Weekly Musings – Index performance for week ended September 19, 2025

22 Sep 2025 , 12:43 PM

FPIs were net buyers in equities worth $322 Million this week. During the week, the VIX tapered from 10.12 to 9.97 levels; even touching a low of 9.40. The markets appear to be quite complacent about risks, although FPIs are tentative about valuations and earnings.

BSE SENSEX 30 INDEX – SUSTAINS UPTREND FOR THIRD WEEK

Date	Open	High	Low	Close
19-Sep-25	82,946.04	82,978.63	82,485.92	82,626.23
18-Sep-25	83,108.92	83,141.21	82,704.92	83,013.96
17-Sep-25	82,506.40	82,741.95	82,490.47	82,693.71
16-Sep-25	81,852.11	82,443.48	81,779.94	82,380.69
15-Sep-25	81,925.51	81,998.51	81,744.70	81,785.74
12-Sep-25	81,758.95	81,992.85	81,641.38	81,904.70
		Weekly Returns		+0.88%

Data Source: BSE

For the week, Sensex bounced by +722 points or +0.88%. The bounce came amidst hopes of a more favourable Indo-US trade deal by early next month. Sensex touched a weekly high of 83,141 and a low of 81,745; closing strong despite the Friday sell-off.

NIFTY 50 INDEX – RETREATING VIX TRIGGERS NIFTY RALLY

Date	Open	High	Low	Close
19-Sep-25	25,410.20	25,431.40	25,286.30	25,327.05
18-Sep-25	25,441.05	25,448.55	25,329.75	25,423.60
17-Sep-25	25,276.60	25,346.50	25,275.35	25,330.25
16-Sep-25	25,073.60	25,261.40	25,070.45	25,239.10
15-Sep-25	25,118.90	25,138.45	25,048.75	25,069.20
12-Sep-25	25,074.45	25,139.45	25,038.05	25,114.00
		Weekly Returns		+0.85%

Data Source: NSE

FPIs were net buyers of $322 Million, but the trigger was the VIX staying under 10 for most of the week. Nifty bounced by +213 points or +0.85%. It was the third consecutive week of a decisive rally in Nifty-50. Nifty touched a weekly high of 25,448 and low of 25,049.

NIFTY MID-CAP 100 INDEX – SUSTAINS THE UPWARD MOMENTUM

Date	Open	High	Low	Close
19-Sep-25	59,124.05	59,247.20	59,051.20	59,094.35
18-Sep-25	59,051.30	59,117.40	58,725.45	59,073.20
17-Sep-25	58,987.05	59,066.45	58,695.60	58,848.55
16-Sep-25	58,582.55	58,838.25	58,427.95	58,799.55
15-Sep-25	58,339.30	58,547.70	58,259.35	58,486.10
12-Sep-25	58,251.85	58,327.70	58,138.45	58,227.20
		Weekly Returns		+1.49%

Data Source: NSE

The mid-cap index has been shining for some time, and sustained the rally for third week in a row. Nifty Mid-cap touched a weekly high of 59,247 and low of 58,259. The mid-cap index has made higher highs and higher lows; and also closed near the high point of the week.

NIFTY SMALL CAP 100 INDEX – JOINS THE PARTY

Date	Open	High	Low	Close
19-Sep-25	18,493.50	18,538.60	18,428.75	18,504.55
18-Sep-25	18,495.15	18,533.95	18,415.45	18,476.95
17-Sep-25	18,367.45	18,450.00	18,339.70	18,423.20
16-Sep-25	18,178.20	18,313.80	18,122.65	18,298.35
15-Sep-25	18,034.25	18,161.80	18,029.55	18,127.00
12-Sep-25	17,941.60	17,996.25	17,877.80	17,989.90
		Weekly Returns		+2.86%

Data Source: NSE

This week, Nifty Small Cap Index bounced by +2.86%. After some doubts, the small cap index finally joined the rally in full flow this week. Nifty Small-cap touched a weekly high of 18,539 and a low of 18,030; making significant higher highs and higher lows.

BANK NIFTY INDEX – SUSTAINS THE INDEX EFFECT

Date	Open	High	Low	Close
19-Sep-25	55,647.95	55,688.75	55,355.30	55,458.85
18-Sep-25	55,797.10	55,835.25	55,490.90	55,727.45
17-Sep-25	55,158.35	55,540.75	55,146.55	55,493.30
16-Sep-25	54,778.40	55,185.45	54,777.75	55,147.60
15-Sep-25	54,884.05	55,018.70	54,807.50	54,887.85
12-Sep-25	54,781.55	54,852.25	54,580.35	54,809.30
		Weekly Returns		+1.19%

Data Source: NSE

For the week, Nifty Bank bounced +650 points or +1.19%. Despite NIM concerns, banks have led the rally as a pure India-specific domestic demand story. Bank Nifty touched weekly high of 55,835 and low of 54,778. Banks have kept the Nifty buoyed up overall.

NIFTY IT INDEX – BETTING ON AN INDO-US TRADE DEAL

Date	Open	High	Low	Close
19-Sep-25	36,765.50	36,821.20	36,369.95	36,578.25
18-Sep-25	36,801.50	37,064.95	36,631.05	36,750.25
17-Sep-25	36,326.30	36,608.90	36,253.90	36,447.15
16-Sep-25	35,962.30	36,274.00	35,860.50	36,212.15
15-Sep-25	36,139.70	36,151.45	35,686.15	35,902.15
12-Sep-25	36,331.45	36,356.65	36,025.30	36,110.75
		Weekly Returns		+1.29%

Data Source: NSE

After rallying by an impressive 4.26% last week, the Nifty IT index rallied another 1.29% this week. The bet was on an early trade deal with the US. The IT Index touched a weekly high of 37,065 and a low of 35,686. The weak dollar continues to remain a headwind for IT.

NIFTY OIL & GAS INDEX – STOCKS RALLY ACROSS THE BOARD

Date	Open	High	Low	Close
19-Sep-25	11,299.05	11,369.90	11,298.00	11,333.30
18-Sep-25	11,327.45	11,335.25	11,242.70	11,286.45
17-Sep-25	11,252.10	11,320.20	11,242.30	11,290.55
16-Sep-25	11,161.80	11,229.20	11,132.65	11,219.75
15-Sep-25	11,091.25	11,134.40	11,079.40	11,124.40
12-Sep-25	11,116.00	11,148.70	11,074.75	11,091.15
		Weekly Returns		+2.18%

Data Source: NSE

After gaining +2.85% in the last 2 weeks, the oil index added another 2.18% this week. Brent crude has been stable and that has helped sentiments around the oil upstream companies as well as the oil downstream companies. The rally in Reliance has also helped.

NIFTY AUTO INDEX – IN A REAL SWEET SPOT

Date	Open	High	Low	Close
19-Sep-25	27,319.45	27,367.80	27,195.05	27,219.55
18-Sep-25	27,388.70	27,418.00	27,179.45	27,329.35
17-Sep-25	27,185.20	27,343.20	27,138.40	27,294.65
16-Sep-25	26,849.35	27,191.20	26,818.15	27,146.40
15-Sep-25	26,915.05	27,011.30	26,737.20	26,760.65
12-Sep-25	26,796.00	27,083.25	26,784.60	26,866.65
		Weekly Returns		+1.31%

Data Source: NSE

Auto index has rallied 38% from the April lows on the back of GST cuts, India demand story, lower rates, and lower risk weights. Nifty Auto Index touched a weekly high of 27,418 and low of 26,737 levels. Auto sector has been the driver of this market revival.

NIFTY FMCG INDEX – TOO MANY HEADWINDS PULL FMCG DOWN

Date	Open	High	Low	Close
19-Sep-25	56,594.55	56,640.70	56,191.75	56,273.05
18-Sep-25	56,448.85	56,643.45	56,293.10	56,522.35
17-Sep-25	56,562.70	56,678.35	56,213.75	56,321.00
16-Sep-25	56,634.30	56,700.80	56,292.65	56,398.65
15-Sep-25	56,516.20	56,673.20	56,430.45	56,551.35
12-Sep-25	56,991.80	57,065.50	56,430.50	56,557.15
		Weekly Returns		-0.50%

Data Source: NSE

FMCG sector has had a volatile run due to demand concerns, However, GST could be a game changer and the implications are still being absorbed. Nifty FMCG Index touched a weekly high of 56,701 and low of 56,192 levels. FMCG index is trapped in a narrow range!