Indian equity markets traded lower during morning session with the S&P BSE Sensex declining 182.34 points or 0.24% to 74,599.42 and the Nifty 50 index falling 84.15 points or 0.36% to 23,314.35 as of 11:30 IST. According to latest reports, the broader market indices also faced pressure with the BSE 150 MidCap Index declining 1.04% and the BSE 250 SmallCap Index shedding 1.14%. Market breadth remained weak with 1,416 shares rising and 2,741 shares falling on the BSE, while 264 shares remained unchanged. The India VIX rose 3.90% to 12.26, remaining elevated even as benchmark indices recovered substantially from intraday lows.
The Nifty Metal index declined 1.30% to 12,829.55, marking a 4.39% fall in the past three trading sessions with sustained selling pressure. Major metal stocks witnessed significant declines including Welspun Corp (down 7.06%), Hindustan Copper (down 2.53%), Jindal Stainless (down 2.19%), Jindal Steel (down 2.13%), Vedanta (down 2.09%), Adani Enterprises (down 1.73%), Steel Authority of India (down 1.54%), Hindustan Zinc (down 1.48%), National Aluminium Company (down 1.33%) and APL Apollo Tubes (down 1.32%). In the latest session, Hindalco Industries declined 2.38% to ₹1,273.50, JSW Steel fell 2.34% to ₹1,272.90, and Tata Steel dropped 1.98% to ₹183.07. The Nifty Auto index lost 0.63%, and the Nifty Oil & Gas index fell 0.60%.
Several IPO issues showed strong investor interest during the trading session. Veegaland Developers received bids for 3,37,04,251 shares against 1,13,07,692 shares on offer, achieving a subscription of 2.98 times. The IPO, which opened for bidding on September 10, 2026, and closes on September 15, 2026, is priced between ₹130 and ₹140 per share with a minimum bid of 107 equity shares. Manika Plastech also demonstrated strong investor interest with bids for 8,48,67,804 shares against 2,13,86,919 shares on offer, achieving a subscription of 3.97 times. The IPO, which opened for bidding on September 11, 2026, and closes on September 16, 2026, is priced between ₹40 and ₹43 per share with a minimum bid of 348 equity shares.
Global markets remained subdued as investors weighed concerns over artificial intelligence development pace and rising oil prices. Asian indices were subdued after Wall Street ended lower overnight, with the Dow Jones falling 0.29% to 52,421.17, the S&P 500 declining 0.48% to 7,619.94, and the Nasdaq Composite slipping 0.56% to 26,186.41. AI-related technology stocks remained under pressure after senior industry figures called for a slower pace of AI development amid concerns over rapidly advancing AI systems. Brent crude was around $106.96 per barrel on Tuesday, with oil prices rising after attacks on Saudi Arabian energy infrastructure disrupted the kingdom's East-West pipeline. The 10-year Treasury yield briefly crossed 5% on Monday for the first time since 2023, increasing pressure on equity valuations and raising expectations of a more hawkish Fed stance.
From a technical perspective, the daily RSI continues to trade below the 40 zone, indicating that the bearish bias remains intact. The Nifty is trading below its 20-day and 50-day EMAs, keeping the overall structure weak. However, the index formed a bullish candle after a series of declines, indicating early buying traction at lower levels. The immediate support zone is around 23,200/74,200, with potential bounce towards 23,500/75,000 if the market trades above this level. Conversely, if the market falls below 23,200/74,200, selling pressure is likely to accelerate towards 23,000–22,900/73,700–73,500 levels. For Bank Nifty, the immediate support zone is at 56,000, with potential move towards 57,000–57,500 above this level. The Nifty Midcap 100 fell 0.40% while the Smallcap 100 declined 0.53%, with market breadth remaining weak with 145 stocks advancing and 349 stocks declining from the Nifty 500 universe.
