Market under pressure; PSU Bank shares drop
Investors remained focused on movements in crude oil prices, developments in the primary market and upcoming initial public offerings (IPOs). A series of domestic and global economic data releases are also scheduled during the week, which could influence expectations surrounding monetary policy decisions by central banks.
PSU Bank shares declined sharply after advancing in the previous trading session, weighing on the broader market.
At 11:25 IST, the barometer index, the S&P BSE Sensex declined 997.27 points or 1.35% to 72,896.47. The Nifty 50 index dropped 312.55 points or 1.35% to 22,827.90.
In the broader market, the Nifty Midcap 100 index declined 1.40%. The Nifty Smallcap 100 index fell 1.36%.
The market breadth was weak. On the NSE, 809 shares rose and 2,570 shares fell. A total of 88 shares were unchanged.
In the commodities market, Brent crude for November 2026 settlement added $1.69 or 1.73% to $ 99.13 a barrel as uncertainty over the US-Iran conflict and the reopening of the Strait of Hormuz continued to influence supply concerns.
Initial Public Offer (IPO):
A-One Steels India received bids for 56,49,974 shares as against 73,84,934 shares on offer, according to stock exchange data at 11:25 IST on 28 September 2026. The issue was subscribed 0.77 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 54,47,00,268 shares as against 23,25,24,175 shares on offer, according to stock exchange data at 11:25 IST on 28 September 2026. The issue was subscribed 2.34 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 261,46,692 shares as against 7,42,29,166 shares on offer, according to stock exchange data at 11:25 IST on 28 September 2026. The issue was subscribed 0.35 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 58,72,993 shares as against 1,21,11,294 shares on offer, according to stock exchange data at 11:25 IST on 28 September 2026. The issue was subscribed 0.48 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 21,71,672 shares as against 1,60,62,879 shares on offer, according to stock exchange data at 11:25 IST on 28 September 2026. The issue was subscribed 0.14 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 5,53,43,090 shares as against 1,49,76,743 shares on offer, according to stock exchange data at 11:25 IST on 28 September 2026. The issue was subscribed 3.70 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 1,42,460 shares as against 37,79,440 shares on offer, according to stock exchange data at 11:25 IST on 28 September 2026. The issue was subscribed 0.05 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 37,49,230 shares as against 1,17,60,000 shares on offer, according to stock exchange data at 11:25 IST on 28 September 2026. The issue was subscribed 0.32 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 fell 2.20% to 8,111.80. The index advanced 0.28% in the past trading session.
Bank of India (down 4.17%), Bank of Maharashtra (down 3.92%), Union Bank of India (down 3.31%), Canara Bank (down 2.81%), Punjab National Bank (down 2.56%), Bank of Baroda (down 2.12%), Punjab & Sind Bank (down 1.83%), State Bank of India (down 1.81%), Indian Bank (down 1.54%) and UCO Bank (down 1.46%) declined.
Stocks in Spotlight:
PC Jeweller declined 1.84%. The company said that the company has successfully discharged the remaining outstanding debt of the banks and has achieved its financial objective of a debt-free status. the company has successfully discharged all the outstanding debt of all the 14 consortium banks under the terms of settlement agreement dated 30 September 2024 with all repayments completed ahead of scheduled due dates.
Som Distilleries & Breweries jumped 6.83% to Rs 79.35 after the Madhya Pradesh High Court ordered the renewal of the company's manufacturing excise licences.
Global Market:
US Dow Jones index futures were down 189 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.
Most Asian stock indices declined on Monday as investors remained cautious amid uncertainty over developments in the US-Iran conflict and the outlook for the Strait of Hormuz.
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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