Nifty trade below 23,550 in early trade; breadth negative
At 09:30 IST, the barometer index, the S&P BSE Sensex, declined 535.49 points or 0.70% to 75,042.88. The Nifty 50 index lost 117.55 points or 0.50% to 23,517.55.
In the broader market, the BSE 150 MidCap Index fell 0.22% and the BSE 250 SmallCap Index shed 0.11%.
The market breadth was negative. On the BSE, 1,391 shares rose and 1,654 shares fell. A total of 207 shares were unchanged.
FPIs sold shares worth Rs 13918.41 crore in September so far, through 8 September 2026. This follows net cash purchases of Rs 17,366 crore in August 2026, while they were net buyers of Rs 6,731.97 crore in July 2026.
Stocks in Spotlight:
KP Energy rose 1.65% after the company received a Letter of Intent (LOI) from Emmvee Energy for setting up a wind-solar hybrid power project under the group captive route. The proposed project entails 21 MW of wind capacity along with 21 MWp of solar capacity, taking the total project size to 42 MW.
Bank of Baroda shed 0.13%. The bank is proposing to divest up to 76,90,375 equity shares, being equivalent to 35% of the shares held by the bank in the National Stock Exchange of India (NSE), by way of offer for sale through initial public offering, subject to all regulatory approvals.
Numbers to Track:
The yield on India's 10-year benchmark federal paper rose 0.14% to 6.954 compared with the previous session close of 6.944.
In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 94.9225 compared with its close of 94.7450 during the previous trading session.
MCX Gold futures for the 5 October 2026 settlement shed 0.09% to Rs 1,52,441.
The US Dollar Index (DXY), which tracks the greenback's value against a basket of currencies, was down 0.08% to 98.78.
The United States 10-year bond yield shed 0.10% to 4.799.
In the commodities market, Brent crude for the November 2026 settlement jumped $1.42 or 1.45% to $99.34 a barrel.
Global Markets:
Most Asian indices were trading higher on Wednesday, with sentiment supported by a rebound in Chinese inflation, although gains remained cautious as investors monitored escalating Middle East tensions and rising crude oil prices.
China?s CPI rose 0.8% year on year in August, accelerating from 0.5% in July, while core CPI increased 1.0% from 0.9% a month earlier. The PPI rose 3.8%, up from 3.5% in July. China?s official data attributed the rise in consumer inflation partly to higher energy prices, while the producer-price increase reflected higher international commodity prices and stronger demand in some high-tech industries.
Oil prices remained a major market concern. Brent crude climbed close to $100 a barrel after attacks on Saudi energy infrastructure by Iran-backed Houthi militants and further US-Iran military escalation. The surge has renewed concerns that higher energy costs could keep inflation elevated and limit central banks' room to cut interest rates.
The geopolitical situation also intensified after the US said its forces destroyed five Iranian oil tankers following an attempted attack on a US Navy vessel. The US Treasury also announced fresh sanctions targeting Iran's aviation sector, adding another layer of pressure on Tehran.
Wall Street ended lower on Tuesday as the rise in crude prices revived inflation concerns. The Dow Jones Industrial Average fell 1.18% to 52,786.07, the S&P 500 declined 0.58% to 7,673.52 and the Nasdaq Composite dropped 0.32% to 26,421.41. The US 10-year Treasury yield also moved near 4.8%.
Markets are now focused on US inflation data due later this week. The August CPI, scheduled for Friday, is expected to provide fresh clues on the Federal Reserve's policy path ahead of its 16-17 September meeting. Rising oil prices have increased concerns that a renewed inflationary push could complicate the Fed's decision on interest rates. Markets were pricing roughly a 60% probability of a rate hike next week.
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