The NIFTY 50 advanced 0.85% for the week, extending its winning streak to three weeks and signaling a strong comeback from the late August lows. Further, India VIX hit a multi year low highlighting the increasing risk appetite amongst investors. Among NIFTY stocks, Bharti Airtel (+3.14%), SBI (+4.71%), and Larsen & Toubro (+2.67%) led the gains across telecom, banking, and infrastructure. Midcaps followed with the Nifty Midcap Select index up 1.20%, driven by Idea Cellular (+9.66%) and Godrej Properties (+7.32%). The gains were stronger amongst small caps.
Banking stocks witnessed stronger buying despite FII outflows as they outperformed the broader markets. IT stocks were also notable outperformers. The Nifty IT index rose 1.30% on gains in Infosys, TCS, and mid-tier peers L&T Infotech and Tech Mahindra. However, the new regulation of higher visa fees for new H1B applications has soured the sentiment. Energy stocks witnessed smart gains as the sector was up 2.31%, led by GV T&D (+10.06%) and Adani Power (+9.38%). Adani group companies rallied following SEBI’s clean chit related to the corporate governance probe. On the other hand, FMCG stocks slipped 0.50% as sector rotation and profit booking continue to impact them.
NIFTY 50 – Rises for Third Consecutive Week, Breadth Stays Strong
Weekly Performance: 0.8%
| date | open | high | low | close |
| 2025-09-19 | 25410.2 | 25431.4 | 25286.3 | 25327.1 |
| 2025-09-18 | 25441.1 | 25448.6 | 25329.8 | 25423.6 |
| 2025-09-17 | 25276.6 | 25346.5 | 25275.3 | 25330.2 |
| 2025-09-16 | 25073.6 | 25261.4 | 25070.4 | 25239.1 |
| 2025-09-15 | 25118.9 | 25138.4 | 25048.8 | 25069.2 |
| 2025-09-12 | 25074.4 | 25139.4 | 25038.1 | 25114.0 |
Source: NSE
Figure: Recent performance
Source: NSE
The NIFTY 50 index gained 0.85% for the week ended September 20, 2025, marking its third straight week of advances and extending the rebound from the late-August lows. Bharti Airtel (+3.14%), State Bank of India (+4.71%), and Larsen & Toubro (+2.67%) were the key contributors, together adding over half a percentage point to the index, while Axis Bank (+2.77%) and Kotak Mahindra Bank (+2.98%) also lent support. On the downside, ICICI Bank (–1.10%) was the biggest drag, joined by Titan, ITC, Asian Paints, and Bajaj Finance.
Market breadth was broad, with 35 advancing stocks versus 15 decliners. Profit-taking in some heavyweights was seen, but overall participation remained solid. The week reflected sectoral rotation and cautious optimism ahead of Q2 earnings.
NIFTY MIDCAP SELECT – Gains Led by Real Estate, Telecom, and Auto
Weekly Performance: 1.2%
| date | open | high | low | close |
| 2025-09-19 | 13237.9 | 13266.0 | 13208.2 | 13240.5 |
| 2025-09-18 | 13197.5 | 13248.2 | 13141.2 | 13234.2 |
| 2025-09-17 | 13191.7 | 13210.3 | 13121.0 | 13151.9 |
| 2025-09-16 | 13115.5 | 13165.8 | 13075.7 | 13146.5 |
| 2025-09-15 | 13114.8 | 13131.6 | 13062.0 | 13102.2 |
| 2025-09-12 | 13098.5 | 13114.2 | 13063.5 | 13083.0 |
Source: NSE
Figure: Recent performance
Source: NSE
The NIFTY Midcap Select index gained 1.20% for the week ended September 20, 2025, extending a three-week uptrend following the mid‑August pullback. Broad-based gains were seen with 19 of 25 stocks advancing. Top contributors included Godrej Properties (+7.32%), Idea Cellular (+9.66%), and Ashok Leyland (+5.07%), while Hindustan Petroleum (+3.59%) and Bharat Forge (+4.06%) also supported the index. Max Healthcare (–2.07%) and a few others saw modest declines but had a limited impact.
NIFTY IT – Widespread Gains Led by L&T Infotech and Tech Mahindra
Weekly Performance: 1.3%
| date | open | high | low | close |
| 2025-09-19 | 36765.5 | 36821.2 | 36369.9 | 36578.2 |
| 2025-09-18 | 36801.5 | 37064.9 | 36631.1 | 36750.2 |
| 2025-09-17 | 36326.3 | 36608.9 | 36253.9 | 36447.1 |
| 2025-09-16 | 35962.3 | 36274.0 | 35860.5 | 36212.1 |
| 2025-09-15 | 36139.7 | 36151.4 | 35686.1 | 35902.1 |
| 2025-09-12 | 36331.4 | 36356.6 | 36025.3 | 36110.8 |
Source: NSE
Figure: Recent performance
Source: NSE
The NIFTY IT index rose 1.30% last week, extending gains for the second consecutive week. Heavyweights Infosys (+0.96%) and TCS (+1.14%) led the rally, while mid-cap IT stocks L&T Infotech (+3.32%), Tech Mahindra (+1.86%), and Wipro (+1.56%) contributed significantly. All 10 constituents finished higher, reflecting broad-based participation across the sector.
However, the H1B visa fee hike at the end of the week soured the sentiment as it would involve significantly higher costs in hiring talent from India. While subsequent clarifications about the impact being only for new visas limited the damage, the event is a negative for the IT companies.
NIFTY BANK – Rises Last Week on PSU and Private Bank Gains
Weekly Performance: 1.2%
| date | open | high | low | close |
| 2025-09-19 | 55647.9 | 55688.8 | 55355.3 | 55458.9 |
| 2025-09-18 | 55797.1 | 55835.2 | 55490.9 | 55727.4 |
| 2025-09-17 | 55158.4 | 55540.8 | 55146.6 | 55493.3 |
| 2025-09-16 | 54778.4 | 55185.4 | 54777.8 | 55147.6 |
| 2025-09-15 | 54884.1 | 55018.7 | 54807.5 | 54887.9 |
| 2025-09-12 | 54781.6 | 54852.2 | 54580.4 | 54809.3 |
Source: NSE
Figure: Recent performance
Source: NSE
The NIFTY BANK index rose 1.19% last week, marking the third consecutive weekly gain following two prior weeks of mid‑August selloff. Breadth was positive, with nine advancers against three decliners, signaling broad participation. State Bank of India (+4.71%), Axis Bank (+2.77%), Kotak Mahindra Bank (+2.98%), Bank of Baroda (+6.15%), and Canara Bank (+6.13%) were the top contributors, collectively adding around 1.24 percentage points to the index. ICICI Bank (–-1.09%) and select private peers provided modest drag, but did not offset the broader upward trend.
NIFTY ENERGY – Suzlon, GVT&D & Adani Power Lead Weekly Gains
Weekly Performance: 2.3%
| date | open | high | low | close |
| 2025-09-19 | 35596.1 | 35814.6 | 35583.1 | 35745.8 |
| 2025-09-18 | 35657.7 | 35669.1 | 35278.3 | 35442.1 |
| 2025-09-17 | 35620.6 | 35648.2 | 35457.9 | 35568.1 |
| 2025-09-16 | 35218.6 | 35474.9 | 35159.6 | 35441.1 |
| 2025-09-15 | 34976.2 | 35201.7 | 34973.1 | 35129.0 |
| 2025-09-12 | 34918.2 | 35021.9 | 34830.4 | 34940.3 |
Source: NSE
Figure: Recent performance
Source: NSE
The NIFTY ENERGY index rose 2.31% last week, marking its third straight weekly gain after a brief late-August decline. The rally was led by Suzlon Energy (+5.76%), GVT&D (+10.06%), Adani Power (+9.38%), Adani Transmission (+7.57%), and ONGC (+1.47%). On the other hand, Power India (–4.45%) and JP Power trimmed some gains. Adani entities witnessed strong gains following SEBI’s clean chit related to the corporate governance probe.
NIFTY FMCG – Snaps Four-Week Rally on Large-Cap Weakness
Weekly Performance: -0.5%
| date | open | high | low | close |
| 2025-09-19 | 56594.6 | 56640.7 | 56191.8 | 56273.1 |
| 2025-09-18 | 56448.9 | 56643.4 | 56293.1 | 56522.4 |
| 2025-09-17 | 56562.7 | 56678.4 | 56213.8 | 56321.0 |
| 2025-09-16 | 56634.3 | 56700.8 | 56292.6 | 56398.6 |
| 2025-09-15 | 56516.2 | 56673.2 | 56430.4 | 56551.4 |
| 2025-09-12 | 56991.8 | 57065.5 | 56430.5 | 56557.1 |
Source: NSE
Figure: Recent performance
Source: NSE
The NIFTY FMCG index fell 0.50% last week, ending a four-week streak of gains since mid‑August. The decline was led by heavyweight ITC (-0.75%), which alone shaved 0.24 points off the index, while Britannia, Hindustan Unilever, Nestlé India, and Marico also weighed on the sector. Market breadth was weak, with only five stocks advancing against ten decliners, highlighting the drag from large-cap FMCG names despite continued interest in select smaller companies.
On the upside, Radico Khaitan (+6.33%) contributed the most to gains, followed by Tata Consumer Products, United Spirits and Patanjali Foods, reflecting higher interest in alcohol stocks and select FMCG names. However, the overall weekly trends suggest a rotation out of large-cap FMCG stocks.
NIFTY AUTO – Sustained Rally Led by Maruti and Key Auto Stocks
Weekly Performance: 1.3%
| date | open | high | low | close |
| 2025-09-19 | 27319.4 | 27367.8 | 27195.1 | 27219.6 |
| 2025-09-18 | 27388.7 | 27418.0 | 27179.4 | 27329.3 |
| 2025-09-17 | 27185.2 | 27343.2 | 27138.4 | 27294.7 |
| 2025-09-16 | 26849.3 | 27191.2 | 26818.2 | 27146.4 |
| 2025-09-15 | 26915.1 | 27011.3 | 26737.2 | 26760.7 |
| 2025-09-12 | 26796.0 | 27083.2 | 26784.6 | 26866.7 |
Source: NSE
Figure: Recent performance
Source: NSE
The NIFTY AUTO index rose 1.31% last week, marking its fifth straight weekly gain. Maruti Suzuki led the rally with +3.52%, supported by Motherson (+4.19%), Ashok Leyland (+5.07%), Bharat Forge (+4.06%), and Hero MotoCorp (+2.01%), while Tata Motors (-1.09%) and a few others weighed modestly. Broad participation was evident with 11 advancing stocks versus four decliners.
NIFTY PHARMA – Led by Sun Pharma and Mid-Caps
Weekly Performance: 1.5%
| date | open | high | low | close |
| 2025-09-19 | 22636.2 | 22716.9 | 22580.8 | 22686.6 |
| 2025-09-18 | 22321.9 | 22596.9 | 22261.2 | 22574.3 |
| 2025-09-17 | 22274.5 | 22307.1 | 22194.6 | 22241.3 |
| 2025-09-16 | 22240.0 | 22310.9 | 22197.1 | 22264.6 |
| 2025-09-15 | 22315.3 | 22330.9 | 22111.8 | 22198.7 |
| 2025-09-12 | 22262.4 | 22399.2 | 22260.4 | 22341.2 |
Source: NSE
Figure: Recent performance
Source: NSE
The NIFTY PHARMA index gained 1.55% last week, driven by Sun Pharma (+2.44%), Divi’s Laboratories (+2.88%), and strong mid-cap performers Ipca Labs (+9.60%), Laurus Labs (+4.02%), and Mankind Pharma (+3.14%). While Glenmark Pharmaceuticals and Abbott India slipped, the rally saw broad participation with 16 advancing stocks versus 4 decliners. The rise was supported by sector resilience, selective mid-cap buying, and stock-specific optimism, reflecting strong fundamentals and a cautiously bullish sentiment across the pharma space.
NIFTY REALTY – Gains Led by Large-Cap Developers
Weekly Performance: 4.4%
| date | open | high | low | close |
| 2025-09-19 | 920.0 | 927.7 | 913.8 | 923.5 |
| 2025-09-18 | 920.8 | 928.3 | 915.7 | 918.5 |
| 2025-09-17 | 921.2 | 922.3 | 913.3 | 919.1 |
| 2025-09-16 | 908.3 | 918.0 | 905.4 | 915.3 |
| 2025-09-15 | 887.8 | 912.7 | 885.8 | 905.7 |
| 2025-09-12 | 890.4 | 891.7 | 878.8 | 884.3 |
Source: NSE
Figure: Recent performance
Source: NSE
The NIFTY REALTY index rose 4.43% last week, with nine advancing stocks and one declining, driven by Godrej Properties (+7.32%), Lodha (+4.09%), Anant Raj (+20.08%), DLF (+2.54%), and Phoenix Mills (+4.47%). Real estate stocks rallied hard as they benefited from a catch up rally after the recent underperformance.
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