HOME > MARKETS > MARKET COMMENTARY
  MARKET COMMENTARY
EQUITY
Bloodbath continues over Dalal Street
Sep-28-2026

A bloodbath continued over the Dalal Street in early afternoon deals, with both Sensex and Nifty lingering under sharp losses, with renewed geopolitical uncertainty and a rebound in crude oil prices. Oil prices rose after developments around the US-Iran situation raised concerns about the stability of oil supplies and the Strait of Hormuz. Banking and financial stocks were among the major drags. Traders took a note of reports that the Government of India has scaled down its FY27 market borrowing target from the Budget Estimate, with total market borrowing through dated securities now expected at Rs 15,99,506 crore against the budgeted Rs 17,20,000 crore. In the second half of FY 2026-27 (H2 FY27), the government plans to borrow Rs 7,86,000 crore, including Rs 15,000 crore through Sovereign Green Bonds (SGrBs).

On the global front, Asian markets were trading mostly in red, amid continued uncertainty over the end to the U.S.-Iran conflict after US President Donald Trump rejected Iran's latest conditional proposal to reopen the Strait of Hormuz. Trump said he expects negotiations to resume this week, but Iran said it would not soften its conditions.

The BSE Sensex is currently trading at 72951.08, down by 944.66 points or 1.28% after trading in a range of 72832.08 and 73740.85. All 30 stocks were declining on the index.

The top losing sectoral indices on the BSE were Bankex down by 1.80%, Telecom down by 1.78%, Power down by 1.73%, Capital Goods down by 1.66% and Industrials down by 1.61%, while there were no gaining sectoral indices on the BSE.

The top losers on the Sensex were Adani Ports & SEZ down by 2.24%, Larsen & Toubro down by 2.23%, Bharat Electronics down by 2.06%, HDFC Bank down by 1.94% and State Bank Of India down by 1.80%, while there were no gainers on the BSE.

Meanwhile, industry body Confederation of Indian Industry (CII) and Boston Consulting Group (BCG), in their joint report, has noted that that India's consumer durables market is expected to witness significant growth to touch Rs 3-3.25 lakh crore by 2030, creating an additional Rs 40,000-50,000 crore opportunity for domestic value addition across materials and component manufacturing. The report said that India is expected to remain one of the world's fastest-growing consumer durables markets over the next five years, driven by rising household penetration, growing nuclearization of families, higher incomes, easier financing, wider distribution and increasing premiumisation. 

However, the report cautioned that a significant portion of this opportunity could continue to be met through imports unless domestic component and material capacities are scaled up. It said that localisation of bill of materials (BOM) currently ranges between 25% and 70% across categories, with televisions and air conditioners at the lower end and refrigerators and washing machines at the higher end. This is estimated to rise to 30-80% by 2030 as domestic component and material capacities are built up. Meanwhile, the report pointed that there are still localisation gaps in key components such as TV display panels, RAC compressors, refrigerator insulation and washing machine motors.

On India’s durable's exports, the report indicated that while durable's exports are growing, they remain concentrated in neighbouring markets and regions such as SAARC countries and the UAE, with limited presence in major global import markets. It added that the country faces a material cost disadvantage as compared to leading exporters, driven by scale, backward integration, technology & policy support gaps, and compounded by limited testing, certification & compliance infrastructure. To address these challenges, it has suggested building a coordinated export ecosystem, including manufacturing clusters linked to component ecosystems, supporting joint ventures and technology acquisition, sharing testing and certification infrastructure, and lowering financing costs.

Emphasizing the importance of research and development (R&D), the report said that the country’s top listed durables players invest less than 1% of revenue in R&D, compared with 1-4% for global peers, which limits the shift from manufacturing scale to technology leadership. On technology adoption, it said Indian business leaders are more optimistic about the returns from artificial intelligence than their global counterparts, but workforce readiness remains limited. Besides, generative AI and agentic AI technologies could improve efficiency across manufacturing, supply chains, product development and customer service, helping companies enhance competitiveness and support export growth.

The CNX Nifty is currently trading at 22838.45, down by 302.05 points or 1.31% after trading in a range of 22807.55 and 23080.25. There were 3 stocks advancing against 47 stocks declining on the index.

The only gainers on Nifty were Dr. Reddy's Labs. up by 1.91%, SBI Life Insurance up by 0.09% and Infosys up by 0.03%. On the flip side, Adani Ports & SEZ down by 2.53%, Adani Enterprises down by 2.41%, Tata MotorsPassenger down by 2.26%, Tata Consumer Products down by 2.19% and Bajaj Auto down by 2.04% were the top losers.

Asian markets were trading mostly in red; Jakarta Composite plunged 69.25 points or 1.11% to 6,172.64, KOSPI dropped 191.18 points or 2.77% to 6,889.74, Nikkei 225 slipped 134.2 points or 0.2% to 66,230.00 and Shanghai Composite weakened 64.75 points or 1.69% to 3,823.62, while  Hang Seng advanced 111.91 points or 0.46% to 24,622.00 and Straits Times rose 27.33 points or 0.48% to 5,738.45.
  RELATED NEWS >>
Most Viewed >>
EXPLORE
© CITRUS INTERACTIVE
Designed & Developed Accord Fintech Pvt. Ltd.