Indian equities trade largely flat after Thursday’s sharp sell-off as easing oil prices and hopes of a US-Iran truce provide some support; Welspun Corp rallies on ₹4,000-crore US order

Indian equity markets opened on a cautious note on Friday, September 25, after suffering a sharp sell-off in the previous session. The benchmark indices struggled to build a meaningful recovery as investors continued to monitor crude oil prices, US-Iran developments, global bond yields and foreign fund flows.

At around 10:00 AM, the Sensex was up 8.10 points, or 0.01 per cent, at 73,588.74, while the Nifty 50 was down 7.90 points, or 0.03 per cent, at 23,055.20. The broader market remained marginally positive, with the Nifty MidCap 100 and Nifty SmallCap 100 up around 0.10 per cent and 0.21 per cent, respectively.

The muted opening followed Thursday’s heavy correction, when the Sensex plunged 1,247.71 points, or 1.67 per cent, to 73,580.54 and the Nifty declined 383.70 points, or 1.64 per cent, to 23,063.10.

Markets Attempt a Recovery After Thursday’s Sell-Off

Friday’s session began with investors looking for signs of stability after the previous day’s sharp decline.

The immediate focus remained on whether the Nifty could hold the 23,000 level after falling below 23,100 on Thursday. Market participants were also assessing whether softer crude prices and developments around US-Iran diplomatic efforts could ease some of the pressure that has recently affected risk sentiment.

GIFT Nifty had indicated a mildly positive opening, with futures around 23,142, while Brent crude was trading near $106 a barrel after declining in early trade.

However, the broader global backdrop remained uncertain, limiting the strength of the recovery.

Crude Oil Remains a Key Market Driver

Oil prices have become one of the most important variables for Indian equities in recent sessions.

Brent crude futures were around $106.02 a barrel on Friday morning after falling 0.54 per cent. The decline followed a roughly 3 per cent rise in the previous session amid concerns over potential supply disruptions.

For India, elevated crude prices have implications for inflation, the current account, the rupee and corporate input costs. A sustained period of expensive oil could therefore keep pressure on sectors and companies sensitive to energy and transportation costs.

On the other hand, any meaningful improvement in the geopolitical situation and a subsequent decline in crude could provide relief to the broader market.

Welspun Corp Hits Record High on ₹4,000-Crore Order

Welspun Corp emerged as one of the biggest individual stock movers in Friday’s session.

Shares of the company rose around 5 per cent to a fresh high of ₹2,837.50 after its wholly owned US subsidiary, Welspun Tubular LLC, secured its largest-ever High-Frequency Induction Welded pipe order.

The order is worth approximately $412.5 million, or around ₹4,000 crore, and is scheduled to be executed during FY28 and FY29.

The pipes will be manufactured at the company's upgraded HFIW facility in Little Rock, Arkansas.

Following the contract, Welspun Corp’s global order book has increased to a record $4.7 billion, equivalent to roughly ₹45,000 crore.

The fresh order provides additional multi-year revenue visibility and strengthens the company's position in the US energy infrastructure market.

Welspun Corp Extends Its Strong 2026 Rally

The latest rally adds to an already significant move in Welspun Corp.

According to Business Standard data, the stock had gained around 78 per cent over the previous two months and was nearly four times its 52-week low of ₹709.95 touched on February 2, 2026.

The company's recent order wins have been a major focus for investors. Its consolidated global order book had already reached record levels following a large US pipe order announced earlier in August.

The latest contract further increases visibility for future execution, although the stock's sharp appreciation also means valuation and order execution will remain important factors for investors.

IT Stocks Remain Under Pressure

Information technology stocks remained weak in early Friday trade.

Oracle Financial Services Software, Infosys and MphasiS were among the prominent losers in the Nifty IT index. The IT index was the only major sectoral index trading in the red during the early session.

The weakness comes after the broader market's recent volatility and amid continued sensitivity around global technology spending, currency movements and developments in the US economy.

IT companies with significant overseas revenue exposure can also be affected by movements in the rupee and changes in global corporate technology expenditure.

Auto and Power Stocks Provide Support

While IT remained under pressure, several other sectors helped prevent a deeper decline in the benchmark indices.

Bajaj Auto, Tata Motors Passenger Vehicles and Power Grid Corporation of India were among the leading Nifty 50 gainers around 10 AM.

The relative strength in auto stocks provided some support to the index, while Power Grid benefited from continued investor interest in the power and infrastructure theme.

The mixed sectoral performance highlights the selective nature of Friday’s recovery rather than a broad-based rebound.

PB Fintech Remains Under Pressure After Sharp Fall

PB Fintech continued to attract attention following its dramatic decline on Thursday.

The stock had fallen about 35-36 per cent in the previous session after the Insurance Regulatory and Development Authority of India proposed significant changes to insurance distribution economics.

On Friday morning, the stock extended losses at one stage, trading around ₹1,180 and down approximately 2.2 per cent in the Business Standard live market update.

The regulatory proposals have raised concerns about commission structures and their potential effect on insurance distributors and intermediaries.

Moneycontrol reported that PB Fintech rebounded later in early trade, with the stock rising around 4 per cent to ₹1,256, illustrating the unusually high volatility surrounding the counter.

NSE Shares Slip After Strong Post-Listing Move

Shares of the National Stock Exchange also remained volatile after their recent market debut.

NSE shares declined around 1.54 per cent to ₹1,790 on the BSE in early Friday trade, according to the live market update.

The stock had gained around 5 per cent in the previous session after making a relatively muted debut at ₹1,800 against its IPO price of ₹1,785.

The listing has brought one of India's most important market infrastructure institutions into public-market focus, with investors now assessing its valuation, market-share position, derivatives exposure and long-term earnings potential.

Ola Electric Shares Fall Ahead of Fundraising Decision

Ola Electric Mobility was another stock in focus, with shares falling around 9 per cent in early trade.

The decline came as investors awaited the company's board meeting scheduled to consider a proposed fundraise.

The company had earlier disclosed plans to raise up to ₹1,500 crore through one or more equity-linked routes, including a rights issue, QIP, further public offer or other permitted mechanisms.

Ola Electric's fundraising plans come against the backdrop of pressure on its financial performance. In Q1 FY27, the company reported a net loss of ₹336 crore, while revenue declined 45 per cent year-on-year to ₹455 crore.

Investors will therefore focus on the size, structure and intended use of any capital raised.

IPO Activity Remains Busy

The primary market remains highly active on Friday, with several IPOs opening or continuing their subscription process.

New issues opening for subscription include Snapdeal, Orient Cables, German Green Steel and Runwal Enterprises. Several SME IPOs, including Bench Mark, Shree TNB Polymers, Dudani Retail, Himalayan Solar and Sai Urja Indo, are also scheduled to open.

Meanwhile, Moneyview, A-One Steels, Green Asia Impex, Peshwa Wheat and Roopa Screen are entering their second day of subscription.

In the mainboard segment, Adroit Industries, Elevate Campuses, Swastika Infra and ArMee Infotech are entering the third day, while several SME issues are reaching their final subscription day.

The large number of simultaneous offerings means investor liquidity and subscription trends will remain an important feature of the primary market.

Broader Markets Remain Marginally Positive

The broader market was relatively resilient during the first hour.

The Nifty MidCap 100 and Nifty SmallCap 100 were both trading higher, indicating that selling pressure was not uniform across the market.

However, the recovery remained selective, with investors focusing on company-specific developments and sectoral trends rather than making broad-based bets.

This divergence between individual stocks and benchmark indices has become an important feature of the current market environment.

Thursday’s Sharp Correction Sets the Tone

The scale of Thursday's sell-off remains important for understanding Friday's market behaviour.

The Nifty dropped 383.70 points to 23,063.10, while the Sensex lost 1,247.71 points. Financial services stocks were among the hardest hit, while concerns over crude prices, bond yields and the possibility of tighter global monetary conditions weighed on sentiment.

The market is therefore attempting to stabilise around technically important levels rather than displaying a decisive change in trend.

Key Levels Traders Will Watch

The 23,000 level on the Nifty has become an important near-term psychological reference point after Thursday's decline.

Moneycontrol cited market analysis identifying 23,000-23,150 as an important near-term zone, with further downside levels around 22,800-22,850 if selling pressure persists. On the upside, 23,150 and 23,250-23,300 were identified as potential resistance areas. These are analyst-derived technical levels rather than guaranteed market outcomes.

For the Sensex, the 73,500 area is similarly important in the short term, given Thursday's close near 73,581.

What Investors Are Watching Today

Several factors could influence the market through the remainder of Friday's session:

Crude oil: Brent near $106 remains a major macro variable.

US-Iran developments: Any progress towards a diplomatic resolution could influence oil and risk sentiment.

US-China developments: Investors are also monitoring discussions between US President Donald Trump and Chinese President Xi Jinping.

Bond yields: Higher global yields remain a pressure point for emerging-market equities.

Foreign flows: Recent volatility in foreign institutional flows remains important for the direction of large-cap stocks.

Stock-specific developments: Welspun Corp, PB Fintech, NSE and Ola Electric are among the prominent counters attracting attention.

Market Outlook

Friday's session is beginning as a cautious attempt at stabilisation after the sharp correction seen on Thursday. At around 10 AM, the Sensex was almost unchanged near 73,600 and the Nifty was holding around 23,050, while mid- and small-cap indices remained marginally positive.

The immediate market direction is likely to remain sensitive to crude oil prices and geopolitical developments. A sustained easing in oil prices could reduce some of the pressure on Indian equities, while renewed supply concerns could quickly bring volatility back.

At the stock level, Welspun Corp stands out after its US subsidiary won a record ₹4,000-crore HFIW pipe order, taking the company's global order book to around ₹45,000 crore.

For the broader market, the ability of the Nifty to sustain levels around 23,000, developments in crude oil and bond yields, and the behaviour of financial and IT stocks will remain key factors for the rest of Friday's trading session.