Sensex slides 372 pts; media shares decline

The key equity benchmarks traded with modest cuts in early afternoon trade, weighed down by continued selling by foreign institutional investors (FIIs). Investor sentiment remained cautious amid volatility in crude oil prices and ongoing uncertainty surrounding the US-Iran conflict. Market participants also tracked monthly auto sales data for further cues. The Nifty traded below the 22,500 level. Media shares declined after advancing in the past two trading sessions.

At 12:25 IST, the barometer index, the S&P BSE Sensex declined 371.99 points or 0.51% to 72,108.30. The Nifty 50 index fell 139.10 points or 0.62% to 22,479.80.

In the broader market, the BSE 150 MidCap Index shed 0.89% and the BSE 250 SmallCap Index dropped 1.29%.

The market breadth was weak. On the BSE, 1,239 shares rose and 2,866 shares fell. A total of 254 shares were unchanged.

The Indian stock market will remain closed on Friday, 2 October 2026, on account of Mahatma Gandhi Jayanti.

Economy:

The government has reduced the windfall gains tax on exports of diesel and aviation turbine fuel (ATF) for the fortnight beginning 1 October 2026, while keeping the levy on petrol exports unchanged. The special additional excise duty (SAED), along with road and infrastructure cess, on diesel exports has been cut to Rs 16 per litre from Rs 20 per litre, while the levy on ATF exports has been reduced to Rs 10.5 per litre from Rs 15 per litre. The duty on petrol exports remains unchanged at Rs 0.5 per litre. The Finance Ministry said there is no change in the existing duty rates on petrol and diesel cleared for domestic consumption.

The seasonally adjusted HSBC India Manufacturing PMI rose to 55.1 in September from 52.8 in August, marking the strongest improvement in the sector?s health in seven months. The September data indicated a recovery in growth momentum across India?s manufacturing sector, supported by faster increases in new orders and output, which also contributed to job creation and inventory accumulation.

Derivatives:

The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, jumped 4% to 14.03. The Nifty 27 October 2026 futures were trading at 22,555 at a premium of 120.95 points as compared with the spot at 22,774.05.

The Nifty option chain for the 27 October 2026 expiry showed a maximum call OI of 94 crore contracts at the 23,500 strike price. A maximum put OI of 60.8 crore contracts was seen at the 23,000 strike price.

Buzzing Index:

The Nifty Media index declined 1.93% to 1,552.65. The index fell 2.85% in the past two trading sessions.

Tips Music (down 2.97%), Saregama India (down 2.62%), Sun TV Network (down 2.05%), D B Corp (down 1.97%), Zee Entertainment Enterprises (down 1.91%), PVR Inox (down 1.71%), Prime Focus (down 1.65%), Network 18 Media & Investments (down 1.47%), and Nazara Technologies (down 0.7%) fell.

Stocks in Spotlight:

Sterlite Technologies rose 3.42% after the company said its wholly owned subsidiary had received a long-term supply agreement from an international hyperscale partner.

Mahindra & Mahindra fell 3.09%. The company reported a 15% year-on-year (YoY) increase in overall auto sales for the month of September 2026, which stood at 114,874 vehicles.

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