Indian Shares Fall For Third Session as Brent Tops $100, Rupee Slips Past 95

An end-of-day recap of all that transpired in the Indian markets, highlighting the major price movements and the factors driving them

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By Dehuti Jani

September 9, 2026 at 12:52 PM IST

Indian equities fell for the third consecutive session on Wednesday, with benchmark indices closing at their lowest levels since June 11 as Brent crude rose above $100 a barrel for the first time since late July. The Nifty50 fell 0.86% to 23,431.50, while the Sensex declined 1.08% to 74,764.23. The benchmarks remained under pressure during the closing auction session, with the Nifty falling as much as 0.73% before the final close. Thirteen of the 16 major sectors declined, while the Nifty MidCap and SmallCap indices fell around 0.5% each.

The Nifty IT index fell more than 3%, led by Tech Mahindra, HCL Technologies and Infosys, as investors awaited US inflation data due this week for clues on the Federal Reserve's interest-rate decision next week. Higher US rates could weigh on discretionary technology spending in the US, an important market for Indian IT companies. Nifty Healthcare outperformed broader sectors.

Brent crude rose above $100 a barrel as the six-month-old US-Iran conflict escalated, with Iran's Revolutionary Guard saying it had fired ballistic missiles at a US-linked base in Jordan and attacked vessels near the Strait of Hormuz. The renewed hostilities heightened concerns over prolonged energy supply disruptions and increased inflation risks for oil-importing economies such as India.

The Indian rupee fell past the key 95-per-dollar level to close at 95.1050, despite likely Reserve Bank of India intervention through spot dollar sales and foreign-exchange swaps aimed at managing rupee liquidity. Rising crude prices and escalating geopolitical tensions kept pressure on the currency.

Indian government bonds declined as crude oil prices rose above the psychologically crucial $100 per barrel. However, the fall was limited as the flush of liquidity due to FCNR(B) inflows supported the market. The yield on the benchmark 6.94%, 2036 bond ended at 6.9568% from 6.9431% on Tuesday.

Top Movers of the Day

Coforge crashed 5.24% to around ₹1,847.90 after Chairman Om Prakash Bhatt resigned following an internal audit. The governance overhang and leadership uncertainty triggered heavy selling and elevated volumes.

Raymond dropped 5.40% to ₹811.45 after surging in the previous sessions. Investors booked profits following the sharp rally after analysts noted that the stock was trading at a high price to earnings multiple of 89.5 times, adding to pressure from broader market weakness.

Infosys fell 4.55% to ₹1,032.80, leading losses in the IT sector as renewed expectations of higher US interest rates and rising Treasury yields raised concerns over a delayed recovery in global technology spending.

Biocon gained around 1% to ₹395.50 following a ₹6.38-billion block deal involving about 16.5 million shares at around 385 rupees apiece. Active Pine was reported to have sold close to 1% of the company's equity, with the transaction viewed primarily as a change in holding structure.

Bank of Baroda fell about 1% today after announcing its proposed divestment of up to 35% of its shareholding in NSE through an Offer for Sale via an IPO. Broader weak sentiment in domestic indices, and crude oil rising above $100 weighed on bank shares today.

Reliance Industries ended at ₹1,285.70, down 0.71% due to rising crude oil prices, geopolitical tensions, and heavy capital spending. Stock prices also reacted to the news that the company plans to raise 125 billion rupees via domestic bond issue in 5-year tenure.

Meesho rose 2.81% to ₹217 as 6.88 million shares changed hands through two block deals, pointing to active institutional repositioning. The stock traded with elevated volumes, although no major fresh company-specific announcement was reported.

NSE remained in focus on reports it may reduce the proposed IPO size to around 240-250 billion rupees from 300 billion rupees. The potential reduction was seen as an effort to improve market reception and manage the timing of the issue amid volatile conditions.

RBL Bank and Bank of Maharashtra were in focus as both lenders moved to issue dollar bonds overseas to refinance short-term borrowings used to fund FCNR(B) deposits. The fund-raising plans come as global yields remain elevated and lenders manage currency and funding-cost risks.

Futures & Options
The Nifty September 2026 futures closed at 23,530, a premium of 98.50 points over the Nifty 50's cash-market close of 23,431.50. The Nifty fell 203.60 points, or 0.86%, during the session, while the NSE's India VIX, a gauge of expected near-term volatility, rose 6.32% to 11.94.

HDFC Bank, Infosys, and Reliance Industries were the most-traded individual stock futures contracts on the NSE. The September 2026 F&O contracts will expire on 29 September.

Bonds
Indian government bonds declined on Wednesday as Brent crude rose above the psychologically important $100 per barrel mark, raising concerns over inflation and the potential for tighter monetary policy. The benchmark 6.94%, 2036 bond yield ended at 6.9568%, from 6.9431% previously.

Brent crude climbed towards $101 per barrel, with sustained price pressures seen feeding into broader inflation in India and potentially prompting the Reserve Bank of India to raise interest rates.

The sell-off was concentrated in longer-duration bonds, particularly those maturing in 15 years or more. Shorter-duration papers, including bonds maturing within 10 years, remained relatively resilient as foreign banks stepped up buying, supported by surplus liquidity from FCNR(B) inflows.

Forex
The Indian rupee fell past the key 95-per-US-dollar level on Wednesday to close at 95.1050, pressured by rising oil prices and escalating West Asia tensions. The currency's losses were likely contained by Reserve Bank of India intervention through spot dollar sales and foreign-exchange swaps aimed at draining excess rupee liquidity from the banking system. Brent crude rose above $100 a barrel as Iran's Revolutionary Guard said it had attacked two US vessels and eight oil tankers in the Gulf, raising concerns over prolonged energy supply disruptions. The rupee's weakness also tracked losses across regional equities, with Indian shares falling for a third consecutive session.

Crypto
The cryptocurrency markets traded higher on Wednesday, with Bitcoin up 1.5% at around $79,700 and Ethereum gaining 1.66% to above $2,500. XRP rose 3.84% to around $1.44. Bitcoin's short-term recovery remained supported by buying interest around key technical levels, although the broader macro backdrop stayed mixed.

Oil prices near $100 a barrel have renewed inflation concerns and could complicate the Federal Reserve's interest-rate outlook, keeping risk appetite cautious. However, a weaker US dollar has provided some support to Bitcoin, leaving room for further recovery if current technical support levels hold.

US Stock Futures
US stock futures traded lower early Wednesday after Wall Street ended the previous session weaker, as a sharp rise in oil prices renewed inflation concerns. Dow futures fell 0.24%, while S&P 500 futures were up less than 0.1% and Nasdaq-100 futures declined 0.14%.

Brent crude rose more than 2% to break above $100 a barrel for the first time since July, as escalating tensions between the US and Iran raised concerns over further disruptions to energy supplies. Higher oil prices could keep pressure on risk appetite and reinforce concerns over the US inflation and interest-rate outlook.

US Treasury Notes
US Treasury note yields edged higher on Wednesday as investors assessed persistent energy-driven inflation risks and prepared for heavy government debt supply. The benchmark 10-year Treasury yield rose to 4.806%, moving back above the key 4.81% level, while the policy-sensitive two-year yield rose to 4.42%.

Investor focus remained on the Treasury market ahead of a closely watched $39 billion 10-year note auction later in the day, with the upcoming supply adding pressure to yields. Rising oil prices, with Brent crude breaking above $100 a barrel, have also renewed concerns that higher energy costs could keep inflation elevated and complicate the Federal Reserve's rate outlook.

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