The benchmark indices experienced a modest decline during early trading, with the S&P BSE Sensex advancing 38.63 points or 0.05% to 77,694.72 and the Nifty 50 index falling 56.10 points or 0.23% to 24,278.65 as of 12:25 IST. According to reports from Business Standard, the broader market showed outperformance with the BSE 150 MidCap Index rising 0.29% and the BSE 250 SmallCap Index adding 0.69%. Market breadth remained positive with 2,392 shares rising and 1,650 shares falling on the BSE, while 252 shares remained unchanged. This represents an improvement from the previous session's negative breadth of 1,997 rising versus 2,331 falling shares.
The Nifty IT index declined 1.23% to 30,394, marking a reversal from its previous two-session advance when it had risen 0.78% in the two consecutive trading sessions. Major IT companies experienced significant declines including Infosys down 1.88%, Tech Mahindra falling 1.84%, Mphasis declining 1.82%, HCL Technologies down 1.12%, Wipro dropping 1.02%, Tata Consultancy Services declining 0.96%, LTM falling 0.7%, Coforge down 0.34%, and Persistent Systems dropping 0.18%. This decline in the IT sector contributed to the overall market weakness, as reported by Business Standard.
The Nifty Media index fell 0.77% to 1,600.30, marking a reversal from its previous two-session advance when it had jumped 1.33% in the two consecutive trading sessions. Major media companies experienced significant declines including Zee Entertainment Enterprises down 3%, Tips Music falling 1.2%, Nazara Technologies declining 1.19%, Sun TV Network dropping 0.66%, and Hathway Cable & Datacom down 0.28%. This decline in the media sector contributed to the overall market weakness, as reported by Business Standard.
In the commodities market, Brent crude for October 2026 settlement declined $1.87 or 2.11% to $86.71 a barrel. The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, declined 3.01% to 11.18. The Nifty 29 September 2026 futures were trading at 24,455.10, at a premium of 176.45 points as compared with the spot at 24,278.65. The Nifty option chain for the 29 September 2026 expiry showed a maximum call OI of 53.5 lakh contracts at the 25,000 strike price and a maximum put OI of 55 lakh contracts at the 24,000 strike price.
Despite the overall market decline, Fedbank Financial Services rose 0.82% following the company's announcement that its board has approved an increase in aggregate borrowing limits to ₹23,000 crore from ₹18,000 crore earlier. Advait Energy Transitions rallied 3.09% after the company announced receiving a turnkey contract worth ₹134.62 crore from Madhya Pradesh Power Transmission Company (MPPTCL) for Emergency Restoration Systems. However, Subex declined 1.29% after the company entered into a three-year engagement with a leading African mobile operator for HyperSense Fraud Management solutions. Additionally, Caplin Point Laboratories fell 2.38% after the company said that the USFDA conducted an unannounced inspection of its subsidiary facility.
