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Indian markets maintain gaining rally in early noon deals
Sep-23-2026

Indian equity benchmarks maintained their gaining rally in early afternoon deals, tracking positive cues from other Asian markets. Sentiments remained upbeat, as the rating agency Crisil Ratings, in its latest report, has forecasted 9-11% growth in revenue of 18 large states, which account for more than 90% of India’s gross state domestic product (GSDP), this fiscal (FY27).

Both benchmark indices, Sensex and Nifty, were holding gains in early noon trade. Buying interest was visible in segments such as metals and realty, while IT stocks remained relatively subdued. The rebound was supported by easing crude oil prices and improved sentiment around potential easing of Middle East tensions.

On the global front, Asian markets were trading mostly in green, as Brent crude futures extended losses for a sixth consecutive session on hopes for progress in U.S.-Iran talks and reports suggesting that Saudi Arabia has restarted its East-West oil pipeline. 

The BSE Sensex is currently trading at 74936.77, up by 407.69 points or 0.55% after trading in a range of 74599.88 and 74973.74. There were 24 stocks advancing against 6 stocks declining on the index.

The top gaining sectoral indices on the BSE were Metal up by 1.85%, Realty up by 1.34%, Basic Materials up by 1.32%, FMCG up by 1.23% and Industrials up by 0.82%, while IT down by 0.40% and TECK down by 0.11% were the only losing indices on BSE.

The top gainers on the Sensex were Tata Steel up by 2.49%, Bajaj Finance up by 2.34%, Power Grid up by 1.60%, Larsen & Toubro up by 1.53% and Ultratech Cement up by 1.39%. On the flip side, Titan Company down by 0.82%, Infosys down by 0.67%, TCS down by 0.62%, Mahindra & Mahindra down by 0.33% and HCL Technologies down by 0.31% were the top losers.

Meanwhile, the rating agency Crisil Ratings, in its latest report, has forecasted 9-11% growth in revenue of 18 large states, which account for more than 90% of India’s gross state domestic product (GSDP), this fiscal (FY27). It noted that the states’ revenue is expected to reach Rs 44 lakh crore in FY27. It highlighted that the upturn will be led by growth in states’ GST collections and tax devolution from the Centre, even as growth in several other revenue streams remains moderate. Own taxes contribute a little over half of states’ revenue receipts of which, GST accounts for around 40-45%, while taxes on liquor and petroleum products are the other significant contributors.

Crisil has emphasized that GST 2.0, implemented in September 2025, is expected to improve revenue buoyancy in this fiscal. Further, GST revenue of states grew 16% on-year in the five months ended August 31, 2026, aided by nearly 30% growth in IGST collections from imports of electronics, machinery, gold, fertilisers and other key goods. However, it noted that the pace is expected to normalise as commodity prices stabilise and currency volatility eases in the second half of the fiscal. 

Meanwhile, the states’ other own-tax streams are expected to grow more steadily. Crisil said that revenue from liquor sales is expected to increase 7-8%, reflecting stable consumption and periodic revisions in duties and fees. Further, petroleum-tax revenue is projected to grow 4-5%, driven mainly by volume expansion and higher pump prices with states having thus far refrained from reducing tax rates. Besides, other own-tax revenue, led by stamp duty collections, is expected to grow 6-7% off a high base as growth in the real-estate sector moderates. Overall, own-tax revenue of states should increase 9-10% this fiscal, with GST providing the primary impetus.

Apart from taxes, Crisil said that grants-in-aid are expected to rise 6-7% this fiscal, supported by higher allocations for urban and rural local bodies under the 16th Finance Commission framework, subject to performance-linked conditions, as well as increased funding for a few key centrally sponsored schemes. Moreover, the non-tax revenue, driven largely by mining royalties, is projected to grow 9-10%, aided by stable mineral production, firmer prices and continued auctions of mineral blocks. However, the aggregate improvement will not be uniform across states as outcomes will depend on the revenue mix, tax buoyancy and compliance with grant-linked conditions. Crisil’s projections assume nominal gross domestic product growth of around13% in fiscal 2027, compared with around 8.9% in the previous fiscal.

The CNX Nifty is currently trading at 23450.45, up by 121.45 points or 0.52% after trading in a range of 23349.55 and 23466.90. There were 38 stocks advancing against 12 stocks declining on the index.

The top gainers on Nifty were Bajaj Finance up by 2.31%, Tata Steel up by 2.30%, JSW Steel up by 2.22%, Hindalco Industries up by 1.87% and Power Grid up by 1.73%. On the flip side, Titan Company down by 1.19%, Coal India down by 0.98%, Cipla down by 0.85%, Infosys down by 0.63% and TCS down by 0.57% were the top losers.

Asian markets were trading mostly in green; Jakarta Composite gained 55.82 points or 0.89% to 6,332.86, KOSPI increased 63.01 points or 0.89% to 7,080.92, Taiwan Weighted added 357.12 points or 0.74% to 48,157.29 and Straits Times rose 5.68 points or 0.1% to 5,729.44, while Hang Seng declined 269.75 points or 1.08% to 24,818.00 and Shanghai Composite weakened 15.61 points or 0.4% to 3,936.52.
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