Market Commentary Quick Review News Details

Benchmarks tumble for 2nd day; consumer durables shares plunge

(29-Sep-26   15:54)

The benchmark indices ended with moderate losses on Tuesday extending their decline for the second straight session, as persistent selling pressure and weak global cues weighed on investor sentiment. Rising crude oil prices and elevated global bond yields remained key concerns for investors, while geopolitical uncertainty and monthly expiry of derivatives contract on the NSE added to market caution. The Nifty settled below the 22,700 level

Consumer durables, realty and IT shares declined while metal, pharma and media shares advanced.

As per provisional closing data, the S&P BSE Sensex declined 242.65 points or 0.33% to 72,529.07. The Nifty 50 index dropped 64.05 points or 0.28% to 22,716.20. In the past two trading session, Sensex declined 1.85% and Nifty fell 1.83%.

In the broader market, the BSE 150 MidCap Index fell 0.74% while the BSE 250 SmallCap Index shed 0.49%.

The market breadth was negative. On the NSE, 1,967 shares rose and 2,419 shares fell. A total of 218 shares were unchanged.

Brent crude for November 2026 settlement declined 37 cents or 0.35% to $104.91 a barrel. The United States 10-year bond yield added 0.0.08% to 5.249.

New Listing:

Shares of Varmora Granito were traded at Rs 149.50 on the BSE, representing a premium of 1.01% as compared with the issue price of Rs 148.

The stock debuted at Rs 152 on the BSE, a premium of 2.7% over its issue price.

The stock has hit a high of Rs 163.45 and a low of Rs 148. On the BSE, over 56.73 lakh shares of the company were traded in the counter.

Initial Public Offer (IPO):

Runwal Enterprises received bids for 2,52,54,600 shares as against 1,21,11,294 shares on offer, according to stock exchange data at 15:30 IST on 29 September 2026. The issue was subscribed 2.09 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 37,05,38,325 shares as against 1,60,62,879 shares on offer, according to stock exchange data at 15:30 IST on 29 September 2026. The issue was subscribed 23.07 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 1,17,85,23,665 shares as against 1,49,76,743 shares on offer, according to stock exchange data at 15:30 IST on 29 September 2026. The issue was subscribed 13.77 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 34,82,620 shares as against 37,79,440 shares on offer, according to stock exchange data at 15:30 IST on 29 September 2026. The issue was subscribed 0.92 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 4,03,06,120 shares as against 1,17,60,000 shares on offer, according to stock exchange data at 15:30 IST on 29 September 2026. The issue was subscribed 3.43 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.

The initial public offer of AceVector received bids for 30,85,35,552 shares as against 7,42,29,166 shares on offer, according to stock exchange data at 15:30 IST on 29 September 2026. The issue was subscribed 4.16 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.

Buzzing Index:

The Nifty Consumer Durables index declined 2.71% to 37,129.95. The index fell 3% in the two consecutive trading sessions

Amber Enterprises India (down 4.77%), Whirlpool of India (down 3.89%), Voltas (down 3.29%), Havells India (down 3.21%), Crompton Greaves Consumer Electricals (down 2.65%), Titan Company (down 2.54%), PG Electroplast (down 1.97%), Dixon Technologies (India) (down 1.89%), Blue Star (down 1.7%) and Bata India (down 1.22%) declined.

Stock in Spotlight:

Pashupati Cotspin was locked in 20% upper circuit after the company said that its board will meet on Saturday, 03 October 2026, to consider a proposal for issue of bonus shares, subject to requisite approvals.

Pine Labs fell 1.44%. The company has announced the extension of its technology partnership with Woolworths Group for their gift card ecosystem through enhanced platform capabilities, deeper API integrations, and support for new digital stored-value experiences.

Krsnaa Diagnostics rallied 4.01% after the company said that its board has approved the sale of identified diagnostic equipment for an aggregate consideration of up to Rs 120 crore to identified purchasers.

Symbiotec Pharmalab jumped 7.93%. The company announced the receipt of establishment inspection report (EIR) from the U.S. Food and Drug Administration (US FDA) for its manufacturing facility in Pithampur (SEZ), Madhya Pradesh.

Azad Engineering rose 6.71% after the company announced the inauguration of two exclusive lean manufacturing facilities for GE Vernova's Gas Power business. Each of the two new facilities spans 7,600 square metres. They will manufacture highly engineered rotating and stationary airfoils and specialised machined parts for GE Vernova's global requirements in the power generation and essential industries.

Rays of Belief surged 14.13% after the company reported a sharp improvement in profitability in Q1 FY27. On a consolidated basis, adjusted net profit stood at Rs 2.79 crore in Q1 FY27 against a loss of Rs 0.54 crore in Q1 FY26. PAT increased 16.74% QoQ from Rs 2.39 crore. Net sales increased 136.32% YoY and 1.20% QoQ to Rs 25.31 crore. Revenue from India increased 27.33% YoY to Rs 12.49 crore, while revenue from the USA surged to Rs 12.82 crore from Rs 0.90 crore in Q1 FY26.

Global Market:

US Dow Jones index futures were down 72 points, pointing to a lower opening for US stocks.

European shares advanced despite Spain's annual inflation rate increased to 4.9% in September, according to flash data released Tuesday, marking its highest level since early 2023. Spain's inflation has climbed sharply since the outbreak of the US-Iran war in late February, when the rate stood at 2.3%.

While Asian market ended lower on Tuesday, following overnight losses on Wall Street. Rising crude oil prices and US Treasury yields continued to weigh on risk sentiment.

US stocks ended lower on Monday as oil prices and Treasury yields remained elevated, while developments surrounding OpenAI added pressure to technology shares. Geopolitical uncertainty also weighed on sentiment after US President Donald Trump rejected an Iranian proposal linked to reopening the Strait of Hormuz.

OpenAI was a source of pressure for AI-related stocks after reports that the company had paused training of some advanced AI models. The development raised concerns about the pace of AI investment and demand for chips and data-centre infrastructure.

The Dow Jones Industrial Average declined 0.67%. The S&P 500 shed 0.77%, while the Nasdaq Composite fell 0.92%.

US Treasury yields continued to rise amid expectations of further interest-rate hikes. The 10-year Treasury yield climbed to around 5.24%, its highest level since 2007, while the 30-year yield rose to around 5.56%, near its highest level in more than two decades.

Crude oil prices rose for a second consecutive session amid concerns over Middle East supply disruptions.

Investors will focus on the US JOLTS job openings data due later on Tuesday, along with comments from Federal Reserve officials including Michelle Bowman, Austan Goolsbee and John Williams.

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