- Summary
- The Sensex slumped 1,124.02 points to close at 72,771.72 while the Nifty 50 fell 360.25 points to end at 22,780.25 on Monday, 28 September 2026, as oil prices advanced after the US rejected Iran’s peace proposal, reviving concerns about inflation amid heightened geopolitical pressure.
- Nifty PSU Bank emerged as the worst performer and the private bank indices also underperformed, while IT held up with the least decline, with Tata Motors Passenger Vehicles, Adani Enterprises and Jio Financial Services the top Nifty losers.
- The newly listed NSE slipped below its IPO price of ₹1,785, dragging stakeholders IFCI and New India Assurance down up to 4.5%, while gold and silver ETFs tumbled up to 3.6% as rate-hike fears hit precious metals.
- Brent jumped past $106 after President Trump rejected Iran’s plan to reopen the Strait of Hormuz, even as he said more talks are expected this week.
The Sensex fell 1,124.02 points, or 1.52%, to close at 72,771.72, while the Nifty 50 ended 360.25 points, or 1.56%, lower at 22,780.25, giving up all of Friday’s bounce and more.
The broader market fell harder still. The Nifty MidCap 100 dropped 1.63% and the Nifty SmallCap 100 declined 1.85%, confirming that Monday’s selling was broad rather than concentrated in a few heavyweights.
Impact on the stock market
Sectoral losers: Nifty PSU Bank was the worst performer, with the Nifty Private Bank and Nifty Bank indices also underperforming as the pressure on financials from last week’s insurance commission proposals continued.
Relative strength: Nifty IT outperformed with the least decline, a small role reversal for the sector that has spent most of the month at the bottom of the table.
| Sector/Index | Performance |
| IT & BPM sector | -0.26% |
| Healthcare sector | -0.85% |
| Oil & Gas sector | -1.86% |
| Real estate sector | 0.92% |
| PSU Bank in India | -3.24% |
Top gainers today
| Company | Share Price (in ₹) | Change % |
| Axis Bank | 1,222.40 | 3.03 |
| Asian Paints | 2,444.00 | 2.14 |
Top losers today
| Company | Share Price (in ₹) | Change % |
| Max Healthcare | 1,014.00 | -3.06 |
| Tata Motors PVeh | 290.45 | -1.54 |
| Infosys | 1,000.20 | -1.41 |
| O N G C | 235.86 | -1.31 |
| Trent | 2,669.30 | -1.14 |
Market aftermath: Impact on stocks
NSE Below Its IPO Price: The Ripple Reaches IFCI and New India Assurance
The market’s newest heavyweight had a difficult Monday, with NSE shares falling 2% to a low of ₹1,761 on the BSE, slipping below the IPO price of ₹1,785 within days of listing. The decline trimmed its market value to ₹4.36 lakh crore, making it the 11th-largest listed Indian company, still ahead of Titan. The fall rippled outwards to its shareholders, with IFCI closing 4.5% lower at ₹70.65, since it holds a 52% stake in Stock Holding Corporation which in turn owns 4.4% of NSE, while New India Assurance, which directly holds 1.42% of the exchange, ended 3.6% down at ₹170.25.
The brokerage view stands in contrast to the price action, with three initiations all positive on the stock. PL Capital started coverage with an Accumulate rating and a ₹1,950 target, Macquarie initiated with Outperform at ₹1,965, describing NSE as “The Dominator” for its market share, technology and deep liquidity, and Emkay set a Buy with a ₹2,050 target, implying around 15% upside over the issue price. A listing-week dip below the IPO price in a falling market says more about the market than the exchange, but stakeholder stocks that rallied on the listing are now discovering the trade works in both directions.
Gold and Silver ETFs: A 3.6% Slide as Rate-Hike Fears Hit the Safe Havens
The day’s more unusual casualty was the precious metals trade, with silver exchange-traded funds falling as much as 3.6% and gold funds dropping over 2%, led by SBI Silver ETF at ₹216.23. The falls mirrored a sharp global correction, with spot gold declining 2.1% to $4,198.10 an ounce, its biggest daily fall since 1 September, spot silver losing 3.4% to $62.08, and domestic silver futures plunging ₹6,661 to ₹2,28,035 per kg. Platinum and palladium fell 2.7% and 2.8%, making the selloff broad-based across the complex.
The chain of logic runs straight through oil, since costlier crude fuels inflation expectations, which strengthen the case for the US Federal Reserve to keep raising interest rates after this month’s increase to 3.75-4%. Traders are now pricing a 68% probability of another hike in October, and higher rates hurt gold and silver because they pay no interest, raising the cost of holding them versus bonds. It made for a rare day when equities and the traditional safe havens fell together, leaving investors with very few places to hide.
Aastha Spintex: A 9% Rise on Its First Day Trading After the Bonus Adjustment
Cotton yarn maker Aastha Spintex rose up to 9% to around ₹39.66, standing out on a deeply red day, as the stock began trading on an adjusted basis for its 1:1 bonus issue. A bonus issue gives shareholders one free additional share for every share held, which doubles the share count and roughly halves the price, so Monday’s low share price reflects the adjustment rather than a crash, and the 9% gain came on top of that adjusted level. Only investors who held the stock in their accounts as of Friday’s close qualify for the bonus shares, with Monday’s buyers not eligible.
The company has had an eventful few months since its ₹170 crore IPO, which was subscribed 4.64 times before a weak July debut at a 4.41% discount to the issue price. It manufactures carded, combed and compact combed cotton yarns from its integrated facility at Halvad in Gujarat’s Morbi district. For readers newer to corporate actions, days like this are a useful lesson in checking for bonus and split adjustments before reacting to a dramatic-looking price change.
Crude Oil: Brent Tops $106 as Trump Rejects the Iranian Plan
The weekend delivered the setback the market had feared, with US President Donald Trump saying on Saturday that he rejected Iran’s peace proposal, which involved Tehran reopening the Strait of Hormuz in exchange for the US lifting its economic blockade. Brent futures jumped 2.64% to $106.96 a barrel on Monday morning, WTI rose 1.73% to $94.01, and October crude futures on the MCX climbed 2.33% to ₹9,054. The rejection reversed last week’s optimism in a single announcement.
The door has not fully closed, with Trump telling Axios he expects more talks with Iran this week, saying “they want to make a deal, but it is not the deal that I want to make” and that Iran “overplayed their hand”, while answering “I am always thinking about it” on resuming strikes. He added that the US military is facilitating substantial oil flows out of Hormuz. For markets, the message is that the truce trade was priced on hope, and hope has just been repriced.
Conclusion
Monday erased Friday’s relief in emphatic fashion, with a 1,124-point Sensex fall, the Nifty below 22,800, and broader markets falling even harder as the rejected peace proposal put oil back above $106. The pain reached unusual places, with gold and silver sliding on rate-hike fears just when nervous investors wanted them most, and even the mighty NSE dipping below its IPO price days after listing. IT’s relative resilience was the session’s only comfort at the sector level. The week now hinges on whether the “more talks” Trump has promised produce a deal he will accept, because with the Fed possibly hiking again in October and the Nifty starting the week with a fresh breakdown, this market needs the oil story resolved before anything else can matter.
