BSE SME IPO

The outperformance from broader indices continued in third consecutive week, adding 1-2 percent amid buying across the sectors with DII support and favourable global markets.

For the week, Nifty50 rose 213.05 points or 0.83 percent to close at 25,327.05, while the BSE Sensex index gained 721.53 points or 0.88 percent to close at 82,626.23.

BSE mid, Large-cap indices added 1 percent each, while Small-cap index jumped 2 percent.

Foreign Institutional Investors' (FIIs) outflow extended in the 12th straight week, as they sold equities worth Rs 1,327.38 crore, while Domestic Institutional Investors (DII) continued their buying in 23nd week, as they bought equities worth Rs 11,177.37 crore.

Among sectors, except Nifty FMCG (down 0.5 percent), all other indices ended higher with Nifty PSU Bank index added nearly 5 percent, Nifty Realty index rose over 4 percent, Nifty Defence index added 3.4 percent, Nifty Energy, Oil &amp; Gas rose 2 percent each.

"Indian equities closed the week on a firm note, supported by broad-based gains, with mid- and small-cap stocks leading the momentum. Robust domestic institutional inflows offset FII selling, cushioning downside risks and sustaining the recent rally," said Vinod Nair, Head of Research, Geojit Investments.

"With GST rationalisation set to take effect next week and festive demand expected to strengthen, investor attention turned toward consumption-driven sectors. Autos and real estate attracted increased buying interest, while export-oriented segments such as IT and pharma gained from improved global liquidity and progress in U.S.- India trade talks. Valuation discipline remained evident, with profit booking in overvalued counters and renewed buying in attractively priced segments like PSU banks."

"Going forward, investors will closely track key U.S. macro indicators—including GDP, jobless claims, and core inflation—for cues on the Fed’s policy trajectory. On the domestic front, the upcoming manufacturing PMI will serve as a timely barometer of industrial sentiments, offering early signs of a much-awaited demand revival. With resilient domestic fundamentals and a weakening U.S. dollar, conditions appear favourable for renewed FII inflows, which could further boost Indian equities in the week ahead," he added.

The BSE Small-cap index added 2 percent with IRM Energy, Banco Products (India), Sindhu Trade Links, Hi-Tech Pipes, Ramco System, Redington, Welspun Enterprises, Redtape, Shalimar Paints, Bajaj Consumer Care adding 15-36 percent, while Balmer Lawrie Investment, LE Travenues Technology (IXIGO), KRBL, KR Rail Engineering, Dreamfolks Services fell between 9-12 percent.

<img class="alignnone size-full wp-image-13562616" src="https://images.moneycontrol.com/static-mcnews/2025/09/20250920023212_smallcap.png" alt="smallcap" width="683" height="722" />

Where is Nifty50 headed?

Shrikant Chouhan, Head Equity Research, Kotak Securities

Indian equity markets delivered positive weekly returns amid broader strength in the global equities. Rally in the global markets was supported by the 25 bps rate cut announced by the US Fed. In India, the larger indices like Nifty 50 and Sensex 30 moved higher this week by around 1%. The midcap and small-cap index outperformed the larger peers with BSE Midcap and BSE Small-cap index posting weekly gains of 1.5-2%.

In view of positive momentum, almost all the key sectoral indices posted positive returns. BSE Realty index led with gains of 4% whereas the FMGC index was an underperformer with flattish returns.

India’s CPI inflation was 2.1% in August, as food prices contracted by 0.7%. The GST rate cuts is expected to keep the inflation trajectory under control in the next few quarters.

GST rate cut comes into effect from next week and that is expected to keep consumption and other stocks benefiting from lower GST rate in focus. Markets would continue to look for clarity on the US tariff situation and its impact on economic growth.

Rupak De, Senior Technical Analyst at LKP Securities

Nifty slipped on Friday after forming a hanging man pattern in the previous session. While the short-term trend continues to favor the bulls, a mild pullback from the current level looks possible.

On the lower side, support is placed at 25,150, below which the trend may weaken.

However, if the index manages to stay above 25,150, it could move towards 25,500. A decisive move above 25,500 may then open the road to 26,000.

Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities

Technically, this market action indicates a formation of short-term top reversal pattern. Larger degree bullish pattern like higher tops and bottoms is intact on the daily chart and further weakness from here could form a new higher bottom of the pattern. Nifty on the weekly chart formed a long bull candle this week which is for the third consecutive sessions.

The near-term uptrend of Nifty remains intact. Further consolidation or minor dip could be a buying opportunity by next week. Immediate support is placed at 25150 and a sustainable move above 25500 could pull Nifty towards the next hurdle of 25700 levels.

Amol Athawale, VP Technical Research, Kotak Securities

We are of the view that the short-term market outlook remains bullish, but due to temporary overbought conditions, range-bound activity may occur in the near future. Hence, buying on dips and selling on rallies would be the ideal strategy for traders.

For traders, the key support zones are around 25,200/82300 and 25,150-25,100/82100-81900, while resistance levels are at 25,450-25,500/83200-83400 and 25,600/83700. Below 25,100/81900, the uptrend could become vulnerable.

Disclaimer: The views and investment tips expressed by experts on Moneycontrol.com are their own and not those of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.

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Use of Artificial Intelligence

Broader indices rally continues in third week; these small-caps rise up to 36%

The outperformance from broader indices continued in third consecutive week, adding 1-2 percent amid buying across the sectors with DII support and favourable global markets.

For the week, Nifty50 rose 213.05 points or 0.83 percent to close at 25,327.05, while the BSE Sensex index gained 721.53 points or 0.88 percent to close at 82,626.23.

BSE mid, Large-cap indices added 1 percent each, while Small-cap index jumped 2 percent.

Foreign Institutional Investors' (FIIs) outflow extended in the 12th straight week, as they sold equities worth Rs 1,327.38 crore, while Domestic Institutional Investors (DII) continued their buying in 23nd week, as they bought equities worth Rs 11,177.37 crore.

Among sectors, except Nifty FMCG (down 0.5 percent), all other indices ended higher with Nifty PSU Bank index added nearly 5 percent, Nifty Realty index rose over 4 percent, Nifty Defence index added 3.4 percent, Nifty Energy, Oil &amp;amp; Gas rose 2 percent each.

&quot;Indian equities closed the week on a firm note, supported by broad-based gains, with mid- and small-cap stocks leading the momentum. Robust domestic institutional inflows offset FII selling, cushioning downside risks and sustaining the recent rally,&quot; said Vinod Nair, Head of Research, Geojit Investments.

&quot;With GST rationalisation set to take effect next week and festive demand expected to strengthen, investor attention turned toward consumption-driven sectors. Autos and real estate attracted increased buying interest, while export-oriented segments such as IT and pharma gained from improved global liquidity and progress in U.S.- India trade talks. Valuation discipline remained evident, with profit booking in overvalued counters and renewed buying in attractively priced segments like PSU banks.&quot;

&quot;Going forward, investors will closely track key U.S. macro indicators—including GDP, jobless claims, and core inflation—for cues on the Fed’s policy trajectory. On the domestic front, the upcoming manufacturing PMI will serve as a timely barometer of industrial sentiments, offering early signs of a much-awaited demand revival. With resilient domestic fundamentals and a weakening U.S. dollar, conditions appear favourable for renewed FII inflows, which could further boost Indian equities in the week ahead,&quot; he added.

The BSE Small-cap index added 2 percent with IRM Energy, Banco Products (India), Sindhu Trade Links, Hi-Tech Pipes, Ramco System, Redington, Welspun Enterprises, Redtape, Shalimar Paints, Bajaj Consumer Care adding 15-36 percent, while Balmer Lawrie Investment, LE Travenues Technology (IXIGO), KRBL, KR Rail Engineering, Dreamfolks Services fell between 9-12 percent.



Where is Nifty50 headed?

Shrikant Chouhan, Head Equity Research, Kotak Securities

Indian equity markets delivered positive weekly returns amid broader strength in the global equities. Rally in the global markets was supported by the 25 bps rate cut announced by the US Fed. In India, the larger indices like Nifty 50 and Sensex 30 moved higher this week by around 1%. The midcap and small-cap index outperformed the larger peers with BSE Midcap and BSE Small-cap index posting weekly gains of 1.5-2%.

In view of positive momentum, almost all the key sectoral indices posted positive returns. BSE Realty index led with gains of 4% whereas the FMGC index was an underperformer with flattish returns.

India’s CPI inflation was 2.1% in August, as food prices contracted by 0.7%. The GST rate cuts is expected to keep the inflation trajectory under control in the next few quarters.

GST rate cut comes into effect from next week and that is expected to keep consumption and other stocks benefiting from lower GST rate in focus. Markets would continue to look for clarity on the US tariff situation and its impact on economic growth.

Rupak De, Senior Technical Analyst at LKP Securities

Nifty slipped on Friday after forming a hanging man pattern in the previous session. While the short-term trend continues to favor the bulls, a mild pullback from the current level looks possible.

On the lower side, support is placed at 25,150, below which the trend may weaken.

However, if the index manages to stay above 25,150, it could move towards 25,500. A decisive move above 25,500 may then open the road to 26,000.

Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities

Technically, this market action indicates a formation of short-term top reversal pattern. Larger degree bullish pattern like higher tops and bottoms is intact on the daily chart and further weakness from here could form a new higher bottom of the pattern. Nifty on the weekly chart formed a long bull candle this week which is for the third consecutive sessions.

The near-term uptrend of Nifty remains intact. Further consolidation or minor dip could be a buying opportunity by next week. Immediate support is placed at 25150 and a sustainable move above 25500 could pull Nifty towards the next hurdle of 25700 levels.

Amol Athawale, VP Technical Research, Kotak Securities

We are of the view that the short-term market outlook remains bullish, but due to temporary overbought conditions, range-bound activity may occur in the near future. Hence, buying on dips and selling on rallies would be the ideal strategy for traders.

For traders, the key support zones are around 25,200/82300 and 25,150-25,100/82100-81900, while resistance levels are at 25,450-25,500/83200-83400 and 25,600/83700. Below 25,100/81900, the uptrend could become vulnerable.

Disclaimer: The views and investment tips expressed by experts on Moneycontrol.com are their own and not those of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.

<img class="size-full wp-image-13562604" src="https://images.moneycontrol.com/static-mcnews/2025/09/20250920022008_bse-nsee_nifty-Sensex.jpg" alt="Despite Friday’s sell-off the Indian market extended the winning run on the third consecutive week, helping to closed above its nine-week high led by DII support, inline rate cut by Federal Reserve, rupee pullback, ahead of GST implementation next week, ignoring persistent FPI outflows, and unresolved US-India tariff issues." width="1280" height="720" /> Despite Friday’s sell-off the Indian market extended the winning run on the third consecutive week, helping to closed above its nine-week high led by DII support, inline rate cut by Federal Reserve, rupee pullback, ahead of GST implementation next week, ignoring persistent FPI outflows, and unresolved US-India tariff issues.

<img class="size-full wp-image-13562606" src="https://images.moneycontrol.com/static-mcnews/2025/09/20250920022140_Sensex_Nifty.jpg" alt="For the week, Nifty50 rose 213.05 points or 0.83 percent to close at 25,327.05, while the BSE Sensex index gained 721.53 points or 0.88 percent to close at 82,626.23." width="1280" height="720" /> For the week, Nifty50 rose 213.05 points or 0.83 percent to close at 25,327.05, while the BSE Sensex index gained 721.53 points or 0.88 percent to close at 82,626.23.

<img class="size-full wp-image-13562608" src="https://images.moneycontrol.com/static-mcnews/2025/09/20250920022231_Sensex_up_higher.jpg" alt="The BSE Large-cap Index gained 1.1 percent supported by Hyundai Motor India, Swiggy, Eternal, Cholamandalam Investment and Finance Company, Bank Of Baroda, Kotak Mahindra Bank, Samvardhana Motherson International, SBI Cards &amp; Payment Services, Punjab National Bank, Canara Bank. " width="1280" height="720" /> The BSE Large-cap Index gained 1.1 percent supported by Hyundai Motor India, Swiggy, Eternal, Cholamandalam Investment and Finance Company, Bank Of Baroda, Kotak Mahindra Bank, Samvardhana Motherson International, SBI Cards &amp; Payment Services, Punjab National Bank, Canara Bank.

<img class="size-full wp-image-13562609" src="https://images.moneycontrol.com/static-mcnews/2025/09/20250920022423_sensex_nifty_stock_markets.jpg" alt="BSE Mid-cap Index rose 1.5 percent led by Piramal Enterprises, Rail Vikas Nigam, Bank of Maharashtra, Mahindra and Mahindra Financial Services, Indian Renewable Energy Development Agency, L&amp;T Finance, Prestige Estates Projects. " width="1280" height="720" />

BSE Mid-cap Index rose 1.5 percent led by Piramal Enterprises, Rail Vikas Nigam, Bank of Maharashtra, Mahindra and Mahindra Financial Services, Indian Renewable Energy Development Agency, L&amp;T Finance, Prestige Estates Projects.

<img class="size-full wp-image-13562610" src="https://images.moneycontrol.com/static-mcnews/2025/09/20250920022453_sensex_stocks_nifty_stockmarket.jpg" alt="The BSE Small-cap index added 2 percent with IRM Energy, Banco Products (India), Sindhu Trade Links, Hi-Tech Pipes, Ramco System, Redington, Welspun Enterprises, Redtape, Shalimar Paints, Bajaj Consumer Care adding 15-36 percent, while Balmer Lawrie Investment, LE Travenues Technology (IXIGO), KRBL, KR Rail Enginerring, Dreamfolks Services fell between 9-12 percent." width="1280" height="720" /> The BSE Small-cap index added 2 percent with IRM Energy, Banco Products (India), Sindhu Trade Links, Hi-Tech Pipes, Ramco System, Redington, Welspun Enterprises, Redtape, Shalimar Paints, Bajaj Consumer Care adding 15-36 percent, while Balmer Lawrie Investment, LE Travenues Technology (IXIGO), KRBL, KR Rail Enginerring, Dreamfolks Services fell between 9-12 percent.

<img class="size-full wp-image-13562613" src="https://images.moneycontrol.com/static-mcnews/2025/09/20250920022738_sensex_nifty_stock-stocks_stock.jpg" alt="Among sectors, except Nifty FMCG (down 0.5 percent), all other indices ended higher with Nifty PSU Bank index added nearly 5 percent, Nifty Realty index rose over 4 percent, Nifty Defence index added 3.4 percent, Nifty Energy, Oil &amp; Gas rose 2 percent each." width="1280" height="720" /> Among sectors, except Nifty FMCG (down 0.5 percent), all other indices ended higher with Nifty PSU Bank index added nearly 5 percent, Nifty Realty index rose over 4 percent, Nifty Defence index added 3.4 percent, Nifty Energy, Oil &amp; Gas rose 2 percent each.

<img class="size-full wp-image-13562614" src="https://images.moneycontrol.com/static-mcnews/2025/09/20250920022803_bank_cards_banking_financial-services8.jpg" alt="During the week, State Bank of India added the most in terms of market value, followed by Reliance Industries, Bharti Airtel, Kotak Mahindra Bank. On the other hand, Asian Paints, Titan Company, Bajaj Finance lost the most of their market-cap. (Disclaimer: MoneyControl is a part of the Network18 group. Network18 is controlled by Independent Media Trust, of which Reliance Industries is the soles beneficiary.)" width="1280" height="720" /> During the week, State Bank of India added the most in terms of market value, followed by Reliance Industries, Bharti Airtel, Kotak Mahindra Bank. On the other hand, Asian Paints, Titan Company, Bajaj Finance lost the most of their market-cap. (Disclaimer: MoneyControl is a part of the Network18 group. Network18 is controlled by Independent Media Trust, of which Reliance Industries is the soles beneficiary.)

<img class="size-full wp-image-13562615" src="https://images.moneycontrol.com/static-mcnews/2025/09/20250920022825_stock1.jpg" alt="Foreign Institutional Investors' (FIIs) outflow extended in the 12th straight week, as they sold equities worth Rs 1,327.38 crore, while Domestic Institutional Investors (DII) continued their buying in 23nd week, as they bought equities worth Rs 11,177.37 crore." width="1280" height="720" /> Foreign Institutional Investors' (FIIs) outflow extended in the 12th straight week, as they sold equities worth Rs 1,327.38 crore, while Domestic Institutional Investors (DII) continued their buying in 23nd week, as they bought equities worth Rs 11,177.37 crore.

<img class="size-full wp-image-13562603" src="https://images.moneycontrol.com/static-mcnews/2025/09/20250215043505_rupeegain_dollar.jpg" alt="Indian rupee ended higher at 88.10 per dollar on September 19 against the September 12 closing of 88.27. During the week the Indian rupee traded in the range of 88.34-87.72." width="1280" height="720" /> Indian rupee ended higher at 88.10 per dollar on September 19 against the September 12 closing of 88.27. During the week the Indian rupee traded in the range of 88.34-87.72.

During the week the Indian rupee traded in the range of 88.34-87.72, to close higher at 88.10 per dollar.

Despite Friday’s sell-off the Indian market extended the winning run on the third consecutive week, helping to closed above its nine-week high led by DII support, inline rate cut by Federal Reserve, rupee pullback, ahead of GST implementation next week, ignoring persistent FPI outflows, and unresolved US-India tariff issues.

For the week, Nifty50 rose 213.05 points or 0.83 percent to close at 25,327.05, while the BSE Sensex index gained 721.53 points or 0.88 percent to close at 82,626.23.

The BSE Large-cap Index gained 1.1 percent supported by Hyundai Motor India, Swiggy, Eternal, Cholamandalam Investment and Finance Company, Bank Of Baroda, Kotak Mahindra Bank, Samvardhana Motherson International, SBI Cards &amp; Payment Services, Punjab National Bank, Canara Bank. 

BSE Mid-cap Index rose 1.5 percent led by Piramal Enterprises, Rail Vikas Nigam, Bank of Maharashtra, Mahindra and Mahindra Financial Services, Indian Renewable Energy Development Agency, L&amp;T Finance, Prestige Estates Projects. 

The BSE Small-cap index added 2 percent with IRM Energy, Banco Products (India), Sindhu Trade Links, Hi-Tech Pipes, Ramco System, Redington, Welspun Enterprises, Redtape, Shalimar Paints, Bajaj Consumer Care adding 15-36 percent, while Balmer Lawrie Investment, LE Travenues Technology (IXIGO), KRBL, KR Rail Enginerring, Dreamfolks Services fell between 9-12 percent.

Among sectors, except Nifty FMCG (down 0.5 percent), all other indices ended higher with Nifty PSU Bank index added nearly 5 percent, Nifty Realty index rose over 4 percent, Nifty Defence index added 3.4 percent, Nifty Energy, Oil &amp; Gas rose 2 percent each.

During the week, State Bank of India added the most in terms of market value, followed by Reliance Industries, Bharti Airtel, Kotak Mahindra Bank. On the other hand, Asian Paints, Titan Company, Bajaj Finance lost the most of their market-cap. (Disclaimer: MoneyControl is a part of the Network18 group. Network18 is controlled by Independent Media Trust, of which Reliance Industries is the soles beneficiary.)

Foreign Institutional Investors' (FIIs) outflow extended in the 12th straight week, as they sold equities worth Rs 1,327.38 crore, while Domestic Institutional Investors (DII) continued their buying in 23nd week, as they bought equities worth Rs 11,177.37 crore.

Indian rupee ended higher at 88.10 per dollar on September 19 against the September 12 closing of 88.27. During the week the Indian rupee traded in the range of 88.34-87.72.

Market extends gains in third straight week; rupee advances

<img class="size-full wp-image-13562604" src="https://images.moneycontrol.com/static-mcnews/2025/09/20250920022008_bse-nsee_nifty-Sensex.jpg" alt="Despite Friday’s sell-off the Indian market extended the winning run on the third consecutive week, helping to closed above its nine-week high led by DII support, inline rate cut by Federal Reserve, rupee pullback, ahead of GST implementation next week, ignoring persistent FPI outflows, and unresolved US-India tariff issues." width="1280" height="720" /> Despite Friday’s sell-off the Indian market extended the winning run on the third consecutive week, helping to closed above its nine-week high led by DII support, inline rate cut by Federal Reserve, rupee pullback, ahead of GST implementation next week, ignoring persistent FPI outflows, and unresolved US-India tariff issues.

<img class="size-full wp-image-13562606" src="https://images.moneycontrol.com/static-mcnews/2025/09/20250920022140_Sensex_Nifty.jpg" alt="For the week, Nifty50 rose 213.05 points or 0.83 percent to close at 25,327.05, while the BSE Sensex index gained 721.53 points or 0.88 percent to close at 82,626.23." width="1280" height="720" /> For the week, Nifty50 rose 213.05 points or 0.83 percent to close at 25,327.05, while the BSE Sensex index gained 721.53 points or 0.88 percent to close at 82,626.23.

<img class="size-full wp-image-13562608" src="https://images.moneycontrol.com/static-mcnews/2025/09/20250920022231_Sensex_up_higher.jpg" alt="The BSE Large-cap Index gained 1.1 percent supported by Hyundai Motor India, Swiggy, Eternal, Cholamandalam Investment and Finance Company, Bank Of Baroda, Kotak Mahindra Bank, Samvardhana Motherson International, SBI Cards &amp; Payment Services, Punjab National Bank, Canara Bank. " width="1280" height="720" /> The BSE Large-cap Index gained 1.1 percent supported by Hyundai Motor India, Swiggy, Eternal, Cholamandalam Investment and Finance Company, Bank Of Baroda, Kotak Mahindra Bank, Samvardhana Motherson International, SBI Cards &amp; Payment Services, Punjab National Bank, Canara Bank.

<img class="size-full wp-image-13562609" src="https://images.moneycontrol.com/static-mcnews/2025/09/20250920022423_sensex_nifty_stock_markets.jpg" alt="BSE Mid-cap Index rose 1.5 percent led by Piramal Enterprises, Rail Vikas Nigam, Bank of Maharashtra, Mahindra and Mahindra Financial Services, Indian Renewable Energy Development Agency, L&amp;T Finance, Prestige Estates Projects. " width="1280" height="720" />

BSE Mid-cap Index rose 1.5 percent led by Piramal Enterprises, Rail Vikas Nigam, Bank of Maharashtra, Mahindra and Mahindra Financial Services, Indian Renewable Energy Development Agency, L&amp;T Finance, Prestige Estates Projects.

<img class="size-full wp-image-13562610" src="https://images.moneycontrol.com/static-mcnews/2025/09/20250920022453_sensex_stocks_nifty_stockmarket.jpg" alt="The BSE Small-cap index added 2 percent with IRM Energy, Banco Products (India), Sindhu Trade Links, Hi-Tech Pipes, Ramco System, Redington, Welspun Enterprises, Redtape, Shalimar Paints, Bajaj Consumer Care adding 15-36 percent, while Balmer Lawrie Investment, LE Travenues Technology (IXIGO), KRBL, KR Rail Enginerring, Dreamfolks Services fell between 9-12 percent." width="1280" height="720" /> The BSE Small-cap index added 2 percent with IRM Energy, Banco Products (India), Sindhu Trade Links, Hi-Tech Pipes, Ramco System, Redington, Welspun Enterprises, Redtape, Shalimar Paints, Bajaj Consumer Care adding 15-36 percent, while Balmer Lawrie Investment, LE Travenues Technology (IXIGO), KRBL, KR Rail Enginerring, Dreamfolks Services fell between 9-12 percent.

<img class="size-full wp-image-13562613" src="https://images.moneycontrol.com/static-mcnews/2025/09/20250920022738_sensex_nifty_stock-stocks_stock.jpg" alt="Among sectors, except Nifty FMCG (down 0.5 percent), all other indices ended higher with Nifty PSU Bank index added nearly 5 percent, Nifty Realty index rose over 4 percent, Nifty Defence index added 3.4 percent, Nifty Energy, Oil &amp; Gas rose 2 percent each." width="1280" height="720" /> Among sectors, except Nifty FMCG (down 0.5 percent), all other indices ended higher with Nifty PSU Bank index added nearly 5 percent, Nifty Realty index rose over 4 percent, Nifty Defence index added 3.4 percent, Nifty Energy, Oil &amp; Gas rose 2 percent each.

<img class="size-full wp-image-13562614" src="https://images.moneycontrol.com/static-mcnews/2025/09/20250920022803_bank_cards_banking_financial-services8.jpg" alt="During the week, State Bank of India added the most in terms of market value, followed by Reliance Industries, Bharti Airtel, Kotak Mahindra Bank. On the other hand, Asian Paints, Titan Company, Bajaj Finance lost the most of their market-cap. (Disclaimer: MoneyControl is a part of the Network18 group. Network18 is controlled by Independent Media Trust, of which Reliance Industries is the soles beneficiary.)" width="1280" height="720" /> During the week, State Bank of India added the most in terms of market value, followed by Reliance Industries, Bharti Airtel, Kotak Mahindra Bank. On the other hand, Asian Paints, Titan Company, Bajaj Finance lost the most of their market-cap. (Disclaimer: MoneyControl is a part of the Network18 group. Network18 is controlled by Independent Media Trust, of which Reliance Industries is the soles beneficiary.)

<img class="size-full wp-image-13562615" src="https://images.moneycontrol.com/static-mcnews/2025/09/20250920022825_stock1.jpg" alt="Foreign Institutional Investors' (FIIs) outflow extended in the 12th straight week, as they sold equities worth Rs 1,327.38 crore, while Domestic Institutional Investors (DII) continued their buying in 23nd week, as they bought equities worth Rs 11,177.37 crore." width="1280" height="720" /> Foreign Institutional Investors' (FIIs) outflow extended in the 12th straight week, as they sold equities worth Rs 1,327.38 crore, while Domestic Institutional Investors (DII) continued their buying in 23nd week, as they bought equities worth Rs 11,177.37 crore.

<img class="size-full wp-image-13562603" src="https://images.moneycontrol.com/static-mcnews/2025/09/20250215043505_rupeegain_dollar.jpg" alt="Indian rupee ended higher at 88.10 per dollar on September 19 against the September 12 closing of 88.27. During the week the Indian rupee traded in the range of 88.34-87.72." width="1280" height="720" /> Indian rupee ended higher at 88.10 per dollar on September 19 against the September 12 closing of 88.27. During the week the Indian rupee traded in the range of 88.34-87.72.

After peaking at 26,277 on September 27, 2024, the Nifty 50 has struggled to reclaim its highs. Over the past year, a mix of global uncertainty, uneven domestic demand, and cautious investor sentiment has kept equity markets subdued.

Yet, beneath this phase of muted performance lies the potential for a powerful second-half rebound. With earnings expectations already reset lower, a series of monetary and fiscal tailwinds could surprise markets on the upside and reignite risk appetite.

Fed Rate Cut: A Global Game Changer

The recent 25 bps rate cut by the US Federal Reserve is more than a symbolic gesture. It signals the start of a softer global interest rate regime—a positive for risk assets worldwide.

For India, this means:
* Improved foreign capital flows as global investors seek higher-growth markets.
* Lower borrowing costs for corporates with offshore exposure.
* Rupee stability as global liquidity pressures ease.

The psychological boost from a dovish Fed should not be underestimated, especially when global investors have been underweight on emerging markets in recent quarters.

RBI Rate Cuts: Fueling domestic growth

On the home front, the RBI has slashed the repo rate from 6.5% to 5.5%, signaling its intent to revive growth. The impact is two-fold:
* For households: Lower EMIs free up disposable income, spurring consumption.
* For corporates: Lower interest costs improve profitability and encourage fresh investments.

With borrowing costs down, sectors like real estate, infrastructure, and auto financing could see meaningful momentum as credit demand picks up.

Liquidity Boost: CRR cut injects Rs 2.5 lakh crore

The RBI’s 100 bps reduction in the Cash Reserve Ratio (CRR)—rolled out in four tranches starting September—adds another layer of support.

This liquidity infusion of Rs 2.5 lakh crore equips banks with additional lending capacity, benefiting credit-dependent sectors such as: MSMEs, Infrastructure and Housing finance.

If the RBI introduces further measures in its upcoming MPC meeting (September 29–October 1, 2025), markets could get another leg-up on liquidity-driven optimism.

Fiscal Push: Tax cuts to boost consumption

On the fiscal side, the government’s personal income tax reduction puts more cash in consumers’ hands—critical ahead of the festive season.

Higher discretionary spending can benefit consumer durables, automobiles, travel, and retail.

For companies, this means a potential turnaround in topline growth as urban demand revives.

GST Cuts: Lower Burden, Higher Demand

Recent GST rate cuts across select segments complement the tax relief, making goods more affordable and spurring demand in sectors facing volume stagnation.

When combined with personal income tax cuts, this fiscal stimulus strengthens household purchasing power—creating a multiplier effect for domestic consumption.

The Big Picture: Tailwinds aligning for a revival

Monetary easing, fiscal stimulus, and liquidity support are converging at a time when markets have turned cautious. This alignment could drive earnings upgrades in H2 FY26, credit growth acceleration and an improved investor sentiment after a year of underperformance.

For investors, the muted market environment may not reflect the underlying potential. As policy measures gain traction, markets could be caught off guard by the strength of the earnings revival, especially if GDP growth targets of 7% are met.

Bottom Line:

The pieces are falling into place for a second-half equity market revival. With expectations running low, any positive surprise on earnings or policy could set off a rally, making H2 FY26 a period to watch closely for investors seeking early opportunities.

Disclaimer: The views and investment tips expressed by investment experts on Moneycontrol.com are their own and not those of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.

Jimeet Modi is the CEO and Founder of SAMCO Securities.

Muted markets, hidden tailwinds: Why H2FY26 could spark a surprise equity revival

After peaking at 26,277 on September 27, 2024, the Nifty 50 has struggled to reclaim its highs. Over the past year, a mix of global uncertainty, uneven domestic demand, and cautious investor sentiment has kept equity markets subdued.

Yet, beneath this phase of muted performance lies the potential for a powerful second-half rebound. With earnings expectations already reset lower, a series of monetary and fiscal tailwinds could surprise markets on the upside and reignite risk appetite.

Fed Rate Cut: A Global Game Changer

The recent 25 bps rate cut by the US Federal Reserve is more than a symbolic gesture. It signals the start of a softer global interest rate regime—a positive for risk assets worldwide.

For India, this means:
* Improved foreign capital flows as global investors seek higher-growth markets.
* Lower borrowing costs for corporates with offshore exposure.
* Rupee stability as global liquidity pressures ease.

The psychological boost from a dovish Fed should not be underestimated, especially when global investors have been underweight on emerging markets in recent quarters.

RBI Rate Cuts: Fueling domestic growth

On the home front, the RBI has slashed the repo rate from 6.5% to 5.5%, signaling its intent to revive growth. The impact is two-fold:
* For households: Lower EMIs free up disposable income, spurring consumption.
* For corporates: Lower interest costs improve profitability and encourage fresh investments.

With borrowing costs down, sectors like real estate, infrastructure, and auto financing could see meaningful momentum as credit demand picks up.

Liquidity Boost: CRR cut injects Rs 2.5 lakh crore

The RBI’s 100 bps reduction in the Cash Reserve Ratio (CRR)—rolled out in four tranches starting September—adds another layer of support.

This liquidity infusion of Rs 2.5 lakh crore equips banks with additional lending capacity, benefiting credit-dependent sectors such as: MSMEs, Infrastructure and Housing finance.

If the RBI introduces further measures in its upcoming MPC meeting (September 29–October 1, 2025), markets could get another leg-up on liquidity-driven optimism.

Fiscal Push: Tax cuts to boost consumption

On the fiscal side, the government’s personal income tax reduction puts more cash in consumers’ hands—critical ahead of the festive season.

Higher discretionary spending can benefit consumer durables, automobiles, travel, and retail.

For companies, this means a potential turnaround in topline growth as urban demand revives.

GST Cuts: Lower Burden, Higher Demand

Recent GST rate cuts across select segments complement the tax relief, making goods more affordable and spurring demand in sectors facing volume stagnation.

When combined with personal income tax cuts, this fiscal stimulus strengthens household purchasing power—creating a multiplier effect for domestic consumption.

The Big Picture: Tailwinds aligning for a revival

Monetary easing, fiscal stimulus, and liquidity support are converging at a time when markets have turned cautious. This alignment could drive earnings upgrades in H2 FY26, credit growth acceleration and an improved investor sentiment after a year of underperformance.

For investors, the muted market environment may not reflect the underlying potential. As policy measures gain traction, markets could be caught off guard by the strength of the earnings revival, especially if GDP growth targets of 7% are met.

Bottom Line:

The pieces are falling into place for a second-half equity market revival. With expectations running low, any positive surprise on earnings or policy could set off a rally, making H2 FY26 a period to watch closely for investors seeking early opportunities.

Disclaimer: The views and investment tips expressed by investment experts on Moneycontrol.com are their own and not those of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.

AI's impact on hiring could pose long-term challenges for jobs creation and economic growth, says Marcellus' Arindam

According to Arindam Mandal, Head of Global Equities at Marcellus, it is probably fair to expect a pickup in economic growth, helped if and when targeted GST cuts come through.

However, the long-term challenge to growth is jobs, he feels. "To turn a demand pop into sustained growth, we need broad-based job creation, which may face added pressure as AI changes hiring patterns in some services," he said in an interview to Moneycontrol.

FII flows are sensitive to US real yields, the dollar, and earnings visibility. "If US bond yields drift lower and India’s earnings hold up, FIIs tend to re-engage even with unresolved India-US trade issues," he said.

Do you see the US Federal Reserve continuing with monetary easing in the next two policy meetings as well?

The committee is likely to stay in easing mode, but the path is data dependent. One more 25 bps cut over the next two meetings is probably a reasonable base case, with another cut possible if core services inflation keeps easing and the labour market softens further.

It is worth keeping an eye on core PCE running below a 2.5 percent annualized pace on the three-month measure and on unemployment drifting a couple of tenths higher before the Fed delivers a second move. If growth stabilizes and inflation progress stalls, they are more likely to pause.

Do you expect a robust market rally — possibly a new record high — if the US–India tariff issue is resolved?

It would remove a headline risk and lower the risk premium. The biggest winners would likely be export-exposed pockets in autos, chemicals, textiles, and renewables. A durable move to new highs would still need support from earnings revisions and global rates rather than tariffs alone.

Do you believe FIIs will return to India soon, even if there is no resolution to the India–US trade issue?

They can still return. Flows are sensitive to US real yields, the dollar, and earnings visibility. If yields drift lower and India’s earnings hold up, FIIs tend to re-engage even with unresolved trade issues. The mix may skew toward quality, liquid names rather than a broad beta chase. India is viewed very favourably as a long-term opportunity, but valuation and the earnings slowdown have been points of worry. If either of those improves, we may see interest return.

After lagging significantly through the year versus other emerging markets, India’s large-cap valuation premium compared to emerging markets is now closer to in line with its historical premium.

Do you expect nominal growth to pick up significantly from next year onward?

It is probably fair to expect a pickup, helped if and when targeted GST cuts come through. Moving items from 18 percent to 12 percent lowers shelf prices by a mid-single-digit percentage. With short-run price elasticity in the 0.5 to 1.5 range, volumes can get a low- to mid-single-digit boost. Smaller trims of 2 to 4 percentage points imply low-single-digit lower prices and roughly low-single-digit higher volumes. That can add a modest 30–40 bps to private consumption growth in the near term.

The long-term challenge is jobs. To turn a demand pop into sustained growth, we need broad-based job creation, which may face added pressure as AI changes hiring patterns in some services. Placement season on campuses has started on a positive note, but the main task remains creating more and better jobs.

Do you see a bubble forming in US AI stocks?

The stress point is monetization of the enormous investments that has been committed and made. Cash burn is elevated because capacity expansion is aggressive, and in the rush to scale some players appear to be overlooking unit economics. Competition is rising from legacy vendors, custom ASICs, and Chinese chip manufacturers. In a few segments those risks look under-discounted.

The counterpoint is that AI is one of the few areas still delivering solid earnings growth and relative stability. Unless earnings breadth improves elsewhere, that leadership can persist, but my sense is we are past mid-cycle rather than early. We stay selective and prefer businesses that show cash conversion, pricing power, and capital discipline.

Do you expect the RBI’s recent measures to lead to higher credit growth over the next six months? Are you overweight on the banking sector as a whole?

Easier liquidity and transmission should trim funding costs by tens of basis points and support activity, but six months is a short window. It is reasonable to expect system credit to run in the low- to mid-teens year-on-year, with mortgages and better-quality corporate books leading.

The measures could add on the order of low single digit percentage points annualized to credit growth over that period. We are selective rather than overweight the whole sector, with a bias toward lenders that have strong deposit franchises, conservative underwriting, and consistent operating discipline.

Disclaimer: The views and investment tips expressed by investment experts on Moneycontrol.com are their own and not those of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.

Daily Voice: AI's impact on hiring could pose long-term challenges for jobs creation and economic growth, says Marcellus' Arindam

AI's impact on hiring could pose long-term challenges for jobs creation and economic growth, says Marcellus' Arindam

According to Arindam Mandal, Head of Global Equities at Marcellus, it is probably fair to expect a pickup in economic growth, helped if and when targeted GST cuts come through.

However, the long-term challenge to growth is jobs, he feels. &quot;To turn a demand pop into sustained growth, we need broad-based job creation, which may face added pressure as AI changes hiring patterns in some services,&quot; he said in an interview to Moneycontrol.

FII flows are sensitive to US real yields, the dollar, and earnings visibility. &quot;If US bond yields drift lower and India’s earnings hold up, FIIs tend to re-engage even with unresolved India-US trade issues,&quot; he said.

Do you see the US Federal Reserve continuing with monetary easing in the next two policy meetings as well?

The committee is likely to stay in easing mode, but the path is data dependent. One more 25 bps cut over the next two meetings is probably a reasonable base case, with another cut possible if core services inflation keeps easing and the labour market softens further.

It is worth keeping an eye on core PCE running below a 2.5 percent annualized pace on the three-month measure and on unemployment drifting a couple of tenths higher before the Fed delivers a second move. If growth stabilizes and inflation progress stalls, they are more likely to pause.

Do you expect a robust market rally — possibly a new record high — if the US–India tariff issue is resolved?

It would remove a headline risk and lower the risk premium. The biggest winners would likely be export-exposed pockets in autos, chemicals, textiles, and renewables. A durable move to new highs would still need support from earnings revisions and global rates rather than tariffs alone.

Do you believe FIIs will return to India soon, even if there is no resolution to the India–US trade issue?

They can still return. Flows are sensitive to US real yields, the dollar, and earnings visibility. If yields drift lower and India’s earnings hold up, FIIs tend to re-engage even with unresolved trade issues. The mix may skew toward quality, liquid names rather than a broad beta chase. India is viewed very favourably as a long-term opportunity, but valuation and the earnings slowdown have been points of worry. If either of those improves, we may see interest return.

After lagging significantly through the year versus other emerging markets, India’s large-cap valuation premium compared to emerging markets is now closer to in line with its historical premium.

Do you expect nominal growth to pick up significantly from next year onward?

It is probably fair to expect a pickup, helped if and when targeted GST cuts come through. Moving items from 18 percent to 12 percent lowers shelf prices by a mid-single-digit percentage. With short-run price elasticity in the 0.5 to 1.5 range, volumes can get a low- to mid-single-digit boost. Smaller trims of 2 to 4 percentage points imply low-single-digit lower prices and roughly low-single-digit higher volumes. That can add a modest 30–40 bps to private consumption growth in the near term.

The long-term challenge is jobs. To turn a demand pop into sustained growth, we need broad-based job creation, which may face added pressure as AI changes hiring patterns in some services. Placement season on campuses has started on a positive note, but the main task remains creating more and better jobs.

Do you see a bubble forming in US AI stocks?

The stress point is monetization of the enormous investments that has been committed and made. Cash burn is elevated because capacity expansion is aggressive, and in the rush to scale some players appear to be overlooking unit economics. Competition is rising from legacy vendors, custom ASICs, and Chinese chip manufacturers. In a few segments those risks look under-discounted.

The counterpoint is that AI is one of the few areas still delivering solid earnings growth and relative stability. Unless earnings breadth improves elsewhere, that leadership can persist, but my sense is we are past mid-cycle rather than early. We stay selective and prefer businesses that show cash conversion, pricing power, and capital discipline.

Do you expect the RBI’s recent measures to lead to higher credit growth over the next six months? Are you overweight on the banking sector as a whole?

Easier liquidity and transmission should trim funding costs by tens of basis points and support activity, but six months is a short window. It is reasonable to expect system credit to run in the low- to mid-teens year-on-year, with mortgages and better-quality corporate books leading.

The measures could add on the order of low single digit percentage points annualized to credit growth over that period. We are selective rather than overweight the whole sector, with a bias toward lenders that have strong deposit franchises, conservative underwriting, and consistent operating discipline.

Disclaimer: The views and investment tips expressed by investment experts on Moneycontrol.com are their own and not those of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.

Indian equity markets snapped a three-day winning run to end lower, with Nifty 50 closing below 25,350 as selling gripped FMCG, IT and banking shares, however, buying in realty, oil &amp; gas, power and PSU banks limited the losses.

After opening lower and extended the fall that saw Nifty slip below 25,300, mid-day buying helped Nifty end off lows.

At close, the Sensex was down 387.73 points or 0.47 percent at 82,626.23, and the Nifty was down 96.55 points or 0.38 percent at 25,327.05. BSE Midcap and smallcap indices ended flat. For the week, BSE Sensex and Nifty gained nearly a percent each.

Among sectors, consumer durables, media, auto, FMCG, IT shed 0.4-0.6%, while power, PSU bank rose 1% each.

Also Read: <a href="https://www.moneycontrol.com/news/business/markets/post-hindenburg-fiis-cut-stakes-as-domestic-investors-absorb-adani-sell-off-13560296.html">Post-Hindenburg, FIIs cut stakes as domestic investors absorb Adani sell-off</a>

The biggest Nifty losers were HCL Technologies, ICICI Bank, Nestle, Titan, Trent were the gainers were Adani Enterprises, Adani Ports, SBI Life Insurance, Shriram Finance, SBI closed lower.

Also Read: <a href="https://www.moneycontrol.com/news/business/markets/mutual-funds-rev-up-bets-on-automobile-sector-on-gst-cuts-festive-tailwinds-13560109.html">Mutual funds rev up bets on automobile sector on GST cuts, festive tailwinds</a>

In stock-specific action, Rajesh Power Services shares added 3% on orders wins, Kaynes Technologies shares slipped on CEO's exit, Texmaco Rail shares jumped on UltraTech order, and Adani stocks rallied on clean chit by market regulator Sebi.

Vodafone Idea's shares rose 8% on Centre's submission to the apex court in the AGR dispute, Graphite India shares gained 1% on stake acquisition in US-based company, and John Cockerill's shares added 5% on a contract win.

More than 150 stocks touched their 52-week highs on the BSE, including Adani Power, Gujarat Mineral, Laurus Labs, Ashok Leyland, Radico Khaitan, Eicher Motors, Hyundai Motor, Maruti Suzuki, Eternal, Tata Steel, among others. Click to <a href="https://www.moneycontrol.com/stocks/marketstats/bsehigh/index.php">View More</a>

Outlook for September 22

Shrikant Chouhan, Head Equity Research, Kotak Securities

Indian equity markets delivered positive weekly returns amid broader strength in the global equities. Rally in the global markets was supported by the 25 bps rate cut announced by the US Fed. In India, the larger indices like Nifty 50 and Sensex 30 moved higher this week by around 1%. The midcap and smallcap index outperformed the larger peers with BSE Midcap and BSE Smallcap index posting weekly gains of 1.5-2%.

In view of positive momentum, almost all the key sectoral indices posted positive returns. BSE Realty index led with gains of 4% whereas the FMGC index was an underperformer with flattish returns.

India’s CPI inflation was 2.1% in August, as food prices contracted by 0.7%. The GST rate cuts is expected to keep the inflation trajectory under control in the next few quarters.

GST rate cut comes into effect from next week and that is expected to keep consumption and other stocks benefiting from lower GST rate in focus. Markets would continue to look for clarity on the US tariff situation and its impact on economic growth.

Rupak De, Senior Technical Analyst at LKP Securities

Nifty slipped on Friday after forming a hanging man pattern in the previous session. While the short-term trend continues to favor the bulls, a mild pullback from the current level looks possible.

On the lower side, support is placed at 25,150, below which the trend may weaken.

However, if the index manages to stay above 25,150, it could move towards 25,500. A decisive move above 25,500 may then open the road to 26,000.

Disclaimer: The views and investment tips expressed by experts on Moneycontrol.com are their own and not those of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decision.

Taking Stock: Three-day rally snaps as Nifty ends below 25,350, Sensex down 388 points

Indian equity markets snapped a three-day winning run to end lower, with Nifty 50 closing below 25,350 as selling gripped FMCG, IT and banking shares, however, buying in realty, oil &amp;amp; gas, power and PSU banks limited the losses.

After opening lower and extended the fall that saw Nifty slip below 25,300, mid-day buying helped Nifty end off lows.

At close, the Sensex was down 387.73 points or 0.47 percent at 82,626.23, and the Nifty was down 96.55 points or 0.38 percent at 25,327.05. BSE Midcap and smallcap indices ended flat. For the week, BSE Sensex and Nifty gained nearly a percent each.

Among sectors, consumer durables, media, auto, FMCG, IT shed 0.4-0.6%, while power, PSU bank rose 1% each.

Also Read: Post-Hindenburg, FIIs cut stakes as domestic investors absorb Adani sell-off

The biggest Nifty losers were HCL Technologies, ICICI Bank, Nestle, Titan, Trent were the gainers were Adani Enterprises, Adani Ports, SBI Life Insurance, Shriram Finance, SBI closed lower.

Also Read: Mutual funds rev up bets on automobile sector on GST cuts, festive tailwinds

In stock-specific action, Rajesh Power Services shares added 3% on orders wins, Kaynes Technologies shares slipped on CEO's exit, Texmaco Rail shares jumped on UltraTech order, and Adani stocks rallied on clean chit by market regulator Sebi.

Vodafone Idea's shares rose 8% on Centre's submission to the apex court in the AGR dispute, Graphite India shares gained 1% on stake acquisition in US-based company, and John Cockerill's shares added 5% on a contract win.

More than 150 stocks touched their 52-week highs on the BSE, including Adani Power, Gujarat Mineral, Laurus Labs, Ashok Leyland, Radico Khaitan, Eicher Motors, Hyundai Motor, Maruti Suzuki, Eternal, Tata Steel, among others. Click to View More

Outlook for September 22

Shrikant Chouhan, Head Equity Research, Kotak Securities

Indian equity markets delivered positive weekly returns amid broader strength in the global equities. Rally in the global markets was supported by the 25 bps rate cut announced by the US Fed. In India, the larger indices like Nifty 50 and Sensex 30 moved higher this week by around 1%. The midcap and smallcap index outperformed the larger peers with BSE Midcap and BSE Smallcap index posting weekly gains of 1.5-2%.

In view of positive momentum, almost all the key sectoral indices posted positive returns. BSE Realty index led with gains of 4% whereas the FMGC index was an underperformer with flattish returns.

India’s CPI inflation was 2.1% in August, as food prices contracted by 0.7%. The GST rate cuts is expected to keep the inflation trajectory under control in the next few quarters.

GST rate cut comes into effect from next week and that is expected to keep consumption and other stocks benefiting from lower GST rate in focus. Markets would continue to look for clarity on the US tariff situation and its impact on economic growth.

Rupak De, Senior Technical Analyst at LKP Securities

Nifty slipped on Friday after forming a hanging man pattern in the previous session. While the short-term trend continues to favor the bulls, a mild pullback from the current level looks possible.

On the lower side, support is placed at 25,150, below which the trend may weaken.

However, if the index manages to stay above 25,150, it could move towards 25,500. A decisive move above 25,500 may then open the road to 26,000.

Disclaimer: The views and investment tips expressed by experts on Moneycontrol.com are their own and not those of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decision.

7 out of 13 years BSE SME IPO has given negative returns in September.

Type	R1	R2	R3	PP	S1	S2	S3
Classic	108,240.62	108,589.51	109,029.53	107,800.60	107,451.71	107,011.69	106,662.80
Fibonacci	108,101.96	108,288.15	108,589.51	107,800.60	107,499.24	107,313.05	107,011.69
Camarilla	107,964.05	108,036.36	108,108.68	107,800.60	107,819.41	107,747.10	107,674.78

INDEX CONTRIBUTION - BSE SME IPO

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