Sensex: Closed at 82,102.10, down 57.87 points (0.07%), after hitting an intraday low of 81,777.
Nifty50: Ended at 25,169.50, lower by 32.85 points (0.13%), after dipping to 25,085 earlier.
The broader market felt the heat as well, with the Nifty MidCap 100 down 0.3% and the Nifty SmallCap 250 shedding 0.5%.
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Impact on the stock market
Sector-wise performance
Nifty FMCG fell over 1%, making it the biggest drag.
Nifty Realty and Nifty IT also ended in the red.
On the other hand, Nifty PSU Bank and Nifty Metal indices gained over 1% each, reflecting selective investor optimism.
| Sector/Index | Performance |
| IT & BPM sector | -0.71% |
| Healthcare sector | -0.42% |
| Oil & Gas sector | -0.09% |
| Real estate sector | -0.89% |
| PSU Bank in India | 1.09% |
Top gainers today
| Company | Share Price (in ₹) | Change % |
| IndusInd Bank | 756.45 | 3.02 |
| JSW Steel | 1,144.00 | 2.42 |
| Axis Bank | 1,170.80 | 2.31 |
| Bajaj Finance | 1,025.50 | 1.89 |
| Adani Enterpris | 2,677.60 | 1.83 |
Top losers today
| Company | Share Price (in ₹) | Change % |
| Trent | 4,891.00 | -2.38 |
| Tech Mahindra | 1,471.90 | -2.23 |
| SBI Life Insura | 1,819.40 | -2.06 |
| HUL | 2,526.40 | -1.78 |
| UltraTechCement | 12,442.00 | -1.64 |
Market aftermath: Impact on stocks
IPO wave: JPMorgan says 2025 could beat records
JPMorgan expects India’s IPO fund-raising in 2025 to surpass 2024, which saw $20.5 billion raised via 91 IPOs — making India the world’s second-largest IPO market after the US.
- So far in 2025, companies have raised $8.2 billion from 49 IPOs till August.
- Another $13 billion worth of IPOs already have regulatory approval, with $18.7 billion pending.
- The pipeline includes mega offerings from LG Electronics India, Pine Labs, and Groww.
- Total equity capital raised this year has already crossed $42 billion, compared to $74 billion in all of 2024.
JPMorgan flagged one risk though: while US tariffs may only moderately dent GDP growth, they could significantly hurt employment, requiring targeted fiscal support.
Also read: JP Morgan Index: Impact of GBI-EM Inclusion on Indian Bonds
Vodafone Idea: soaring on relief hopes
Vodafone Idea jumped nearly 7% intraday to ₹8.97, its highest level in seven months, before closing 5% higher at ₹8.79.
- The stock has rallied 38% in September and 47% in the past six weeks.
- The rally is ahead of the Supreme Court’s hearing on 26th September on a ₹9,450 crore AGR demand.
- The government, being an equity holder, has hinted at being open to a solution.
Brokerage Citi called Vodafone Idea a “high-risk buy”, setting a ₹10 target — a 19% upside from its last close.
You may also read: Vodafone Idea Share Price Extends Gains – Should You Watch This Stock?
Adani Power: cooling off after a fiery rally
After a breathtaking 45% surge in just four sessions, Adani Power corrected nearly 6% to ₹160.25 as investors booked profits.
- Earlier in the day, the stock hit a new 52-week high of ₹182.7.
- The dip came after the company’s 1:5 stock split turned effective on 22nd September, enhancing liquidity and affordability.
- Despite the pullback, large investors remain confident. SBI Funds and Citadel Securities bought into a $250 million block deal, while Morgan Stanley initiated coverage with an overweight rating, calling Adani Power its “top pick”.
Crude oil: geopolitical tensions keep prices firm
Global crude prices edged higher, driven by tensions in Europe and West Asia.
- Brent crude (Nov futures): $67.10 (+0.63%)
- WTI crude (Nov futures): $62.78 (+0.61%)
- MCX October futures: ₹5,553 (+0.47%)
The rise followed reports of Russian airstrikes near Poland, airspace violations in Estonia, and the EU’s 19th sanctions package on Russia, including restrictions on LNG imports.
Other commodities followed the firm trend:
- Natural gas (Oct futures): ₹284.40 (+0.78%)
- Turmeric contracts: ₹12,400 (+0.52%)
- Cottonseed oilcake (Dec futures): ₹2,914 (+0.34%)
Conclusion
The 23rd of September was a day of resilience wrapped in caution.
- Sensex and Nifty ended nearly flat after a late recovery.
- FMCG and IT sectors dragged, but PSU banks and metals gave support.
- India’s IPO market is gearing up for record-breaking fundraising, reinforcing global investor appetite.
- Vodafone Idea extended its rally ahead of a crucial court verdict, while Adani Power cooled off after a sharp run-up.
- Crude oil remained firm, reflecting ongoing geopolitical risks.
For investors, the day reinforced a key lesson: market direction may stay muted, but stock-specific stories and sector plays are where the action is.
For more stock market insights, check out the StockGro blog.
