Stock Market Open Report Today, September 11, 2026: Sensex, Nifty Crash as Oil Touches $108 Amid Middle East Flare-Up

Mumbai, Sept 11: Indian equity benchmarks crashed on Friday as flare-ups in the Middle East sent oil towards $108 per barrel. The BSE Sensex was trading at 74,253.17, down 649.42 points or 0.87%, while the Nifty 50 tumbled to 23,243.55, down 234.25 points or 1%, as of 9:41 AM. The speed and scale of the drop, coming right after Thursday’s tentative recovery, has left the market visibly rattled.

What makes this selloff particularly striking is its timing. Indian markets had just snapped a losing streak on Thursday. Oil at $108, a widening Middle East conflict now spanning both the Strait of Hormuz and the Red Sea, and Iran’s fresh accusation that US strikes violate the ceasefire have combined to spook a market that had been trying, unconvincingly, to find its footing.

For a market this jittery, the scale of Friday’s drop is arguably more surprising than the direction. A nearly 1% slide in the Nifty within the first thirty minutes of trade is the kind of move that typically needs a genuinely fresh shock, and between surging crude, a widening war and a global bond selloff, Friday delivered all three at once.

Gainers & Losers 

Among the handful of Nifty 50 stocks holding up on Friday, ONGC (ONGC) led the pack, rising 1.92% to an LTP of Rs 241.83 from its previous close of Rs 237.27, benefiting directly from elevated crude prices. It was followed by Tech Mahindra (TECHM), up 0.71% to Rs 1,536.70 versus a prior close of Rs 1,525.80, Infosys (INFY), up 0.30% to Rs 1,039.60 from Rs 1,036.50, TCS (TCS), up 0.24% to Rs 2,209.40 against a previous close of Rs 2,204.10, and Wipro (WIPRO), up marginally 0.11% to Rs 166.48 from Rs 166.30.  

On the losing side, Hindalco Industries (HINDALCO) was by far the steepest decliner, falling 3.62% to Rs 977.30 from a previous close of Rs 1,014, followed by Tata Steel (TATASTEEL), down 2.37% to Rs 182.35 versus Rs 186.78, JSW Steel (JSWSTEEL), down 2.11% to Rs 1,276.50 from Rs 1,304, Bajaj Finance (BAJFINANCE), down 2.10% to Rs 1,021.60 against Rs 1,043.50, and Shriram Finance (SHRIRAMFIN), down 2.09% to Rs 1,016.30 from a previous close of Rs 1,038. 

Broad Market and Sectoral Indices 

Among broad market indices, almost the entire universe traded in the red, with only NIFTY CPSE managing a marginal gain of 0.04%, alongside bond-linked gauges like the Nifty Bharat Bond Index-April 2033 (+0.02%) and inverse products such as Nifty50 PR 1X Inverse (+0.93%), which by design rise when the market falls. On the losing side, the Nifty Next 50 (-1.46%), Nifty Midcap Select (-1.36%) and Nifty 500 (-1.11%) led the broader declines. Sectorally, the picture was similarly one-sided: Nifty IT was essentially flat, the closest thing to a gainer among core sectors, while Nifty Media (-0.25%) and Nifty Oil & Gas (-0.47%) were comparatively resilient. On the losing end, Nifty Realty was the day’s biggest casualty, plunging 3.65%, followed by Nifty Metal (-2.82%) and Nifty Consumer Durables (-1.81%). 

Middle East Conflict 

Iran-aligned Houthis seized control of Yemen’s port city of Mocha on Thursday and advanced down the Red Sea coast toward the strategic Hanish islands, gaining further leverage over the Bab el-Mandeb Strait, a critical southern outlet of the Red Sea. The advance came hours after President Donald Trump said he expected the Iran war to end after the November US midterm elections, even as Iran’s foreign ministry separately accused Washington of violating the ceasefire agreement through its continued strikes on Iranian oil tankers. Just seven vessels transited the Strait of Hormuz on Wednesday, half the 10-day average, as fighting resumed and set back earlier progress in reopening the waterway. UN Special Envoy for Yemen Hans Grundberg warned the international community must act to address “a new and more dangerous phase” in the widening conflict. 

Asian Markets 

Asian stocks fell sharply on Friday morning, driven by a surge in oil prices, surging global bond yields, and growing fears of higher interest rates. Japan’s Nikkei 225 was the steepest decliner in the region, tumbling 2.76%, while Pakistan’s KSE 100 dropped 1.79% and mainland China’s Shanghai Composite fell 1.89%. Hong Kong’s Hang Seng, Australia’s All Ordinaries and Malaysia’s KLCI also traded sharply lower, down 1.21%, 1.33% and 1.19% respectively. Vietnam’s HNX 30 was the lone bright spot, edging up 0.29%, underscoring just how broad-based Friday’s regional selloff was. 

US Markets 

US markets closed lower across the board on Thursday, with the Dow Jones Industrial Average falling 316.56 points, or 0.60%, to 52,064.10. The S&P 500 dropped 0.58% to 7,591.70 and the Nasdaq Composite declined 0.65% to 26,081.73, as surging oil prices, a relentless bond selloff pushing the 10-year Treasury yield to its highest level since 2023, and hotter-than-expected wholesale inflation data all weighed on sentiment simultaneously. The combination of three distinct macro shocks landing on the same day, energy, rates and inflation, made Thursday’s Wall Street decline feel more structural than a routine pullback. 

Oil Prices 

Oil prices remained firmly elevated on Friday morning, with WTI Crude up 0.09% to $102.57 a barrel and Brent Crude up 0.2% at $107.9, having climbed past $105 overnight amid the escalating Middle East conflict. Murban Crude was the standout gainer, surging 5.36% to $122.48, while the OPEC basket price jumped 4.46% to $112.25. The continued strength across nearly every crude benchmark reflects deepening concern over supply disruptions spanning both the Strait of Hormuz and the newly contested Bab el-Mandeb Strait. 

Thursday’s Close: Sensex, Nifty Edge Up 

Indian equity benchmarks had ended higher on Thursday after a volatile session, with the Sensex rising 138.36 points, or 0.19%, to close at 74,902.59, while the Nifty gained 46.30 points, or 0.20%, to end at 23,477.80. Media and banking stocks led the gains, helping offset weakness in metal, auto and pharma shares, even as market breadth remained weak with 2,272 declining shares against 1,872 advancers. The recovery came a day after the Sensex had plunged more than 800 points as crude oil prices first climbed above $100 a barrel, a rebound that, in hindsight, proved to be only a brief pause before Friday’s steeper decline. 

Sources

• NSE
• BSE
• https://www.reuters.com/world/middle-east/trump-says-iran-war-end-after-us-midterm-elections-threatens-attack-pickaxe-2026-09-10/
• www.oilprice.com
• https://www.reuters.com/markets/stocks/asia-pacific/
• https://www.reuters.com/markets/stocks/americas/