The Prime Daily 23: September 2026

Authored By Prime Research | Published at: Sep 23, 2026 08:54 AM IST

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Nasdaq hits record high on AI-driven tech rally

The Nasdaq rose 0.5% to close at a record high, its fourth consecutive day of gains, as investors kept bidding up tech valuations following well-received generative AI announcements from major mega-cap software and chip firms. The Dow Jones fell 0.4% or 185 points as bank and financial stocks came under pressure, with a flattening yield curve squeezing margins at major lenders and wealth managers.

Treasury yields held roughly flat, with the 10-year near 4.95%.

In energy, crude extended its recent decline on reports that Saudi Arabia is routing additional supply through the Strait of Hormuz. The dollar strengthened against most major peers.

Investor attention is now turning to scheduled talks between Presidents Trump and Xi, a potential source of added volatility as markets continue digesting Fed policy and easing geopolitical tension in the Middle East.

Euro slipped to around 1.1448 after Fed’s Collins flagged inflation risks, reinforcing expectations that the Fed will keep hiking faster than the ECB. Softer Euro Area consumer confidence (-16.5 vs. -16 expected) added pressure.

The rupee extended its winning streak to a fourth consecutive session, appreciating 23 paise to close at 95.59 against the US dollar yesterday. The currency strengthened after crude oil prices fell, driven by reports that the Strait of Hormuz could reopen soon, along with a broader recovery across Asian currencies.

Nifty broke its four-session winning streak, declining 85 points to close at 23,329. The 23,500–23,600 zone is likely to act as a strong resistance band, while the 23,100–23,150 zone should continue to provide firm support.

Indian markets are poised for a soft open amid sustained FPI selling.

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