Benchmarks trade higher; PSU Bank shares rally

The key equity benchmarks traded with substantial gains in mid-morning amid positive global cues. Investor sentiment stayed buoyant on hopes of easing India-U.S. diplomatic tensions and rate-cut expectations from the U.S. Federal Reserve next week. The Nifty traded near the 25,000 level.

PSU Bank shares jumped after declining in the past trading session.

At 11:25 IST, the barometer index, the S&P BSE Sensex gained 388.91 points or 0.50% to 81,505.67. The Nifty 50 index rose 124.95 points or 0.50% to 24,993.50.

The broader market outperformed the frontline indices. The S&P BSE Mid-Cap index rose 0.76% and the S&P BSE Small-Cap index jumped 0.89%.

The market breadth was positive. On the BSE 2,609 shares rose and 1,253 shares fell. A total of 205 shares were unchanged.

Fitch Ratings:

Global ratings agency Fitch Ratings has revised its growth forecast for India, raising its projection for the fiscal year ending March 2026 (FY26) to 6.9 percent, up from the previous 6.5 percent.

India-US Trade Deal

US President Trump indicated progress in India-US trade negotiations, a move that could lift sentiment in Indian equities. He expressed confidence in concluding discussions with Prime Minister Narendra Modi, who underscored the strategic importance of the India-US partnership.

IPO Update:

The Initial Public Offer (IPO) of Urban Company received bids for 9,01,14,455 shares as against 10,67,73,244 shares on offer, according to stock exchange data at 11:30 IST on Wednesday (10 September 2025). The issue was subscribed 0.84 times.

The issue opened for bidding on 10 September 2025 and it will close on 12 September 2025. The price band of the IPO is fixed between Rs 98 and 103 per share. An investor can bid for a minimum of 145 equity shares and in multiples thereof.

The Initial Public Offer (IPO) of Shringar House of Mangalsutra received bids for 49,63,410 shares as against 1,70,16,000 shares on offer, according to stock exchange data at 11:25 IST on Wednesday (10 September 2025). The issue was subscribed 0.29 times.

The issue opened for bidding on 10 September 2025 and it will close on 12 September 2025. The price band of the IPO is fixed between Rs 155 and 165 per share. An investor can bid for a minimum of 145 equity shares and in multiples thereof.

The Initial Public Offer (IPO) of Dev Accelerator received bids for 2,43,85,715 shares as against 1,31,47,075 shares on offer, according to stock exchange data at 11:25 IST on Wednesday (10 September 2025). The issue was subscribed 1.85 times.

The issue opened for bidding on 10 September 2025 and it will close on 12 September 2025. The price band of the IPO is fixed between Rs 56 and 61 per share. An investor can bid for a minimum of 145 equity shares and in multiples thereof.

Buzzing Index:

The Nifty PSU Bank index rallied 2.13% to 7,026.45. The index declined 0.13% in the past trading session.

Union Bank of India (up 4.06%), Bank of India (up 3.06%), Indian Bank (up 2.73%), Canara Bank (up 2.68%), Indian Overseas Bank (up 2.52%), Bank of Maharashtra (up 2.5%), Punjab & Sind Bank (up 2.46%), UCO Bank (up 2.31%), Punjab National Bank (up 2.24%) and Central Bank of India (up 2%) surged.

Stocks in Spotlight:

Sun Pharmaceutical Industries shed 0.66%. The company said the U.S. Food and Drug Administration (FDA) has classified its Halol manufacturing facility in Gujarat as official action indicated (OAI), indicating non-compliance with the regulators manufacturing standards.

Sterling and Wilson Renewable Energy advanced 1.91% after the company announced that it has has secured a letter of award (LoA) worth about Rs 415 crore from a leading private independent power producer (IPP).

Global market:

Asia market advanced on Wednesday as investors assessed Chinas August inflation data.

Consumer prices in the mainland fell 0.4% year over year in August, according to data from the National Bureau of Statistics released Wednesday. Core CPI, which strips out volatile food and energy prices, rose 0.9% from a year earlier, according to the official release.

Meanwhile, the producer price index fell 2.9% year over year, improving from the 3.6% drop in July.

In South Korea, the seasonally adjusted unemployment rate rose slightly to 2.6% in August compared with Julys 2.5%, according to government data.

Overnight, all three key benchmarks in the U.S. closed at all-time highs as investors moved past concerns about disappointing jobs data and bet on Federal Reserve rate cuts.

The S&P 500 index settled up 0.27% at 6,512.61, while the Nasdaq Composite gained 0.37% to end the day at 21,879.49, with the latter hitting a new all-time intraday high as well. The Dow Jones Industrial Average finished up 196.39 points, or 0.43%, at 45,711.34.

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