Business
Sensex up 350 points, Nifty above 24,850; IT stocks lead rally
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Mumbai, Sep 9: The Indian benchmark indices opened higher on Tuesday, with Nifty IT index leading the rally with 1.7 per cent surge in the early trade.
At 9.23 am, Sensex was up 355 points or 0.44 per cent, at 81,142 and Nifty was up 99 points or 0.40 per cent, at 24,873.
The broadcap indices stayed flat, as Nifty Midcap 100 inched up by 0.05 per cent, and the Nifty Small cap 100 dipped 0.01 per cent.
Nifty IT advanced on the back of strong gains by Infosys (up 3.35 per cent) as the company had announced that it will consider a buyback of shares along with its results next month. IT company Wipro also advanced 2.36 per cent.
Tech Mahindra, TCS, Bajaj Finserv were other major gainers in the Nifty pack. Major losers were Titan Company, Shriram Finance, ICICI Bank, Tata Consumer and Tata Motors.
Among sectoral indices, apart from Nifty IT, the top gainer, Nifty pharma (up 0.47 per cent) and Nifty Auto (up 0.21 per cent) were in green. Many other indices made marginal losses.
Analysts said that Nifty index had formed a small red candle with a long upper shadow on the daily chart, highlighting consolidation and volatility.
“While buying interest is visible at lower levels, the 24,900–25,000 zones remains a stiff hurdle. Support is placed at 24,620, and as long as Nifty trades below 25,000, some consolidation or mild weakness may persist,” they noted.
“Upside momentum vanished on test of 24,870, which we had pencilled in as a critical pivot yesterday. Though the turn lower thereof was abrupt and steep, oscillators remain accommodative towards further upsides. We will look for a close beyond the 24,730-870 for further clarity,” said Anand James, Chief Market Strategist, Geojit Investments Limited.
The US markets ended in the green zone overnight as the Dow Jones Industrial Average inched up 0.25 per cent, while the Nasdaq advanced by 0.45 per cent and the S&P 500 gained 0.21 per cent.
In the US, investors are now awaiting two key inflation reports that could determine what Federal Reserve policymakers will do at their meeting next week.
The Asian markets traded mixed in the morning session. China’s Shanghai index declined 0.35 per cent, and Shenzhen lost 1 per cent. Japan’s Nikkei was up 0.2 per cent, while Hong Kong’s Hang Seng Index added 0.82 per cent. South Korea’s Kospi inched up 1.06 per cent.
On Friday, foreign investors (FIIs/FPIs) turned net sellers with outflows worth Rs 2,170 crore of Indian equities, while domestic institutional investors (DIIs) net bought shares worth Rs 3,014 crore.
Business
Misuse of SIMs may attract up to 3 years’ imprisonment and Rs 50 lakh fine, warns DoT

New Delhi, Sep 21: The Department of Telecommunications (DoT) on Monday said that it has warned citizens against the misuse of SIM cards and telecom identifiers, stating that violations under the Telecommunications Act, 2023 can attract imprisonment of up to three years and a fine of up to Rs 50 lakh.
The advisory follows the detection of a fraudulent SIM issuance racket in Chhattisgarh, where mobile connections were activated using citizens’ identity documents without their knowledge or consent.
According to the DoT, a Point of Sale (PoS) agent in the state was found to have activated 25 SIM cards using identity documents belonging to citizens without their knowledge or consent.
Acting swiftly, the Department, in coordination with telecom service providers, blacklisted the PoS agent, permanently preventing the outlet from issuing mobile connections in the future.
“Recent cybercrime investigations have brought to light some instances in which a Point of Sale (PoS) agent in Chhattisgarh was found to have illegally activated 25 mobile connections (SIMs) using citizens’ identification documents without their knowledge or consent,” the Ministry of Communications said.
The 25 mobile numbers were subsequently examined through the Digital Intelligence Platform (DIP), a system developed by the DoT to detect suspicious telecom activity. Mobile connections identified as potentially fraudulent were subjected to re-verification, and those that failed the verification process were deactivated.
Issuing a public advisory, the DoT reiterated that fraudulent issuance of SIM cards, misuse of telecom identifiers and tampering with International Mobile Equipment Identity (IMEI) numbers are serious offences under the Telecommunications Act, 2023.
The Department stated that such violations can lead to imprisonment of up to three years along with financial penalties that may extend to Rs 50 lakh.
The advisory comes amid growing concerns over the misuse of telecom resources in cybercrime, digital fraud and other unlawful activities.
With mobile connectivity and digital services expanding rapidly across the country, authorities have emphasised the need for strict compliance with telecom regulations to protect citizens and maintain the integrity of communication networks.
Business
Look forward to meet EAM Jaishankar, discuss conclusion of trade pact: Canada Anita Anand

New Delhi, Sep 21: Canadian Minister of Foreign Affairs, Anita Anand, has said that she looks forward to meeting External Affairs Minister (EAM) S Jaishankar this week and discuss the Comprehensive Economic Partnership Agreement (CEPA).
“The Canada-India bilateral relationship is growing and the conclusion of the CEPA before the end of the year is key to our overall strategy. I look forward to speaking with @DrSJaishankar this week during @UN high level week,” Anand posted on X.
Last week, EAM Jaishankar spoke with his Canadian counterpart, Anita Anand, holding discussions on bilateral cooperation as well as the situation in Ukraine. “Good to speak with FM Anita Anand of Canada this evening, on our bilateral cooperation as well as on the Ukraine situation,” EAM Jaishankar stated on X.
Meanwhile, Commerce and Industry Minister Piyush Goyal had a productive meeting here last week with Maninder Sidhu, Minister of International Trade, Canada, here on advancing the CEPA.
“I just finished round four of trade negotiations with my team in India. These negotiations require sustained, face-to-face cooperation, and I look forward to meeting with Minister Goyal again in the coming weeks as we continue to build momentum toward a CEPA agreement,” Sidhu posted on X.
Canada and India had $30.8 billion in two-way trade in 2024. Our goal is to more than double that to $70 billion by 2030.
“From agriculture and agri-food to energy, critical minerals, AI and tech, aerospace, and defence, a CEPA can open more doors for Canadian businesses in one of the world’s largest and fastest-growing markets,” said Sidhu.
Both sides reaffirmed “our leadership’s commitment to expedite negotiations and conclude CEPA at the earliest, unlocking new opportunities across trade in goods, services, and investment, among others,” Goyal posted on X.
The minister further stated he is confident that an early conclusion of India-Canada CEPA will help realise our shared vision of significantly increasing bilateral trade and deepening the India-Canada economic partnership for mutual benefit.
Business
Sensex, Nifty post early gains over correction in crude prices

Mumbai, Sep 21: The Indian equity markets opened on a positive note on Monday, driven by gains in realty stocks and correction in crude prices.
As of 9.20 am, Sensex added 411 points, or 0.55 per cent, to reach 74,706 and Nifty gained 33 points, or 0.14 per cent, to reach 23,379.
Main broad-cap indices showed divergence with the benchmark indices, as the Nifty Midcap 100 declined 0.19 per cent, and the Nifty Smallcap 100 shed 0.04 per cent.
Sectoral indices on NSE traded mixed, with Nifty IT and PSU banks posting moderate losses. Nifty realty was the top gainer, up 1.04 per cent, followed by auto, up 0.65 per cent.
Despite escalation of conflicts in the Middle East and the Russia-Ukraine war, Brent crude declined to below $102 due to the increasing oil flow through the Strait of Hormuz.
“The US 10-year bond yields are hovering around 5 per cent posing a threat to equity markets. But equity markets are holding their ground taking cues from the robust growth in developed economies and expectations of good corporate earnings. In India, too, this pattern is playing out,” an analyst said.
Global markets remain mixed, with Asian equities gaining on technology strength while easing crude prices are offering some relief.
In the previous session, Nifty surged 0.33 per cent, and its immediate support was placed at 23,100–23,200, while resistance was seen at 23,400–23,500.
In the previous session, Bank Nifty closed at 56,358.70, up 0.54 per cent, after recovering strongly from an intraday low of 56,073.55. Immediate support is placed at 55,800–56,000, while resistance is seen at 56,800–57,000.
In Asian markets, China’s Shanghai index gained 0.58 per cent, and Shenzhen added 0.63 per cent, Japan’s Nikkei added 1.38 per cent, and Hong Kong’s Hang Seng Index added 0.66 per cent. South Korea’s Kospi added 1.84 per cent.
The US markets ended in green on their last trading day, as Nasdaq gained 0.4 per cent. The S&P 500 added 0.17 per cent, and the Dow Jones declined 0.18 per cent.
On September 18, foreign institutional investors (FIIs) net bought equities worth Rs 599 crore, while domestic institutional investors (DIIs) bought equities worth Rs 1,019 crore.
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