Market Close Report Today, September 28, 2026: Nifty, Sensex Crash As Oil Spikes On Middle East Stalemate

Mumbai, September 28: The Sensex plunged 1,124 points and the Nifty slipped below 22,800 with both benchmarks ending near six month lows as surging crude oil prices and weak global cues weighed heavily on sentiment. The Sensex fell 1,124.02 points, or 1.52%, to 72,771.72, while the Nifty declined 360.25 points, or 1.56%, to 22,780.25. Market breadth was sharply negative, with 1,214 shares advancing, 2,905 declining and 166 remaining unchanged. 

Oil Surge, US-Iran Deadlock Weigh 

The selloff came as crude oil prices climbed after a deadlock in US-Iran peace talks raised concerns over supply disruptions through the Strait of Hormuz. US President Donald Trump said he had rejected an Iranian proposal to reopen the strategic shipping route and end the fighting, while Iran maintained that diplomacy was the only way to resolve the conflict. Brent crude futures rose as much as 3.7% to around $108 a barrel during the day. 

Higher oil prices are a particular concern for India, the world’s third-largest crude importer, as a prolonged rise in energy costs could widen the import bill, put pressure on inflation and squeeze corporate profit margins. The oil spike also came against a backdrop of elevated global bond yields, which can make dollar-denominated assets more attractive and potentially reduce foreign flows into emerging markets. 

All Sectoral Indices End Lower 

The market decline was broad-based, with every sectoral index ending in the red. The Nifty PSU Bank index fell around 3%, while the Telecom index shed 2%. Energy, Infrastructure, FMCG, Realty, Private Bank, Metal and Oil & Gas indices declined more than 1% each. 

The broader market also came under heavy selling pressure. The Nifty midcap index fell 1.7%, while the smallcap index declined 1.8%, indicating that the risk-off move extended well beyond the large-cap benchmarks. Earlier in the session, 14 of the 16 major sectoral indices were trading lower, while midcaps and smallcaps were already under pressure. 

Jio Financial, Tata Motors PV Among Biggest Losers 

Among individual Nifty stocks, Jio Financial Services, Tata Motors Passenger Vehicles, Tata Consumer Products, Adani Enterprises and Adani Ports were the biggest losers. Dr Reddy’s Laboratories and Infosys were among the few gainers, providing limited support to the benchmark. 

The weakness extended a prolonged period of pressure on Indian equities. The Nifty and Sensex have now declined for seven consecutive sessions and have lost nearly 6% over the past seven weeks, marking one of their longest losing stretches on record. 

Foreign Selling Remains A Headwind 

Foreign institutional selling has added to the pressure on domestic equities. Foreign investors net sold shares worth Rs 3,694 crore on Friday, taking their September outflow to around $1.8 billion and year-to-date selling to $25.86 billion, according to provisional data. 

The combination of elevated crude prices, geopolitical uncertainty, high global bond yields and continued foreign outflows is likely to keep investors cautious. With the benchmarks ending near six-month lows and market breadth remaining firmly negative, developments around the Middle East, crude oil prices and overseas fund flows will remain key factors for Indian equities in the sessions ahead. 

Source

•  NSE
• BSE