The Prime Weekly: 21 September 2026

Authored By Prime Research | Published at: Sep 21, 2026 09:00 AM IST

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Longest Weekly Losing Streak for Nifty Since 2020

US equities ended a volatile week mixed as markets digested the Fed’s rate hike. The Nasdaq Composite rose 0.7% on dip-buying in mega-cap semiconductor and software stocks, while the Dow fell 1.7%, its steepest weekly drop since March, and the S&P 500 slipped marginally. Indices steadied late in the week after mid-week pressure from the hawkish policy shift.

The Lindsey O. Graham Sanctioning Russia and Iran Act of 2026 empowers President Trump to impose tariffs of up to 100% on buyers of Russian oil and gas, putting India and China at risk. The move comes as India-US trade talks continue.

The market will likely watch Trump and Xi meet in Washington on 24 September, their second meeting this year after May talks in Beijing that yielded no substantive agreements. Tariffs, critical minerals, AI and Taiwan are likely to dominate. With the 2025 Busan truce expiring in November, both sides face pressure to extend the pause on tariff escalation and rare-earth export controls.

Indian markets ended the truncated past week in the red, falling for the sixth straight week as elevated crude oil prices and rising global bond yields weighed on investor sentiment. Despite Friday’s bounce, Nifty ended the week down 0.22%, its longest weekly losing streak since 2020, while Sensex fell 0.65%.

Fluctuating Brent crude oil prices and sustained elevation in global commodity costs added pressure to India’s import bill and corporate operating margins. Over the week, the Moody’s raised its FY27 real GDP growth forecast for India to 7% from 6%, citing the economy’s resilience amid the West Asia conflict. However, the agency flagged continued risks despite expecting India to maintain relatively strong growth among G20 economies and similarly rated emerging markets.

Markets are tracking the NSE IPO, with listing planned for September 24, as one of the week’s major domestic events.

Globally, the anticipated September 24 meeting between US President Trump and Chinese President Xi Jinping, along with India’s flash PMI and infrastructure output data, will be key catalysts.

Nifty closed higher on Friday, adding 75 points to finish at 23,346. The index has now retraced 271 points of the 474-point fall recorded on 15 September, meaning more than 50% of that sharp decline has been recovered, a clear breather for bulls.

Broader markets have outperformed benchmarks like Nifty and Bank Nifty during this rebound, which is an encouraging sign for overall market sentiment.

23600 remains the key resistance for the Nifty; a sustained move above this level would confirm a bullish trend reversal. On the downside, the recent swing low near 23,100 appears to have formed a support base for Nifty.

Indian markets are poised for a flat to mildly negative opening amid concerns over higher U.S. tariffs and the worsening geopolitical situation in the Russia–Ukraine war.

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