combined gross development value (GDV) of approximately Rs 1,700 crore.

RMC Switchgears rallied 3.83% after the company announced that it has received a Letter of Intent (LOI) worth Rs 59.12 crore from Jaipur Vidyut Vitran Nigam (JVVNL).

Mangal Electrical Industries declined 7.86% after the company's standalone net profit tumbled 31.43% to Rs 3.73 crore on 21.57% fall in revenue from operations to Rs 89.66 crore in Q1 June 2025 over Q1 June 2024.

Agarwal Industrial Corporation advanced 1.95% after the company announced that it has successfully secured a prestigious tender from Indian Oil Corporation (IOCL) worth Rs 330.05 crore.

New Listing:

Shares of Urban Company ended at Rs 167.05 on the BSE, representing a premium of 62.18% compared with the issue price of Rs 103.

The scrip was listed at Rs 161, a premium of 56.31% to the issue price. The stock has hit a high of Rs 179 and a low of Rs 161. On the BSE, over 1.49 crore shares of the company were traded in the counter.

Shares of Dev Accelerator ended at Rs 64.36 on the BSE, representing a premium of 5.51% compared with the issue price of Rs 61.

The stock made its debut at Rs 61.30, a marginal premium of 0.49% to the issue price. The stock has hit a high of Rs 64.36 and a low of Rs 59. On the BSE, 11.36 lakh shares of the company were traded in the counter.

Shares of Shringar House of Mangalsutra ended at Rs 184.85 on the BSE, representing a premium of 12.03% compared with the issue price of Rs 165.

The scrip was listed at Rs 187.70, a premium of 13.76% to the issue price. The stock has hit a high of Rs 191 and a low of Rs 182.45. On the BSE, over 23.20 lakh shares of the company were traded in the counter.

IPO Update:

Euro Pratik Sales's IPO received bids for 94,32,720 shares as against 1,34,64,781 shares on offer, according to stock exchange data at 16:48 IST on Wednesday (17 September 2025). The issue was subscribed 0.70 times.

The issue opened for bidding on Tuesday (16 September 2025) and it will close on Thursday (18 September 2025). The price band of the IPO is fixed between Rs 235 and 247 per share. An investor can bid for a minimum of 60 equity shares and in multiples thereof.

VMS TMT's IPO received bids for 10,25,93,550 shares as against 1,23,00,000 shares on offer, according to stock exchange data at 16:48 IST on Wednesday (17 September 2025). The issue was subscribed 8.34 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.

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