Market Commentary Quick Review News Details

Sensex, Nifty end sharply lower; PSU Bank shares bear brunt

(28-Sep-26   15:55)

The key equity benchmarks ended with major cuts on Monday amid a broad-based sell-off triggered by weak global cues, a surge in crude oil prices above the $100-per-barrel mark, rising global bond yields and pressure on the rupee. Weakness in global technology stocks, amid concerns over the reliability and safety of artificial intelligence (AI) agents, further dampened investor sentiment. The Nifty settled below the 22,800 level.

Investors remained focused on movements in crude oil prices, developments in the US-Iran conflict, global bond yields, the currency market and activity in the primary market. Market participants are also tracking a series of domestic and global economic data releases scheduled during the week, which could influence expectations surrounding monetary policy decisions by central banks.

All the sectoral indices on the NSE were ended in red with PSU Bank, realty and oil & gas shares led the decline.

As per provisional closing data, the barometer index, the S&P BSE Sensex tanked 1,124 points or 1.52% to 72,771.72. The Nifty 50 index dropped 360.25 points or 1.56% to 22,780.25. In the past trading session, Nifty50 jumped 0.34% while Sensex rose 0.43%.

The broader market underperformed the frontline indices. The BSE 150 MidCap Index and the BSE 250 SmallCap Index declined 1.62% each.

The market breadth was weak. On the BSE, 1,357 shares rose and 3,107 shares fell. A total of 270 shares were unchanged.

In the commodities market, Brent crude for November 2026 settlement jumped $3.38 or 3.47% to $100.82 a barrel as uncertainty over the US-Iran conflict and the reopening of the Strait of Hormuz continued to influence supply concerns.

IPO Update:

A-One Steels India received bids for 7,11,00,421 shares as against 73,84,934 shares on offer, according to stock exchange data at 15:30 IST on 28 September 2026. The issue was subscribed 9.63 times.

The issue opened for bidding on 24 September 2026 and will close on 28 September 2026. The price band of the IPO is fixed between Rs 385 and 405 per share. An investor can bid for a minimum of 37 equity shares and multiples thereof.

Moneyview received bids for 20,27,59,02,423 shares as against 23,25,24,175 shares on offer, according to stock exchange data at 15:30 IST on 28 September 2026. The issue was subscribed 87.20 times.

The issue opened for bidding on 24 September 2026 and will close on 28 September 2026. The price band of the IPO is fixed between Rs 32 and 34 per share. An investor can bid for a minimum of 441 equity shares and multiples thereof.

AceVector received bids for 7,47,43,344 shares as against 7,42,29,166 shares on offer, according to stock exchange data at 15:30 IST on 28 September 2026. The issue was subscribed 1.01 times.

The issue opened for bidding on 25 September 2026 and will close on 29 September 2026. The price band of the IPO is fixed between Rs 30 and 32 per share. An investor can bid for a minimum of 468 equity shares and multiples thereof.

Runwal Enterprises received bids for 67,19,664 shares as against 1,21,11,294 shares on offer, according to stock exchange data at 15:30 IST on 28 September 2026. The issue was subscribed 0.55 times.

The issue opened for bidding on 25 September 2026 and will close on 29 September 2026. The price band of the IPO is fixed between Rs 290 and 305 per share. An investor can bid for a minimum of 49 equity shares and multiples thereof.

German Green Steel and Power received bids for 7,03,73,044 shares as against 1,60,62,879 shares on offer, according to stock exchange data at 15:30 IST on 28 September 2026. The issue was subscribed 4.38 times.

The issue opened for bidding on 25 September 2026 and will close on 29 September 2026. The price band of the IPO is fixed between Rs 132 and 139 per share. An investor can bid for a minimum of 107 equity shares and multiples thereof.

Orient Cables (India) received bids for 10,40,23,885 shares as against 1,49,76,743 shares on offer, according to stock exchange data at 15:30 IST on 28 September 2026. The issue was subscribed 6.95 times.

The issue opened for bidding on 25 September 2026 and will close on 29 September 2026. The price band of the IPO is fixed between Rs 258 and 272 per share. An investor can bid for a minimum of 55 equity shares and multiples thereof.

Shah Investors' Home received bids for 9,93,820 shares as against 37,79,440 shares on offer, according to stock exchange data at 15:30 IST on 28 September 2026. The issue was subscribed 0.26 times.

The issue opened for bidding on 28 September 2026 and will close on 30 September 2026. The price band of the IPO is fixed between Rs 159 and 167 per share. An investor can bid for a minimum of 85 equity shares and multiples thereof.

SRIT India received bids for 92,28,865 shares as against 1,17,60,000 shares on offer, according to stock exchange data at 15:30 IST on 28 September 2026. The issue was subscribed 0.78 times.

The issue opened for bidding on 28 September 2026 and will close on 30 September 2026. The price band of the IPO is fixed between Rs 123 and 130 per share. An investor can bid for a minimum of 115 equity shares and multiples thereof.

Buzzing Index:

The Nifty PSU Bank index tumbled 3.24% to 8,026.10. The index rose 0.35% in the past trading session.

Bank of India (down 5.76%), Bank of Maharashtra (down 4.75%), Union Bank of India (down 4.69%), Indian Bank (down 3.49%), Canara Bank (down 3.47%), Punjab National Bank (down 3.43%), Bank of Baroda (down 3.13%), UCO Bank (down 2.51%), Punjab & Sind Bank (down 2.34%) and State Bank of India (down 2.14%) declined.

Stocks in Spotlight:

Lupin declined 1.35%. The company said that it has received tentative approval from the United States Food and Drug Administration (U.S. FDA) for its new drug application for Apixaban oral suspension. Apixaban is an oral anticoagulant used to prevent and treat blood clots and reduce the risk of stroke in people with nonvalvular atrial fibrillation.

Silver Touch Technologies added 0.95%. The company announced the receipt of a purchase order from the Space Applications Centre (SAC), ISRO, for the supply of high-end workstations.

Kalpataru Projects International lost 0.89%. The company informed that it has received a letter of award (LoA) for the engineering, procurement and construction (EPC) of a gas pipeline project in the United Arab Emirates (UAE). According to the company's project classification, the 'major' project is valued over Rs 4,000 crore.

Som Distilleries & Breweries surged 9.18% after the Madhya Pradesh High Court ordered the renewal of the company's manufacturing excise licences. The court also awarded costs of Rs 1 lakh to be paid to the company by the Government of Madhya Pradesh. It further preserved the company's right to pursue damages or losses arising from the period of operational closure before an appropriate forum.

Global Market:

US Dow Jones index futures were down 197 points on Monday, pointing to a weak opening for US stocks.

Investors braced for weakness in technology shares after OpenAI paused training of its latest artificial intelligence models amid several instances of its AI agents going rogue. The news came just days after OpenAI said it was investigating incidents involving OpenAI agents using government websites in unexpected manners.

Heightened tensions surrounding Iran also weighed on sentiment after US President Donald Trump rejected an Iranian peace proposal to resolve the conflict and reopen the Strait of Hormuz.

Meanwhile, European shares edged higher on Monday, supported by a rally in British housebuilders, although gains were capped by a rebound in oil prices and elevated bond yields.

British housebuilders' stocks surged after the government said it would confirm a new equity loan programme for first-time buyers in next month's budget, reviving a policy designed at boosting home ownership and supporting home construction.

On the other end, most Asian stock indices ended lower as investors remained cautious amid uncertainty over developments in the US-Iran conflict and the outlook for the Strait of Hormuz.

Last week on Wall Street, US stocks ended higher on Friday, led by gains in technology shares. The Dow Jones Industrial Average rose 0.93% to 51,828.62, while the S&P 500 gained 0.51% to 7,743.41. The Nasdaq Composite advanced 0.48% to 27,068.72.

US President Donald Trump said he expected the conflict with Iran to end very soon, while continuing to signal uncertainty over further military action. Investors also remained focused on developments around the Strait of Hormuz, a key route for global oil shipments.

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