Stock Market Today: Sensex Rises 126 Points, Nifty Starts Above 22,700

Indian benchmark indices opened on a mixed note on Wednesday, September 30, with the Sensex edging higher while the Nifty 50 remained largely flat but held above the 22,700 mark.

Gains in midcap and smallcap stocks, along with select banking and IT shares, supported the broader market, while weakness in financial services and metal stocks limited gains in the benchmark indices.

At 9:20 am, the Sensex stood at 72,658.48, up 130.41 points, or 0.18%. The Nifty was at 22,728.10, higher by 12 points, or 0.04%, from its previous close of 22,716.20.

Broader market stocks outperformed the benchmark indices in early trade. The Nifty Midcap Select rose 0.78%, while the Nifty Midcap 100 gained 0.56%. The Nifty Smallcap 100 advanced 0.62% and the Nifty Smallcap 250 climbed 0.67%.

The Nifty Next 50 gained 0.80%, while the Nifty 500 rose 0.21%, pointing to stronger buying interest across the broader market.

India VIX, which tracks expected market volatility, increased 2.53% to 13.75, indicating a rise in near-term volatility expectations.

Sectoral performance remained mixed. IT, PSU banks, oil and gas and media stocks attracted buying interest. The Nifty IT index rose 0.72%, while Nifty PSU Bank gained 1.14%. Nifty Oil & Gas advanced 1.08% and Nifty Media climbed 1.19%.

The Nifty Auto index gained 0.16%, FMCG rose 0.30%, and Nifty Private Bank edged up 0.09%.

Meanwhile, selling pressure was visible in metals, healthcare, pharma and financial services. The Nifty Metal index fell 0.59%, while Nifty Healthcare declined 0.37%. Nifty Pharma slipped 0.19% and Nifty Financial Services was down 0.28%.

Among Nifty 50 stocks, TCS was among the top gainers, rising 1%. HCL Technologies advanced 0.65% and Tech Mahindra gained 0.35%. Kotak Mahindra Bank and Hindustan Unilever each rose 0.59%, while Maruti Suzuki gained 0.47%.

On the losing side, Adani Ports declined 1.35% and HDFC Bank fell 1.02%. Infosys was down 0.88%, while Bajaj Finance slipped 0.56%. Eternal and NTPC also traded in negative territory.

V K Vijayakumar, chief investment strategist at Geojit Investments Ltd, said the Nifty’s 5.67% correction in September so far had been driven largely by elevated crude oil prices and high US bond yields. He noted that the decline intensified in recent sessions as foreign institutional investors turned heavy sellers.

According to Vijayakumar, FIIs sold equities worth Rs 24,054 crore over the last four trading sessions. He said such selling was understandable with the 10-year US bond yield hovering around 5.2%.

From the perspective of Indian investors, Vijayakumar said the market correction has brought several large-cap stocks to more attractive valuations. He pointed to financials, particularly large banks, as well as capital goods, telecom and automobiles as segments where investors may find opportunities.

He added that any correction in crude oil prices could support a market recovery, with large-cap stocks potentially benefiting if a rally emerges. For medium- to long-term investors, he described the prevailing market levels as offering opportunities for value-oriented buying.