Global Markets Today, September 28, 2026: Asia Mixed, Oil Rises; Indian Equities Seen Opening Lower

Mumbai, September 28: Asian markets traded mixed on Monday as investors remained cautious amid rising crude oil prices, elevated bond yields and uncertainty surrounding developments in the Middle East. The mixed global cues, coupled with a fresh rise in oil prices, pointed to a lower start for Indian equity benchmarks, with the Nifty and Sensex likely to remain sensitive to movements in crude and geopolitical developments. 

Asian markets mixed 

Japan’s Nikkei 225 flatlined, while South Korea’s Kospi declined 2.4%. Chinese blue chips index CSI 300 declined 1.9%. 

Investors were assessing the latest developments in the Middle East after US President Donald Trump rejected an Iranian proposal to reopen the Strait of Hormuz, although he said talks would continue this week. The uncertainty around the key shipping route has kept energy markets on edge and raised concerns about the broader inflationary impact of higher oil prices. 

Chinese markets were also in focus as investors assessed the impact of higher energy costs and the latest developments in global trade and geopolitical tensions. 

Oil prices climb 

Crude oil remained the biggest source of concern for markets. Brent crude futures climbed 2% to $106.5 a barrel, taking their gains for September to nearly 18%, while US West Texas Intermediate crude futures rose 1.3% to $93.6 a barrel. 

The renewed rise in oil prices has increased concerns over inflation and the possibility that interest rates could remain elevated for longer. For India, which imports a large share of its crude oil requirements, higher energy prices can put pressure on the trade deficit, inflation, corporate margins and the rupee. 

US, European futures 

US stock futures pointed to a cautious start. S&P 500 futures declined 0.4%, while Nasdaq futures were down 0.7%. 

Investors are also preparing for a data-heavy week in the US, with inflation and labour-market readings expected to influence expectations around the Federal Reserve’s interest-rate path. 

European futures, meanwhile, indicated a relatively firmer opening. EURO STOXX 50 futures gained 0.4%, while DAX futures rose the same and FTSE futures declined 0.12%. 

What it means for Indian markets 

The combination of higher crude prices, mixed Asian equities, cautious US futures and elevated global bond yields suggests Indian markets could open on a lower note on Monday. 

The rise in oil prices is likely to remain a key headwind for Indian equities, particularly for oil-sensitive sectors and the broader market’s risk appetite. 

Investors will therefore track Brent crude, the rupee and global bond yields alongside developments around the Strait of Hormuz. The direction of Asian markets and US futures through the morning could also determine whether Indian benchmarks extend the cautious tone or find support after the opening. 

Source

• Exchanges