Market snapshot
Nifty 5022,780.25-1.56%
Sensex72,771.72-1.52%
Bank Nifty54,471.65-1.99%
Previous close · 28 Sept 2026 · Nifty is trading at the 11th percentile of its range over the last 252 sessions.
Yesterday, Indian equity markets witnessed a sharp decline as investor sentiment soured over aggressive rate hike expectations by the RBI. Nomura's analysis suggests that the market is overpricing the extent of future rate hikes, anticipating 125 basis points, while Nomura foresees a more modest 50 basis points increase. The banking sector, particularly PSU banks, was hit hard, reflecting broader concerns about economic growth and lending pressures. Meanwhile, the pharmaceutical sector could find relief as the US waived tariffs on certain specialty drugs, providing a potential boost to Indian pharma exports.
The big story
Markets pricing 125 bps RBI hikes, but Nomura says bets are too aggressive; sees just 50 bps
Nomura sees RBI rate hike expectations as too aggressive, predicts 50 bps.
News
J.P. Morgan projects that $115 billion could flow into India's stock market as investors seek to hedge against the crowded AI trade.
The US has waived tariffs on certain specialty drugs imported from India and 19 other countries, allowing these products to enter tariff-free due to existing trade agreements.
India's IPO market is thriving with a significant increase in the number of IPOs and issue amounts, despite declines in the secondary market equity indices.
Cibus and Crystal Crop Protection have partnered to enhance India's mustard crop, aiming to improve agricultural productivity.
Indian equities experienced a downturn as rising crude oil prices and high US bond yields led to a significant drop in the NSE Nifty 50 and BSE Sensex.
Stocks Updates
NCC: received a ₹1,076.7 crore order from the Rural Water Supply and Sanitation Department, Visakhapatnam, Government of Andhra Pradesh.
ITC: acquired 13,445 equity shares of Sproutlife Foods Private Limited for approximately ₹645 crores, making it a wholly owned subsidiary.
Anupam Rasayan India: credited 1,669 equity shares of Bliss GVS Pharma Limited to the acquirer's demat account on 24 August 2026.
Anupam Rasayan India: completed the acquisition of 100% of Jayhawk Fine Chemicals Corporation for approximately US$134 million in February 2026.
Newgen Software Technologies: executed an agreement valued at US$5,475,020 with a health insurance company in the USA for the NewgenONE CAG Solution.
Lloyds Metals And Energy: subscribed to 3,50,00,000 equity shares of Thriveni Earthmovers and Infra Private Limited, increasing its holding to 71.89%.
Avenue Supermarts: repaid commercial papers amounting to Rs. 200 crores on 28th September 2026.
GMR AIRPORTS: made voluntary prepayment of principal amount along with accrued interest and redemption premium on non-convertible bonds.
FII / DII activity
FIISold ₹5,353.22 Cr
DIIBought ₹5,189.02 Cr
FIIs sold ₹5,353.22 Cr, DIIs bought ₹5,189.02 Cr. DIIs providing support against heavy FII selling.
Market breadth
Nifty 500
Advances76
Declines424
A/D ratio0.18
Limited participation across Nifty 500
Sector performance
12 NSE sector indices, previous close
IT-0.26%
Media-0.74%
Pharma-0.89%
FMCG-1.47%
Auto-1.64%
Fin Services-1.69%
Metal-1.78%
Infra-1.95%
Bank-1.99%
Energy-2.00%
Realty-2.12%
PSU Bank-3.24%
Leaders: IT, Media · Laggards: PSU Bank, Realty
Top gainers and losers
Gainers
DIXON₹13,640.00+1.87%
DRREDDY₹1,221.00+1.67%
VOLTAS₹1,135.50+1.55%
IREDA₹114.82+1.41%
PETRONET₹289.85+1.17%
Losers
MANAPPURAM₹313.00-6.29%
YESBANK₹21.18-5.87%
BANKINDIA₹129.99-5.76%
IDEA₹13.47-5.54%
NAM-INDIA₹1,093.90-5.45%
Commodities & forex
🪙 Gold (10g)₹1,46,513.00-0.20%
🥈 Silver (1kg)₹2,27,390.00-0.02%
USD/INR95.79-0.39%
Global cues
S&P 5007,683.69-0.77%
Nasdaq26,820.38-0.92%
S&P 500 futures7,746.75-0.73%
Nasdaq futures30,566.25-1.05%
Stocks fell as higher oil prices and rising Treasury yields weighed on investor sentiment, according to Reuters.
The Wall Street Journal reported a deepening selloff in Treasuries contributed to the slide in U.S. stocks.
Yahoo Finance noted that elevated yields pressured major indices as investors overlooked Trump's Iran sanction relief.
Bloomberg highlighted how subprime auto loans are enriching Wall Street while borrowers face struggles.
CNBC reported that nearly half of the stocks in the S&P 500 are moving in opposition to the broader market trends.
Technical levels
Nifty support22,668.22 / 22,556.18
Nifty resistance22,986.27 / 23,192.28
Bank Nifty support54,142.87
Bank Nifty resistance55,095.27
Nifty is in bearish trend. Trading below 200 DMA suggests caution. Short-term trend is soft.
Corporate actions
Upcoming ex-dates
Steel Authority of India
Dividend ₹2.35/sh · ex 30 Sep
Indraprastha Gas
Dividend ₹1.50/sh · ex 1 Oct
Natco Pharma
Rights 2:21 @ Premium Rs 748/- · ex 1 Oct
Earnings calendar
Tata Consultancy Services Limited2026-10-08
Can Fin Homes Limited2026-10-09
Poonawalla Fincorp Limited2026-10-09
HCL Technologies Limited2026-10-12
Term of the day
Short selling in India
Short selling in India is regulated by SEBI and exchanges and generally requires borrowed shares or derivative hedges.