Sectoral Snapshot Today, September 29, 2026: Auto, IT, Banks Lead Market Decline As Oil Prices Continue Climb

Mumbai, September 29: Most sectoral indices ended lower on Tuesday as elevated crude oil prices, rising US Treasury yields and continued uncertainty over the Middle East conflict weighed on investor sentiment. The selling was broad-based, with auto, information technology and banking stocks among the major drags, while metal and pharma stocks bucked the broader trend. 

The Nifty Auto index declined more than 1%, while the Nifty IT and banking indices also came under pressure. The weakness followed a sharp sell-off in the previous session as investors remained concerned about the impact of higher oil prices on India’s inflation, import bill and corporate margins. 

Auto stocks under pressure 

Auto stocks were among the biggest sectoral losers as the broader market remained under pressure. The sector was hit by concerns over higher crude prices and a weak risk appetite, while Tata Motors Passenger Vehicles  declined 0.3%. 

Tata Motors declined 0.6% during the session. In fact, most Tata Group companies traded lower following Tata Trusts’ proposal to merge two group companies with Tata Sons, a move aimed at avoiding a potential Reserve Bank of India requirement for Tata Sons to list its shares. 

 IT stocks decline 

The information technology sector also remained under pressure, with the Nifty IT index declining around 1%. Rising US Treasury yields continued to weigh on investor sentiment towards rate-sensitive and technology stocks. 

The US 10-year Treasury yield rose to its highest level since July 2007, adding to concerns that higher energy prices could keep inflation elevated and complicate the global interest-rate outlook. Higher US yields can also reduce the relative attractiveness of emerging-market equities. 

HCL Technologies and Wipro were among the Nifty stocks that declined during the session. Only Infosys bucked the trend, rising 1.2%. 

Banks, financials drag 

Banking and financial stocks also faced selling pressure. The Nifty Bank fell 0.4%, with heavyweight private lender ICICI Bank declining 0.7%. Another private lender Yes Bank fell 2.2% while state lender Punjab National Bank declined 0.7%.  

The weakness in financials came amid a broader risk-off environment, with foreign selling, elevated bond yields and concerns over higher crude prices weighing on sentiment. 

Metal, pharma buck broader trend 

Metal and pharmaceutical stocks were among the sectors that resisted the broader selling pressure. Tata Steel was among the notable gainers on the Nifty, while Dr Reddy’s Laboratories also advanced. On the metals sub-index, Adani Enterprises jumped 5% after the Securities and Exchange Board of India (SEBI) disposed of proceedings against chairman Gautam Adani and four group companies in a matter concerning alleged violations of public-shareholding requirements.  

The relative strength in these sectors helped limit the decline in the broader market as 13 of the 16 major sectoral indices ended lower. 

NCC, Ellenbarrie react to orders 

At the stock level, construction company NCC fell 1.5% after securing an order worth Rs 1,077 crore. Ellenbarrie Industrial Gases rose 2.9% after receiving an order worth Rs 481 crore from Bharat Heavy Electricals.  

To be sure, NCC had initially risen on the order win but profit booking eliminated those gains as investors chose to offload the stock.   

Source

• NSE
• BSE