Sensex, Nifty Fall 7 Days; PSU Banks Top Sectoral Gainers

Market Update at 4:10 PM: On Monday, September 29, Indian equity benchmark indices extended their losing streak for the seventh consecutive day. The Nifty 50 closed down by 19.80 points, or 0.08 per cent, at 24,634.90, while the Sensex dropped by 61.52 points, or 0.08 per cent, to 80,364.94. Heavyweight financial stocks erased early gains amid continued concerns over persistent foreign sell-offs.

The Oil and Gas sector witnessed gains during the session. The Nifty Oil and Gas index rose 1.35 per cent, while the Nifty PSE index (state-owned firms) gained 1.17 per cent, led by oil-marketing companies Petronet LNG, BPCL, HPCL, and Indian Oil. Investors awaited the Reserve Bank of India’s policy decision scheduled for Wednesday.

On the sectoral front, 7 out of 11 sectors closed in positive territory. Broader indices showed mixed performance, with the Nifty Midcap 100 index ending up by 0.27 per cent, snapping a five-day winning streak, while the Nifty Small-Cap 100 index declined 0.07 per cent, marking the sixth consecutive day of losses.

Oil India jumped nearly 2 per cent after reporting a natural gas discovery in its exploratory well in the Andaman Shallow offshore blocks. Tata Power rose over 1 per cent as Tata Power EV Charging Solutions Ltd partnered with VE Commercial Vehicles to accelerate electric mobility.

The Nifty PSU Bank index emerged as the top gainer, rising 1.78 per cent and snapping a three-day losing streak, with all constituents closing higher. In contrast, the Nifty Media index fell 0.85 per cent, extending its losing streak to five sessions.

Top contributors to the Nifty 50 gains were HDFC Bank (+28.10 points), State Bank of India (+11.28 points), and Titan Company (+8.16 points). On the downside, ICICI Bank (-15.10 points), Axis Bank (-12.63 points), and Maruti Suzuki (-8.28 points) weighed on the index.

Market breadth remained slightly negative. Of the 3,168 stocks traded on the NSE, 1,497 advanced, 1,578 declined, and 93 remained unchanged. A total of 77 stocks hit their 52-week highs, while 115 touched 52-week lows. Additionally, 91 stocks were locked in upper circuits, and 96 were in lower circuits.

Market Update at 12:30 PM: Indian benchmark indices, Sensex and Nifty, swung between gains and losses in Monday’s trade after paring early gains due to weakness in media and consumer durables.

At 12:00 PM, the BSE Sensex was trading almost flat at 80,425, down 1 point, while the NSE Nifty50 was up 12.5 points or 0.05 per cent at 24,667.15.

The Reserve Bank of India’s (RBI) six-member Monetary Policy Committee (MPC) meeting commenced today. As per a Business Standard poll, the MPC is expected to maintain the status quo and keep key interest rates unchanged.

On the BSE, Bharat Electronics Ltd (BEL), Sun Pharma, Eternal, Titan, and PowerGrid were the Top Gainers, while Maruti, Axis Bank, Adani Ports, and Larsen & Toubro (L&T) were among the top drags. On the NSE, BEL, Eternal, and Mahindra & Mahindra (M&M) gained the most, while Hindustan Unilever, Axis Bank, and Maruti slipped.

Broader markets were positive, with the Nifty SmallCap 100 index up 0.18 per cent and the Nifty MidCap 100 index gaining 0.33 per cent.

Among sectoral indices, Nifty Oil & Gas led the gains, rising 1.6 per cent, followed by PSU Bank, Energy, and Metal indices. On the downside, the FMCG index declined 0.7 per cent.

Market Update at 10:05 AM: India’s equity benchmarks opened little changed on Monday, following their sharpest weekly decline in nearly seven months, as investor attention shifted toward the central bank’s upcoming policy decision.

The Nifty 50 was up 0.08 per cent at 24,675.3, while the BSE Sensex added 0.06 per cent to 80,461.08 as of 9:20 a.m. IST. Both indices had fallen 2.7 per cent last week and recorded losses in each of the last six sessions. Market sentiment was impacted by a hike in H-1B visas and steep tariffs on branded drugs, which contributed to renewed foreign selling pressure.

At the market open, ten of the 16 major sectors posted marginal gains. The broader small-cap and Mid-Cap indexes rose 0.1 per cent and 0.3 per cent, respectively.

Investors are now focused on the Reserve Bank of India’s policy announcement scheduled for Wednesday. Market participants will closely monitor commentary on economic growth, inflation, and interest rate directions, which could influence the near-term market trend.

Pre-Market Update at 7:35 AM: On Monday, September 29, equity benchmark indices Sensex and Nifty 50 are expected to open on a positive note, tracking global cues. At 7:09 AM, the GIFT Nifty was at 24,805, up 100 points.

Last week, Indian markets faced sharp selling pressure, with both Sensex and Nifty slipping more than 2.5 per cent, ending a three-week winning streak. Losses were broad-based and intensified in the final trading session.

Market direction this week will depend on several factors including the Reserve Bank of India’s monetary policy decision, progress on the India–US trade deal, updates on US tariffs, domestic and global macroeconomic data, gold price trends, and foreign fund flows. The expiry of September derivative contracts is also expected to add volatility.

On Friday, September 26, Foreign Institutional Investors (FIIs) sold equities worth Rs 5,687.58 crore, taking total September outflows to Rs 30,141.68 crore. Domestic Institutional Investors (DIIs) bought equities worth Rs 5,843.21 crore, extending their net buying streak to 24 sessions.

Indian markets closed lower for the sixth straight session on Friday. The Nifty 50 declined 236.15 points (0.95 per cent) to 24,654.70, while the Sensex fell 733.22 points (0.90 per cent) to 80,426.46. India VIX rose over 5 per cent to end above 11. For the week, Nifty slipped 2.65 per cent, its steepest fall in nearly six months. Sectoral losses were broad. Nifty Pharma dropped 2.14 per cent after the US announced a 100 per cent tariff on branded and patented drugs, while Nifty IT fell 2.45 per cent following Accenture’s muted revenue outlook. Broader markets also remained weak, with Nifty Midcap and Small-cap indices extending losses for a fifth straight day.

US markets closed higher on Friday as inflation data matched expectations. The Dow Jones gained 299.97 points (0.65 per cent) to 46,247.29, the S&P 500 rose 38.98 points (0.59 per cent) to 6,643.70, and the Nasdaq added 99.37 points (0.44 per cent) to 22,484.07. However, all three indices posted weekly losses. The 10-year US Treasury yield was steady at 4.18 per cent.

The US Personal Consumption Expenditures (PCE) Price Index rose 0.3 per cent in August and 2.7 per cent year-on-year, its highest since February. Consumer spending rose 0.6 per cent in August, above July’s 0.5 per cent. Meanwhile, the risk of a US government shutdown looms as the September 30 funding deadline nears.

Gold prices edged higher, with MCX Gold Futures up 1.03 per cent at Rs 113,788 per 10 gm. Crude oil fell as Iraq’s Kurdistan resumed exports after more than two years. WTI futures declined 1 per cent to USD 65 per barrel, while Brent slipped below USD 70 per barrel. The US dollar index was steady at 98.134.

For today, RBL Bank will remain on the F&O ban list.

Disclaimer: The article is for informational purposes only and not investment advice.