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Benchmarks open in red amid rising bond yields
Sep-29-2026

Indian equity benchmarks extended their previous session’s losses with a negative start on Tuesday as rising bond yields and crude prices continue to weigh on market sentiments. Selling was witnessed in almost all the sector indices led by banking and financial stocks. Traders remained concerned as foreign institutional investors (FIIs) continued their selling spree, offloading equities worth Rs 5,353.22 crore on Monday.

Global cues remained weak with most of the Asian markets trading lower tracking overnight losses on Wall Street as uncertainty over U.S.-Iran talks outweighed the restart of oil flows through Saudi Arabia’s East-West pipeline. Investors also assessed fresh uncertainty around US restrictions on Chinese components used in data centres.

Closer home, pharma and healthcare stocks managed to eke out some gains after US waives tariffs on certain speciality drugs from 20 countries, including India. Market participants largely overlooked the government data showing India’s industrial growth rose to 8.0% in August 2026 from a revised growth of 7.4% in July 2026 led by robust growth in manufacturing and electricity generation.

The BSE Sensex is currently trading at 72202.62, down by 569.10 points or 0.78% after trading in a range of 72064.00 and 72684.90. There were 3 stocks advancing against 27 stocks declining on the index.

The sole gaining sectoral index on the BSE was Healthcare up by 0.15%, while Bankex down by 1.12%, Oil & Gas down by 1.07%, IT down by 0.90%, PSU down by 0.90% and Energy down by 0.83% were the top losing indices on BSE.

The few gainers on the Sensex were Sun Pharma up by 0.32%, Adani Ports & SEZ up by 0.26% and Interglobe Aviation up by 0.06%. On the flip side, Bajaj Finance down by 2.00%, HDFC Bank down by 1.58%, Kotak Mahindra Bank down by 1.31%, Infosys down by 1.21% and HCL Technologies down by 1.10% were the top losers.

Meanwhile, with an aim to increase two-way commerce to $200 billion by 2032, India and the UAE have agreed to take steps for the timely implementation of initiatives relating to settlement of trade in local currencies, integration of payment and messaging systems, and central-bank digital currencies. The commerce and industry ministry said these initiatives have the potential to make bilateral trade and investment more efficient, accessible and resilient. This was discussed during the 14th meeting of the India-UAE High Level Joint Task Force on Investments (HLJTFI). Commerce and Industry Minister Piyush Goyal and Managing Director of Abu Dhabi Investment Authority (ADIA) Sheikh Hamed bin Zayed Al Nahyan co-chaired the meeting.

Goyal said that the settlement of trade in local currency it is picking up and is now in double digits as exporters are gradually coming to fully understand its benefits. In the system, Indian exporters get paid in rupees and imports from UAE are paid in Dirham (AED). He noted “The benefit of this is that, periodically - say, every three or six months - we can convert the accumulated holdings of each other's currencies into USD...it can be converted into the international dollar currency on a regular basis”.

He added that the two sides have identified six areas to increase cooperation, which include ship ownership, development of modern ports, manufacturing of ships, repair and maintenance of ships, ship breaking, and container manufacturing. He said “In these six areas, we'll set up a working group between the two countries... These six put together provide tremendous opportunity for both countries to learn from each other's experiences”.

The bilateral trade has reached $101.25 billion in 2025-26. The non-oil trade touched $76.2 billion last year. The two nations have implemented a Comprehensive Economic Partnership Agreement (CEPA) in May 2022. In August 2024, both partners implemented a bilateral investment treaty (BIT) with the aim of protecting and promoting investments. Goyal said “The CEPA is now four years old. We have doubled our bilateral trade to $100 billion and have set an ambitious target to double it to $200 billion by 2032”.

The CNX Nifty is currently trading at 22613.40, down by 166.85 points or 0.73% after trading in a range of 22569.65 and 22753.20. There were 6 stocks advancing against 44 stocks declining on the index.

The top gainers on Nifty were Dr. Reddy's Lab up by 1.48%, Cipla up by 0.75%, Sun Pharma up by 0.54%, Adani Ports & SEZ up by 0.05% and Eicher Motors up by 0.02%. On the flip side, Tata Motors Passenger Vehicles down by 2.75%, Bajaj Finance down by 2.00%, HDFC Life Insurance down by 1.90%, Kotak Mahindra Bank down by 1.62% and HDFC Bank down by 1.54% were the top losers.

Asian markets were trading mostly in red; Nikkei 225 slipped 906.62 points or 1.38% to 64,971.00, Taiwan Weighted lost 285.1 points or 0.59% to 47,739.50, Hang Seng declined 233.51 points or 0.96% to 24,409.00, KOSPI dropped 73.48 points or 1.07% to 6,816.26, Jakarta Composite fell 35.19 points or 0.57% to 6,112.67 and Straits Times was down by18.71 points or 0.33% to 5,704.30, while Shanghai Composite was up by 2.89 points or 0.08% to 3,826.51.
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