Stock Market Highlights: Sensex Ends Flat, Nifty At 22,620; Pharma Top Drag, Realty Outperforms

• LT Foods said its Netherlands-based subsidiary will increase its stake in Leev.nu B.V. to 70.75% from the current 30%.

• The stake acquisition will be completed for a consideration of EUR 1.735 million.

• Following the transaction, Leev.nu B.V. will become a majority-owned subsidiary of LT Foods' Netherlands arm.

• Apollo Tyres has approved the issuance of non-convertible debentures (NCDs) worth Rs 500 crore.
• The fundraising will be undertaken through the issuance of NCDs.

• The company said it has received No Objection-cum-No Dues-cum-Release Letters from all 14 consortium banks.

• The development follows the successful repayment and clearance of outstanding debt owed to all members of the banking consortium.

• The company said the final No-Dues and Release Letter from the last remaining bank was received today, completing the debt clearance process.

• The update was disclosed through a regulatory communication to the exchanges.

• Mangalore Refinery and Petrochemicals Ltd. (MRPL) confirmed a fire incident involving a cold separator rupture at one of its units.

• The company said the battery limits of the affected unit have been isolated.

• The fire has been brought under control, according to the company's exchange filing.

• MRPL said one personnel sustained minor injuries in the incident.

• The company added that there is no reason for panic for individuals inside or outside the unit.

• Dixon Technologies said its subsidiary has entered into an Intellectual Property Rights (IPR) agreement with Aviat Networks.

• The agreement relates to the sale of microwave radios.

• The company disclosed the development in an exchange filing.

• The Delhi High Court has issued notices to Ola, Uber, Rapido, the Centre and the Delhi government on a PIL seeking enhanced safety measures for women using app-based mobility services.

• The court observed, "We want to make the private operators of the taxi apps accountable," during the proceedings.

• The PIL seeks uniform safety measures for women using app-based cabs, bike taxis and ride-hailing platforms.

• The petition also calls for a comprehensive overhaul of safety mechanisms, including stronger driver verification processes, enhanced emergency response systems and improved grievance redressal mechanisms.

• The matter came up during court proceedings before the Delhi High Court.

• The Nifty 50 tumbled more than 200 points from the day's high and moved closer to the 22,600 level, underperforming the broader market.

• Max Healthcare Institute and Apollo Hospitals were among the top losers on the Nifty.

• Sectorally, Nifty Pharma was among the worst-performing indices, while Nifty Metal and Nifty Pharma both declined more than 1%.

• Nifty IT witnessed the sharpest reversal from intraday highs among major sectoral indices.

• Within the IT pack, Mphasis, Coforge and Infosys all fell more than 3% from their intraday highs.

• The weakness came amid broad-based selling across frontline stocks, with defensive sectors also coming under pressure.

Coca-Cola Co. is considering filing a draft prospectus in December for an IPO of its Indian bottling unit, Hindustan Coca-Cola Beverages, according to people familiar with the matter cited by Bloomberg. Axis Capital and IIFL Capital Services have reportedly been added to the banking lineup.

The IPO is expected to comprise largely an offer for sale by existing investors, with Coca-Cola seeking a valuation of about $10 billion. Bloomberg had previously reported that the offering could raise around $1 billion.

Crude oil prices fell by Rs 99 to Rs 8,579 per barrel in the futures trade on Wednesday amid weak spot demand in the domestic market. On the Multi Commodity Exchange, crude oil futures for October delivery slipped by Rs 99, or 1.14 per cent, to Rs 8,579 per barrel in a business turnover of 10,803 lots.

Analysts said the prices fell after participants offloaded their holdings amid weak demand in the spot market. Globally, West Texas Intermediate crude was trading 0.44 per cent higher at USD 89.77 per barrel, while Brent crude rose 0.68 per cent to USD 103.29 per barrel in New York.

Gold prices on Wednesday rose by Rs 1,288 to Rs 1,50,111 per 10 grams in futures trade as speculators created fresh positions on firm spot demand. On the Multi Commodity Exchange, the yellow metal contract for December delivery traded higher by Rs 1,288, or 0.87 per cent, at Rs 1,50,111 per 10 grams in a business turnover of 1,092 lots. Fresh positions by market participants led to a rise in the precious metal's prices, analysts said. Gold futures declined 0.10 per cent to USD 4,178.02 per ounce in New York.

The valuation gap across Indian solar photovoltaic (PV) manufacturers has largely closed over the past year, with market pricing now broadly aligned for companies with operational or near-commissioning solar cell capacities, global brokerage Bernstein noted in a recent research report on India's Industrials and Infrastructure space. The historical valuation arbitrage between large and small domestic solar equipment players has compressed as market multiples rationalised.

While coverage names Waaree Energies and Premier Energies experienced valuation corrections, non-covered peer Emmvee saw a re-rating. Market multiples for companies holding operational cell lines are broadly comparable-contingent on timely project execution. Among the solar PV pack, Bernstein singled out Premier Energies for offering superior execution visibility, noting that its manufacturing plant is already operating in the trial phase.

Railway stocks were in demand on Wednesday, with shares of key railway public sector undertakings (PSUs) rallying up to 18% in intraday deals on the BSE amid heavy trading volumes. Ircon International shares zoomed 18.32% to hit an intraday high of Rs 121.05 apiece. RITES rallied 12.13% to Rs 215.80, while RailTel gained 8.48% to hit an intraday high of Rs 281.15. IRFC also advanced 4.26% to Rs 81.33.

At 12:21 pm, Ircon International shares were trading 15.44% higher at Rs 118.10 apiece, while RITES was up 11.25% at Rs 214.10. RailTel was trading 5.38% higher at Rs 273.10, while IRFC gained 3.64% to Rs 80.84. In comparison, the BSE Sensex was trading 0.31% higher at 72,789 levels. The gains in these railway stocks came amid a sharp spike in trading volumes.

Sensex surges 500 points, Nifty nears 22,800; India VIX eases 3%. Among the major sectoral indices, Nifty Media is the best performing sector while Nifty Pharma is the worst performing sector. The frontline indices started the fresh series on a flat note as India VIX declined for the second consecutive session, Nifty is trading in a narrow range of 110 points since the start of the session. Banking stocks are relatively outperforming led by ICICI Bank, Kotak and Axis Bank.

Nifty sectoral trends

Sun TV Network shares are having a sharp September run, with the stock up around 28% so far this month. Several potential earnings catalysts, including the performance of Sun TV's cricket franchise, the upcoming release of Jailer 2 and the company's cash position, have now come into focus.

The biggest boost in Q1 FY27 came from cricket. Sun TV's cricket franchise revenue rose about 33% year on year, reaching nearly Rs 630 crore, helping consolidated revenue rise 13%. EBITDA increased 19%, while profit after tax climbed 16%. The EBITDA margin stood at around 51.5%.

The improvement, however, was not across the board. Advertising revenue declined 2.6%, while domestic subscription revenue grew 3.3%. This makes a recovery in the core television advertising business an important trigger for the stock. The other potential catalyst is Jailer 2, the Rajinikanth-starrer expected to contribute to Sun TV's content and movie-related revenue in Q3FY27. 

The frequent regulatory changes remain a worry for the market, according to Manish Sonthalia, Director and Chief Investment Officer at Emkay Investment Managers. Highlighting the need for greater predictability in the regulatory environment, Sonthalia urged regulators to prepare the market for the changes.

In an interview with NDTV Profit, he said that the frequent regulatory changes have emerged as an additional concern for investors. “The new worry is the frequent regulatory changes,” Sonthalia said, pointing to changes and proposals across areas such as MDR, BIS notifications and insurance commission norms.

According to him, while such reforms could be beneficial for consumers, industries and the market over the long term, they can create short-term disruptions. Changes to the rules of the game can force investors to reset their valuation models, particularly because a significant portion of a company's valuation is derived from its terminal value and assumptions around continuity of business.

Nifty IT stocks were largely trading higher ahead of Accenture's fourth-quarter fiscal 2026 earnings, due on Oct 1. Eight of the nine IT names tracked were in the green in current trading, with Coforge, Mphasis and Persistent Systems leading the gains. IT stocks rose nearly 3% and looked to snap an eight-session losing streak.

Coforge was the top gainer, trading at Rs 1,796.60, up 4.33%, after touching an intraday high of 4.83%. Mphasis was at Rs 2,217.60, up 2.93%, after hitting an intraday high of 3.51%. Persistent Systems traded at Rs 5,307, up 2.81%, while its intraday high was up 3.50%. Oracle Financial Services Software was at Rs 10,674, up 2.58%.

Tata Consultancy Services traded at Rs 2,078.40, up 2.26%, after gaining as much as 2.74% intraday. Wipro was at Rs 160.26, up 2.21%, with its intraday high showing a 2.61% gain. Tech Mahindra traded at Rs 1,540.20, up 1.97%, after rising as much as 2.84% during the session. HCL Technologies was at Rs 1,236.60, up 1.19%, with an intraday high gain of 2.27%.

Global financial heavyweights put a sizeable slice of BSE Ltd on the market, with BNP Paribas and Goldman Sachs together selling nearly 1.7 per cent stake in the stock exchange for Rs 2,186 crore through separate bulk deals on the NSE.

Paris-based BNP Paribas, through its affiliate BNP Paribas Financial Markets, sold 44.51 lakh shares on Tuesday, representing a 1.09 per cent stake in BSE, according to exchange data. Goldman Sachs, through its arm Goldman Sachs Investments Mauritius I Ltd, offloaded more than 23.81 lakh shares, amounting to a 0.58 per cent stake in the Mumbai-based exchange.

The shares were sold in the price range of Rs 3,199.54-3,200 apiece, taking the aggregate value to Rs 2,186.44 crore. On the buying side, UTI Mutual Fund picked up 27.12 lakh shares of BSE, while Nippon India Mutual Fund bought 25.29 lakh shares.

The two mutual funds acquired the shares at an average price of Rs 3,200 apiece, taking the combined value of their purchases to Rs 1,677.60 crore. Details of other buyers could not be identified from the bourse data.

Shares of BSE Ltd declined nearly 4 per cent to trade at Rs 3,080 apiece on the National Stock Exchange (NSE) on Wednesday. In a separate bulk deal on the NSE, Chetan Kajaria Family Private Trust, one of the promoters of Kajaria Ceramics, sold 18 lakh shares or a 1.13 per cent stake in the company for Rs 214 crore through an open market transaction.

The shares were offloaded of at an average price of Rs 1,190.01 apiece. Following the transaction, the combined holding of promoters and the promoter group in Kajaria Ceramics declined to 46.56 per cent from 47.69 per cent.

Meanwhile, SageOne Investment Managers, a Pune-based investment management firm, bought 10.5 lakh shares, or nearly a 1 per cent stake in the company for Rs 124.95 crore.

The details of other buyers of Kajaria Ceramics' shares could not be identified from exchange data. On Wednesday, the scrip of Kajaria Ceramics rose 5.5 per cent to trade at Rs 1,256 apiece on the NSE.

Kajaria Ceramics is India's largest manufacturer of ceramic and vitrified tiles. It also has a presence in sanitaryware, faucets, plywood and tile adhesives.

Market sentiment is broadly positive, led by strong gains in IT, media, cement, metals and chemical stocks. Auto, banking, private banks and oil sectors are also trading higher. Pharma and healthcare remain under pressure, while financial services and consumer sectors are mixed. Overall, gains in technology and cyclical sectors are offsetting weakness in healthcare and select financial segments.Sensex has lost more than 20% in dollar terms so far in 2026.

Chemical stocks, including SRF, Navin Fluorine International and Stallion India Fluorochemicals, gained in early trade on Wednesday on reports of likely extension of anti-dumping duty on Chinese HFC blends. Stallion India shares jumped as much as 4.04%, while SRF shares gained nearly 2% and Navin Fluorine shares rose 1.4%.

The Directorate General of Trade Remedies (DGTR) recommended extending the anti-dumping duty on Hydrofluorocarbon (HFC) blends imported from China for another five years. The proposed duty ranges from $1,553 to $2,251 per tonne and applies to R-407 and R-410 refrigerant blends. However, the final decision on the extension will be taken by the Central government.

Veteran market investor Parag Thakkar sees major upside in HDFC Bank shares, betting on the stock's attractive valuation and absence of asset-quality concerns. Thakkar has pegged a 12-15-month target of Rs 925 for HDFC Bank, implying nearly 30% upside from the stock's current market price.

Thakkar said HDFC Bank's valuation looks compelling at around 10 times price-to-earnings (PE) and 1.3 times price-to-book (P/B). In his view, the stock can reach the Rs 925 level over the next 12–15 months irrespective of who takes charge as the bank's next MD and CEO, given the valuation and asset-quality profile.

“In my view, at 10 PE and 1.3x price book, Rs 925 HDFC view will go for sure in 12-15 months irrespective of whoever takes charge as new MD and CEO. The valuation is so compelling and there is no asset quality issue,” Thakkar said. He also expects HDFC Bank to announce its new CEO before the bank's October 17 Q2FY27 results.

Fertiliser stocks could remain in focus as India heads into the Rabi season amid rising concerns over El Nino, uneven rainfall and potential crop stress. External Affairs Minister S Jaishankar, at an Asia Society event in New York on Sept 29 warned of a 'possible major food crisis' in the coming months, citing fertiliser shortages, disrupted grain shipments and the prospect of a 'super El Nino'. The immediate trigger for the agricultural sector is the impact of weather on the upcoming winter crop season. 

For fertiliser companies, the picture is broader than it looks. Higher crop stress can increase demand for crop-protection products, but a weaker crop outlook or lower acreage in rainfed areas could curb fertiliser consumption. Coromandel International, Chambal Fertilisers and Paradeep Phosphates could be among the listed names in focus. Other listed companies to watch include RCF, NFL, FACT and Gujarat State Fertilizers & Chemicals (GSFC).

From rural NBFCs, banks, and fertiliser firms to tractor makers, building materials and FMCG companies, several sectors could come under pressure as drought risks and an emerging El Nino threaten farm incomes and the upcoming Rabi season. The concern is no longer limited to crop output either, as a weak monsoon can squeeze rural cash flows, delay farm-input purchases and weaken demand for big-ticket agricultural products.

These are the sectors that could potentially take a hit:

• NBFCs
• Banks
• Tractors
• Building Materials
• Fertilisers
• FMCG

Crude-linked stocks are trading higher on Sept. 30 as oil prices continue to stay above $100 per barrel even as satellite imagery confirms a “major operational recovery” at the Yanbu and Muajjiz terminals, according to a Kpler note published Tuesday. This is on the back of continued uncertainty over the reopening of the Strait of Hormuz. 

The dip in crude oil prices boosted stocks across sectors that typically face higher energy and raw material costs when oil becomes more expensive. Oil marketing companies (OMCs) emerged as key gainers, as lower crude prices can lift pressure on marketing margins. Shares of Bharat Petroleum Corporation Ltd. and Hindustan Petroleum Corporation Ltd. rose 2.54% and 1.88% respectively. Indian Oil Corporation Ltd. jumped 2.86%.

Shares of Adroit Industries Ltd. made a bumper debut on the exchanges after listing with a premium of 75.37% to its IPO issue price. The stock listed at Rs 235 on the NSE, compared to the issue price of Rs 134. The stock received higher gains on BSE and listed at Rs 250, 85% above the upper end of the issue price band.  Adroit Industries IPO was subscribed 176.85 times by the end of the third and final day of bidding. The IPO received bids for 1,39,22,95,200 shares against 78,72,900 offered.

The delivery of the first Tejas Mk1A fighter could be the moment Hindustan Aeronautics wins back investor trust, says global brokerage Jefferies. It has retained its 'Buy' rating on the stock with a price target of Rs 6,800, implying about 43% upside from the previous close of Rs 4,739. In a note dated September 30, Jefferies said the Mk1A, which makes up 43% of HAL's order book, is the key trigger for a re-rating.

The stock has de-rated because of delays on the aircraft since 2024, which have raised concerns about the company's ability to execute. The note draws on interviews given by HAL CMD Ravi Kota on September 18, after the company completed delivery of the Tejas Mk1 trainer aircraft contract. Kota said he was confident of delivering Mk1A aircraft this year.

Bernstein has cut its target price on PB Fintech by 53% to Rs 1,085 from Rs 2,310, while retaining its ‘Outperform' rating, as the brokerage revises its earnings estimates following what it calls a “harsher than expected” commission cut proposal. In its updated report titled “PB Fin: Max pain - Business model changes needed; Updating our forecasts and target price”, Bernstein said the reduced take-rates in the general insurance business cannot cover PB Fintech's current costs. 

The brokerage expects the company to either scale back its general insurance business or find alternative models to capture the value lost from lower revenues in the health segment. Bernstein said mitigation strategies could help recoup some of the lost value, but these are difficult to quantify at this stage and have not been factored into its forecasts.

Market benchmark indices Sensex and Nifty rebounded in early trade on Wednesday after two days of losses amid easing crude oil prices and buying in blue-chip IT stocks. The 30-share BSE Sensex advanced 190 points to 72,733.04 in early trade. The 50-share NSE Nifty was up 22 points to 22,735.20. From the 30 Sensex firms, Tata Consultancy Services, Tech Mahindra, HCL Tech, InterGlobe Aviation, ICICI Bank and Trent were among the major winners. HDFC Bank, Sun Pharma and NTPC were among the laggards.

"Indian equities are likely to find some relief at the open as a sharp pullback in crude oil prices eases one of the key pressures that has weighed on domestic markets in recent sessions," Ponmudi R, CEO of Enrich Money, an online trading and wealth-tech firm, said. The moderation in oil prices, however, comes against a backdrop of continued uncertainty over the US-Iran conflict and the outlook for regional energy supplies, he added.

The monthly equity derivatives expiry on Tuesday signalled a risk-off turn, marked by broad unwinding of bullish positions, a fresh buildup of shorts and heavier foreign selling, as markets grapple with a global bond rout, as per brokerages. The benchmark Nifty 50 fell 6.7% during the September derivative series, making it the worst performer among Asian markets. Bank Nifty declined 5.7%, contributing the most to benchmark losses.

Domestic equity benchmarks Sensex and Nifty 50 were flat on Wednesday as a rebound in most sectors after a two-day selloff was offset by sustained foreign selling, with the absence of a US-Iran peace deal keeping risk sentiment fragile.
The Nifty 50 fell 0.06% to 22,702.9, while the BSE Sensex added 0.13% to 72,605.07. The indexes have fallen about 1.8% each in the last two sessions. Twelve of the 16 major sectors advanced. The broader small-caps and mid-caps added 1% and 0.9%, respectively.

"The 5.67% sharp correction in Nifty in September, so far, was triggered mainly by elevated crude and high US bond yields. The correction turned intense during the last few days when FIIs turned big sellers. During the last four trading days FIIs sold equity for Rs 24054 crores- massive selling. In the context of the 10-year US bond yields hovering around 5.2%, this FIIs selling is a rational act,'' said Dr. V K Vijayakumar, Chief Investment Strategist, Geojit Investments Ltd.

''From the Indian investors’ perspective, this sharp correction in the market presents an opportunity. Large-caps with good growth prospects have reached attractive valuations. This is a value buying opportunity. In segments like financials, particularly large banks, capital goods, telecom and automobiles, there are good buying opportunities,'' he said.

''The risk-reward in market leaders in these segments is highly favourable for investment. Correction in crude prices can trigger a rally in the market and when that happens these large-caps might lead the rally. For medium to long-term investors, this market presents rare value-buying opportunities,'' added Dr. V K Vijayakumar.

BSE share price will be in focus on Wednesday as the stock will begin trading on the flagship Nifty 50 index for the first time. As a part of NSE's bi-annual index rebalancing which takes effect today, September 30, BSE shares will replace IT major Wipro in the Nifty 50 index. Wipro shares will now trade on the Nifty Next 50 index.

The Nifty indices rebalancing exercise took place on Tuesday, September 29, during the monthly expiry session. BSE share price jumped 3.31% to Rs 3,200.00 apiece, while Wipro share price ended 2.95% lower at its 52-week low of Rs 156.79 apiece.

According to Nuvama Alternative & Quantitative Research's estimates, BSE shares could see inflows to the tune of $668 million as part of its inclusion in the Nifty 50 index. On the contrary, Wipro shares are likely to see outflows worth over $230 million due to the exclusion from the index.

Gujarat-based Inox Clean Energy, part of the INOXGFL Group, has filed its Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (SEBI), proposing to raise up to Rs 10,000 crore through an initial public offering (IPO). The proposed IPO comprises a fresh issue of equity shares worth up to Rs 8,000 crore and an offer-for-sale (OFS) of shares worth up to Rs 2,000 crore by promoter Devansh Jain.

The company may also explore a pre-IPO placement of up to Rs 1,600 crore. In case such a placement is completed before the red herring prospectus is filed with the Registrar of Companies (RoC), the fresh issue size will be reduced by the amount raised through the placement. A major portion of the fresh issue proceeds is proposed to be used for debt reduction.

Raymond shares have surged more than 230% in six months, touching Rs 1,160 on September 24, as investors assess the company's growing exposure to aerospace and defence manufacturing. The rally has coincided with a shift in its business mix towards higher-margin aerospace operations, alongside strong quarterly earnings and plans to expand manufacturing capacity.

The company also received a boost after its board approved the issuance of convertible warrants to Minerva Ventures Fund at Rs 645 per warrant. Raymond reported revenue from operations of Rs 606 crore in Q1 FY27, up 15.6% year-on-year. EBITDA increased 14% to Rs 100 crore, while net profit rose 50% to Rs 31 crore. The company reported a net cash surplus of around Rs 129 crore at the end of the quarter.

Here are five key factors to watch ahead of the opening of the Indian stock market today:

Asian Markets

Wall Street

US Treasury Yields

Crude Oil Prices

Gold Rate Today

Brent crude prices were little changed, remaining above the $100-a-barrel mark as uncertainty over the reopening of the Strait of Hormuz continued amid the ongoing US-Iran war. Last checked, Brent crude was trading 0.31% higher at $102.90 a barrel, while WTI Crude was trading 0.1% lower at $89.28 a barrel according to Bloomberg.

Oil prices had fallen sharply on Tuesday after Saudi Arabia's crude exports from its Red Sea ports showed signs of recovery following an attack on a key pipeline earlier this month. Brent crude futures fell 2.6% to close at $102.59 a barrel, while US West Texas Intermediate futures declined around 3.5% to $89.38.

Asia-Pacific markets opened higher Wednesday, with Japan's Nikkei 225 gaining 1.4% and the broader Topix up 0.6%. South Korea's benchmark Kospi as well as the small-cap Kosdaq added over 1%. Australia's benchmark S&P/ASX 200 was marginally higher. Indonesia's rupiah breached 18,000 per US dollar for the first time in nearly two months on Tuesday, as Asian currencies stayed under pressure from rising global bond yields and US-Iran tensions. The rupiah hit its lowest level since August 4 at 18,010 per dollar and stayed near the closely watched 18,000 level through the session.

Stock Market Today Live Updates: Hello and welcome to NDTV Profit's live coverage of stock market news today, with the top market directions in India, Asia Pacific and the West.

From pre-market signals to the most buzzing stocks in trade, we bring you all top developments from D-Street to keep you updated throughout the day. 

The Indian stock market is likely to remain volatile after renewed geopolitical tensions between the US and Iran and rise in crude oll prices.

Stay tuned to NDTV Profit for all back-to-back live updates of the Indian stock market, trending stock calls, global indices and company announcements on Wednesday, Sept. 30, 2026.