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  MARKET COMMENTARY
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Markets trade deeply in red amid Rise in crude oil prices, geopolitical concerns
Sep-28-2026

Indian equity markets made a negative start on Monday and extended their losses as rising crude oil prices, pressure on rupee and higher global bond yields amid the escalating Iran-US conflict, weighted on sentiments. US President Donald Trump said he has rejected an Iranian proposal to reopen the Strait of Hormuz and end fighting,

Sensex and Nifty were trading deeply in red in early deals with cut of over a percent each due to selling pressure in all the sector indices led by banking and financial counters. Traders were concerned as FIIs extended their selling for a second consecutive session on Friday, offloading equities worth Rs 3,696 crore. Some volatility also came amid the monthly F&O expiry of Nifty and Bank Nifty contracts on Tuesday.

On the global front, Asian markets were trading mostly lower as rising US interest-rate expectations and higher oil prices weighed on investor sentiment, while markets braced for a week packed with key economic data. Meanwhile, Taiwan market remained closed for trading. 

The BSE Sensex is currently trading at 73037.11, down by 858.63 points or 1.16% after trading in a range of 72981.11 and 73740.85. All the 30 stocks were declining on the index.

The top losing sectoral indices on the BSE were Realty down by 1.64%, Telecom down by 1.63%, Bankex down by 1.50%, Capital Goods down by 1.40% and Power down by 1.36%, while there was no loser on the BSE sectoral front.

The top losers on the Sensex were Kotak Mahindra Bank down by 1.75%, Bajaj Finance down by 1.60%, Hindustan Unilever down by 1.60%, HDFC Bank down by 1.54% and Bajaj Finserv down by 1.53%.

Meanwhile, Stressing the need for greater adoption of technology and innovation across sectors, Union Finance Minister Nirmala Sitharaman has expressed confidence that India could achieve economic growth of more than 10 per cent. She said higher economic growth would help accelerate India’s journey towards Atmanirbhar Bharat and Viksit Bharat, but stressed that achieving this would require “a lot more effort” from all sides.

Sitharaman cited the growth of startups since 2015, saying they could make a significant contribution to the economy in the coming years. She also emphasised the need to overcome cynicism and “nudge” people to think positively and recognise the developments taking place on the ground.

Highlighting the role of technology in agriculture, she said technological interventions had made a “spectacular difference” in connecting producers with markets and improving productivity. She cited the use of technology to speed up harvesting and prepare land for the next crop, as well as drones and aerial geospatial instruments for precision mapping of land parcels that were previously mapped manually.

She also cited the use of point-of-sale (POS) machines in fertiliser distribution as an example of technology being used to prevent pilferage. She said the POS system, which was still under pilot testing, recorded details of the farmer, land and crop being cultivated, and provided farmers with information on the quantity of fertiliser that may be sufficient based on soil, irrigation and crop conditions.

The minister said farmers would continue to have a choice when purchasing fertilisers, while the technology would inform them about the quantity that may be sufficient for their crops. She said excessive use of pesticides and fertilisers was contaminating soil and water, and that technology could help address the issue. She added “So the sooner these technologies reach these sectors, the better it is for India. You will be optimally producing things and therefore adding to the growth”.

The CNX Nifty is currently trading at 22874.75, down by 265.75 points or 1.15% after trading in a range of 22855.45 and 23080.25. There were 2 stocks advancing against 48 stocks declining on the index.

The only gainers on Nifty were Dr. Reddy's Labs up by 1.07% and Coal India up by 0.18%. On the flip side, Hindalco Industries down by 2.26%, Tata Consumer Products down by 2.10%, Bajaj Finance down by 1.92%, Kotak Mahindra Bank down by 1.82% and HDFC Bank down by 1.69% were the top losers.

Asian markets were trading mostly in red; KOSPI dropped 143.78 points or 2.03% to 6,937.14, Shanghai Composite weakened 67.55 points or 1.74% to 3,820.82, Jakarta Composite fell 49.44 points or 0.79% to 6,192.45 and Nikkei 225 slipped 21.2 points or 0.03% to 66,343.00. On the other hand, Hang Seng rose 121.91 points or 0.49% to 24,632.00 and Straits Times was up by 35.28 points or 0.62% to 5,746.40.
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