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Benchmarks trade under pressure amid sell-off in IT stocks, higher crude oil prices
Sep-09-2026

Indian equity benchmarks made a gap-down opening on Wednesday as a fresh escalation in the Middle East conflict pushed Brent crude closer to the $100-a-barrel mark. Fresh attacks and the US response have heightened concerns around the security of key energy shipping routes. For India, the sustained rise in crude prices remains a key concern as higher energy costs can put pressure on inflation, corporate margins and the country’s external balance. Meanwhile, liquidity shifting towards IPOs also weighed on investor sentiment. 

Sensex and Nifty were trading lower with cut of over half a percent on selling pressure in IT and TECK counters, which fell over 2%. Some cautiousness also came amid foreign fund outflows. Foreign institutional investors (FIIs) turned net sellers on September 8, offloading Indian equities worth Rs 123 crore.

On global front, Asian markets were trading mixed as chipmakers extended gains on sustained optimism around artificial intelligence, while crude prices approached $100 a barrel and renewed geopolitical tensions raised inflation and interest-rate risks.

The BSE Sensex is currently trading at 75023.46, down by 554.12 points or 0.73% after trading in a range of 74968.99 and 75220.88. There were 8 stocks advancing against 22 stocks declining on the index.

The top gaining sectoral indices on the BSE were Utilities up by 1.57%, Power up by 1.14%, Metal up by 0.60%, Energy up by 0.40% and PSU up by 0.26%, while IT down by 2.81%, TECK down by 2.21%, Realty down by 0.86%, FMCG down by 0.83% and Auto down by 0.80% were the top losing indices on BSE.

The top gainers on the Sensex were NTPC up by 1.45%, Power Grid up by 1.20%, Tata Steel up by 0.90%, Larsen & Toubro up by 0.85% and Adani Ports & SEZ up by 0.51%. On the flip side, Infosys down by 3.67%, Tech Mahindra down by 3.63%, HCL Technologies down by 3.49%, TCS down by 2.71% and Hindustan Unilever down by 1.31% were the top losers.

Meanwhile, Crisil Ratings in its report has said that Rainfall Distortion Index (RDI) records a deficiency score of 14.4 as of September 4, 2026 making this the most spatially distorted monsoon in a decade. In the same period last year RDI recorded a surplus score of 18.7. Crisil’s RDI confirms a highly uneven spatial distribution of rainfall across kharif-growing regions, making this the most distorted monsoon in a decade. However, the distortion remains somewhat lower than in 2014 and 2015, when rainfall deficiencies were broadly comparable. It noted that September is forecast to witness below-normal rainfall. Although sowing has progressed well, it does not mean the crop sector is out of danger. The focus of concern has shifted from acreage to yields, and crop incomes are likely to moderate as a result.

The renewed weakening in rainfall during August, coupled with expectations of a deficient September, could pose risks to the upcoming rabi season. If rainfall deficits persist, weather anomalies, including elevated temperatures, could extend into the winter cropping season, weakening the buffers that have so far helped support rural incomes and demand.

Rabi crops are sown after the southwest monsoon recedes. While the northeast monsoon supports some rain-fed cultivation, a significant part of rabi production depends on the soil moisture, groundwater, reservoir levels and irrigation resources replenished during the southwest monsoon. The rabi season accounts for roughly half of India’s foodgrain production. Wheat constitutes about 70% of rabi output, while rice, coarse cereals and pulses account for around 10% each. More than 60% of pulse production, largely gram, and nearly 70% of jowar cultivation take place during this season, making rabi crop prospects critical for agricultural output and food security.

The CNX Nifty is currently trading at 23498.55, down by 136.55 points or 0.58% after trading in a range of 23477.55 and 23536.50. There were 14 stocks advancing against 36 stocks declining on the index.

The top gainers on Nifty were Coal India up by 3.28%, Max Healthcare Inst. up by 2.82%, Adani Enterprises up by 2.67%, NTPC up by 1.69% and Larsen & Toubro up by 1.18%. On the flip side, Infosys down by 3.59%, Tech Mahindra down by 3.31%, HCL Technologies down by 2.86%, TCS down by 2.54% and HDFC Life Insurance down by 2.35% were the top losers.

Asian markets were trading mixed; Nikkei 225 slipped 136.33 points or 0.21% to 65,133.00, Straits Times fell 42.21 points or 0.73% to 5,725.24, Jakarta Composite plunged 31.72 points or 0.47% to 6,654.72 and Hang Seng declined 23.18 points or 0.09% to 25,294.00. On the other hand, Taiwan Weighted rose 109.84 points or 0.23% to 47,215.62, KOSPI increased 81.75 points or 1.18% to 7,036.27 and Shanghai Composite was up by 9.34 points or 0.24% to 3,949.89.
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