Indian Markets Cautious Before September Expiry; PSU Banks, Metals Shine In Early Trade

Subdued start on Dalal Street with benchmarks rangebound as it heads into the September expiry session on Tuesday. The Nifty index continues to hover below 24,700. 

At 09:40 a.m. IST, the Nifty 50 traded 24 points higher at 24,659, while the Sensex was up 65 points at 80,430. Broader markets gained, with the Nifty Midcap and Smallcap indices rising 0.2%.

The retail sentiment on Stocktwits for the Nifty remained ‘bearish’ at market open. 

Stock Watch

Sectorally, barring media and real estate, all the sectors traded in the green, with PSU banks and metals seeing strong buying. 

Hindustan Copper surged over 4% on the back of copper prices rising to a two-month high.

Bharat Electronics (BEL) was the top Nifty gainer, rising over 1% after the company disclosed additional order wins worth ₹1,092 crore since its last disclosure two weeks ago.

Blue Dart surged 9% after the logistics company increased the average shipment price by 9% to 12%, effective from January 1, 2026.

Man Industries tanked 8% as the market regulator has barred the company and three executives from the securities market for two years due to allegations of fund diversion.

Coforge shares rose 2% as brokerage firm CLSA initiated coverage with an ‘outperform’ rating and target price of ₹2,346, indicating a 52% upside potential.

Sammaan Capital rose 3% despite the stock being added back to the F&O ban list. 

Markets: The Road Ahead

From a technical standpoint, SEBI-registered analysts on Stocktwits shared the trade setup. 

Analyst Ashish Kyal said a break below 24,580 will likely resume the negative trend toward the 24,520 to 24,480 levels. On the upside, a break above 24,780 will indicate a short-term bottom, signaling a potential move up to 24,870. He noted that it would be advisable to trade based on these levels and consider scalping accordingly.

Prabhat Mittal identified Nifty support at 24,500 with resistance at 24,800. For Bank Nifty, he sees support at 54,100 and resistance at 54,800.

Global Cues

Globally, Asian markets traded mixed, while crude oil prices fell as OPEC+ plans to increase oil output in November.

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