Live: Nifty holds 23,400; Tata Group, textile stocks in focus | Closing Bell
The Nifty extends its rebound for the fourth straight day, while the Sensex surges over 600 points and the Nifty trades above 23,450 as markets start the week on a positive note. Market breadth remains weak despite the gains, while the VIX declines. Broader markets are mixed, with smallcaps outperforming. FMCG, pharma and realty stocks lead the gains, while IT, metal and PSU banking stocks remain under pressure. Textile stocks fall after Trump signs the Russia sanctions bill. HDFC Bank shares gain as UBS maintains its ‘Buy’ rating, while Tata Group stocks falter as the boardroom battle is likely to reach court. The NSE IPO is subscribed 2.31 times on Day 3, with the retail portion fully booked, the QIB category subscribed 3.7 times and the NII portion 3.52 times, while the grey market premium stands at 3%. Brent crude falls 2% to $101 a barrel, while US futures rise after the Dow’s third consecutive losing week. Asian markets trade higher, with the Kospi and Hang Seng gaining 0.5%-1.6%, while Japanese markets remain shut for a holiday. The US and China are holding trade and AI talks ahead of the Trump-Xi summit, with Donald Trump and Xi Jinping scheduled to meet on September 24. Among Nifty 50 stocks, HDFC Life, HCL Tech and Eternal are the top gainers, while Bharti Airtel, Adani Ports and Bajaj Finance are the top losers.