Nifty trade below 23,300 in early trade; breadth weak
At 09:30 IST, the barometer index, the S&P BSE Sensex, tanked 565.92 points or 0.72% to 74,271.29. The Nifty 50 index lost 190.35 points or 0.85% to 23,256.45.
In the broader market, the BSE 150 MidCap Index declined 0.90% and the BSE 250 SmallCap Index fell 0.46%.
The market breadth was weak. On the BSE, 1,171 shares rose and 2,011 shares fell. A total of 192 shares were unchanged.
FPIs sold shares worth Rs 22769.80 crore in September so far, through 23 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:
Avantel jumped 6.91% after the company received an order from Zetwerk Manufacturing Businesses for supply of satellite equipment for total consideration of Rs 177 crore.
IOL Chemicals rose 0.97%. The company received REACH registration for its product, triacetin, under the applicable EU-REACH framework, enabling exports across EU nations and strengthening access to European markets.
Numbers to Track:
The yield on India's 10-year benchmark federal paper rose 0.71% to 7.098 compared with the previous session close of 7.048.
In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 95.8525 compared with its close of 95.7300 during the previous trading session.
MCX Gold futures for the 5 October 2026 settlement shed 0.20% to Rs 1,50,992.
The US Dollar Index (DXY), which tracks the greenback's value against a basket of currencies, was up 0.02% to 101.15.
In the commodities market, Brent crude for the November 2026 settlement declined $1.02, or 0.99% to $102.06 a barrel.
Global Markets:
US Dow Jones index futures were down 113 points on Thursday, pointing to a lower opening for US stocks.
Asian markets traded mostly lower, tracking overnight losses on Wall Street as a sharp rise in US Treasury yields heightened concerns over inflation and interest rates. The 10-year US Treasury yield rose to around 5.11%, its highest level since 2007 and its biggest one-day increase since the market turmoil triggered by US President Donald Trump's April 2025 tariff announcement.
Stronger-than-expected US economic data and weak demand at a $70 billion five-year Treasury auction contributed to the rise in yields. The US private-sector output expanded at its fastest pace in more than five years in September, while price pressures also increased. The S&P Global Flash US Composite PMI rose to 58.4 in September from 56.0 in August, marking its highest level in more than five years.
The rise in Treasury yields increased market expectations of another Federal Reserve interest rate hike and put pressure on global bond markets.
Oil prices remained elevated after Brent crude jumped nearly 4% on Wednesday to settle at $103.08 a barrel, ending a five-day losing streak.
The dollar remained close to its strongest level since late July as investors assessed the changing interest-rate outlook and continued to monitor developments in energy markets.
Wall Street indexes fell on Wednesday as the surge in Treasury yields weighed on equities. The Nasdaq Composite fell 1.1% after posting back-to-back record closes earlier in the week. The Dow Jones Industrial Average declined 0.7%, while the S&P 500 fell 0.8%.
Chinese President Xi Jinping arrived in Washington on Wednesday for a three-day state visit and was welcomed by US President Donald Trump. The two leaders are scheduled to hold talks on Thursday, with trade and artificial intelligence among the issues in focus.
US Treasury Secretary Scott Bessent met Chinese Vice Premier He Lifeng ahead of the summit and said Washington and Beijing had agreed to extend their trade truce by two months, to 10 January 2027.
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