Indian stocks rise as IT leads
Indian stock markets opened higher on Tuesday, September 15, with the Nifty 50 rising 114.20 points to 23,512.30 and the Sensex gaining 429.10 points to 75,210.86 as of 9.17 am. This rebound follows two consecutive sessions of losses.
The Nifty had closed the previous session at 23,398.10, opening today at 23,576.15. The Sensex closed at 74,781.76 and opened at 75,369.63.
IT Stocks Lead the Rebound
IT stocks drove the market’s recovery, with all five top Nifty gainers from the sector.
This recovery comes despite a weak global backdrop.
Crude Oil and Rupee Concerns
Brent crude remains a primary concern, trading near $107 a barrel following Houthi attacks on Saudi oil infrastructure and clashes involving U.S. naval vessels and Iranian tankers.
The Indian rupee fell 33 paise in the previous session to close at 94.82, pressured by aggressive dollar buying and raised oil prices. As a net oil importer, India faces direct pressure on its import bill and inflation outlook from higher energy costs.
The RBI is likely to have intervened in forex markets to stabilize the rupee amid rising oil prices and US rate hike expectations, according to traders.
The Nifty IT index gained over 5% to 30,386.10, with all counters in the green. Top gainers included HCL Tech, LTM, Tech Mahindra, MphasiS, Infosys, and TCS.
The Nifty is expected to open around 23,450, up by nearly 50 points, indicating a mildly positive start. The immediate support is around 23,200–23,250, while 23,600–23,700 remains the key resistance zone.
The view remains cautiously positive above the 23,400 level, with traders advised to look for buying opportunities on dips rather than chasing the opening move.
Corporate Developments and Listings
Pranav Constructions made a strong debut on the NSE, listing at ₹165, a 33% premium over its IPO price of ₹124. The company’s ₹351 crore IPO was subscribed 121 times. Apana Logistics, meanwhile, listed on the BSE SME platform with a ₹34.14 crore IPO at ₹60 per share, subscribed 1.26 times.
UNO MINDA announced significant expansions, including a new 2-wheeler alloy wheel plant in Haryana with a ₹155 crore capex, a casting division expansion in Hosur with a ₹510 crore capex, and a Bengaluru plant expansion for its subsidiary with a ₹80 crore capex. The company also approved the issuance of non-convertible debentures (NCDs) up to ₹600 crore and commercial papers up to ₹500 crore.
BHEL’s board approved a ₹65 crore investment in its joint venture, NTPC BHEL Power Projects Private Limited. HFCL’s board sanctioned an additional ₹820 crore for expanding its optical fiber network and manufacturing capacities, though its shares fell 3% to ₹226.90.
ACME Solar commissioned Phase-I of its BESS project in Rajasthan, comprising 53.63 MW/300 MWh out of a total 300 MW/1581 MWh. Its shares surged 3% to ₹413.60. Kellton secured a contract to build an enterprise loan integration platform for a leading automotive finance company, driving its shares up 4% to ₹14.36.
Hexaware Technologies collaborated with Project NANDA Fellowship, a remote AI program, boosting its shares by 4.5% to ₹518.95. Muthoot Microfin raised ₹250 crore through NCDs to fund growth initiatives, though its shares remained flat at ₹195.50.
Market Predictions and Global Influences
Global markets remain cautious amid rising oil prices, inflation concerns, and impending central bank decisions. Brent crude futures climbed to $106.93 per barrel, while U.S. West Texas Intermediate futures reached $102.65. The U.S. dollar neared a two-week high as oil prices lifted Treasury yields, reinforcing Fed rate hike expectations.
Bitcoin traded around $78,000, with resistance at $80,000 and support at $75,000. Ethereum held near $2,517, with resistance at $2,550, $2,600 and support at $2,470, $2,500. Crypto markets absorbed external pressures, with Bitcoin showing resilience despite ETF outflows.
Foreign Portfolio Investors (FPIs) withdrew ₹13,138 crore from Indian equities in September’s first half, driven by global uncertainty, rising oil prices, and a stronger dollar. This contrasts with net inflows in July and August, totaling ₹20,200 crore and ₹29,630 crore, respectively.
The rupee faced pressure, expected to open near 95.80 against the dollar, with the RBI likely to intervene to defend this level. Indian bonds also weakened as the RBI planned to sell ₹1 lakh crore of bonds to drain liquidity, with the 2031 yield jumping 16 basis points.
