Equities Slip as Crude Rises; Banks, Realty Stocks Gain, Rupee Strengthens

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 Tresha Dias

September 3, 2026 at 1:17 PM IST

Benchmark equity indices erased early gains to end lower on Thursday as investors weighed elevated crude oil prices and still-high global bond yields against stronger dollar inflows and supportive global cues. Concerns over the inflationary impact of higher oil prices and its implications for interest rates kept sentiment cautious.

The Sensex fell 417.49 points, or 0.55%, to 76,152.86, while the Nifty 50 declined 41 points, or 0.17%, to 23,873.45.

Banking and realty stocks outperformed, while gains in small- and mid-caps provided support to the broader market. Nifty MidCap and Nifty SmallCap ended 0.37% and 1.2% higher, respectively.

Sector-wise, Nifty Realty outperformed, rising more than 2%, while Nifty Media, Nifty Private Bank, Nifty PSU Bank and Nifty Bank also ended higher. Bajaj Auto, Tech Mahindra, and Trent were top losers in the Nifty50 index.

The Indian rupee ended 0.5% higher at 94.4850 per US dollar, marking its strongest close in 10 weeks, supported by stronger-than-expected dollar inflows under the RBI's special scheme.

The benchmark 6.94%, 2036 bond ended at 6.9646%, compared with 6.9754% at previous close. The benchmark bond fell to 6.9323% in early trade.

Top Movers of the day

SML Mahindra surged 7.64% to ₹5,725 after the commercial vehicle maker reported strong sales for August 2026, prompting buying interest in the stock.

Raymond jumped 12.97% to ₹753.80 in intraday trade, extending gains for a fifth session. The stock has risen about 23% over the past five sessions.

Capri Global Capital rose 6.04% to ₹272.10 after the company completed its first US dollar bond issue, raising $300 million through senior secured notes carrying a 7.55% coupon and maturing in 2029.

AXISCADES Technologies advanced 2.22% to ₹1,727.20 amid continued buying interest in the defence and aerospace engineering company after it disclosed plans to consider raising up to 200 crore rupees through NCDs.

BEML climbed 1.66% to ₹2,066.10 after the company secured an additional 1.8- billion-rupee order from Integral Coach Factory to manufacture and supply Vande Bharat sleeper trainsets, strengthening its railway order book and revenue visibility.

Bank of Maharashtra rose 4.76% to ₹86.32, tracking gains across banking stocks after Indian banks mobilised $136.4 billion through the RBI's special foreign-currency deposit and borrowing schemes. The large inflows are expected to improve banking-system liquidity and support credit growth and margins.

RBL Bank advanced 4.83% to ₹408.20 after the private-sector lender mobilised $3.4 billion through the RBI's special FCNR(B) swap facility by August 31. Citi estimated the mobilisation could lift the bank's 2026-27 net interest income by 7%, although higher low-cost deposits could weigh on margins in the near term.

Welspun Corp rose 4.26% to ₹2,631.10 after Jefferies initiated coverage with a 'Buy' rating and a ₹3,250 target price. The brokerage expects the company to benefit from a multi-year investment cycle in energy and water infrastructure, particularly in the US and Saudi Arabia.

Brigade Enterprises gained 13.28% to ₹725, outperforming the broader market as realty stocks advanced. The stock also benefited from the company's recent incorporation of two wholly owned subsidiaries, Celebrations Property and Tetrarch Estates, to undertake real estate projects.

Godrej Consumer Products tumbled 3.43% to ₹874 after brokerages turned cautious on the company's growth outlook following Godrej Consumer Products' business update call.

Hexaware Technologies dipped 2.13% to ₹532 after the IT services company appointed Vivek Jetley as CEO, succeeding Srikrishna Ramakarthikeyan.

Futures & Options

The Nifty September 2026 futures closed at 23,973.40, a premium of 99.95 points to the Nifty 50's cash-market close of 23,873.45. The Nifty 50 declined 41 points, or 0.17%, to 23,873.45.

The NSE India VIX, a gauge of near-term market volatility, rose 1.27% to 11.45. HDFC Bank, BSE and Swiggy were the most-traded individual stock futures contracts in the NSE's F&O segment.

The September 2026 F&O contracts will expire on September 29, 2026.

Bonds

The benchmark 6.94%, 2036 bond ended at 6.9646%, compared with 6.9754% at the previous close. The benchmark bond fell to 6.9323% in early trade.

Brent crude rose nearly 2% intraday to above $96 per barrel, putting pressure on bond prices, while robust inflows under the RBI's FCNR(B) swap facility provided support.

The RBI rejected all offers at its ₹300 billion government bond buyback auction after receiving bids worth only 31.09 billion rupees.

Forex

The Indian rupee ended 0.5% higher at ₹94.4850 per US dollar today, marking its strongest close in 10 weeks, supported by stronger-than-expected dollar inflows under the RBI's special scheme. The currency also posted its biggest single-day gain since July 27, although importer dollar demand pared some of its gains during the session.

The rupee opened at ₹94.30 per dollar before weakening to ₹94.49 as importer demand emerged.

Crypto

The cryptocurrency market traded modestly higher, with Bitcoin and Ethereum posting small gains.

Bitcoin traded near $77,106.71 today, up 0.20%, with a market capitalisation of $1.55 trillion and 24-hour trading volume of $26.40 billion. The cryptocurrency held above the $77,000 level as gains remained limited.

Ethereum traded near $2,379.95 today, up 0.30%, with a market capitalisation of $290.42 billion and 24-hour trading volume of $12.59 billion. The second-largest cryptocurrency edged higher, broadly tracking Bitcoin's steady performance.

US Stock Futures

US stock futures were mixed today after the major averages snapped a three-day losing streak in the previous session, as investors continued to assess rising Treasury yields and renewed fighting between the United States and Iran. S&P 500 futures were flat, while Dow futures gained 78 points, or 0.15%. Nasdaq-100 futures slipped 0.05%.

US Treasury Notes

US Treasury note yields traded around 4.78% today after pulling back from a near three-year high, as investors assessed the outlook for Federal Reserve monetary policy. New York Federal Reserve President John Williams said there was evidence inflation was continuing to ease as the impact of tariffs faded, while higher energy prices had yet to spread to other services. US private employment growth also slowed in August, while markets priced in around a two-thirds chance of a Fed rate hike later this month following Chair Kevin Warsh's hawkish remarks.

Investors turned their attention to weekly jobless claims due later on Thursday and Friday's August payrolls report for fresh clues on the labour market and the Fed's policy path. Oil prices also eased after President Donald Trump said the latest attacks on Iran would be short-lived, offering some relief on inflation concerns.

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