The US-Iran conflict continues to unsettle global markets, with shipping through the Strait of Hormuz largely disrupted. Brent crude has moved above $101 a barrel and is heading towards $102, while the rupee has weakened past ₹95 against the US dollar.
Gold has regained the $4,400-an-ounce level as investors seek safe-haven assets.
GIFT Nifty trading at GIFT City closed at 23,415.50 on Wednesday night and rose to 23,481 in morning trade before easing. The indication is for another weak opening for Indian equities today.
US stocks fell for a third straight session on Wednesday as oil prices climbed towards $102 and the US-Iran conflict intensified. Concerns that interest rates could be raised next week also weighed on sentiment.
The US government's announcement that it would buy back $6 billion worth of long-term Treasury bonds failed to calm the market. Treasury prices fell, pushing yields higher. The yield on 30-year US government bonds rose to 4.97 percent, while the rate on 30-year home loans climbed to 6.97 percent.
Goldman Sachs has warned that crude could rise as high as $120 a barrel.
Dow Jones: 52,380.66, down 405.41 points or 0.77 percent
S&P 500: 7,636.36, down 37.16 points or 0.48 percent
Nasdaq Composite: 26,253.34, down 168.07 points or 0.64 percent
US stock futures were mixed in early trading.
Dow futures rose 60 points or 0.11 percent
S&P 500 futures gained 6 points or 0.07 percent
Nasdaq futures fell 15 points or 0.05 percent
Indian stocks listed through American Depositary Receipts (ADRs) initially declined in New York but recovered in extended trading.
HDFC Bank fell 1.78 percent during regular trading but gained 1.22 percent in extended trading to $22.35
ICICI Bank declined 1.73 percent before gaining 1.55 percent to $29.47
Infosys fell 1.80 percent before recovering 1.10 percent to $11.05
Wipro declined 2.89 percent before gaining 1.01 percent to $1.697
European equities fell by up to 2 percent on Wednesday as higher crude oil and natural gas prices added to inflation concerns. Continuing geopolitical tensions and the absence of clear signs of an end to the conflicts also weighed on sentiment.
Asian markets were broadly lower in Thursday's trading.
Japan's Nikkei: down 1.35 percent
Australia's market: down 1.75 percent
South Korea's Kospi: down 1.70 percent
Hong Kong's Hang Seng: down 1.20 percent
Taiwan: down 1 percent
Shanghai: down 0.35 percent
The surge in crude prices, a weaker rupee, heightened tensions around the Strait of Hormuz and concerns over US interest rates continued to weigh on Indian equities.
The benchmark indices fell by about 1 percent on Wednesday. Almost all sectoral indices declined, except metals.
IT index fell 3.24 percent
Realty index declined 2.23 percent
Financial services, capital markets and defence indices fell more than 1 percent
Coforge fell as much as 7 percent after OP Bhatt resigned as chairman in connection with an internal audit, raising concerns over corporate governance. Bhatt is a former chairman of State Bank of India.
Foreign investors continued to sell Indian equities, recording net sales of ₹582.99 crore in the cash market. Domestic institutional investors were net buyers of ₹1,509.04 crore.
Sensex: 74,764.23, down 813.35 points or 1.08 percent
Nifty 50: 23,431.50, down 203.60 points or 0.86 percent
Bank Nifty: 56,295.55, down 482 points or 0.85 percent
Mid Cap 100: 62,592.80, down 323 points or 0.51 percent
Small Cap 100: 20,036.90, down 96.85 points or 0.48 percent
Market breadth remained weak.
BSE: 1,792 stocks gained and 2,600 declined
NSE: 1,466 stocks gained and 2,079 declined
The proposed IPO of the National Stock Exchange (NSE) is likely to be smaller than initially planned. The stake on offer could be reduced from 6 percent to 5.5 percent and possibly to 5.25 percent.
Banks and insurance companies that were among NSE's promoter shareholders are reportedly reducing the number of shares they plan to sell after it became clear that the issue may not fetch the ₹2,000-a-share valuation initially expected.
The issue price is now expected to be in the ₹1,700–₹1,785 range.
The total IPO/OFS size, earlier expected at around ₹30,000 crore, could fall to about ₹25,000 crore. The listing is scheduled for September 25. NSE shares are reportedly commanding around ₹2,025 in the unofficial market.
ICICI Prudential Asset Management Company has received Reserve Bank of India approval to raise its stake to up to 9.95 percent in Kotak Mahindra Bank, CSB Bank, DCB Bank and AU Small Finance Bank.
Shakti Pumps has received a ₹236 crore order from Maharashtra State Electricity Distribution Company for 10,000 pumps.
Dilip Buildcon has secured a ₹1,800 crore contract to construct an oil pipeline from Paradip in Odisha to Raipur in Chhattisgarh.
Gold recovered more than 1 percent on Wednesday after falling by a similar margin on Tuesday. A weaker dollar and falling Treasury prices supported the safe-haven metal.
Investors are also awaiting the latest US inflation data and the Federal Reserve's interest-rate decision next week. Markets currently see a 60.2 percent probability of a rate hike.
Gold closed at $4,402.80 an ounce on Wednesday, gaining $46.10 or 1.06 percent. It rose further to around $4,412 in morning trading.
In Keralam, 22-carat gold fell ₹760 per sovereign on Wednesday to ₹1,13,160.
Silver closed at $67.41 an ounce and edged higher in morning trade.
Platinum: $1,883
Palladium: $1,341
Rhodium: $9,050
Natural rubber prices continued to strengthen in international markets.
Bangkok RSS 1 rose to $285.50 a quintal and RSS 3 to $282. In Keralam, the price climbed towards ₹27,300 a quintal.
The Association of Natural Rubber Producing Countries expects global natural rubber production at 15.28 million tonnes in 2026, against consumption of 15.36 million tonnes, indicating a potential supply deficit.
Most major industrial metals gained on Wednesday, except copper and tin.
Copper fell 0.44 percent to $14,671.15 a tonne amid profit-taking. Its record high is $14,851, reached in August.
US companies and stockists have been building copper inventories amid fears of higher tariffs. Expectations of strong demand for copper in the coming years are also supporting prices.
Aluminium rose 0.83 percent to $3,346.60 a tonne. Lead, nickel and zinc also gained, while tin declined.
Cocoa gained 0.41 percent to close at $5,937 a tonne.
Recent pressure on cocoa prices has come from a 19 percent rise in Ivory Coast exports last month and higher stocks on the ICE exchange. However, production in the 2026-27 season is expected to fall by 20 percent in Ivory Coast and 38 percent in Ghana.
Ghana's cocoa marketing company has doubled its estimate of the country's production shortfall.
Arabica coffee rose to $2.91 a pound.
Palm oil fell 0.20 percent to 4,966 Malaysian ringgit a tonne.
The US Dollar Index fell to 98.81.
Euro: $1.1633
Pound: $1.3547
Japanese yen: 153.60 to the dollar
Chinese yuan: 6.71 to the dollar
The yield on 10-year US Treasury bonds rose again to 4.847 percent, the highest since 2023.
The rupee weakened further on Wednesday as the surge in crude prices increased pressure on the currency.
The dollar rose 30 paise to close at ₹95.12. In overseas forward trading, the dollar was also around ₹95.12 in morning trade.
Chinese yuan: ₹14.17
Euro: ₹110.70
Brent crude crossed the $100 mark and continued to rise as shipping through the Strait of Hormuz was disrupted.
Iran's crude supplies that had reached the Indian Ocean earlier, partly bypassing sanctions, are also nearing exhaustion, adding to concerns over supply.
Brent crude gained 3.36 percent on Wednesday to close at $101.21 a barrel and rose further to $101.69 in morning trade.
WTI crude was at $96.84 a barrel.
The decline in cryptocurrencies moderated but prices remained under pressure.
Bitcoin fell below $78,200, while Ether slipped below $2,470 and Solana below $101.
(September 9, Wednesday)
Sensex: 74,764.23 — -1.08%
Nifty 50: 23,431.50 — -0.86%
Bank Nifty: 56,295.55 — -0.85%
Mid Cap 100: 62,592.80 — -0.51%
Small Cap 100: 20,036.90 — -0.48%
Dow Jones: 52,380.66 — -0.77%
S&P 500: 7,636.36 — -0.48%
Nasdaq: 26,253.34 — -0.64%
US dollar: ₹95.12 — +₹0.30
Gold (ounce): $4,402.80 — +$46.10
Gold (sovereign): ₹1,13,160 — -₹760
Brent crude: $101.21 — +3.29%