The Prime Weekly: 28 September 2026

Authored By Prime Research | Published at: Sep 28, 2026 09:31 AM IST

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Hormuz Hopes Cool Oil and Treasury Yields

U.S. equities ended the last week higher, snapping a multi-week losing streak, as AI-driven momentum outweighed rising Treasury yields and hawkish central bank signals.

Tech-heavy indexes outperformed while blue chips and small caps lagged, the Nasdaq Composite touched a record intraday high and gained 2.10% for the week, the S&P 500 rose 1.2%, and the Dow added 0.3%, held back by high borrowing costs.

The Fed’s recent hike to 3.75%–4.00% continued to reverberate, with the 10-year Treasury yield reaching an intraday peak of 5.23%, its highest since 2007, before easing on reports that U.S. and Iranian negotiators are discussing a phased deal to reopen the Strait of Hormuz.

Flash S&P Global PMIs showed manufacturing and services activity at five-year highs, a sign the economy remains resilient.

On Friday, the Dow led, rising 0.93% to 51,829, while the S&P 500 gained 0.51% to 7,743 and the Nasdaq 0.48% to 27,069, helped by limited U.S.-China tariff reductions and lower yields.

Indian equity benchmarks closed lower last week, marking the seventh consecutive weekly decline and deepening a protracted phase of risk aversion.

Headline benchmark indices displayed broad consolidation with a downward bias mid-week before settling mixed.

The Sensex declined 0.5%, while the Nifty fell 1.1%. Mid-Cap index declined 1.7%, while the BSE Small-Cap index shed 0.8%.

Fluctuations in global crude oil prices remained a key macro driver for Indian equities, pressuring exchange rates, current account deficit projections, and input margins for consumer-facing industries.

Nifty staged a modest rebound on Friday, rising 77 points to close at 23,140. On the upside, 23,300 and 23,600 remain strong resistance zones, with the latter coinciding with the breakdown level from the recent flag pattern.

On the downside, immediate support is seen near 23,000, followed by the critical 22,700 trendline support derived from the swing lows of June 2024, April 2025 and April 2026.

A sustained move above 23,600 would be needed to shift the near-term bias.

Indian markets are set for a subdued opening, tracking global cues.

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