Indian equities fell sharply on September 10, with the Nifty sliding below 23,450 to touch a fresh three-month low. Heavy selling pressure hit the real estate, auto and information technology sectors, dragging the broader market lower. However, not all segments suffered: PSU banks and oil & gas stocks climbed, helped by a surge in crude oil above $100 a barrel.
On the same day, Business Today TV's "What's Hot" programme, hosted by Sakshi Batra, examined the intraday moves and also featured an exclusive look at the ₹805 crore initial public offering of Manipal Payments and Identity Solutions.
Nifty under pressure as sectors diverge
The benchmark index broke below its recent range and sank to levels not seen in three months. Real estate, auto and IT counters bore the brunt of the sell-off, with traders citing broad-based risk aversion and profit-booking after a period of relative stability. The drop extended losses from earlier in the week and kept the near-term outlook cautious.
Despite the weakness, PSU bank shares held up well, and oil & gas stocks managed to post gains. The trigger for the energy-linked rally was crude oil climbing past the $100 mark, a level that tends to benefit upstream producers and state-owned refining and marketing companies. Investors rotated capital out of beaten-down sectors into those perceived as beneficiaries of higher energy prices.
Crude above $100 supports select names
Brent crude's move above $100 a barrel provided a clear tailwind for oil and gas stocks. PSU banks also found buyers, partly on expectations that the government may accelerate reform measures or capital support in the face of higher energy costs. The divergence within the index underscored how sharply the market's internal dynamics have shifted in recent sessions.
Manipal Payments and Identity Solutions IPO
The show featured an exclusive segment on the ₹805 crore public issue of Manipal Payments and Identity Solutions. According to management commentary, the company commands a dominant position in the payment card space, which generates roughly 85% of its revenue. The firm is now pushing aggressively into high-margin metal cards, a segment that is growing at a compound annual growth rate of 47% in India. Beyond payments, the company is expanding into RFID technology and targeting export markets as part of its next growth phase. Investors tracking the IPO will be watching the subscription numbers and pricing closely.
Key takeaways
- The Nifty slipped below 23,450 to a three-month low, dragged by real estate, auto and IT stocks.
- PSU banks and oil & gas shares rallied as crude oil topped $100 a barrel.
- Manipal Payments and Identity Solutions launched a ₹805 crore IPO; payment cards account for 85% of its revenue.
- The company's metal cards business is growing at 47% CAGR in India, and it plans to expand into RFID and exports.
Common questions
What caused the Nifty fall on September 10?
Heavy selling across real estate, auto and IT sectors pushed the Nifty below 23,450 to a three-month low. Profit-booking and sector-specific concerns were cited as reasons.
Why did PSU banks and oil & gas stocks rise?
Crude oil climbed above $100 a barrel, benefiting oil & gas producers and related stocks. PSU banks also saw buying interest on rotation out of falling sectors.
What is the size of the Manipal Payments IPO?
The public issue is worth ₹805 crore. The company is a leader in payment cards and is diversifying into metal cards, RFID and exports.
For a real-time view of how gold is reacting to these equity and commodity moves, bookmark the live gold price page.
The session's contrasting sector performance is a reminder that equity markets can fragment even during broad declines. Investors would do well to stay on top of sector-specific catalysts—whether crude oil at $100 or a high-profile IPO—rather than relying solely on index direction.