Stock Market Open Report Today, September 28, 2026: Sensex, Nifty Crash After Lower Open As Oil Rises On Middle East Uncertainty

Mumbai, September 28: Indian equity benchmarks crashed after opening lower on Monday as oil prices rose on lack of diplomatic progress in the Middle East. Nifty crashed 1.2% while Sensex fell the same as of writing.

Brent crude was last quoted at $106.36 a barrel, up 1.96 per cent, with most Asian markets trading in the red. The seven-month-old war between Iran, the United States and Israel has disrupted oil flows through a critical shipping lane and weighed on the global economy. Most recently, US President Donald Trump rejected an Iranian proposal to reopen the Strait of Hormuz, reviving geopolitical risk.

The Sensex and Nifty were already under pressure from elevated global yields, persistent foreign selling and costly oil, and Monday’s fall extends that weakness. Volatility is rising again, with the India VIX at 12.95, up 6.49 per cent from the previous close of 12.16. The fear gauge is 21.25 per cent higher than its level of 10.68 a month ago.

The Nifty has slipped below the psychologically important 23,000 mark, which it had held on Friday. The Nifty’s 52-week low is 22,182.55, against a 52-week high of 26,373.20.

Gainers & Losers 

Information technology stocks dominated the gainers list among Nifty 50 constituents, led by Tata Consultancy Services (TCS), which rose 0.77 per cent, or Rs 16.10, to a last traded price (LTP) of Rs 2,098.10 from its previous close of Rs 2,082. Tech Mahindra (TECHM) gained 0.52 per cent, or Rs 8.10, to Rs 1,556.10 from Rs 1,548, while Dr Reddy’s Laboratories (DRREDDY) rose 0.47 per cent, or Rs 5.60, to Rs 1,206.60 from Rs 1,201. Coal India (COALINDIA) added 0.31 per cent, or Rs 1.30, at Rs 427.40 against Rs 426.10, and Infosys (INFY) edged up 0.30 per cent, or Rs 3, to Rs 1,003.20 from Rs 1,000.20.  

On the losing side, Hindalco Industries (HINDALCO) fell the most, down 1.89 per cent, or Rs 18.50, to an LTP of Rs 958.50 from Rs 977. Kotak Mahindra Bank (KOTAKBANK) slipped 1.44 per cent, or Rs 5.80, to Rs 398.20 from Rs 404, and Bajaj Finance (BAJFINANCE) lost 1.29 per cent, or Rs 12.90, to Rs 984 from Rs 996.90. Max Healthcare Institute (MAXHEALTH) declined 1.26 per cent, or Rs 12.80, to Rs 1,001.20 from Rs 1,014, and Nestle India (NESTLEIND) dropped 1.15 per cent, or Rs 15.70, to Rs 1,346.90 from Rs 1,362.60. 

Broad Market & Sectoral Indices 

The broader market is under pressure, with no broad index in positive territory except the Nifty SME Emerge, which rose 0.27 per cent to 15,244.95 from 15,203.55. The steepest declines were in the Nifty Next 50, down 0.96 per cent at 71,089.20 from 71,778.65, the Nifty 100, down 0.79 per cent at 24,116.55 from 24,307.55, and the Nifty 200, down 0.77 per cent at 13,390.65 from 13,494.20. The Nifty Microcap 250 (down 0.59 per cent at 26,316.70) and the Nifty Smallcap 500 (down 0.63 per cent at 20,699.70) were the most resilient of the broad indices. Among sectoral indices, the Nifty Pharma rose 0.05 per cent to 27,016.35 from 27,003, while the Nifty Healthcare Index (down 0.02 per cent at 16,674.40) and the Nifty IT (down 0.06 per cent at 28,143.35) were nearly flat. The Nifty Realty fell the most, down 1.13 per cent at 859.50 from 869.35, followed by the Nifty Financial Services, down 0.98 per cent at 24,850.10, and the Nifty Private Bank, down 0.94 per cent at 26,630.70. 

Iran War 

Iran said on Sunday that only diplomacy can end its conflict with the United States and Israel, a day after Trump said he had rejected an Iranian proposal, announced last week at the UN General Assembly, that would trigger a seven-day countdown to reopening the Strait of Hormuz and a pause in regional fighting. Foreign Minister Abbas Araqchi said Tehran was waiting for Qatari mediators to convey Washington’s definitive views, President Masoud Pezeshkian said Iran is ready for talks on its nuclear programme but will not accept coercion, and US envoy to the UN Mike Waltz said the plan was rejected because it demanded immediate sanctions relief and the release of frozen assets. Trump told Axios he expects US negotiators to hold more talks this week, even as Saudi Arabia is drawn deeper into the war, with Houthi advances in Yemen threatening its Red Sea oil exports and Riyadh schools moving to remote learning for the week. The war began on February 28 with US and Israeli strikes on Iran, and a US economic blockade and Iranian attacks on vessels have drastically reduced shipping through the Strait. 

Asian & US Markets  

Asian markets were mostly lower on Monday morning, led by steep falls in China and South Korea, which had been shut on Friday for a holiday. The Shenzhen index dropped 3.42 per cent to 12,862.24, the Shanghai index fell 1.84 per cent to 3,816.84 and South Korea’s KOSPI declined 2.36 per cent to 6,913.66, while Taiwan lost 0.28 per cent and Japan’s Nikkei 225 eased 0.05 per cent to 66,333.53. Hong Kong’s Hang Seng, up 0.68 per cent at 24,676.85, and Australia’s ASX 200, up 0.49 per cent at 8,707.30, bucked the trend, while Singapore’s Straits Times index rose 0.50 per cent to 5,739.64. 

US markets ended higher on Friday. The NYSE index rose 0.40 per cent to 23,912.59, the Nasdaq 100 gained 0.42 per cent to 30,608.13 and the transportation index advanced 0.49 per cent to 19,572.22. The Russell 2000 edged up 0.07 per cent to 2,837.55 and utilities added 0.30 per cent to 1,010.32, though US markets had ended mostly lower on Thursday. 

Oil Prices 

Crude oil prices rose as the deadlock over the Strait of Hormuz persisted. Brent crude is quoted at USD 106.36 a barrel, up USD 2.04 or 1.96 per cent, and West Texas Intermediate is up USD 1.20, or 1.30 per cent, at USD 93.61, according to delayed quotes. Murban crude fell 3.81 per cent to USD 113.12 and natural gas dropped 4.66 per cent to USD 3.047, while heating oil rose 2.29 per cent to USD 4.792, gasoline gained 0.67 per cent to USD 3.416 and the OPEC basket, on a three-day delay, stood at USD 114.53, up 6.35 per cent. Brent had declined 1.10 per cent to USD 105.4 on Friday, and import-dependent India remains exposed to any sustained rise in crude. 

Indian Markets on Friday 

Indian equities had closed higher on Friday after value buying in banking, oil and gas, and auto shares. The Sensex ended 315.20 points, or 0.43 per cent, higher at 73,895.74, with 19 of its constituents ending higher and 11 down, after swinging 490.28 points between a high of 73,968.05 and a low of 73,477.77, while the Nifty rose 77.40 points, or 0.34 per cent, to 23,140.50, with 34 stocks advancing, 15 declining and one unchanged. Axis Bank (AXISBANK) rose 2.82 per cent and Mahindra & Mahindra (M&M) gained 2.24 per cent, while Trent (TRENT) fell 1.41 per cent to be the biggest Sensex loser. Vinod Nair of Geojit Investments Limited said selective bargain hunting helped the market keep a positive bias, though gains stayed in a narrow range, while Ajit Mishra of Religare Broking noted that the recovery was measured as investors tracked elevated global yields, crude prices and persistent foreign selling. 

Sources

• NSE
• BSE
• https://www.reuters.com/world/asia-pacific/iran-insists-diplomatic-solution-after-trump-rejects-peace-plan-2026-09-26/
• www.cnbc.com
• www.oilprice.com