Summary
The Sensex fell 120.83 points to close at 74,781.76 and the Nifty 50 lost 79.70 points to end at 23,398.10 on Friday, 11 September 2026, recovering from the day’s lows on gains in IT, FMCG and banking stocks despite weak global equities.
Nifty Private Bank and IT rose the most while Realty and Metal declined the most, with Hindalco, JSW Steel and Tata Steel the top movers in the Nifty 50.
Raymond jumped 22% in two sessions to a fresh high of ₹1,024.50 on its ₹214.71 crore warrant fundraise, taking its gain this month to 56%.
Silver ETFs fell over 3% as Fed rate hike odds rose to about 70%, and Brent crude held above $107 on Red Sea and Hormuz supply disruption fears.
The Sensex fell 120.83 points, or 0.16%, to close at 74,781.76, after being down as much as 543 points during the morning. The Nifty 50 ended 79.70 points, or 0.34%, lower at 23,398.10.
The broader market stayed under pressure. The Nifty MidCap fell 0.26% and the Nifty SmallCap declined 0.58%, with market breadth firmly negative through the session.
Impact on the stock market
Sectoral gainers: Nifty Private Bank and Nifty IT rose the most, driving the afternoon recovery from the day’s lows.
Sectoral losers: Nifty Realty and Nifty Metal declined the most, with the rate sensitive realty pack hurt by the sharp repricing of US interest rate expectations.
| Sector/Index | Performance |
| IT & BPM sector | 0.11% |
| Healthcare sector | -0.16% |
| Oil & Gas sector | -0.84% |
| Real estate sector | -2.70% |
| PSU Bank in India | -0.62% |
Top gainers today
| Company | Share Price (in ₹) | Change % |
| HDFC Bank | 708.25 | 2.08 |
| Dr Reddys Labs | 1,165.50 | 1.97 |
| Tech Mahindra | 1,541.00 | 1.00 |
| HDFC Life | 530.00 | 0.73 |
| Wipro | 167.40 | 0.66 |
Top losers today
| Company | Share Price (in ₹) | Change % |
| Hindalco | 981.50 | -3.21 |
| JSW Steel | 1,265.00 | -2.99 |
| Eicher Motors | 7,530.00 | -2.17 |
| Tata Steel | 183.00 | -2.02 |
| ONGC | 232.50 | -2.01 |
Market aftermath: Impact on stocks
Raymond: A 22% Two Day Surge to a Fresh High on Its Warrant Fundraise
Raymond shares jumped 22% across two sessions, briefly hitting the 20% upper circuit at a fresh 52 week high of ₹1,024.50 on the NSE. The stock has now gained 56% this month alone.
The trigger was the company’s fundraise through a preferential issue of share warrants: 33,28,686 convertible warrants at ₹645 apiece, including a ₹635 premium, aggregating up to around ₹214.71 crore, to be allotted through private placement to Minerva Ventures Fund, subject to shareholder and regulatory approvals. The market’s first reaction was actually negative, with the stock falling nearly 6% the day after the September 8 announcement, before buying interest surged from Thursday. A 56% monthly move on a ₹215 crore raise is momentum running well ahead of the news, so anyone entering here should do so with clear stop losses.
Silver and Gold ETFs: A 3% Slide as Fed Rate Hike Bets Jump to 70%
Silver ETFs fell more than 3% on September 11 as the metal extended Thursday’s 5.5% crash, its biggest one day fall since June. The SBI Silver ETF dropped 3.2% to ₹221.77, with the ICICI Prudential, Nippon India and Tata silver funds all down around 3.1%. International silver traded at $63.40 an ounce, while domestic December futures at around ₹2.31 lakh per kg are down over 4% for the week.
The driver is the rate repricing. US producer prices rose 0.4% in August, lifting the probability of a Fed hike of at least 25 basis points next week to about 70%, and higher yields plus a stronger dollar are a direct headwind for non yielding precious metals. Gold held up comparatively better, with gold ETFs down about 1% and spot gold little changed around $4,312 an ounce, though the metal is heading for a third straight weekly loss of about 2.7%. The lesson of the week is that when rate fear and geopolitical fear collide, the rate fear has been winning in the metals market.
Novartis India: A Nine Day, 52% Rally Ends With Profit Booking
Novartis India snapped a nine day rally to fall over 1% to ₹2,400 by around 2 pm, after earlier touching a high of ₹2,550 with a 5% gain. The stock had surged 52% during the run that began on August 31.
The rally was built on a real transaction. The company’s board approved the acquisition of the Minipress and Minipres trademarks registered in India, along with related intellectual property rights, from Pfizer Inc USA and Pfizer Products Inc USA for ₹1,250 crore, executing the asset purchase agreement and trademark assignment deeds on September 7. A 52% gain in nine sessions pricing in a single acquisition invited exactly the profit booking that arrived on Friday, and some consolidation after a move that steep is healthy rather than alarming.
Crude Oil: Above $107 as the Houthis Threaten the Red Sea Route
Brent crude held above $107 on Friday morning, with November futures at $107.86 after settling more than 6% higher in the previous session and nearing $110 in early trade. October WTI was at $102.49, and on the MCX, September crude futures rose 0.67% to ₹9,787.
The supply threat has widened beyond Hormuz. Reuters reported the Houthis took control of the Yemeni port city of Mocha and advanced down the Red Sea coast to the strategic Hanish islands, gaining leverage over the Bab el-Mandeb Strait, the Red Sea’s southern outlet. ING said the market is repricing both the duration and severity of the conflict, with Hormuz flows still meaningful but well below pre war levels. The supply side offered its own worries: Saudi Arabia produced 6.24 million barrels a day in August while supplying 7.12 million, meaning it drew on inventories, and Chinese independent refiners have lifted run rates to nearly 63% from 45% in July, adding demand just as supply risk peaks. US commercial crude inventories fell 0.4 million barrels to 424.1 million. Elsewhere, copper rose 0.58% to ₹1,380.55 on the MCX, while cottonseed oilcake gained 1.59% to ₹2,689 and turmeric slipped 0.62% to ₹20,430 on the NCDEX.
Conclusion
Friday closed the week with the market’s two nightmares converging: Brent above $107 as the conflict spread to the Red Sea, and Fed hike odds at 70% ahead of next week’s meeting. That the Sensex recovered over 400 points from its lows shows buyers still defend quality, but silver’s crash and the broader market’s weakness show how violently the rate repricing is rippling through assets. Raymond’s 56% month and Novartis India’s 52% run remind us that momentum stories are thriving amid the stress, and ending just as fast when profit booking arrives. The week ahead belongs to the Fed and the barrel. Keep positions sized for volatility, and let both answer before adding risk.
