Indian equity markets extended their gains for the fourth consecutive session on Monday, with the Nifty50 closing 67 points higher in a range-bound session above the 23,400 mark, according to CNBC TV18. The benchmark index maintained resilience as buyers held a modest advantage throughout the session, with sustained buying support at lower levels helping indices hold gains despite intermittent volatility. The Nifty formed higher lows during the day, demonstrating technical strength as it closed above the crucial 23,400 level. The broader market also participated in the rally with the BSE 150 MidCap Index adding 0.16% and the BSE 250 SmallCap Index rising 0.24%, though the Nifty Midcap 100 and Nifty Smallcap 100 indices remained range-bound and eventually closed in negative territory. Market breadth remained positive with 2,044 shares rising and 1,387 shares falling on the BSE, while a total of 234 shares were unchanged.
Among individual sectors, Nifty Pharma, Healthcare and Realty indices outperformed, while Nifty Metal and IT ended among the weakest performers, as reported by CNBC TV18. Among Nifty constituents, Eternal and HCL Technologies were the top gainers, while Bharti Airtel and Adani Ports emerged as the biggest laggards. The positive momentum was supported by broad-based buying across metal, real estate, and cement sectors, while healthcare, auto, banking, pharma, energy and FMCG indices also traded higher. However, Nifty IT declined more than 1%, with Nifty MidSmall IT & Telecom falling 0.40%. From the Nifty index, Tata Motors Passenger Vehicles, TCS, Infosys, Tech Mahindra and HCL Technologies were among the top losers, declining up to 3% in morning trade. The top gainers of the NIFTY50 index included HCL Technologies, HDFC Life Insurance Company, SBI Life Insurance Company, ITC and Sun Pharmaceutical Industries, while Bharti Airtel, Adani Ports and Special Economic Zones, Bajaj Finance, Wipro and Adani Enterprises were among the top losers.
Market analysts have identified crucial resistance and support levels for the Nifty's near-term trajectory. Sudeep Shah of SBI Securities notes that the 23,520-23,550 zone is likely to remain an important resistance area, with a sustained move above 23,550 potentially extending the pullback towards 23,700 in the short term. Nagaraj Shetti of HDFC Securities sees the 23,600 zone as an important resistance level, while Osho Krishan of Angel One identifies 23,500-23,580 as a key hurdle, with a decisive move above this range potentially strengthening the near-term setup. On the downside, Osho Krishan sees immediate support in the 23,300-23,270 range, followed by a stronger support zone around 23,123-23,100. Rupak De of LKP Securities expects sentiment to remain positive with 23,760 emerging as a potential upside level and 23,300 as the key support zone. Sudeep Shah adds that 23,330-23,300 is seen as a crucial support zone, with a break below 23,300 potentially weakening the near-term structure.
Strong tax collections provide positive signals for domestic economic activity, with net direct tax collections rising 13% year-on-year to ₹12.12 lakh crore as of September 17, supported by robust advance-tax payments, according to CNBC TV18. Moody's has raised its FY27 GDP growth forecast for India to 7% from 6%, citing the economy's resilience despite global and geopolitical challenges. Brent crude has eased to around $101 a barrel from recent highs, providing relief to oil-importing economies such as India. However, US bond yields remain elevated, with the 10-year Treasury yield near 5%, while India's 10-year government bond yield has risen to around 7%, keeping financial conditions relatively tight. The rupee is trading near 96 to the US dollar, though further moderation in crude prices could provide some relief.
Foreign institutional investors (FIIs) turned buyers on Friday with purchases worth ₹599.54 crore, while domestic institutional investors (DIIs) continued their strong support with equity purchases worth ₹1,019.69 crore on a net basis, according to exchange data. This marked a significant shift from the previous selling pressure, with FIIs having been net sellers worth ₹23,676.65 crore in September so far through September 18, 2026, following net cash purchases of ₹17,366 crore in August 2026 and net buyers of ₹6,731.97 crore in July 2026. The divergence in institutional flows suggests continued domestic confidence despite foreign selling pressure, with DIIs offsetting the foreign outflow and maintaining market stability. Experts noted that the domestic institutional support has been crucial in maintaining market resilience amid global uncertainties.
Several stocks witnessed significant movements based on corporate developments. Concord Biotech shares jumped as much as 6.12% to hit an intraday high of ₹1,586 per unit after the company informed exchanges that its board of directors is scheduled to meet on September 23 to consider the proposal for a bonus issue. Embassy Developments stock advanced as much as 8% to touch an intraday high of ₹58.4 after the firm's board approved raising up to ₹160 crore through the issuance of up to 16,000 non-convertible debentures with a face value of ₹1 lakh each. Jaiprakash Power Ventures soared as much as 13.7% to hit an intraday high of ₹17.49 as the company and NARCL settled claims, with the company agreeing to pay ₹511 crore as full and final payment to settle matters. HEG Advanced Materials shares surged 5% to touch the upper circuit level after its subsidiary Replus Engitech received a ₹217.56 crore lithium-ion battery bank supply order from Indus Towers. Welspun Corp climbed as much as 5.16% to hit a fresh record high of ₹2,797.60 after its associate company EPIC signed a contract worth more than SAR 771 million (approximately ₹2,000 crore) with Saudi Arabian Oil Co. for steel pipe manufacturing.
