Stock Market Open Report Today, September 10, 2026: Sensex, Nifty Trade Flat as Oil Remains Above $100, Global Markets Reel from Iran-US Escalation

Mumbai, Sept 10: Indian equity benchmarks were little changed on Thursday, holding relatively steady even as global markets remained under pressure following the biggest wave of Iran-US shipping attacks since the war began. The BSE Sensex was trading at 74,715.50, down 48.73 points or 0.07%, while the Nifty 50 slipped marginally to 23,421.85, down 9.65 points or 0.04%, as of 9:31 AM.

The relative calm in early Indian trade belies a genuinely tense backdrop. Brent crude pushed past $100 a barrel for the first time since July in the previous session and Iran striking ten ships near the Strait of Hormuz after the US sank five Iranian oil tankers kept Brent above $100 a barrel, dragging Asian markets lower.

For now, Indian markets appear to be pausing rather than extending their three-session slide, but the underlying risks, oil above $100, a widening Gulf conflict and looming US inflation data, remain firmly intact

Gainers and Losers 

Among the Nifty 50’s gainers on Thursday, ONGC (ONGC) led the pack, rising 2.23% to an LTP of Rs 239.25 from its previous close of Rs 234.02, followed by State Bank of India (SBIN), up 0.90% to Rs 1,009.50 versus a prior close of Rs 1,000.50, Axis Bank (AXISBANK), up 0.75% to Rs 1,247.80 from Rs 1,238.50, ITC (ITC), up 0.69% to Rs 262.60 against a previous close of Rs 260.80, and Cipla (CIPLA), gaining 0.47% to Rs 1,369.50 from Rs 1,363.10.  

On the losing side, Mahindra & Mahindra (M&M) was the steepest decliner, falling 0.97% to Rs 3,119.30 from a previous close of Rs 3,150, followed by Adani Ports (ADANIPORTS), down 0.79% to Rs 1,761 versus Rs 1,775, Tata Steel (TATASTEEL), down 0.65% to Rs 187.53 from Rs 188.75, Shriram Finance (SHRIRAMFIN), down 0.64% to Rs 1,022.40 against Rs 1,029, and Bajaj Auto (BAJAJ-AUTO), down 0.59% to Rs 11,720 from a previous close of Rs 11,790. 

Broad Market and Sectoral Indices 

Among broad market indices, the Nifty Bank (+0.32%), Nifty Smallcap 100 (+0.21%) and Nifty Financial Services (+0.18%) led the gainers, while the Nifty Midcap Select (-0.27%), Nifty Midcap 50 (-0.20%) and Nifty Next 50 (-0.16%) were among the biggest decliners. Sectorally, Nifty Oil & Gas (+0.91%), Nifty PSU Bank (+0.86%) and Nifty Media (+0.41%) were the standout gainers, likely tracking the surge in crude prices, while Nifty Auto (-0.51%), Nifty Consumer Durables (-0.29%) and Nifty Metal (-0.21%) led the sectoral losses. 

Middle East Conflict 

Iran said on Wednesday it had attacked ten ships near the Strait of Hormuz after the US sank five Iranian oil tankers, marking the biggest wave of shipping attacks by both sides since the six-month-old war began. At least one seafarer was reported killed and another listed as missing after a tanker was struck near Dubai, while Iran’s Revolutionary Guard Corps warned it would sharply escalate its response to further attacks. Flows through the Strait of Hormuz have fallen as low as 2 million barrels per day, according to Rystad Energy, down sharply from 8-9 million bpd just before fighting resumed on August 30. Separately, fighting has also escalated between Saudi Arabia and Iran-backed Houthis in Yemen, opening a second front that further threatens Middle East energy supplies. 

Asian Markets 

Asian markets declined sharply on Thursday morning, tracking losses on Wall Street, as surging crude oil prices stoked inflation concerns and raised fears of further interest rate hikes by the Federal Reserve. Hong Kong’s Hang Seng fell 1.24% and Australia’s All Ordinaries dropped 1.52%, among the region’s steepest declines, while Japan’s Nikkei 225 slid 0.84%. Malaysia’s KLCI, Pakistan’s KSE 100 and Vietnam’s HNX 30 also traded lower, down 0.51%, 0.40% and 0.79% respectively, as the region braced for Thursday’s US inflation data. 

US Markets 

US markets closed lower across the board on Wednesday, with the Dow Jones Industrial Average falling 405.41 points, or 0.77%, to 52,380.66. The S&P 500 dropped 0.48% to 7,636.36 and the Nasdaq Composite declined 0.64% to 26,253.34, as surging oil prices and escalating Gulf tensions weighed on sentiment. 

Oil Prices 

Oil prices remained elevated on Thursday morning, with WTI Crude up 0.19% to $96.23 a barrel, while Brent Crude eased slightly by 0.18% to $101.03 after breaching the $100 mark for the first time since July. Murban Crude was the standout gainer, surging 4.95% to $116.25, while WTI Midland jumped 3.97% to $98.99. Adding to the inflationary pressure, the average US retail price of diesel hit a fresh all-time high above $5.94 a gallon on Wednesday, reflecting the outsized impact of the Gulf disruptions on refined fuel costs. 

Investors Await US Inflation Data 

With crude prices surging and diesel costs hitting record highs, investors are now bracing for Thursday’s US inflation print, due out on September 11, for clarity on whether the Federal Reserve will need to hold rates higher for longer. Adding another layer to the bond-market narrative this week, the US Treasury announced it would triple its planned bond buyback to $6 billion, a move markets reportedly saw as a disappointment rather than a source of reassurance, according to a Livemint report. The combination of an unresolved Gulf conflict, record fuel prices and a cautious bond-market reaction to the Treasury’s buyback plan is likely to keep global risk sentiment on edge until the inflation data provides more clarity. 

Wednesday’s Close: Sensex, Nifty Fall for Third Session 

Indian equity benchmarks extended their losing streak to three sessions on Wednesday, falling to a three-month low as oil breached $100 a barrel. The Sensex ended 813.35 points, or 1.08%, lower at 74,764.23, while the Nifty 50 declined 203.60 points, or 0.86%, to close at 23,431.50. The Nifty IT index was the biggest sectoral drag, falling more than 3% as Infosys, HCL Technologies, Tech Mahindra and Wipro led the Nifty laggards. Metal and energy were the only sectoral indices to buck the broader weakness, offering limited support amid otherwise broad-based selling. 

Sources

• BSE
• NSE