Nifty, Sensex Fall to Near Six-Month Low as Brent Crude Rises to About $106.7

Mumbai | 28 September 2026 

The Nifty 50 was down 305.40 points, or 1.32%, at 22,835.10 at 1:43 pm Indian Standard Time (IST) on Monday. The BSE Sensex was down 936.32 points, or 1.27%, at 72,959.42 at 1:42 pm IST. The Sensex fell more than 900 points within an hour of the market opening, and the Nifty 50 slipped below the 23,000 mark. The fall wiped out around ₹4.9 lakh crore of market value from BSE Sensex companies by 10:15 am. 

During the day, the Sensex touched 72,832.08, its lowest level in 52 weeks. 

Both indices have fallen for seven straight weeks, losing nearly 6%, in one of their longest weekly losing streaks on record. 

Why Did Indian Shares Fall on 28 September? 

Rising oil prices weighed on the market. US President Donald Trump said he rejected an Iranian proposal to reopen the Strait of Hormuz, a key shipping route for oil, and end fighting. Iran said on Sunday that only diplomacy can solve its conflict with the United States and Israel. 

The deadlock raised concerns over oil supplies through the route. Brent crude futures rose 2.3% to about $106.7 a barrel, staying above the $100 mark amid continuing tensions between the US and Iran. 

How Do Higher Oil Prices Affect India? 

India is the world’s third-largest crude oil importer. Higher oil prices can hurt the country in three ways: 

• They can push up inflation. 

• They can widen India’s import bill. 

• They can squeeze company profit margins. 

What Other Factors Weighed on Indian Shares? 

Higher US bond yields and continued selling by foreign investors added to the pressure on Indian equities. 

• Higher US bond yields can make US fixed-income assets more attractive than riskier emerging-market shares, such as Indian equities. 

• Heavy foreign selling in large, index-heavy companies can quickly drag the Sensex and Nifty lower. 

Foreign institutional investors (FIIs) have been net sellers in the cash market, where shares are bought and sold outright. Domestic institutional investors (DIIs) have been net buyers, as the table below shows. 

US-Iran tensions and higher bond yields have also created a cautious mood across global markets, with investors moving away from riskier assets. 

How Did Sectors and Broader Indices Perform? 

All 16 major sectors fell in early trade. Financial and bank stocks lost 1.6% each. Banks and other financial companies carry a large weight in the benchmark indices, so a fall in these stocks hits the Sensex and Nifty harder than a similar fall in smaller companies. The table below shows these early-trade moves. 

Which Nifty 50 Stocks Gained and Fell the Most? 

Most Nifty 50 stocks traded lower in afternoon trade. Information technology and pharmaceutical stocks were among the few gainers, while Adani group stocks led the losses. 

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