Sensex Near 74,150, Nifty 50 Down 1% as Financial Stocks, Global Cues Weigh on Market

Market Update at 12:30 PM: Indian benchmark indices continued to trade under pressure around midday on Thursday, September 24, 2026, with the Sensex hovering near 74,150, down around 0.9 per cent, while the Nifty 50 remained near 23,220, lower by almost 1 per cent. The Sensex moved within a broad Intraday range of 74,054–74,362, indicating that recovery attempts from the morning low faced selling pressure.

Selling was particularly visible across financial stocks, with the Nifty Bank down around 1.6 per cent during the morning session. The broader market also remained weak, while India VIX moved higher, signalling increased expectations of short-term volatility.

Global cues continued to weigh on investor sentiment. The U.S. 10-year Treasury yield moved above 5.1 per cent, while crude oil prices climbed above USD 102 per barrel, adding further pressure on domestic equities.

From an expiry perspective, the Sensex continued to trade close to the 74,200 Max Pain level, while the Put-Call Ratio (PCR) remained around 0.68. The options structure showed sizeable Call positioning between 74,200 and 74,500, making this the immediate resistance band.

On the downside, the 74,000–74,100 zone remained a key support area. A sustained move below 74,000 could increase downside pressure, while a recovery above 74,200 would be the first indication of an attempt to regain intraday strength.

Market Update at 09:30 AM: The Nifty 50 and the Sensex fell sharply on Thursday as most global markets logged losses following a surge in global bond yields amid concerns over further U.S. interest rate hikes.

As of 9:21 AM, the Sensex fell 634.81 points, or 0.85 per cent, to 74,193.44, while the Nifty 50 declined 219.90 points, or 0.94 per cent, to 23,226.90.

HDFC Life Insurance Company, Bajaj Finance and Bajaj Finserv were the Top Losers in the Nifty 50 index.

In the broader market, the Nifty MidCap index declined 1.10 per cent, while the Nifty SmallCap index fell 0.7 per cent. Among sectors, the Nifty Private Bank, Nifty Bank and Nifty Financial Services indices witnessed the sharpest declines, while the Nifty Pharma index outperformed.

Moneyview, A-One Steels, Green Asia Impex, Peshwa Wheat and Roopa Screen are opening their initial public offers (IPOs) for subscription on Thursday.

In the mainboard segment, Adroit Industries, Elevate Campuses, Swastika Infra and ArMee Infotech IPOs will enter their second day of subscription. In the SME segment, Unitec Fibres, S.K.Offset, Liqvd Digital, Pooja Logistics and Coreintegra Consulting IPOs will also enter their second day.

Varmora Granito, Anand Seamless and Himalaya Nutravedics IPOs will open for the final day of subscription.

Meanwhile, National Stock Exchange of India (NSE) will make its debut on rival BSE's platform on Thursday. The grey market premium (GMP) stood at Rs 40, indicating a potential listing gain of 2.24 per cent.

Pre-Market Update at 7:40 AM: GIFT Nifty was trading att 23,250 at 7:42 AM IST, down 196 points from its previous close of 23,445.50. Against the Nifty 50's September 23 close of 23,446.80, the indication points to a gap-down opening of around 200 points. 

Wall Street ended lower on September 23 as stronger-than-expected U.S. business activity fuelled concerns over inflation and the possibility of further Federal Reserve rate hikes. The S&P 500 fell 0.75 per cent to 7,706.03, the Nasdaq declined 1.13 per cent to 26,936.04, while the Dow Jones dropped 0.68 per cent to 51,511.59. Fed Governor Michael Barr also backed further rate increases.

The U.S. 10-year Treasury yield climbed to 5.102 per cent, its highest level since 2007, while the two-year yield reached its highest level since 2024. Higher yields can increase the relative attractiveness of U.S. fixed-income assets and remain a headwind for emerging-market equities, including India.

Asian markets were mixed in the latest available data. Japan's Nikkei 225 was above 66,000 and up around 1.6 per cent in post-holiday trading, led by technology and AI stocks. The latest available screens showed the Hang Seng around 24,834, Shanghai Composite around 3,937 and Kospi around 7,081. These latter figures were not independently time-stamped as current-session readings before publication and are therefore treated as the latest available screen levels rather than verified live opening prices. S&P 500 futures were down 0.1 per cent, Hang Seng futures fell 0.4 per cent, Nikkei 225 futures rose 1.2 per cent, Japan's Topix gained 0.2 per cent and Australia's S&P/ASX 200 declined 1.3 per cent. Euro Stoxx 50 futures fell 0.3 per cent.

European markets closed lower on September 23. The FTSE 100 slipped 0.03 per cent to 10,705.26, the DAX declined 0.66 per cent to 25,410.63 and the CAC 40 fell 0.39 per cent to 8,123.41.

The major geopolitical trigger remains the U.S.-Iran conflict and uncertainty over diplomatic efforts. Iranian President Masoud Pezeshkian said Tehran would not surrender to U.S. pressure, while U.S. President Donald Trump had issued stronger warnings a day earlier. Oil prices and Treasury yields rose amid the renewed geopolitical uncertainty. On Thursday, oil prices edged lower after the previous session's sharp rise as Iran said it remained open to diplomacy, although the two sides remain far apart on the terms.

Brent crude futures settled at USD 103.08 per barrel, up 3.86 per cent, while WTI settled at USD 92.16, up 1.81 per cent on September 23. Higher crude prices remain a cost pressure for sectors such as aviation and paints, while the impact on oil marketing companies will depend on retail fuel pricing and their ability to pass on higher input costs.

Spot gold was around USD 4,304.11 per ounce, down 1.23 per cent, while spot silver was around USD 65.06 per ounce, down 3.09 per cent on September 23. Domestic gold was around Rs 1,52,500 per 10 grams on MCX during the latest reported session. Gold remained muted in early Asian trade as investors focused on the possibility of further Federal Reserve rate hikes.

The U.S. Dollar Index was around 101.10, reflecting dollar strength alongside higher Treasury yields. The latest USD/INR reference rate for September 24 was around Rs 95.75 to Rs 95.81 per U.S. dollar. The rupee fell 11 paise to close at Rs 95.73 per U.S. dollar on Wednesday, weighed down by dollar strength and a recovery in crude oil prices.

Foreign institutional investors turned net buyers of Indian equities worth Rs 1,617.45 crore on September 23, while domestic institutional investors bought equities worth Rs 2,341.46 crore, according to NSE data. FII buying was notable as foreign investors had been net sellers in 13 of the previous 15 September sessions.

The Nifty 50 closed 0.50 per cent higher at 23,446.80 on September 23 after moving between 23,349.55 and 23,466.90. The Sensex ended 0.40 per cent higher at 74,828.25, with an intraday high of 74,973.74 and low of 74,599.88.

On the technical front, immediate Nifty 50 support is placed around 23,400-23,300, followed by 23,100-23,000, while resistance is seen at 23,500-23,600. Derivatives data indicates strengthening PCR and Put writing at higher strikes, pointing to a gradual shift in the base. Another technical view places immediate support at 23,300 and resistance at 23,650-23,700, with 23,000 remaining a strong September support and the broader trading range between 23,000 and 23,800.

The Nifty 50 remains below its 20-, 50-, 100- and 200-day EMAs, although momentum indicators have shown some improvement. Bank Nifty support is placed around 56,000-55,900, with resistance near 57,000-57,100.

India VIX declined 5.93 per cent to 10.34 on September 23, its lowest closing level since January 7, 2026. The fall indicates lower near-term implied volatility despite external pressures from crude oil and elevated U.S. Treasury yields.

A major domestic market-infrastructure event is scheduled today as NSE shares are set to list on the BSE on September 24 following the exchange's Rs 22,561.57 crore IPO, which was subscribed 5.71 times. NSE shares are also permitted to trade on the Metropolitan Stock Exchange from September 24. The listing is significant for India's exchange sector and could increase trading activity around BSE and NSE-linked market infrastructure.

Among stocks in focus, institutional investors, including A91 Emerging Fund, Xponentia Opportunities Fund and HDFC Life Insurance, are reportedly looking to sell up to 44.3 lakh shares, or 10 per cent stake, in Sedemac Mechatronics at a floor price of Rs 3,000 per share. The potential transaction is valued at around Rs 1,329 crore and could increase near-term supply.

Bharat Dynamics signed an Rs 810.79 crore contract with the Ministry of Defence for SAT-SAAW systems and associated equipment for the Indian Air Force, providing a fresh order-related development for the defence sector.

Exide Industries' subsidiary Exide Energy Solutions commissioned Phase I of a 6 GWh lithium-ion cell manufacturing facility in Bengaluru, supporting the company's battery manufacturing expansion.

Avantel received an Rs 177.35 crore order for satellite communication equipment, providing a fresh order-flow trigger for the defence and communication equipment segment.

Max Estates is entering into a joint development agreement for around 9.76 acres in Indirapuram. The project has an estimated development potential of around 1.5 million square feet and projected gross development value of Rs 2,500 crore to Rs 3,000 crore.

The government is also set to launch an incentive scheme aimed at processing critical minerals such as lithium and nickel. The proposed initiative could have implications for domestic mining, mineral processing and battery supply chains.

Stocks in the F&O ban today include SAIL, Manappuram Finance, Kaynes Technology and LIC Housing Finance. Securities enter the F&O ban period when their positions cross 95 per cent of the market-wide position limit.

Overall, domestic markets enter Thursday's session with positive institutional buying and lower India VIX providing some support, while the negative GIFT Nifty signal, elevated crude oil prices, higher U.S. Treasury yields, dollar strength and geopolitical uncertainty remain key factors for investors to track.

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

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