Market under pressure; consumer durables shares plunge

The key equity benchmarks traded with deep losses in mid-afternoon trade, weighed down by continued selling by foreign institutional investors (FIIs), a weakening rupee and rising global bond yields. Investor sentiment remained subdued amid volatility in crude oil prices and persistent uncertainty surrounding the US-Iran conflict. Market participants also remained focused on monthly auto sales data for further cues. The Nifty slipped below the 22,300 level, while the broader market also witnessed selling pressure.

Consumer durables shares declined for fourth consecutive trading sessions.

At 14:25 IST, the barometer index, the S&P BSE Sensex tanked 934.14 points or 1.28% to 71,557.92. The Nifty 50 index tumbled 333.20 points or 1.47% to 22,289.40.

In the broader market, the Nifty MidCap 150 Index declined 1.86% and the Nifty SmallCap 250 Index dropped 2.08%.

The market breadth was weak. On the NSE, 596 shares rose and 2,939 shares fell. A total of 98 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.

Buzzing Index:

The Nifty Consumer Durables index declined 2.27% to 35,794.60. The index fell 6.495 in the four consecutive trading sessions.

Varun Beverages (down 3.37%), Patanjali Foods (down 3.11%), Godfrey Phillips India (down 3.01%), ITC (down 2.93%), Hindustan Unilever (down 2.57%), United Spirits (down 2.5%), Radico Khaitan (down 2.33%), Colgate-Palmolive (India) (down 2.31%), Marico (down 2.26%) and Britannia Industries (down 1.75%) declined.

Numbers to Track:

The yield on India's 10-year benchmark federal paper jumped 0.53% to 7.221 compared with the previous session close of 7.184.

In the foreign exchange market, the rupee lowered against the dollar. The partially convertible rupee was hovering at 96.2300 compared with its close of 95.9450 during the previous trading session.

MCX Gold futures for 5 October 2026 settlement rose 0.57% to Rs 1,46,950.

The US Dollar Index (DXY), which tracks the greenback's value against a basket of currencies, was up 0.37% to 101.82.

The United States 10-year bond yield advanced 0.58% to 5.342.

In the commodities market, Brent crude for December 2026 settlement climbed $2.54 or 2.59% to $100.57 a barrel.

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