BSE SMALLCAP SELECT

Domestic equity benchmarks Nifty 50 and Sensex opened on a tepid note, following mixed global cues on September 11, Thursday. Market sentiment remains cautiously optimistic, although persistent volatility and mixed global cues continue to weigh on investor confidence.

At 09:20 am, the Sensex was up 139.95 points or 0.17 percent at 81,565.10, and the Nifty was up 32.70 points or 0.13 percent at 25,005.80. About 1,724 shares advanced, 858 shares declined, and 153 shares unchanged.

At the opening bell, sectoral indices showed a mixed trend. Nifty Pharma led the gains, rising 0.5 percent, followed by Nifty Energy up 0.5 percent and PSU Bank higher by 0.2 percent. FMCG, Infra, Auto, Realty, and Metal indices inched up with marginal gains. On the other hand, Nifty IT slipped 0.4 percent, emerging as the biggest laggard. Overall, broader sentiment remained steady across sectors.

India has underperformed compared to other global markets, said Dr. VK Vijayakumar, Chief Investment Strategist, Geojit Investments. Largely this underperformance is the correction of the overvaluation caused by sustained domestic capital inflows into the market. Now the largecaps are fairly valued, but the mid and smallcaps, particularly the latter, continue to be overvalued.

Nifty continues to grapple with the psychological 25,000 mark, which has emerged as a stiff resistance zone. Additionally, after a long time, Nifty managed to close above the 50-day SMA (Simple Moving Average), which is largely a positive sign.

Going ahead, 24,920 and 24,850 levels will act as key support zones for traders. “As long as the market continues to trade above these levels, the bullish trend is likely to continue. On the upside, the index can move towards 25,100–25,200. On the other hand, if the market falls below 24,850, traders can consider exiting their long positions,” said Shrikant Chouhan, Head Equity Research, Kotak Securities.

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Sensex notches mild gains at open, Nifty tests 25,000 while IT stocks drag, pharma shines

Domestic equity benchmarks Nifty 50 and Sensex opened on a tepid note, following mixed global cues on September 11, Thursday. Market sentiment remains cautiously optimistic, although persistent volatility and mixed global cues continue to weigh on investor confidence.

At 09:20 am, the Sensex was up 139.95 points or 0.17 percent at 81,565.10, and the Nifty was up 32.70 points or 0.13 percent at 25,005.80. About 1,724 shares advanced, 858 shares declined, and 153 shares unchanged.

At the opening bell, sectoral indices showed a mixed trend. Nifty Pharma led the gains, rising 0.5 percent, followed by Nifty Energy up 0.5 percent and PSU Bank higher by 0.2 percent. FMCG, Infra, Auto, Realty, and Metal indices inched up with marginal gains. On the other hand, Nifty IT slipped 0.4 percent, emerging as the biggest laggard. Overall, broader sentiment remained steady across sectors.

India has underperformed compared to other global markets, said Dr. VK Vijayakumar, Chief Investment Strategist, Geojit Investments. Largely this underperformance is the correction of the overvaluation caused by sustained domestic capital inflows into the market. Now the largecaps are fairly valued, but the mid and smallcaps, particularly the latter, continue to be overvalued.

Nifty continues to grapple with the psychological 25,000 mark, which has emerged as a stiff resistance zone. Additionally, after a long time, Nifty managed to close above the 50-day SMA (Simple Moving Average), which is largely a positive sign.

Going ahead, 24,920 and 24,850 levels will act as key support zones for traders. “As long as the market continues to trade above these levels, the bullish trend is likely to continue. On the upside, the index can move towards 25,100–25,200. On the other hand, if the market falls below 24,850, traders can consider exiting their long positions,” said Shrikant Chouhan, Head Equity Research, Kotak Securities.

Follow our market blog to catch all the live updates

Disclaimer: The views and investment tips expressed by experts on Moneycontrol.com are their own and not those of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.

Live: Will Nifty take a pause after 6 days of consecutive rally? | Opening Bell

Domestic equity benchmarks Nifty 50 and Sensex might open on a tepid note, following mixed global cues on September 11, Thursday. At 7.40 am, the GIFT Nifty index was trading at 25,079, higher by 5 points or 0.02 percent.

Globally, the uptrend in US equities continued, driven by hopes of Fed rate cut in the upcoming policy meet to counter slowing job growth. The S&amp;P 500 and Nasdaq notched record-high closes on Wednesday, as Oracle surged and cooler-than-expected inflation data supported expectations the U.S. Federal Reserve will cut interest rates next week.

Asian equities were mixed Thursday after a rally on Wall Street drove stocks and bonds higher, as a drop in producer prices supported bets the Federal Reserve will resume cutting interest rates next week.

In the previous session, Indian benchmark indices extended the previous session gains with Nifty crossing 25,000 intraday on September 10, led by IT, financial, realty names. However, profit booking in auto and media stocks erased some of the intraday gains.

"Renewed optimism around ongoing trade negotiations between India and the US lifted market sentiment. Anticipation of stronger H2FY26 earnings, driven by GST rationalization and the benefits of monetary easing, is providing resilience to valuations," said Vinod Nair, Head of Research, Geojit Investments

Foreign investors net sold Rs 116 crore worth of Indian equities on Wednesday. At the same time, domestic institutional investors (DIIs) net bought shares worth Rs 5,004 crore, according to provisional exchange data.

Key levels to watch

Nifty continues to grapple with the psychological 25,000 mark, which has emerged as a stiff resistance zone.

The immediate hurdle is seen at 25,050, followed by 25,150, while on the downside, 24,800 has proven to be a reliable support level, having held firm on two occasions. As long as this base remains intact, a buy-on-dips approach appears favourable, said Dhupesh Dhameja of Samco Securities.

He added that the broader trend remains constructive, backed by a strong base near 24,700–24,800 and the support of the 20- and 50-DEMA cluster. The ongoing higher-high and higher-low structure further strengthens the bullish undertone.

Disclaimer: The views and investment tips expressed by experts on Moneycontrol.com are their own and not those of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.

Dalal Street may see quiet open, key levels to watch on September 11

Domestic equity benchmarks Nifty 50 and Sensex might open on a tepid note, following mixed global cues on September 11, Thursday. At 7.40 am, the GIFT Nifty index was trading at 25,079, higher by 5 points or 0.02 percent.

Globally, the uptrend in US equities continued, driven by hopes of Fed rate cut in the upcoming policy meet to counter slowing job growth. The S&amp;amp;P 500 and Nasdaq notched record-high closes on Wednesday, as Oracle surged and cooler-than-expected inflation data supported expectations the U.S. Federal Reserve will cut interest rates next week.

Asian equities were mixed Thursday after a rally on Wall Street drove stocks and bonds higher, as a drop in producer prices supported bets the Federal Reserve will resume cutting interest rates next week.

In the previous session, Indian benchmark indices extended the previous session gains with Nifty crossing 25,000 intraday on September 10, led by IT, financial, realty names. However, profit booking in auto and media stocks erased some of the intraday gains.

&quot;Renewed optimism around ongoing trade negotiations between India and the US lifted market sentiment. Anticipation of stronger H2FY26 earnings, driven by GST rationalization and the benefits of monetary easing, is providing resilience to valuations,&quot; said Vinod Nair, Head of Research, Geojit Investments

Foreign investors net sold Rs 116 crore worth of Indian equities on Wednesday. At the same time, domestic institutional investors (DIIs) net bought shares worth Rs 5,004 crore, according to provisional exchange data.

Key levels to watch

Nifty continues to grapple with the psychological 25,000 mark, which has emerged as a stiff resistance zone.

The immediate hurdle is seen at 25,050, followed by 25,150, while on the downside, 24,800 has proven to be a reliable support level, having held firm on two occasions. As long as this base remains intact, a buy-on-dips approach appears favourable, said Dhupesh Dhameja of Samco Securities.

He added that the broader trend remains constructive, backed by a strong base near 24,700–24,800 and the support of the 20- and 50-DEMA cluster. The ongoing higher-high and higher-low structure further strengthens the bullish undertone.

Disclaimer: The views and investment tips expressed by experts on Moneycontrol.com are their own and not those of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.

Indian benchmark indices Sensex and Nifty are likely to see a muted opening today,  tracking GIFT Nifty, which was hovering around 25,089.50.

Track the latest updates on GIFT Nifty right here on Moneycontrol.

Indian benchmark indices extended the previous session gains with Nifty crossing 25,000 intraday on September 10, led by IT, financial, realty names. However, profit booking in auto and media stocks erased some of the intraday gains.

At close, the Sensex was up 323.83 points or 0.40 percent at 81,425.15, and the Nifty was up 104.5 points or 0.42 percent at 24,973.10. BSE midcap and smallcap indices rose 0.7% each.

For the week, BSE Sensex and Nifty added 1.2 percent each.

Here is how financial markets across the globe fared overnight:

GIFT Nifty (Up)

The GIFT Nifty is trading marginally higher at around 25,089.50, indicating a muted start for the day.

Asian Equities (Gain)

Asian equities were mixed Thursday after a rally on Wall Street drove stocks and bonds higher, as a drop in producer prices supported bets the Federal Reserve will resume cutting interest rates next week.



US Equities (Mixed)

The S&amp;amp;P 500 and Nasdaq notched record-high closes on Wednesday, as Oracle surged and cooler-than-expected inflation data supported expectations the U.S. Federal Reserve will cut interest rates next week.

Oracle soared 36% in its biggest one-day percentage gain since 1992 after the tech company pointed to a demand surge from AI firms for its cloud services.

The S&amp;amp;P 500 climbed 0.30% to end the session at 6,532.04 points, closing with a record high for the second straight day.

The Nasdaq gained 0.03% to 21,886.06 points for its third consecutive record-high close. The Dow Jones Industrial Average declined 0.48% to 45,490.92 points



US Bond Yield (Mixed)

The yield on 10-year Treasuries were up marginally while 2-year Treasuries were down marginally in the early trade on Thursday.



Dollar Index (Flat)

The dollar stabilised in early Asian trading hours on Thursday after an unexpected drop in U.S. factory-gate prices bolstered expectations the Federal Reserve will cut rates next week and traders awaited U.S. consumer price data due later in the day.



Asian currencies (Gain)

Asian currencies were trading lower in the early Thursday trade with Taiwan Dollar leading the gainers. However, year-to-date basis, except Indonesian Rupiah, all other currencies were trading higher.



Crude (Flat)

Oil steadied after a three-day gain as investors weighed Donald Trump’s latest comments regarding
Russia and whether the US president will follow through with measures to punish Moscow for the Ukraine war.



Gold (Up)

Gold steadied just below a record after a surprise drop in US producer prices supported the case for the Federal Reserve to ease policy.



Fund Flow Action

The Foreign institutional investors (FIIs) sold equities worth Rs 115 crore on September 10, while Domestic institutional investors (DIIs) purchased equities worth Rs 5004 crore on the same day.



Hope you're all set for today's trade. We wish you a profitable day ahead.

Disclaimer: The views and investment tips expressed by investment experts on Moneycontrol.com are their own and not those of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.

First Tick: Here are the top global cues for today’s trade

According to Vaibhav Porwal, Co-founder of Dezerv, the corporate deleveraging cycle appears to be ending, which could unlock fresh credit demand.

However, he cautioned that the pace of interest rate movements, competition for deposits, and global economic uncertainties could introduce volatility in the banking sector.

On the equity markets, Porwal said that if key catalysts — such as the India–US trade deal and expectations of improved earnings growth from Q3FY26 onwards, supported by a strengthening economic recovery — materialize, it could indeed trigger a catch-up rally across both frontline and broader market segments.

Do you believe the food and beverages segment stands out within the broader consumption space?

The segment certainly merits attention. Food and beverages account for nearly 40% of urban household spends and about 50% in rural India—making it the single largest driver of consumption. We anticipate that a combination of factors, including potential interest rate reductions, sustained low inflation, and ongoing GST reforms, will collectively boost consumption across the board.

The initial consumption surge is likely to benefit companies directly impacted by GST rationalization. What makes this even more compelling is that consumption-focused sectors have lagged the broader market since September 2024. That underperformance could create attractive entry points for long-term investors.

Is it more prudent to focus on large-cap stocks over mid-cap and small-cap stocks at this juncture?

While headline valuations for large-caps — based on metrics like P/E or P/B ratios — might appear more reasonable, earnings growth has generally been modest. Mid-caps, on the other hand, have often delivered stronger growth, and their valuations have seen meaningful corrections from recent highs, making them more attractive in some cases.

We believe that the tide is turning and now it’s less about a blanket preference for a specific market-cap category and more about identifying high-quality businesses across the spectrum with sustainable growth prospects and attractive intrinsic value.

Do you anticipate the banking sector will resume its strong rally soon, driven by expectations of robust growth in the second half of FY26?

The banking sector in India has shown resilience, and expectations of robust credit growth in the second half of FY26, alongside potential for improving asset quality, certainly provide a positive outlook. The corporate deleveraging cycle appears to be ending, which could unlock fresh credit demand.

However, the pace of interest rate movements, competition for deposits, and global economic uncertainties could introduce volatility. Net interest margins across the industry have slipped to a three-year low of 2.97%. The good news is that the incremental downside looks largely protected from here.

While the long-term structural tailwinds for Indian banking remain strong, any rally will likely be contingent on sustained economic growth, stable regulatory environment, and careful management of non-performing assets.

Do you expect healthy profitability in the consumer durables and automobile sectors, supported by GST reforms, interest rate cuts, and tax reliefs?

The consumer durables and automobile sectors represent a large and diverse set of listed companies, from OEMs to ancillary units. While reforms and policy support, such as GST rationalization, potential interest rate cuts, and various tax reliefs, can certainly act as significant tailwinds for these consumer-driven industries, it's also important to consider external factors like global trade policies, including potential 'Trump tariffs' or other protectionist measures, which could affect certain segments.

That said, company-specific fundamentals—such as pricing power, demand visibility, operational efficiency, and valuations—remain the key drivers of long-term profitability.

Do you believe there is limited downside risk in metal stocks at current levels?

The outlook for metal stocks is a nuanced one. On the positive side, the Indian government's sustained focus on infrastructure development serves as a significant domestic demand driver.

After periods of volatility, some metal stocks might appear to be trading at more reasonable valuations compared to their historical highs, attracting value investors, and some participants believe that key global commodity cycles could see a supportive trend in the medium term driven by global growth or supply constraints.

However, significant risks remain. China, as the largest consumer and producer of many metals, exerts a disproportionate impact on global metal prices. Its economic health, property sector issues, and industrial policies can create substantial headwinds for Indian producers.

Additionally, government policies, such as the imposition or removal of export duties, can significantly affect profitability for companies with an export focus. Therefore, while some domestic drivers offer support, global factors and policy decisions introduce considerable volatility and risk.

Do you foresee a catch-up rally in the frontline and broader market, fueled by expectations of improved earnings growth from Q3FY26 onwards and a likely India–US trade deal in the near future?

After a flat year, Indian equities have effectively gone through a “time correction,” which now provides a constructive entry point. The market is certainly optimistic about several potential catalysts. Expectations of improved earnings growth from Q3FY26 onwards, driven by a strengthening economic recovery and corporate performance, are a key factor.

Furthermore, the prospect of an India–US trade deal could significantly boost investor confidence. If these catalysts materialize, particularly a definitive improvement in earnings, it could indeed trigger a catch-up rally across both frontline and broader market segments.

Analysts are projecting FY26 profit growth of 9.8% for the Nifty and 12.1% for the broader market—both pointing to a healthy trajectory. However, global liquidity conditions, geopolitical developments, and the actual pace of economic reforms will also play crucial roles in shaping the market's trajectory.

Disclaimer: The views and investment tips expressed by experts on Moneycontrol are their own and not those of the website or its management. Moneycontrol advises users to check with certified experts before taking any investment decisions.

Daily Voice: Corporate deleveraging cycle ending; fresh credit demand, trade deal may fuel India market rally

According to Vaibhav Porwal, Co-founder of Dezerv, the corporate deleveraging cycle appears to be ending, which could unlock fresh credit demand.

However, he cautioned that the pace of interest rate movements, competition for deposits, and global economic uncertainties could introduce volatility in the banking sector.

On the equity markets, Porwal said that if key catalysts — such as the India–US trade deal and expectations of improved earnings growth from Q3FY26 onwards, supported by a strengthening economic recovery — materialize, it could indeed trigger a catch-up rally across both frontline and broader market segments.

Do you believe the food and beverages segment stands out within the broader consumption space?

The segment certainly merits attention. Food and beverages account for nearly 40% of urban household spends and about 50% in rural India—making it the single largest driver of consumption. We anticipate that a combination of factors, including potential interest rate reductions, sustained low inflation, and ongoing GST reforms, will collectively boost consumption across the board.

The initial consumption surge is likely to benefit companies directly impacted by GST rationalization. What makes this even more compelling is that consumption-focused sectors have lagged the broader market since September 2024. That underperformance could create attractive entry points for long-term investors.

Is it more prudent to focus on large-cap stocks over mid-cap and small-cap stocks at this juncture?

While headline valuations for large-caps — based on metrics like P/E or P/B ratios — might appear more reasonable, earnings growth has generally been modest. Mid-caps, on the other hand, have often delivered stronger growth, and their valuations have seen meaningful corrections from recent highs, making them more attractive in some cases.

We believe that the tide is turning and now it’s less about a blanket preference for a specific market-cap category and more about identifying high-quality businesses across the spectrum with sustainable growth prospects and attractive intrinsic value.

Do you anticipate the banking sector will resume its strong rally soon, driven by expectations of robust growth in the second half of FY26?

The banking sector in India has shown resilience, and expectations of robust credit growth in the second half of FY26, alongside potential for improving asset quality, certainly provide a positive outlook. The corporate deleveraging cycle appears to be ending, which could unlock fresh credit demand.

However, the pace of interest rate movements, competition for deposits, and global economic uncertainties could introduce volatility. Net interest margins across the industry have slipped to a three-year low of 2.97%. The good news is that the incremental downside looks largely protected from here.

While the long-term structural tailwinds for Indian banking remain strong, any rally will likely be contingent on sustained economic growth, stable regulatory environment, and careful management of non-performing assets.

Do you expect healthy profitability in the consumer durables and automobile sectors, supported by GST reforms, interest rate cuts, and tax reliefs?

The consumer durables and automobile sectors represent a large and diverse set of listed companies, from OEMs to ancillary units. While reforms and policy support, such as GST rationalization, potential interest rate cuts, and various tax reliefs, can certainly act as significant tailwinds for these consumer-driven industries, it's also important to consider external factors like global trade policies, including potential 'Trump tariffs' or other protectionist measures, which could affect certain segments.

That said, company-specific fundamentals—such as pricing power, demand visibility, operational efficiency, and valuations—remain the key drivers of long-term profitability.

Do you believe there is limited downside risk in metal stocks at current levels?

The outlook for metal stocks is a nuanced one. On the positive side, the Indian government's sustained focus on infrastructure development serves as a significant domestic demand driver.

After periods of volatility, some metal stocks might appear to be trading at more reasonable valuations compared to their historical highs, attracting value investors, and some participants believe that key global commodity cycles could see a supportive trend in the medium term driven by global growth or supply constraints.

However, significant risks remain. China, as the largest consumer and producer of many metals, exerts a disproportionate impact on global metal prices. Its economic health, property sector issues, and industrial policies can create substantial headwinds for Indian producers.

Additionally, government policies, such as the imposition or removal of export duties, can significantly affect profitability for companies with an export focus. Therefore, while some domestic drivers offer support, global factors and policy decisions introduce considerable volatility and risk.

Do you foresee a catch-up rally in the frontline and broader market, fueled by expectations of improved earnings growth from Q3FY26 onwards and a likely India–US trade deal in the near future?

After a flat year, Indian equities have effectively gone through a “time correction,” which now provides a constructive entry point. The market is certainly optimistic about several potential catalysts. Expectations of improved earnings growth from Q3FY26 onwards, driven by a strengthening economic recovery and corporate performance, are a key factor.

Furthermore, the prospect of an India–US trade deal could significantly boost investor confidence. If these catalysts materialize, particularly a definitive improvement in earnings, it could indeed trigger a catch-up rally across both frontline and broader market segments.

Analysts are projecting FY26 profit growth of 9.8% for the Nifty and 12.1% for the broader market—both pointing to a healthy trajectory. However, global liquidity conditions, geopolitical developments, and the actual pace of economic reforms will also play crucial roles in shaping the market's trajectory.

Disclaimer: The views and investment tips expressed by experts on Moneycontrol are their own and not those of the website or its management. Moneycontrol advises users to check with certified experts before taking any investment decisions.

6 out of 9 years BSE SMALLCAP SELECT has given positive returns in September.

Type	R1	R2	R3	PP	S1	S2	S3
Classic	8,011.53	8,029.39	8,060.97	7,979.95	7,962.09	7,930.51	7,912.65
Fibonacci	7,998.84	8,010.51	8,029.39	7,979.95	7,961.07	7,949.40	7,930.51
Camarilla	7,998.19	8,002.72	8,007.26	7,979.95	7,989.13	7,984.60	7,980.06

INDEX CONTRIBUTION - BSE SMALLCAP SELECT

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