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Indian markets near day’s lows in early noon deals
Oct-01-2026

Extending their losses, Indian equity benchmarks traded near their intraday low points during early afternoon deals, as the mood remained cautious due to elevated oil prices and higher U.S. bond yields amid persisting concerns about the situation in the Middle East and rate hike fears. Firmer manufacturing PMI data failed to provide relief to traders. India’s manufacturing sector gained strong momentum in the month of September, with faster increases in new orders and output supporting job creation and inventory accumulation. According to the survey report, the seasonally adjusted HSBC India Manufacturing Purchasing Managers’ Index (PMI) jumped from 52.8 in August to 55.1 in September. 

Both indices, Sensex and Nifty, extended their decline, as selling across key sectors weighed on overall sentiment. The Nifty continued to underperform the Sensex, with the index witnessing a sharper decline as selling pressure intensified. Investors stayed worried amid continued foreign fund outflows and global uncertainties. Foreign institutional investors (FIIs) extended their selling spree, offloading equities worth Rs 10,148.41 crore on Wednesday.

On the global front, Asian markets were trading mostly in green, after the manufacturing sector in South Korea continued to expand in September, and at a faster rate, with a manufacturing PMI score of 53.9. That's up from 52.3 in August and moves further above the boom-or-bust line of 50 that separates expansion from contraction. 

Back home, auto stocks were in watch, amid September sales data. SML Mahindra has reported total sales of 1124 units in September 2026, registering a growth of 18% compared to 950 units sold in September 2025, while Bajaj Auto has reported rise of 5% in total sales (domestic + exports) to 5,38,443 units in September 2026 as against 5,10,504 in the same month last year. 

The BSE Sensex is currently trading at 72096.16, down by 384.13 points or 0.53% after trading in a range of 72072.84 and 72572.90. There were 10 stocks advancing against 20 stocks declining on the index.

The top gaining sectoral indices on the BSE were Telecom up by 1.24%, TECK up by 0.78%, IT up by 0.76%, Bankex up by 0.24% and Capital Goods up by 0.21%, while Auto down by 2.60%, Basic Materials down by 1.63%, Consumer Disc down by 1.63%, Metal down by 1.55% and Utilities down by 1.36% were the top losing indices on BSE.

The top gainers on the Sensex were Kotak Mahindra Bank up by 1.89%, Infosys up by 1.83%, HCL Technologies up by 1.44%, HDFC Bank up by 1.24% and TCS up by 1.07%. On the flip side, Mahindra & Mahindra down by 2.66%, Maruti Suzuki India down by 2.25%, Ultratech Cement down by 2.21%, ITC down by 1.91% and Power Grid down by 1.82% were the top losers.

Meanwhile, the government of India has reduced the windfall gains tax on export of diesel and Aviation Turbine Fuel (ATF), while retaining it at the same level for petrol. The government has reduced the rate of special additional excise duty (SAED) along with road and infrastructure cess on export of diesel to Rs 16 per litre from Rs 20 a litre. Further, SAED on export of ATF is set at Rs 10.5 per litre, as against Rs 15 per litre currently. The duty on petrol exports has been retained at Rs 0.5 per litre.

The Finance Ministry has notified that these duty cuts will be effective from October 1, 2026. The government imposed an export duty on diesel and ATF on March 27 and revised the rate every fortnight, as escalating tensions in West Asia disrupting crude oil supply and raising volatility in crude prices. Beginning May 16, the levy was imposed on petrol exports. The ministry added that there is no change in the existing duty rates on petrol and diesel cleared for domestic consumption.

The windfall tax was levied to increase domestic availability of the fuel by disincentivising exports amid the war in West Asia. The tax was also aimed at preventing exporters from taking undue advantage due to price differences as global crude oil prices had risen since the war began.

The CNX Nifty is currently trading at 22471.10, down by 149.35 points or 0.66% after trading in a range of 22459.25 and 22610.60. There were 15 stocks advancing against 35 stocks declining on the index.

The top gainers on Nifty were HDFC Life Insurance up by 1.77%, Infosys up by 1.67%, Kotak Mahindra Bank up by 1.50%, HDFC Bank up by 1.27% and Tata Consumer Products up by 1.17%. On the flip side, Bajaj Auto down by 6.03%, Maruti Suzuki India down by 2.92%, Mahindra & Mahindra down by 2.83%, Eicher Motors down by 2.59% and Adani Ports & SEZ down by 2.25% were the top losers.

Asian markets were trading mostly in green; KOSPI increased 133.31 points or 1.91% to 6,971.35, Taiwan Weighted added 413.36 points or 0.85% to 48,353.49, Nikkei 225 surged 2201.28 points or 3.19% to 68,955.00 and Straits Times rose 12.87 points or 0.23% to 5,688.75, while Jakarta Composite plunged 50.44 points or 0.84% to 6,020.70.  Meanwhile, Chinese and Hong Kong markets remained closed on account of holiday. 
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