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12th September to 18th September
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| | In a truncated trading week, the Indian markets saw sharp swings that saw the Nifty 50 touch its 3 month lows. Investors balanced rising crude prices, a weaker rupee, foreign selling and the US Fed’s rate decision against strong domestic buying. Brent crude touched $108 as the Houthis rebels attacked a Saudi Arabian pipeline that was evacuating nearly 4 million barrels a day of crude oil. This put the alternate Bab el-Mandeb Strait in the Red Sea also out of reach for crude oil exports, accelerating macroeconomic concerns for Indian markets. With the rupee slipping to ₹96/$ on Wednesday, the RBI’s foreign exchange reserves from the FCNR deposits helped support the currency a bit. Amidt the broader market downturn, the lone bright spot keeping sentiment afloat is India's surprise 26% export spike, driven by a massive acceleration in electronics shipments that defied cautious global demand forecasts. The primary market also remained busy, with the ₹22,562 crore NSE IPO becoming a major market event alongside other IPOs like Jindal Supreme India, SS Retail, Sonaselection India and Hero Motors. This kept investors’ attention divided between primary and secondary markets. | |
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| | Benchmark Index Moves | | Index | | | Nifty 50 | | Sensex | | Bank Nifty |
| | | | Closing Level | | | 23,346.40 | | 74,294.96 | | 56,358.70 |
| | | | % Weekly Change | | | ▼ -0.50% | | ▲ 0.02% | | ▼ -0.30% |
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Market Breadth: The momentum in the markets was negative with total gainers at 2,161 and total losers at 3,388. | |
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| |  | | Top Weekly Gainers & Losers (Nifty 100) |
 Gainers
| Stock Name | % weekly change | Delivery volumes in past week Vs prev month | | HDFC Bank | ▲ 5.36% | 1.1X | | HDFC Life Insurance | ▲ 4.71% | 1.5X | | Zydus Lifesciences | ▲ 3.78% | 0.7X | | Dr. Reddy's Labs | ▲ 3.67% | 1.3X | | Bharat Petroleum | ▲ 3.63% | 0.7X |
Dr Reddy’s Labs shares rose after it secured exclusive rights to market Takeda’s QDENGA dengue vaccine in India’s private market, strengthening its vaccines business.
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| |  Losers
| Stock Name | % weekly change | Rise in delivery volumes in past week Vs previous month | | Solar Industries | ▼ -17.05% | 2.2X | | Coal India | ▼ -5.12% | 0.4X | | Bajaj Finserv | ▼ -4.53% | 1.0X | | TCS | ▼ -4.50% | 1.2X | | Titan Company | ▼ -4.43% | 0.8X |
Solar Industries shares fell sharply after its $1.4 billion deal to acquire Omnia Holdings raised concerns over the debt required to fund the transaction and its near-term impact on leverage.
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| |  | | Stocks & Sectors in the News |
 | Automotive and Auto Components | What happened Bharat Forge, TVS Motor, and Sona BLW Precision Forgings showed relative strength, while Tata Motors PV, Maruti Suzuki, and Mahindra & Mahindra remained under pressure.
Why it happened
As Brent crude fell to $104 from $110 in last week, supported auto sentiment, while Bharat Forge gained attention after its Pratt & Whitney collaboration for DRDO’s HALE UAV programme and and the launch of its ₹2,000-crore QIP. Tata Motors PV fell after the Tata Sons boardroom dispute intensified, according to media reports. They suggest Tata Trusts Chairman Noel Tata opposed N. Chandrasekaran’s reappointment and the proposed listing of Tata Sons during the board meeting.
| Which stocks moved | ▲ | Bharat Forge | | ▲ | TVS Motor | | ▲ | Sona BLW Precision Forgings |
| | ▼ | Tata Motors PV | | ▼ | Maruti Suzuki | | ▼ | Mahindra & Mahindra |
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|  | Banking and Financial Services | What happened HDFC Bank, State Bank of India and Axis Bank found buying interest, while ICICI Bank was under pressure.
Why it happened
Banks benefited from domestic buying during the market recovery, with HDFC Bank among the stocks supporting Friday’s rebound of the Bank Nifty. At the same time, RBI’s ₹50,000-crore OMO absorbed excess cash by selling government bonds, tightening liquidity and keeping bond yields in focus.
| Which stocks moved | ▲ | HDFC Bank | | ▲ | Axis Bank | | ▼ | Bank of India |
| | ▲ | State Bank of India | | ▼ | ICICI Bank | | ▼ | Canara Bank |
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|  | Information Technology | What happened Infosys, HCL Technologies and TCS initially rallied sharply, but the bullish sentiment on the sector reversed later, with Tech Mahindra and Wipro among the notable laggards.
Why it happened IT stocks jumped after OpenAI and Anthropic executives called for a more measured pace of AI development, easing fears of rapid disruption to traditional IT services. The rally then lost momentum as the Fed’s rate hike and higher for longer rate outlook renewed valuation concerns. | Which stocks moved | | ▼ | HCL Tech | | ▼ | Tech Mahindra | | |
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|  | FMCG | What happened ITC, Varun Beverages and Marico attracted buying interest, while Hindustan Unilever and Britannia Industries remained comparatively weaker. Why it happened: ITC gained after raising prices of its Classic Connect and Gold Flake Superstar cigarettes, helping investors focus on its ability to pass on higher taxes through to consumers. The broader FMCG recovery was selective as investors preferred defensive names.
| Which stocks moved | ▲ | ITC | | ▲ | Marico | | ▲ | Hindustan Unilever |
| | ▲ | Varun Beverages | | ▲ | Godrej Consumer Products | | ▼ | Britannia Industries |
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| |  | | Top Delivery-volume Movers (Nifty 500) |
Rising Delivery Volume (Last week vs Prev month) | Stock Name | Avg delivery volume % | Avg month delivery volume % | Avg 6-month delivery volume | | Granules India | 57.36 | 53.89 | 50.50 | | Cochin Shipyard | 35.74 | 35.65 | 30.43 | | Star Health | 66.69 | 57.72 | 53.97 | | IndusInd Bank | 60.60 | 54.45 | 50.67 | | PNB Housing Finance | 49.50 | 48.07 | 44.99 |
Granules India’s delivery volumes rose as promoter Krishna Prasad Chigurupati sold a 6.94% stake through block and open market deals, which was absorbed by institutional investors.
Falling delivery volume (Last week vs Prev month) | Stock Name | Avg delivery volume % | Avg month delivery volume % | Avg 6-month delivery volume | | Aster DM Quality Care | 53.35 | 75.21 | 63.80 | | Dalmia Bharat | 51.77 | 55.78 | 51.50 | | Adani Energy | 44.37 | 64.56 | 46.74 | | Balkrishna Industries | 53.47 | 61.56 | 58.24 | | Hexaware Technologies | 34.04 | 52.08 | 47.10 |
Hexaware Technologies delivery volumes declined after its early week AI collaboration announcement pushed up its stock price, indicating strong buying interest.
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| |  | | Year high and year low in the past week (Nifty 200) |
Stocks that hit their 52-week high:
Solar Industries, Laurus Labs, One97 Communications, Aurobindo Pharma, and Lenskart Solutions
Stocks that hit their 52-week low:
Shree Cement, Maruti Suzuki, Alkem Laboratories, Britannia Industries, Tata Elxsi, PI Industries, Hindustan Unilever, SBI Life Insurance, Max Financial Services, ICICI Lombard General Insurance, Reliance Industries, Voltas, Havells India, Tata Consumer Products, HDFC Bank, UPL, KPIT Technologies, Indian Railway Catering and Tourism Corporation, Ambuja Cements, Bank of Baroda, Rail Vikas Nigam, Wipro, Indian Renewable Energy Development Agency, and Indian Railway Finance Corporation
NSE IPO received a strong response, with the issue subscribed 1.53 times, led by QIBs at 1.53 times, while NII and retail portions stood at 1.65 times and 0.71 times, respectively. Jindal Supreme IPO saw very robust demand, with investors placing bids for 181.07 times the available shares on offer, led by retail investors at 149.34 times, while NII and QIB portions were subscribed 327.99 times and 126.41 times, respectively. Hero Motors IPO received a strong response, with the issue subscribed 6.66 times, led by retail investors at 8.23 times, while NII and QIB portions stood at 9.86 times and 1.49 times, respectively. | |
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 Note: The stocks given in the table above are only for informational purposes and are not recommendations. | |
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| |  | | Research Calls (Long-Term) |
| Research Partner | Date of call | Stock | View | Target Price (₹) | | Markets Mojo | 10th Sept | Shukra Pharmaceuticals | BUY | 53.92 | | William O’ Neil India | 27th Aug | Groww | BUY | 199.00 |
Here is how some of the expert research calls are performing | Research Partner | Date of call | Stock/Scrip | Entry Price (₹) | Price movement since call (%) | | Markets Mojo | 9th Sept | Supreme Petrochem | 813.20 | 6.00% |
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| |  | | Commodity Moves |
| |  | | Brent Crude | | | |  | | Gold Futures | | | |  | | Silver Futures | | | |  | | Natural Gas Futures (NYMEX) | | | |  | | Copper Futures | |
| | | | $102.79 | | | | $4,434.09 | | | | $67.81 | | | | $2.85 | | | | $6.67 | |
| | | | -1.74% | | | | 0.57% | | | | 4.02% | | | | 0.81% | | | | 1.80% | |
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| |  | | Forex Moves |
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| |  | | FIIs vs DIIs |
Last week | | (In ₹ crore) | Cash (provisional) | Index Futures | Stock Futures | Index Options | Stock Options | | | | FIIs | -9,150.20 | -1,233.00 | -312.00 | -21,369.10 | -2,020.00 | | | | DIIs | 12,180.20 | -332.10 | -3,873.40 | -319.20 | -3,810.70 | |
Year-to-date | | (In ₹ crore) | Cash | Index Futures | Stock Futures | Index Options | Stock Options | | | | FIIs | -3,66,695.10 | -93,921.20 | -17,961.60 | -6,69,672.00 | -45,108.40 | | | | DIIs | 5,98,703.50 | 3,450.50 | 13,933.00 | 7,970.30 | -1,66,928.90 | |
Note: FII data is as of 17th September 2026 and DII F&O data up to 8th September 2026 only. | |
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| |  | | Global Signals | |
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Aisan Markets
Asian markets started the week cautiously as rising oil prices, AI concerns and higher US bond yields weighed on sentiment. South Korea was hit particularly hard by the tech sell-off, while Japan and China were relatively steadier. Sentiment improved later as oil prices eased and Wall Street recovered. Japan’s rate hike added another twist, but its expected nature limited the immediate shock.
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European Markets
Europe had a similarly uneven week. Technology and semiconductor stocks came under pressure early as investors questioned the pace of AI spending, while higher oil prices and bond yields added to the caution. Then came the hike in interest rates by the ECB by 25 bps. Defensive sectors provided some support., European shares gained as falling oil and calmer bond markets helped assuage investors’ anxiety.
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US Markets
Wall Street began the week under pressure as expensive oil, higher Treasury yields and concerns around AI spending weighed on technology stocks. The Fed then raised rates, initially triggering another sell-off. But the mood changed quickly as oil prices fell and bond yields eased, helping technology stocks rebound strongly. By the latest close, the Nasdaq had recovered most of its weekly losses, while the Dow remained under pressure.
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This week left the market with more questions than answers. Crude oil eased from its highs, but remains above $100, the rupee is near ₹96 to the dollar. FIIs continued to sell while DIIs provided support, and global interest rates remain in focus after the Fed’s 25 bps hike. As the next week begins, these threads will continue to shape the market conversation. Crude and geopolitical developments, global rate cues, the rupee and FII-DII flows will remain important signals, while India’s upcoming core-sector data, monetary policy and other macroeconomic releases could bring fresh cues. | |
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| |  | | Upcoming events (19th September 2026 to 25th September 2026) |
Macroeconomic events & Earnings 21
September
Core sector (India)
| | 21
September
Central Bank policy rate (India)
| | 23
September
Broad Money Supply (India) | | 25
September
FX Reserves (India) |
You can explore our Events calendar feature on the home page & set alerts on your calendar! | |
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September 18, 2026 | 21 mins read
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