Market Commentary - Mid-Session
29-Sep-2025 13:35
Indices trade with minor gains; European mrkt opens higher
At 13:30 IST, the barometer index, the S&P BSE Sensex added 142.93 points or 0.18% to 80,569.93. The Nifty 50 index rose 53.10 points or 0.22% to 24,713.25.
In the broader market, the S&P BSE Mid-Cap index rose 0.37% and the S&P BSE Small-Cap index added 0.07%.
The market breadth was negative. On the BSE, 1,930 shares rose and 2,146 shares fell. A total of 199 shares were unchanged.
The Reserve Bank of India kicked off its three-day monetary policy meeting today, which is set to wrap up on 1 October 2025.
Economy:
India's forex reserves dropped by $396 million to $702.57 billion for the week ended September 19, according to the RBI data.
In the previous reporting week, the overall reserves had jumped by $4.698 billion to $702.966 billion.
For the week ended September 19, foreign currency assets, a major component of the reserves, decreased by $864 million to $586.15 billion.
The gold reserves increased by $360 million to $92.779 billion during the week, the RBI said. The Special Drawing Rights (SDRs) were up by $105 million to $18.879 billion, the apex bank said.
India's reserve position with the IMF was also up by $2 million at $4.762 billion in the reporting week, the data showed.
Gainers & Losers:
InduSind Bank (up 2.36%), Wipro (up 1.91%), Titan Company (up 1.76%), Hindalco Industries (up 1.57%) and Etarnal (up 1.51%) were the major Nifty50 gainers.
Axis Bank (down 2.05%), Maruti Suzuki India (down 1.23%), Kotak Mahindra Bank (down 0.97%), HDFC Life Insurance Company (down 0.82%) and Tech Mahindra (down 0.80%) were the major Nifty50 losers.
Stocks in Spotlight:
Vascon Engineers surged 10.79% after the company signed memorandum of understanding (MoU) with Adani Infra (India) to act as their execution partner under an early engagement model for five years.
Zaggle Prepaid Ocean Services shed 0.14%. The company has entered into a referral partnership agreement with IDFC First Bank to offer forex solutions to its corporate customers.
SEPC fell 1.50%. The company received a contract from Avenir International Engineers & Consultants LLC for the execution of engineering services related to various ADNOC (Abu Dhabi National Oil Company) projects.
Azad Engineering added 1.14%. The company announced that it has entered into a new long-term contract and price agreement with Mitsubishi Heavy Industries (MHI), Japan, valued at $73.47 million (Rs 651 crore).
Global Markets:
European market opened higher on Monday as investors monitored the impact of a potential U.S. government shutdown later in the week.
Asian market traded mixed as investors looked past the latest tariff developments.
Investors braced for a possible shutdown of the U.S. government, which would in turn delay publication of the September payrolls report and a raft of other key data.
President Donald Trump will meet with the top Democratic and Republican leaders in Congress later on Monday to discuss extending government funding. Without a deal, a shutdown would begin on Wednesday, which is also when new U.S. tariffs on heavy trucks, pharmaceuticals, and other items go into effect.
On the data front, China's industrial profits returned to growth in August even as businesses braced for a broader economic slowdown amid persistent demand woes.
Industrial profits rose 20.4% in August from a year earlier, reversing a 1.5% year-on-year decline in July, while profits grew 0.9% in the first eight months compared to a 1.7% decline in the January-July period, National Bureau of Statistics (NBS) data showed on Saturday.
Meanwhile, the Reserve Bank of Australia was set to kickstart its two-day policy meeting where it is reportedly expected to hold its cash rate steady at 3.6%.
On Friday, all three major averages on Wall Street edged higher following the release of crucial U.S. inflation data.
The Dow Jones Industrial Average advanced 299.97 points, or 0.65%, to close at 46,247.29. The S&P 500 added 0.59% to close at 6,643.70, while the Nasdaq Composite rose 0.44% to settle at 22,484.07.
Friday's rally snapped a three-day losing streak for the major indexes but still ended the week down. The Nasdaq Composite and S&P 500 slid 0.7% and 0.3%, marking each index's first losing week in four. The Dow shed 0.2%.
U.S. core inflation held steady in August, keeping the Federal Reserve on track for expected rate cuts. The personal consumption expenditures (PCE) price index rose 0.3% in the month, lifting the annual headline inflation rate to 2.7% from 2.6% in July. Core PCE, which excludes food and energy, increased 0.2% on the month and remained unchanged at 2.9% year-on-year.
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