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Informist, Tuesday, Sept. 29, 2026

 

By Adhithya Aji

 

MUMBAI – Benchmark indices are expected to be in a range as elevated crude oil prices and higher US bond yields continue to hit investor sentiment. Market participants now expect the September quarter corporate earnings to act as a near-term trigger for the Indian market. Technical analysts expect the market to see some recovery as the indices are in an oversold position.  

 

The November futures of Brent Crude were around $104 per barrel. The ongoing US-Iran war and no signs of resolution between the two nations kept energy prices elevated. The next near-term trigger market participants are waiting for is the September quarter earnings, which are expected to aid sentiment. The September quarter earnings are expected to be better as GDP numbers for the June quarter and manufacturing output numbers came in better, according to Vinit Bolinjkar, head of research at Ventura Securities.

 

For the June quarter, India's GDP growth stood at 7.8%, higher than expectations of 7.2%. India's industrial output, as measured by the Index of Industrial Production, grew 8.0% in August, led by higher manufacturing and electricity output, data from the statistics ministry showed. "I think that the results will be good only because the GDP numbers are very strong," Bolinjkar said. The optimism around the September quarter earnings is positive, and the growth trend seen in the June quarter is expected to continue, the analyst added. 

 

Foreign investors sold shares worth INR 53.53 billion Monday. Overseas investors were net sellers of Indian equities for the second consecutive session. They are expected to offload more due to the rise in US bond yields, according to analysts. The 10-year benchmark US yield rose to its highest level of 5.266% since 2007. The yields rose due to elevated crude oil prices.  

 

Technically, the Nifty 50 index might see some gains in the short term as the index remains in an oversold position, according to Jatin Gedia, senior vice president, technical research at Teji Mandi Investment Technologies. Support for the 50-stock index is now seen at 22500-22400, while resistance is seen around 22850, Gedia said. Once this resistance level is breached, the Nifty 50 could rise to the 23150 level, the analyst added. "The broader market structure has weakened meaningfully this week, signalling underlying fragility," Osho Krishan, chief manager, technical and derivative research at Angel One, said in a note.  End

 

US$1 = INR 95.98

 

IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT

 

Edited by Himanshi Gupta 

 

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