Stock Market Updates

Wall Street Slides as Fed Hike Fears Return

US equities fell sharply, snapping record runs, as the 10-year Treasury yield broke above 5%. The Nasdaq dropped 1.1% to 26,936, giving back its two prior record closes. The S&P 500 and Dow lost 0.8% and 0.7%. The Russell 2000 fell roughly 1%.

A strong S&P Global flash PMI drove the move. The composite index rose to 58.4 in September from 56.0 in August, the strongest private-sector expansion since July 2021. Services led (58.7 vs 56.5), and manufacturing jumped to 56.7 from 53.1 on stronger new orders, well above forecasts. The 10-year yield rose to about 5.06%, its highest since 2007, and the 2-year to about 4.87%, raising the odds of another Fed hike in October.

Brent recovered above $100 per barrel as hopes of a near-term reopening of the Strait of Hormuz faded.

Quantum computing stocks bucked the trend after IonQ announced a real-time error-correction advance ahead of the Quantum World Congress. The advance removes a key bottleneck for fault-tolerant computing.

United States and China agreed to extend the "Busan Agreement" trade truce until January 10, Treasury Secretary Scott Bessent announced after meeting Chinese Vice Premier He Lifeng. Investors are closely watching the high-profile US-China summit in Washington for trade and diplomatic signals that could sway risk sentiment across asset classes.

Additional focus turns to US jobless claims, building permits, and Fed speeches from Williams, Barkin, and Hammack for further direction on rate expectations.

The Indian government reduced import duties on edible oils to help ease food inflation ahead of the festive season. Import duties on crude palm and soya oils were cut to 5% from 10%, while duties on refined variants were lowered to 27.5% from 32.5%.

The rupee snapped a four-day winning streak, depreciating 15 paise to close at 95.74, amid broad-based dollar strength and elevated dollar demand from importers. Markets are also beginning to price in a rate hike from the RBI.

Nifty continues to oscillate within the trading range of the large move on September 15, 2026. The 23,500–23,600 zone will continue to act as a key resistance band, while the 23,100–23,150 zone is expected to provide strong support. A sustained move above 23,600 would strengthen the bullish outlook, whereas a break below 23,100 could put renewed pressure on the index.

Indian equities are poised for a lower open, on the back of weak global cues.

Opening Bell - Morning Commentary

Longest Weekly Losing Streak for Nifty Since 2020

US equities ended a volatile week mixed as markets digested the Fed's rate hike. The Nasdaq Composite rose 0.7% on dip-buying in mega-cap semiconductor and software stocks, while the Dow fell 1.7%, its steepest weekly drop since March, and the S&P 500 slipped marginally. Indices steadied late in the week after mid-week pressure from the hawkish policy shift.

The Lindsey O. Graham Sanctioning Russia and Iran Act of 2026 empowers President Trump to impose tariffs of up to 100% on buyers of Russian oil and gas, putting India and China at risk. The move comes as India-US trade talks continue.

The market will likely watch Trump and Xi meet in Washington on 24 September, their second meeting this year after May talks in Beijing that yielded no substantive agreements. Tariffs, critical minerals, AI and Taiwan are likely to dominate. With the 2025 Busan truce expiring in November, both sides face pressure to extend the pause on tariff escalation and rare-earth export controls.

Indian markets ended the truncated past week in the red, falling for the sixth straight week as elevated crude oil prices and rising global bond yields weighed on investor sentiment. Despite Friday's bounce, Nifty ended the week down 0.22%, its longest weekly losing streak since 2020, while Sensex fell 0.65%.

Fluctuating Brent crude oil prices and sustained elevation in global commodity costs added pressure to India’s import bill and corporate operating margins.

Over the week, the Moody’s raised its FY27 real GDP growth forecast for India to 7% from 6%, citing the economy’s resilience amid the West Asia conflict. However, the agency flagged continued risks despite expecting India to maintain relatively strong growth among G20 economies and similarly rated emerging markets.

Markets are tracking the NSE IPO, with listing planned for September 24, as one of the week's major domestic events.

Globally, the anticipated September 24 meeting between US President Trump and Chinese President Xi Jinping, along with India's flash PMI and infrastructure output data, will be key catalysts.

Nifty closed higher on Friday, adding 75 points to finish at 23,346. The index has now retraced 271 points of the 474-point fall recorded on 15 September, meaning more than 50% of that sharp decline has been recovered, a clear breather for bulls.

Broader markets have outperformed benchmarks like Nifty and Bank Nifty during this rebound, which is an encouraging sign for overall market sentiment.

23600 remains the key resistance for the Nifty; a sustained move above this level would confirm a bullish trend reversal. On the downside, the recent swing low near 23,100 appears to have formed a support base for Nifty.

Indian markets are poised for a flat to mildly negative opening amid concerns over higher U.S. tariffs and the worsening geopolitical situation in the Russia–Ukraine war.

Technology stocks lead Wall Street higher as oil eases, Treasury yields dip

U.S. stocks staged a sharp recovery yesterday, reversing the prior session's sell-off in a broad, tech-led rally.

The Nasdaq Composite jumped 1.7% (adding nearly 440 points), the S&P 500 gained 1.1%, and the Dow rose 0.6%. The rebound was driven by falling Treasury yields and softer oil prices, which eased near-term inflation concerns and helped markets move past the Federal Reserve's unanimous 25-basis-point rate hike.

Tech led the advance, with the S&P 500 Information Technology index up more than 2% on strength in names like Intel and Super Micro Computer, as investors rotated back into AI trades once bond-market pressure eased.

The 10-year Treasury yield eased to roughly 4.93%, while crude slid on reports that Saudi Arabia could route additional supply to market through alternative export channels.

The dollar softened modestly against major peers, tracking the move in yields.

US Initial jobless claims fell to 196,000 against expectations of 206,000, and continuing claims dropped to 1.73 million — the lowest since January 2024 — pointing to limited layoffs and a labour market resilient enough to give the Fed room to stay focused on inflation.

At the Tata Sons board meeting on September 17, 2026, the board voted by majority to reappoint N. Chandrasekaran as Executive Chairman for a fresh five-year term, reversing his August decision to step down. The board also moved to comply with RBI guidelines regarding a public listing, triggering an immediate clash with Tata Trusts, which called the reappointment "illegal".

The rupee endured a whipsaw session, initially buckling under a hawkish Fed and softer Asian FX sentiment. Those early losses, however, proved short-lived as the central bank stepped in with forceful defence, pulling the currency off for marginal gains of 3 paise and closing at 95.93.

Nifty closed higher for the second consecutive session, gaining 53 points to finish at 23,270 yesterday. Immediate resistance now lies at 23,360, with a stronger positional resistance near 23,600. On the downside, the 23,070–23,100 band remains the key support zone.

Indian markets are set for a flat open amid a lack of clear global cues.

Nifty Plunges Below Key Support as Broad-Based Selling Intensifies

U.S. stocks fell Tuesday as investors braced for the Federal Reserve's policy decision and Treasury yields surged to multiyear highs.

The Nasdaq Composite lost 0.78%, the Dow slipped 0.63%, and the S&P 500 shed 0.45%, pressured by the 10-year Treasury yield's climb above 5.04%. Germany's 10-year Bund yield also rose to 3.57%, adding to the pressure on global equity valuations.

Brent crude traded above $108 a barrel after Saudi Arabia cancelled part of its September oil shipments to Europe, stoking fears that tighter supply will keep inflation elevated across major economies.

Gold broke below key technical support to trade under $4,300 an ounce, weighed down by a stronger dollar and expectations of further Fed tightening.

Markets are pricing in a 25-basis-point Fed hike, to a 3.75%–4.00% range — a move that would widen the policy gap with the ECB's 2.50% deposit rate to roughly 150 basis points and could mark the start of a new hiking cycle.

The dollar's advance has pushed EUR/USD down about 0.8% over four straight sessions to near 1.153, its weakest level in roughly a month.

The Indian rupee extended its losing streak for a fifth consecutive session, pressured by rising global bond yields and higher crude oil prices amid ongoing supply disruptions. The rupee closed at 95.96 against the US dollar yesterday, depreciating by 40 paise.

Nifty continued its downward journey, falling 279 points to close at 23,118—the lowest level since 6 April 2026. Nifty has breached the crucial support level of 23,172, which corresponds to the 61.8% retracement of the rally that began in April 2026 and continued until early August 2026. The next important support zone is placed near 22500-22,700, marked by an upward-sloping trend line joining the swing lows of June 2024, April 2025, and April 2026. The resistance zone for the index remains near 23,600.

Indian equities are poised for a cautious open, on the back of weak global cues.

US Stocks Fall on Oil, India GDP Tops Forecasts

US indices ended lower on Monday as a rise in crude oil prices and renewed tensions in the Middle East revived inflation and higher-for-longer rate concerns.

The S&P 500 declined 0.33% to 7,686, while the Nasdaq Composite was relatively resilient, slipping 0.12% to 26370.

Positive economic data have fuelled discussions about the Federal Reserve's next policy moves, stabilising technology and healthcare stocks.

Despite the weak final session, all three major indices ended August higher, and the Dow recorded its fifth consecutive monthly gain.

US government bond yields experienced notable volatility in response to fresh labour market and inflation indicators. Investors are demanding higher premiums as debate intensifies over whether the central bank will extend its pause or cut rates further later this year.

Energy markets saw Brent and WTI crude oil balances near recent ranges amid offsetting macroeconomic forces. While production constraints from major oil-exporting nations provided a price floor, demand concerns from major industrial economies limited further upside.

Data from the Ministry of Statistics and Programme Implementation revealed that India's economy expanded by 7.8% during the April-June 2026 quarter. Driven largely by strong exports and investments, this performance surpassed consensus expectations and marked the twelfth consecutive quarter of upside growth surprises.

Surplus liquidity in the Indian banking system surged to nearly Rs 5 lakh crore at the end of August, its highest level in over four months, boosted by month-end government spending and robust foreign currency deposits.

Bank credit in India continued to expand at a robust pace in July, with overall bank credit rising 19.3% year-on-year, according to data released by the RBI. The acceleration was supported by strong lending growth across industry, services, agriculture and personal loans.

The newly introduced Closing Auction Session system experienced its first significant test amid a scheduled index rebalancing yesterday. The high volume of concentrated portfolio adjustments by passive funds during the final trading window triggered wild price fluctuations across individual equities.

The Indian rupee staged a stellar comeback, appreciating 22 paise to close at 95.16, its strongest level since August 5, overcoming an early dip triggered by Friday’s surge in the dollar index after hawkish remarks from Fed Chair Warsh at the Jackson Hole symposium. This resilient recovery was heavily anchored by timely, suspected intervention by the Reserve Bank of India, alongside a surge in dollar flows linked to the index rebalancing and the FCNR(B) schemes.

During yesterday's session, Nifty breached the prior swing-low support at 24,025 and the psychological 24,000 mark; however, the second-half recovery enabled the index to close above these crucial supports. In the short term, the 24,200–24,250 zone is likely to act as strong resistance, with multiple moving averages clustered there. On the lower side, a decisive break below 23,993 could extend losses toward the next support near 23,890.

Indian equities are poised for a subdued opening amid negative global cues.

Nvidia Earnings Spark Broad Technology Rally, Attention now turns to Fed Chair Kevin Warsh

Nvidia posted second-quarter earnings that crushed expectations, with revenue up 106% year over year. The results reassured investors on the durability of the AI boom, sending the tech sector up 3.4% and lifting major indices. Nvidia rose more than 4% intraday to $227.98 on strong guidance, pushing the S&P 500 and Nasdaq higher. The Nasdaq Composite led Wall Street with a 1.57% gain, outpacing the S&P 500 and Dow.

Shares slipped after-hours, however, on reports that Nvidia had paused cloud revenue-share deals — injecting a note of caution ahead of Jackson Hole.

Corporate software earnings reinforced the tech rally. Salesforce jumped over 11% on raised guidance, and CrowdStrike surged on record annual recurring revenue driven by AI-linked security adoption.

Attention now turns to Fed Chair Kevin Warsh's address today at the Kansas City Fed's Jackson Hole symposium — his first as chair, and not tied to a policy meeting.

Markets are looking for signals on the rate path amid PCE inflation at 3.7%.

Chicago wheat futures hit their daily limit, closing near $7.60/bushel — about 30% above their late-June lows — as Black Sea supply concerns intensify.

The Indian rupee opened flat post-Wednesday’s holiday, then came under pressure from month-end dollar demand, short-covering, and broader risk aversion. It ended 13 paise lower at 95.54. A modest rebound in the dollar index, following recent inflation data, further weighed on momentum.

Nifty fell for the second consecutive session, dropping 116 points to close at 24,090. Markets fell on Thursday as expiry-led volatility and weak geopolitical sentiment triggered broad selling in heavyweights. A decisive break below the prior swing low of 24,025 would confirm a positional trend reversal. On the upside, the recent swing high of 24,378 is likely to act as immediate resistance.

Indian equities are poised for a subdued opening amid the absence of decisive global cues to drive market direction.

Opening Bell - Morning Commentary

Wall Street falls for third straight day as tech selloff deepens

U.S. stocks extended losses for a third consecutive session, led lower by a sharp pullback in mega-cap technology and semiconductor names.

The Nasdaq dropped 1.33%, the S&P 500 fell 0.69%, and the Dow Jones Industrial Average slipped 0.22%, pulling all three benchmarks further from last week's record highs. Global bond rout pushes long-term yields to multidecade highs. Rising bond yields sapped risk appetite from the AI trade.

Home Depot posted higher sales and reaffirmed its outlook even as consumers stuck to smaller maintenance projects.

Meta, faces a landmark child-safety trial in California — a legal overhang even as its underlying growth metrics remain strong.

New 50% U.S. tariffs on Canadian goods are set to take effect soon absent a last-minute deal between Trump and Canadian PM Carney.

Government bond yields surged worldwide, with the 30-year U.S. Treasury yield touching an intraday high near 5.33%–5.34% — its highest since 2007. Widening fiscal deficits, inflation concerns, and heavy capex from debt-financed AI infrastructure buildouts are factors competing with sovereign borrowers for capital and reshaping equity valuations. Foreign holders, including those in the UK, China, and Japan, have been paring their Treasury holdings, compounding the sell-off.

Crude climbs as Middle East tensions escalate. Oil extended its advance after the 60-day U.S.-Iran ceasefire expired without a new agreement and Iran shifted to what it called a "fully offensive" military posture, with fresh attacks reported in the Strait of Hormuz.

Gold eased below $4,400 as higher U.S. yields and safe-haven dollar demand outweighed support from Middle East risk aversion.

The rupee weakened by 8 paise to close at 95.68 per dollar. This was primarily driven by higher crude prices amid escalating tensions in West Asia and weakness in domestic equities.

India's crude oil import bill rose 41% YoY to $13.7 billion in July, primarily due to higher crude prices amid the ongoing crisis in West Asia. Crude import volumes also increased 13% YoY to 21.4 million tonnes, while the Indian basket averaged $82.04 a barrel amid supply disruptions.

Nifty fell for the sixth straight session yesterday, shedding 132 points (−0.54%) to close at 24,154, its lowest level since 28 July 2026.

Technically, Nifty closed below an important cluster support around 24,200. The current fall of over 600 points from the recent peak has retraced more than 50% of the previous upward rally from 23,606 to 24,774 recorded between 24 July and 3 August 2026. Below 24200, the next key support is seen near 24,050, aligning with a retracement of the past rally and a prior gap zone. Resistance has shifted lower to the 24,300–24,350 band, with a stronger supply zone around 24,600.

Indian equities are set for a muted start today, weighed down by subdued global cues.

Opening Bell - Morning Commentary

S&P 500 closes at record high as inflation cools

The S&P 500 rose 0.7% to a record intraday and closing high of 7798; the Nasdaq Composite gained 0.8%. The rally followed July PPI report, which showed wholesale inflation cooling to 4.7% YoY — below expectations — cutting odds of a September Fed rate hike to 35% from 40% and pulling the 10-year Treasury yield down 4bps to 4.639%.

Brent oil fell over 2% to about $87, snapping a multi-day rally. A surprise 17.4 million-barrel U.S. inventory build, combined with 2026 demand-growth downgrades from OPEC and the IEA, outweighed supply risk from the Strait of Hormuz, prices extended losses even after the UAE reported Iran struck two oil vessels there, signaling demand concerns are currently dominating supply fears.

SanDisk jumped nearly 14% on bullish fiscal 2028–2030 revenue guidance. In space stocks, fell 3.5% and Intuitive Machines slid about 1.6% on a revenue miss and wider-than-expected loss.

Spot gold fell over 1% to near $4,354/oz, pulling back from a fresh two-month intraday high near $4,450. The DXY dollar index slipped below 100.00 as the cooler PPI print and higher jobless claims cut expectations for further Fed tightening, even as Cleveland Fed's Beth Hammack reiterated her call for a rate hike.

The Indian rupee depreciated steadily during yesterday's session amid strong dollar demand from importers. Sentiment was also weighed down by the previous day’s inflation reading, resulting in the rupee underperforming its Asian peers. The domestic currency closed 11 paise lower at 95.45 against the US dollar.

Nifty continued to trade in a choppy range but managed to close at 24,395. This marks the second consecutive session in which the index has closed above these key moving averages and remains an encouraging sign for the bulls.

The immediate support is placed at 24,265, followed by the psychologically important level of 24,000. On the upside, 24,630 and 24,750 remain the key resistance zones to watch. Sustained trading above 24,265 could keep the short-term bias positive, while a decisive close below 24200 would weaken the setup.

Indian equities are set for a mildly negative note on lack of strong global cues.

Tame US CPI eases rate-hike fears, lifts risk appetite

US headline CPI rose 3.4% YoY in July, matching consensus, cooling from June's 3.5%. Core CPI held at 2.5% YoY, also in line with forecasts. The soft print led markets to pare back bets on an aggressive Fed move at the September meeting, with gold rallying above $4,400 — a two-month high — on rising odds that the Fed holds rates steady. The dollar firmed into the release.

The Nasdaq Composite and S&P 500 rose 0.54% and 0.26%, respectively, recovering from earlier losses on strong results from AI infrastructure and cloud names.

Super Micro Computer surged over 19%, while Dell, Teradyne, Seagate, and Arista Networks each gained more than 6%, extending the AI-hardware rally. Bloom Energy rose 13% after Nebius picked its fuel cells for a 300 MW AI data center, with Q2 revenue up 165% YoY to $1.07 billion.

India's CPI rose 4.45% YoY in July (vs. 4.38% in June), close to the 4.4% estimate. The FY27E inflation forecast is retained at 4.9% YoY, with a pickup to 5.0–5.8% expected in H2FY27E on adverse base effects, El Niño risk, and supply-chain pressures. With inflation contained, the RBI is expected to stay on hold through CY26E, with a possible 25 bps hike in Q1CY27E — the Fed's path remains the key swing factor.

Brent Crude oil settled near $88/bbl as markets stayed sceptical of a quick resolution to shipping disruptions in the Strait of Hormuz, with US-Iran tensions keeping risk premiums elevated.

The rupee snapped a two-day losing streak yesterday, appreciating 10 paise to close at 95.33 as cooling crude prices offered relief after the recent rally. Likely central bank interventions and dollar inflows into debt and primary markets also supported the currency.

Nifty managed to reclaim intraday losses and close above these key moving averages, which is an encouraging sign for the bulls. Even after falling over 500 points from its recent peak of 24,774, Nifty remains above its key near-term averages, keeping the broader undertone bullish.

A low of 24,265 now will act as immediate support, followed by the psychologically important level of 24,000. On the upside, 24,630 and 24,750 are the key resistance zones to watch.

Indian equities are set for a mildly negative note on yesterday's CAS adjustments and mixed global cues.

Wall Street edges lower ahead of critical inflation data

U.S. benchmarks closed lower for a second straight session Tuesday as investors turned cautious ahead of the July CPI report. The S&P 500 fell 0.3%, the Nasdaq Composite dropped 0.6% on weakness in large-cap tech, and the Dow lost 0.3%.

Markets awaited the inflation print, expected to show 0.1% m/m headline growth and a 3.4% annual pace.

Alphabet shares fell 3.8%, their fourth decline in five sessions, as investors reacted to the company's reshuffling of its internal AI units.

Intel priced a public offering of 210.5 million shares at $95 apiece, upsizing the deal from $15 billion to $20 billion. The offering, set to today — one of the largest capital raises in the chip sector this year.

Oil extended its volatile run amid stalled talks over reopening the Strait of Hormuz. Brent has surged to nearly $90.

Iran maintained the strait would stay closed until its demands are met, even as a senior Pakistani minister said Tuesday the U.S. and Iran were nearing "some sort of arrangement" — a rare note of optimism amid otherwise hardening rhetoric on both sides.

Energy stocks gained on the rally, while refining margins spiked, pointing to a tightening downstream market.

The Indian rupee weakened for the second consecutive session yesterday, depreciating by 14 paise to close near 95.44. The decline was driven by weakness across Asian currencies and rising crude oil prices. Heightened risk aversion amid geopolitical uncertainty continued to exert pressure on the domestic currency. However, the rupee’s decline remained relatively contained despite the surge in oil prices, supported by intervention from the central bank.

Fitch Ratings affirmed India’s sovereign rating at BBB-, the lowest investment-grade level, while retaining a stable outlook. The agency cited robust growth prospects and stable external financing conditions, but flagged elevated government debt, weak structural metrics and potential fiscal spending pressures amid rising youth unemployment.

The central government’s net direct tax collection rose 23% YoY to ₹8.11 trillion as of August 10, supported by strong growth in non-corporate tax and STT receipts. The collection represents nearly one-third of the FY27 target of ₹26.97 trillion, despite a slower rise in refunds.

The Nifty remained under pressure throughout the session yesterday due to a sharp rise in crude oil prices on geopolitical concerns.

Having declined more than 300 points from its recent peak of 24,774, the Nifty has moved closer to its 200-day DEMA support at 24,384.

A decisive close below this level could drag the index towards the next support at 24,000. On the upside, 24,630 and 24,750 are likely to act as key resistance levels.

Indian equities are set for a mildly positive note on conducive Asian cues.