Sensex tanks 1,248 pts, Nifty below 23,100 as global bond yields surge, crude tops $104

The domestic equity benchmarks ended sharply lower on Thursday, weighed down by surging US Treasury yields, higher crude oil prices and increased expectations of another Federal Reserve rate hike. The Nifty closed below the 23,100 level dragged by banks and financial services stocks.

The US 10-year Treasury yield rose to its highest level since 2007, after stronger-than-expected US business activity data. Brent crude moved above $102 a barrel amid renewed US-Iran tensions, while the rupee remained under pressure.

The S&P BSE Sensex tanked 1,247.71 points or 1.67% to 73,580.54. The Nifty 50 index tumbled 383.70 points or 1.64% to 23,063.10.

Bajaj Finance (down 5.87%), Axis Bank (down 4.56%) and Reliance Industries (down 2.31%) were major Nifty drags today.

In the broader market, the BSE 150 MidCap Index declined 2.07% and the BSE 250 SmallCap Index fell 1.28%.

The market breadth was weak. On the BSE, 1,473 shares rose and 2,884 shares fell. A total of 227 shares were unchanged.

The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, spurts 22.08% to 12.63.

Numbers to Track:

The United States 10-year bond yield rose 0.20% to 5.128.

In the commodities market, Brent crude for the November 2026 settlement jumped $1.65 or 1.60% to $104.73 a barrel.

The yield on India's 10-year benchmark federal paper rose 0.89% to 7.111 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 95.9700 compared with its close of 95.7300 during the previous trading session.

MCX Gold futures for 5 October 2026 settlement fell 0.53% to Rs 1,50,469.

The US Dollar Index (DXY), which tracks the greenback's value against a basket of currencies, was up 0.10% to 101.24.

Global Markets:

US Dow Jones index futures were down 149 points on Thursday, pointing to a lower opening for US stocks.

Most European shares declined on Thursday as Brent crude futures surged. Switzerland's central bank kept its key interest rate unchanged at 0% on Thursday, defying the tightening cycle that has begun among many of its major peers.

Asian stocks ended mixed as investors weighed lingering tensions in the Middle East and awaited the highly anticipated talks between the US and China.

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.

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.

New Listing:

Shares of National Stock Exchange of India ended at Rs 1818 on the BSE, representing a premium of 1.85% as compared with the issue price of Rs 1,785.

The stock debuted at Rs 1,800 on the BSE, a premium of 0.84% over its issue price. The stock has hit a high of Rs 1,878 and a low of Rs 1,800. On the BSE, over 5.15 crore shares of the company were traded in the counter.

Shares of Sonaselection India ended at Rs 107.09 on the BSE, representing a premium of 8.17% as compared with the issue price of Rs 99.

The stock debuted at Rs 102 on the BSE, a premium of 3.03% over its issue price. The stock has hit a high of Rs 107.09 and a low of Rs 102. On the BSE, over 2.54 lakh shares of the company were traded in the counter.

Stocks in Spotlight:

Insurance stocks came under pressure on Thursday after the Insurance Regulatory and Development Authority of India (IRDAI) proposed changes to insurance distribution.

The proposals include lower Expenses of Management (EoM) limits and tighter controls on commissions. The regulator also proposed greater transparency for policyholders.

PB Fintech crashed 36% to Rs 1,207.20. The company operates India's largest online insurance marketplace through its flagship platform, Policybazaar.

Another insurance distributor, Turtlemint Fintech Solutions, slumped 20% to Rs 109.10.

A foreign brokerage said IRDAI's proposed changes pose a risk to PB Fintech and Turtlemint. It estimated that a 10% cut in new-business commission rates could translate into a 10-12% decline in their earnings.

Among insurance companies. HDFC Life Insurance Company fell 6.16%, while The New India Assurance Company declined 5.65%. Niva Bupa Health Insurance Company dropped 5.15%. ICICI Prudential Life Insurance Company declined 4.13%.

General Insurance Corporation of India fell 1.38%. Star Health and Allied Insurance Company fell 0.40%. Life Insurance Corporation of India slipped 0.37%. Canara HSBC Life Insurance Company declined 0.09%.

IOL Chemicals & Pharmaceuticals declined 2.27%. The company announced that it has received registration for its product Triacetin under the applicable EU REACH framework.

Max Estates added 1.55% after the company said that it has enter into a binding memorandum of understanding for a prosposed joint development agreement (JDA) for an approximately 9.76-acre land parcel in Ghaziabad, structured on a capital-light basis. The proposed land parcel would have a super built-up development potential of nearly 1.5 million square feet. and is estimated to host a gross development value (GDV) of Rs 2,500-3,000 crore.

Vikran Engineering jumped 9.03% after the company announced that it has secured a new order aggregating approximately Rs 153.76 crore from Power Grid Corporation of India for the 400 kV AIS Extension Substation Package SS 136T.

Jagsonpal Pharmaceuticals rallied 9.47% after the company has entered into a business transfer agreement (BTA) with Group Pharmaceuticals to acquire its wellness portfolio on a going-concern basis through a slump sale. Under the transaction, Jagsonpal will pay an initial consideration of Rs 23.7 crore at closing. An additional consideration of up to Rs 23 crore will be linked to sales achieved during FY2027-28, taking the total consideration to a maximum of Rs 46.7 crore. The transaction is expected to be completed on or before 1 November 2026.

Genesys International Corporation rose 0.49% after the company announced that it had secured a Rs 283 crore World Bank-funded contract to develop a 3D digital map and spatial intelligence platform for Ahmedabad. The project will cover around 625 sq km of Ahmedabad and digitally map land parcels, properties, roads, water networks, sewerage systems, stormwater drainage infrastructure and other civic assets.

IPO Update:

A-One Steels India received bids for 42,22,958 shares as against 73,84,934 shares on offer, according to stock exchange data at 16:48 IST on 24 September 2026. The issue was subscribed 0.57 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 32,35,61,700 shares as against 23,25,24,175 shares on offer, according to stock exchange data at 16:48 IST on 24 September 2026. The issue was subscribed 1.39 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.

Elevate Campuses received bids for 76,90,657 shares as against 3,36,73,468 shares on offer, according to stock exchange data at 16:48 IST on 24 September 2026. The issue was subscribed 0.23 times.

The issue opened for bidding on 23 September 2026 and will close on 25 September 2026. The price band of the IPO is fixed between Rs 343 and 362 per share. An investor can bid for a minimum of 41 equity shares and multiples thereof.

Adroit Industries (India) received bids for 14,02,26,522 shares as against 78,72,900 shares on offer, according to stock exchange data at 16:48 IST on 24 September 2026. The issue was subscribed 17.81 times.

The issue opened for bidding on 23 September 2026 and will close on 25 September 2026. The price band of the IPO is fixed between Rs 126 and 134 per share. An investor can bid for a minimum of 111 equity shares and multiples thereof.

Swastika Infra received bids for 1,03,08,951 shares as against 63,35,001 shares on offer, according to stock exchange data at 16:48 IST on 24 September 2026. The issue was subscribed 1.63 times.

The issue opened for bidding on 23 September 2026 and will close on 25 September 2026. The price band of the IPO is fixed between Rs 175 and 185 per share. An investor can bid for a minimum of 81 equity shares and multiples thereof.

ArMee Infotech received bids for 85,91,680 shares as against 74,30,356 shares on offer, according to stock exchange data at 16:48 IST on 24 September 2026. The issue was subscribed 1.16 times.

The issue opened for bidding on 23 September 2026 and will close on 25 September 2026. The price band of the IPO is fixed between Rs 350 and 375 per share. An investor can bid for a minimum of 40 equity shares and multiples thereof.

Varmora Granito received bids for 5,33,07,295 shares as against 3,39,02,899 shares on offer, according to stock exchange data at 16:48 IST on 24 September 2026. The issue was subscribed 1.57 times.

The issue opened for bidding on 22 September 2026 and will close on 24 September 2026. The price band of the IPO is fixed between Rs 140 and 148 per share. An investor can bid for a minimum of 101 equity shares and multiples thereof.

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