Crude oil prices continued to decline as diplomatic efforts intensified for talks between the US and Iran. Asian markets opened with modest gains, while continued selling by foreign investors remained a concern for Indian equities.
GIFT Nifty futures traded at GIFT City closed at 23,324.50 on Tuesday night. The index moved up to 23,354 in early Wednesday trading before easing, indicating that Indian markets could open on a weak note.
US President Donald Trump’s speech at the United Nations General Assembly did not indicate any major progress in peace efforts involving Iran.
Trump reiterated his warning that Iran could face severe consequences if an agreement is not reached. He also said that efforts to reach a deal have gained momentum, though he did not suggest that an agreement was imminent.
Iran’s President and senior ministers are currently in New York, but direct talks between the two countries have not materialised so far. Mediators have held multiple rounds of discussions with both sides, and negotiations are expected to continue.
Meanwhile, Chinese President Xi Jinping is scheduled to arrive in Washington and hold multiple meetings with Trump. The discussions are expected to focus on easing trade tensions between the US and China.
Washington is also continuing efforts to gain China’s support for sanctions imposed on Iran.
Iranian airlines have faced restrictions from neighbouring countries following US sanctions. Iraq, Oman, Azerbaijan and Turkey have reportedly denied permission for Iranian flights.
US markets ended mixed on Tuesday. Concerns over possible restrictions on artificial intelligence companies eased, lifting AI stocks and pushing the Nasdaq Composite to a record high.
Despite crude oil prices falling below $100 a barrel, the Dow Jones Industrial Average declined, while the S&P 500 remained almost unchanged. The index continued to trade close to record levels.
The Dow Jones Industrial Average declined 185.14 points, or 0.36%, to close at 51,863.69. The S&P 500 slipped 0.06 points to 7,764.64. The Nasdaq Composite gained 122.18 points, or 0.45%, to close at 27,244.28.
US stock futures remained largely range-bound on Wednesday. Dow Jones futures gained 8 points, or 0.02%. S&P 500 futures were up 3 points.
Nasdaq futures gained 26 points, or 0.08%.
Indian ADRs traded in New York showed mixed movement. HDFC Bank declined 1.01% during regular trading hours and closed unchanged in extended trade at $23.41. ICICI Bank fell 0.99% during regular hours and ended 0.07% lower at $28.02.
Infosys declined 1.19% during regular trading but recovered in extended trade to close 0.37% higher at $10.80. Wipro gained 1.20% during market hours and added another 1.18% in extended trading to close at $1.7099.
European stock markets continued their upward movement on Tuesday, supported by declining crude oil prices and gains in artificial intelligence-related companies.
Asian markets traded higher on Wednesday. South Korea’s Kospi gained around 1%. Taiwan’s benchmark index advanced 0.95%. Australia’s market moved slightly lower.
Despite the decline in crude oil prices, Indian equities remained under pressure as foreign investors increased selling and more funds moved towards upcoming IPOs.
The Sensex briefly crossed the 75,000 mark but failed to sustain gains. The easing of concerns over AI restrictions has created pressure on the IT services sector. Investors are concerned that faster AI adoption could impact revenue growth for traditional IT service companies.
Sectoral performance remained mixed.
Gainers:
Media
Realty
Metals
Defence
Capital markets
Decliners:
IT
Financial services
Banking
Pharma
Healthcare
FMCG
Oil
Consumer durables
Mid-cap and small-cap indices also ended marginally lower. Market breadth remained weak.
On the BSE, 2,087 stocks advanced while 2,279 stocks declined. On the NSE, 1,662 stocks gained while 1,859 stocks fell.
Foreign institutional investors (FIIs) increased selling and recorded net sales of ₹3,809.99 crore in the cash market on Tuesday. Domestic institutional investors (DIIs) remained net buyers, making net purchases worth ₹4,120.07 crore.
Market closing:
Sensex declined 329.91 points, or 0.44%, to close at 74,529.08.
Nifty 50 fell 85.30 points, or 0.36%, to end at 23,329.00.
Bank Nifty declined 255.10 points, or 0.20%, to close at 56,215.55.
Midcap 100 slipped 49.95 points, or 0.08%, to 61,963.15.
Smallcap 100 declined 46.05 points, or 0.23%, to 19,815.45.
Crude oil prices falling below $100 a barrel and a stronger US dollar are keeping gold prices under pressure. Gold gained 0.33% on Tuesday but declined in early Wednesday trading.
Gold closed at $4,359 per ounce on Tuesday, gaining $14.20 or 0.33%. The price slipped to $4,345 per ounce in early trade on Wednesday. In Kerala, 22-carat gold prices declined by ₹920 per pavan on Monday to ₹1,12,240.
Silver prices gained 1.56% on Tuesday and closed at $67.17 per ounce. The metal moved higher to $67.52 in early Wednesday trade.
Other precious metal prices:
Platinum: $1,834
Palladium: $1,294
Rhodium: $8,725
China’s gold demand continues to strengthen. The country imported more than 1,100 tonnes of gold in the first eight months of 2026, surpassing its total imports during 2025.
Investments in Chinese gold ETFs increased 18%. China is also expanding its official gold reserves. After adding 80 tonnes until August this year, its gold reserves reached 2,387 tonnes.
Rubber prices gained in both international and domestic markets. In Bangkok, RSS-1 rubber rose to $280.60 per quintal, while RSS-3 reached $277.10.
In Kerala, RSS rubber prices climbed to ₹27,450 per quintal.
Industrial metals moved in different directions on Tuesday. Copper prices continued their upward trend, while aluminium declined. Stronger Chinese demand supported copper prices. Meanwhile, global mine production is expected to decline this year, marking the first such decline since 2017.
Copper gained 0.06% to reach $14,796.15 per tonne. Aluminium declined 0.79% to $3,263.90 per tonne.
Lead and nickel prices gained, while zinc and tin declined.
Cocoa prices increased more than 2% to close at $5,419 per tonne. Exports from Ivory Coast increased 18% last month to 2.14 million tonnes. Stocks at the ICE exchange reached a two-year high of 3.42 million bags.
Arabica coffee prices declined 1.68% to $2.717 per pound. Palm oil prices fell 0.97% to 4,810 Malaysian ringgit per tonne.
The US dollar index, which has gained after recent interest rate developments, moved higher again on Tuesday and closed at 100.60. It eased slightly to 100.55 in early Wednesday trade.
Currency movement:
Euro: $1.1444
Pound: $1.3331
Japanese yen: 157.57 per dollar
Chinese yuan: 6.70 per dollar
The yield on 10-year US Treasury bonds declined to 4.955%.
The Indian rupee ended Tuesday with strong gains.
The dollar declined 23 paise to close at ₹95.59.
In the overseas forward market, the dollar was trading at ₹95.60 on Wednesday morning.
Other currency rates:
Chinese yuan: ₹14.27
Euro: ₹109.41
Crude oil prices continued their decline, with Brent crude moving below $100 and WTI crude approaching $90.
Brent crude fell to $99.05 per barrel in early Wednesday trade before recovering slightly to $99.35.
WTI crude was trading at $90.33 per barrel.
Cryptocurrency markets continued their upward movement. Bitcoin touched its highest level of the year and traded above $86,600 on Wednesday morning. Ethereum traded above $2,760, while Solana remained above $119.
(September 22, Tuesday)
Sensex: 74,529.08 | -0.44%
Nifty 50: 23,329.00 | -0.36%
Bank Nifty: 56,215.55 | -0.45%
Midcap 100: 61,963.15 | -0.08%
Smallcap 100: 19,815.45 | -0.23%
Dow Jones: 51,863.69 | -0.36%
S&P 500: 7,764.64 | Flat
Nasdaq: 27,244.28 | +0.45%
Dollar: ₹95.59 | -₹0.23
Gold (ounce): $4,349 | +$14.20
Gold (pavan): ₹1,12,440 | -₹920
Brent crude: $99.25 | -1.09%
