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Weak trade persists during late afternoon deals
Sep-08-2026

Indian equity markets continued to trade deep in red in late afternoon session as spike in crude oil prices have sparked caution among investors. Brent crude oil prices surged nearly two percent to trade near $99 a barrel mark after Houthi militants attacked Saudi Arabia’s energy facilities. Besides, market participants stayed away from any risky best ahead of weekly expiry of Nifty’s F&O contract. Further, traders overlooked Confederation of Indian Industry’s (CII) Business Confidence Index (BCI) rising to 66.0 in the second quarter of fiscal year 2026-27 (Q2FY27), its highest level in recent quarters, from 60.8 in the preceding quarter. The sharp increase signals a broad-based improvement in business expectations and indicates that India Inc remains optimistic about the economic outlook for Q2FY27, as disruptions arising from the West Asia crisis gradually ease and economic momentum is expected to remain sustained. 

On the global front, Asian equity markets were trading mostly in red as traders awaited release of crucial U.S. inflation data this week for additional clues on the Federal Reserve's rate trajectory. European equity markets were trading lower amid data indicating a decline in Germany's exports for the first time in six months in July.

The BSE Sensex is currently trading at 75644.90, down by 487.91 points or 0.64% after trading in a range of 75553.35 and 76012.11. There were 7 stocks advancing against 23 stocks declining on the index.

The top gaining sectoral indices on the BSE were Capital Goods up by 1.43%, Power up by 0.80%, Industrials up by 0.66%, Healthcare up by 0.52% and FMCG up by 0.45%, while Oil & Gas down by 0.65%, Energy down by 0.52%, Bankex down by 0.52%, TECK down by 0.40%, IT down by 0.23% were the top losing indices on BSE.

The top gainers on the Sensex were Bharat Electronics up by 1.92%, Hindustan Unilever up by 0.98%, ITC up by 0.66%, Adani Ports & SEZ up by 0.57% and Eternal up by 0.52%. On the flip side, ICICI Bank down by 2.10%, Axis Bank down by 1.94%, Ultratech Cement down by 1.37%, Reliance Industries down by 1.28% and HDFC Bank down by 0.82% were the top losers.

Meanwhile, the Indian government has decided to keep in abeyance the implementation of the performance-linked incentive (PLI) scheme for employees of public sector banks (PSBs) for 2025-26 (FY26). Decision came following the meeting between Finance Minister Nirmala Sitharaman and delegation of bank employees representing different PSBs, led by the Bharatiya Mazdoor Sangh, which raised several issues concerning the banking sector and employees. Besides, the decision comes ahead of nationwide bank strike call given by United Forum of Bank Unions (UFBU) pressing for various issues, including PLI scheme.

The delegation has sought a review of ex-gratia, medical facilities for retired employees and changes in the existing PLI structure applicable to PSB employees. Taking cognisance of the concerns raised, the government has decided to keep in abeyance the implementation of the PLI Scheme dated November 19, 2024, for FY26. Further, the finance ministry has noted that government will take up the matter during the ongoing bipartite settlement/joint note discussions. Besides, the government reiterated its commitment to resolving issues through dialogue, consultation and mutual understanding in the larger interest of bank employees, customers and the banking sector.

Under the government's scheme, officers in Scale IV and above could receive PLI of up to 365 days of basic pay based on individual performance, while workmen employees and officers up to Scale III would receive a maximum of 15 days' basic pay plus dearness allowance. Bank unions have objected to the government's PLI scheme, saying it differs from the understanding reached with the IBA that performance-linked incentive would be linked to the overall performance of individual banks and would be uniform for employees and officers up to Scale VII. 

The CNX Nifty is currently trading at 23649.00, down by 130.15 points or 0.55% after trading in a range of 23623.10 and 23758.95. There were 22 stocks advancing against 28 stocks declining on the index.

The top gainers on Nifty were Bharat Electronics up by 1.93%, ONGC up by 1.40%, Hindustan Unilever up by 1.29%, Adani Ports & SEZ up by 1.01% and Eicher Motors up by 0.79%. On the flip side, ICICI Bank down by 1.88%, Axis Bank down by 1.54%, Ultratech Cement down by 1.34%, SBI Life Insurance down by 1.30% and Reliance Industries down by 1.22% were the top losers.

Asian equity markets were trading mostly in red; Nikkei 225 slipped 629.84 points or 0.96% to 65,770.00, Taiwan Weighted lost 220.49 points or 0.47% to 47,105.78, Hang Seng declined 137.12 points or 0.54% to 25,276.00, KOSPI dropped 40.87 points or 0.59% to 6,954.52 and Straits Times fell 29.82 points or 0.52% to 5,762.46, while Shanghai Composite strengthened 7.85 points or 0.2% to 3,940.55 and Jakarta Composite gained 65.94 points or 0.99% to 6,685.61.

European equity markets were trading lower; UK’s FTSE 100 decreased 31.07 points or 0.29% to 10,791.06, France’s CAC fell 39.45 points or 0.47% to 8,266.70 and Germany’s DAX lost 178.53 points or 0.69% to 25,828.00.
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