Indian Stock Market Today: (23-September-2026) Nifty Gains 0.50% as Metals, Financials Lead; PMI Improves
Indian equities rebounded on Wednesday, September 23, with buying concentrated in metals, financials, FMCG and realty stocks. The Nifty 50 closed at 23,446.80, up 117.80 points or 0.50%, while the Bank Nifty gained around 0.59%.
The recovery came as crude oil prices eased below the $100-a-barrel mark amid hopes of diplomatic progress between the US and Iran and improving supply prospects. Lower crude prices are particularly relevant for India because they can reduce pressure on inflation, the import bill and corporate input costs.
The Nifty Metal index was the day’s strongest major sectoral performer, gaining about 2.4%, while Nifty FMCG also advanced. IT remained under pressure, with Nifty IT falling about 0.87%.
Nifty 50
The Nifty 50 closed at 23,446.80, gaining 117.80 points or 0.50%.
Metal stocks led the recovery, while IT stocks remained a drag. The Nifty Metal index gained around 2.4%, with Tata Steel, Hindalco and other metal stocks among the notable gainers.
Key levels to watch: 23,500 is the immediate zone to watch on the upside, while the 23,300 area emerged as an important near-term support after today’s recovery.
Bank Nifty
Bank Nifty also participated in the recovery and closed around 56,549, gaining about 0.59%.
Bajaj Finance was among the notable financial-sector gainers, supported partly by a UBS rating action. UBS upgraded the stock to Neutral and raised its target price to ₹1,110.
Today’s Top Indian Market News
1. Crude Oil Falls Below $100
Brent crude traded below the $100-a-barrel mark as markets assessed reports of possible US-Iran diplomatic engagement and improving oil-supply prospects. Brent was trading around $99 during Wednesday’s session.
For India, a sustained decline in crude prices could help ease pressure on the import bill, inflation and some input costs.
2. Metals Lead the Market Recovery
The Nifty Metal index gained around 2.4%, making it the strongest major sectoral performer.
Tata Steel, Hindalco, JSW Steel and other metal stocks saw strong buying during the session.
3. IT Stocks Remain Under Pressure
IT stocks continued to lag the broader market. Nifty IT declined about 0.87%, with HCL Technologies, Infosys and other technology stocks among the notable losers.
4. India Flash PMI Improves Sharply
India’s private-sector activity improved in September, with the HSBC Flash India Composite PMI rising to 56.5 from 54.3 in August.
- Manufacturing PMI: 55.7 vs 52.8
- Services PMI: 55.8 vs 54.1
- Manufacturing Output: 58.2 vs 54.8
The data showed stronger output and new orders across manufacturing and services. Input-cost inflation also eased at the private-sector level, although manufacturers reported higher costs for some inputs, including fuel, metals and components.
Source: HSBC Flash India PMI, compiled by S&P Global.
5. UK PMI Shows Slower Growth
The UK Flash Composite PMI indicated continued expansion but at a slower pace, with the composite reading at 51.7 versus 52.5 in August.
The data remains relevant for global markets because investors are monitoring the balance between economic growth and inflation pressures in major economies.
6. US PMI in Focus
The US Flash Manufacturing, Services and Composite PMI releases are also being watched by global investors. The data can influence expectations around US economic growth, inflation and Federal Reserve policy.
Stocks in Focus Today
Bajaj Finance
Bajaj Finance gained 3.41% to ₹1,043.20, making it the top gainer in the Nifty-related market snapshot during the afternoon session. UBS upgraded the stock to Neutral and raised its target price to ₹1,110.
SS Retail
SS Retail listed at ₹624 on the NSE, representing a 47.17% premium over its ₹424 IPO issue price. The stock attracted strong buying after its market debut.
Hero Motors
Hero Motors made a weak debut at ₹82 on the NSE against its ₹84 issue price, but buying emerged after listing. The stock subsequently hit its 20% upper circuit at ₹98.40.
Jindal Supreme
Jindal Supreme was another IPO debutant in focus, with the stock hitting its upper circuit after a strong market debut. Its move, along with Hero Motors and SS Retail, made newly listed stocks a major feature of Wednesday’s session.
Wockhardt
Wockhardt remained in focus around the company’s Zaynich antibiotic, which received US FDA approval earlier in 2026. However, this should be described as an existing business catalyst rather than presented as a fresh September 23 announcement unless a new company filing confirms today’s development.
Maxvolt Energy Industries Ltd
MaxVolt Energy Industries Limited (NSE: MAXVOLT) is set to conduct the Bhoomi Pujan ceremony for its proposed 10 GWh lithium battery pack manufacturing facility in Aligarh, Uttar Pradesh, on September 23, 2026. The project is expected to strengthen the company’s battery manufacturing capacity for electric mobility, energy storage and industrial applications.
Market Takeaway
Wednesday’s session was characterised by a broad recovery led by metals and financials, while IT stocks remained weak. Falling crude prices provided an external macro tailwind, while the improvement in India’s September Flash PMI added a positive domestic economic signal.
The key areas to watch in the next session are Nifty’s 23,500 zone, crude-oil prices, IT-sector weakness, metal-stock momentum, and the reaction to global PMI data.
