Indices opens lower; breath negative

The headline equity indices opened with modest losses in early trade. The Nifty traded below the 25,100 level. Barring the PSU Bank index, all other sectoral indices on the NSE traded in the red, with the IT, private bank, and auto indices declining the most.

At 09:30 IST, the barometer index, the S&P BSE Sensex, declined 337 points or 0.40% to 81,771.80. The Nifty 50 index lost 95.10 points or 0.38% to 25,074.40.

In the broader market, The S&P BSE Mid-Cap index fell 0.38% and the S&P BSE Small-Cap index shed 0.19%.

The market breadth was negative. On the BSE, 1,298 shares rose and 1,677 shares fell. A total of 210 shares were unchanged.

Foreign portfolio investors (FPIs) sold shares worth Rs 3,551.19 crore, while domestic institutional investors (DIIs) were net buyers to the tune of Rs 2,670.87 crore in the Indian equity market on 23 September 2025, provisional data showed.

Stocks in Spotlight:

Swiggy added 0.08%. The company announced that its board has approved transferring quick commerce operations under the brand Instamart. The company will also divest 10 equity shares and 1.64 lakh convertible preference shares in Rapido for Rs 1,968 crore and sell 35,958 compulsorily convertible preference shares in Rapido to Setu AIF Trust for Rs 431 crore

Infosys shed 0.38%. The company announced that it has extended its strategic collaboration with Switzerland's Sunrise to accelerate IT transformation and power AI-driven initiatives.

Havells India slipped 0.69%. The company announced that Lloyd Kolors refrigerators are now available on Flipkart and other distribution channels, starting at Rs 18,990.

Numbers to Track:

The yield on India's 10-year benchmark federal paper fell 0.11% to 6.460 from the previous close of 6.467.

In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 88.7450 compared with its close of 88.7300 during the previous trading session.

MCX Gold futures for 3 October 2025 settlement declined 0.34% to Rs 113,447.

The US Dollar Index (DXY), which tracks the greenback's value against a basket of currencies, was up 0.11% to 96.99.

The United States 10-year bond yield slipped 0.24% to 4.110.

In the commodities market, Brent crude for November 2025 settlement gained 20 cents or 0.30% to $67.83 a barrel.

Global Markets:

Asian markets declined on Wednesday, mirroring losses on Wall Street after U.S. Federal Reserve Chair Jerome Powell remarked that equity prices were fairly highly valued.

He also cautioned that the path for future rate cuts remained uncertain, describing the situation as "challenging.

Overnight in the U.S., all three major indices ended lower. The S&P 500 slipped 0.55% to 6,656.92, retreating after hitting a fresh intraday high and a record close earlier in the week, as concerns grew over the durability of the artificial intelligence rally.

The Nasdaq Composite dropped nearly 1% to 22,573.47, weighed down by declines in AI-related stocks such as Nvidia, Oracle, and Amazon. Meanwhile, the Dow Jones Industrial Average edged down 88.76 points, or 0.19%, to close at 46,292.78.

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