Nifty Extends 6-Day Winning Streak; IT Index Gains Over 2%, Seafood Exporters Jump Over 12%

Market Update at 4:05 PM: On Wednesday, September 10, Indian equity benchmark indices closed in the positive territory, marking a continued rally in the markets. 

The Nifty 50 extended gains for the 6th straight session, ending higher by 104.50 points, or 0.42 per cent, at 24,973.10. The Sensex advanced by 323.83 points, or 0.40 per cent, to settle at 81,425.15. 

The rally was led by information technology companies, supported by optimism around progress in U.S.-India trade talks and expectations of a possible rate cut by the U.S. Federal Reserve next week. U.S. President Donald Trump confirmed that negotiations to address trade barriers with India are underway, while Prime Minister Narendra Modi indicated that both countries are working to conclude the talks soon.

The Nifty IT index rose by 2.63 per cent, emerging as the top gainer among sectoral indices for the second consecutive day. Oracle Financial Services Software was the standout performer, surging 10.12 per cent after its parent company indicated that cloud infrastructure revenue could exceed USD 500 billion. Persistent Systems also contributed to the rally.

Several textile companies including Welspun Living, Vardhman Textiles, Trident, KPR Mills, Arvind, and Alok Industries gained between 2 and 9 per cent, supported by trade deal expectations. 

Meanwhile, seafood exporters saw sharp gains after the European Union cleared 102 additional Indian fishery establishments for exports. Apex Frozen climbed 17.12 per cent, and Avanti Feed jumped 14.79 per cent. 

Sterling and Wilson’s share price gained 1.47 per cent after securing a Rs 415 crore solar project order in Rajasthan. Vikram Solar advanced 5.05 per cent as its Q1 net profit reported a 484 per cent year-on-year rise.

The biggest contributors to Nifty’s gains included Infosys (+22.02 points), Tata Consultancy Services (+13.66 points), and Bharat Electronics Limited (+13.47 points). On the other hand, Mahindra & Mahindra (-17.02 points), Maruti Suzuki (-6.69 points), and Bajaj Auto (-3.68 points) acted as major drags. 

Broader indices also ended in the green. The Nifty Midcap 100 index gained 0.93 per cent, while the Smallcap 100 index advanced 0.73 per cent. 

Out of 3,128 stocks traded on the NSE, 1,835 advanced, 1,210 declined, and 83 remained unchanged. A total of 67 stocks touched their 52-week highs, while 23 hit their 52-week lows. Additionally, 102 stocks were locked in upper circuits, and 66 stocks were in lower circuits.

Market Update at 12:30 PM: Indian stock markets were trading firm on Wednesday as investors tracked developments around US President Donald Trump’s comments on the India-US trade deal.

As of 12 PM, the BSE Sensex was quoting at 81,426.82, rising 325.50 points or 0.40 per cent, while the Nifty50 was at 24,973.90, up 105.55 points or 0.42 per cent. Broader indices also remained positive, with the Nifty MidCap index adding 0.7 per cent and the Nifty SmallCap index gaining 0.6 per cent, reflecting strong interest in Mid-Cap and Small-Cap counters.

On the Sensex, Top Gainers included BEL (up 3 per cent), HCLTech, Tech Mahindra, TCS, Axis Bank, Bajaj Finance, SBI, and Infosys. On the downside, M&M, Tata Motors, Maruti Suzuki, Hindustan Unilever, and Asian Paints traded lower on profit booking.

The Nifty IT index emerged as the biggest sectoral gainer, rising 2.5 per cent, supported by buying in Large-Cap technology stocks. The Nifty PSU Bank index followed with a 2.3 per cent rise, while the Nifty Auto index fell as investors booked profits in automobile counters.

On the global front, President Trump stated on ‘Truth Social’ that America and India will resume negotiations to address “trade barriers.” He added that he looks forward to speaking with Prime Minister Narendra Modi in the coming weeks. In a separate development, Trump also urged the European Union (EU) to impose tariffs of up to 100 per cent on India and China, linking it to efforts aimed at pressuring Russian President Vladimir Putin.

Market Update at 10:15 AM: Indian shares rose on Wednesday in a broad-based rally, supported by optimism around progress in trade talks with Washington and firm expectations of a US rate cut.

The Nifty 50 advanced 0.49 per cent to 24,991.25, while the BSE Sensex gained 0.5 per cent to 81,506.04 as of 09:37 a.m. IST. With this move, the Nifty is on track for a sixth consecutive session of gains, while the Sensex is heading for its third straight positive close.

Out of 16 major sectors, 15 registered gains. The broader small-cap index rose 0.9 per cent and mid-cap gained 0.8 per cent, indicating participation beyond large-cap stocks. IT companies, which earn a significant portion of revenue from the US, advanced around 2 per cent after climbing 2.8 per cent in the previous session, supported by rate cut expectations and strong US demand outlook.

Investor sentiment improved after U.S. President Donald Trump confirmed ongoing negotiations to resolve trade barriers with India. Trump stated he would soon hold discussions with Prime Minister Narendra Modi. Modi also confirmed readiness to conclude talks at the earliest, raising hopes of a breakthrough. 

Textile companies including Welspun Living , Vardhman Textiles, Trident, KPR Mills, Arvind and Alok Industries surged between 2 per cent and 9 per cent on hopes of improved trade terms. Export-focused seafood companies Apex Frozen and Avanti Feed jumped 14 per cent and 9.3 per cent, respectively, after the European Union cleared 102 additional Indian fishery units for exports to member countries.

While Trump encouraged India-U.S. relations, he also urged the European Union to impose 100 per cent tariffs on China and India to pressure Russia, creating a mixed global backdrop. Meanwhile, weakness in the US labour market strengthened bets for a 25-basis-point rate cut at the upcoming Federal Reserve meeting, which could further support global equities including Indian IT stocks.

Pre-Market Update at 7:45 AM: On Wednesday, September 10, the Indian equity markets are expected to open in green, tracking positive global cues. As of 7:16 AM, the GIFT Nifty was trading near 25,003, up 52 points.

On Tuesday, September 9, Foreign Institutional Investors (FIIs) turned net buyers, purchasing equities worth Rs 2,050.46 crore, ending an 11-day selling streak. Domestic Institutional Investors (DIIs) were also buyers, adding Rs 83.08 crore worth of shares. DIIs have now been net buyers for 11 consecutive trading sessions, providing consistent support to the market.

Equity benchmark indices extended gains for the fifth straight session, led by information technology stocks after Infosys announced a share buyback plan. The Nifty 50 rose 0.39 per cent to close at 24,868.60, while the BSE Sensex gained 0.39 per cent to settle at 81,101.32. Bank Nifty moved up to 54,216.10. Sector-wise, IT, FMCG, and pharma stocks supported the rally, while Realty and Oil & Gas witnessed selling pressure. Mid-cap and small-cap indices also posted marginal gains, reflecting broader participation across segments.

Wall Street closed on a strong note with all three major indices scaling fresh record highs. The S&P 500 rose 0.27 per cent to 6,512.61, the Nasdaq advanced 0.37 per cent to 21,879.49, and the Dow Jones gained 0.43 per cent to 45,711.34. Investor sentiment was supported by optimism around artificial intelligence and expectations of a Federal Reserve rate cut, with CME’s FedWatch tool showing a nearly 10 per cent probability of a 50-basis point cut. US President Donald Trump also stated that India and the US are continuing negotiations on trade barriers and expressed optimism about reaching a successful conclusion soon.

Brent crude oil futures traded near USD 67 per barrel, while WTI crude rose above USD 63 per barrel amid concerns of supply disruptions in the Middle East. The dollar index strengthened 0.43 per cent to 97.81 against a basket of major currencies.

Gold prices soared to fresh records in both domestic and global markets. On MCX, December gold futures rose Rs 723 (0.65 per cent) to an all-time high of Rs 1,10,312 per 10 grams. October contracts also gained Rs 982 (0.9 per cent) to Rs 1,09,500 per 10 grams. Globally, December Comex gold futures touched USD 3,715.2 per ounce, while spot gold climbed to USD 3,674.78 per ounce. Strong international cues and safe-haven demand drove this sharp rally.

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Disclaimer: The article is for informational purposes only and not investment advice.