Indian Equities Rise After Volatile Expiry-Day Auction; Oil Tops $102

An end-of-day recap of all that transpired in the Indian markets, highlighting the major price movements and the factors driving them

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By Dehuti Jani

September 10, 2026 at 12:26 PM IST

Indian equities ended slightly higher on Thursday after a volatile closing auction session, with benchmark indices reversing losses seen during regular trading. The Nifty50 settled 0.20% higher at 23,477.80, while the Sensex gained 0.19% to 74,902.59.

The benchmarks had been down around 0.18% before the closing auction, during which indicative levels briefly jumped more than 1%. Volatility was elevated as the Sensex weekly derivatives contracts expired, with the closing auction mechanism amplifying last-minute moves amid relatively thin liquidity.

Half of the 16 major sectoral indices declined, with Nifty Auto and Realty among the biggest losers, while PSU Bank gained more than 1%. Mahindra & Mahindra, Eternal and Shriram Finance were among the top Nifty 50 losers. The Nifty MidCap index fell around 0.4%, while the SmallCap index was broadly flat.

Brent crude rose above $102 a barrel, keeping investors cautious as escalating US-Iran tensions raised concerns over further disruptions to energy supplies through the Strait of Hormuz. Iran said it had attacked 10 ships near the strait after the US sank five Iranian oil tankers, adding to concerns over inflation and growth in oil-import-dependent India.

The Indian rupee fell 0.3% to 95.44 per US dollar, extending its decline to a third consecutive session as higher oil prices, derivative-related dollar demand and corporate hedging weighed on the currency.

Indian government bonds yield rose today as Brent crude prices hovered around $102 and a sharp rise in US Treasury yields limited gains. The yield on the benchmark 6.94%, 2036 bond rose to 6.9762% from 6.9568% on Wednesday. Trading volumes remained muted as investors stayed cautious ahead of key inflation and policy cues.

Top Movers of the Day

Ola Electric Mobility rose 4.8% to around ₹39.11, among the most actively traded stocks by volume on the NSE. A combined 179.9 million shares had changed hands amid continued momentum in EV stocks, heavy retail participation and technical buying following recent weakness.

Wipro fell 0.50%, a 52-week low to ₹166.16, driven by negative brokerage views, upcoming index exclusions. JP Morgan brokerage firm retained underweight rating on the company with a low target price. The stock is scheduled to be removed from Nifty50 effective September 30.

Power Grid Corporation advanced 1.94% to around ₹271, supported by defensive buying in utilities and continued optimism over transmission capital expenditure and regulated returns.

Tech Mahindra was marginally up 0.88% to ₹1,521.20 as the stock broke above the 100-day exponential moving average. Positive comments from Choice Institutional Equities on the company being top beneficiaries for structural wallet expansion and banking AI spending.

IRB Infrastructure Developers gained around 4.5% to about ₹20, supported by buying in infrastructure and road-asset companies amid expectations of steady toll-road cash flows.

Coal India remained largely unchanged to ₹431.60 after reports that NCL's production rose 67% post-monsoon, supporting sentiment around the PSU miner. The stock traded with a positive bias amid improved output visibility and defensive positioning in energy.

HCL Technologies fell 2.5% to around ₹1,199, among the biggest midday losers, after a bearish note by Citi flagging rich valuations, alongside broader selloffs in IT stocks driven by US rate hike worries.

Vodafone Idea fell 4.38% to around ₹14.84 despite being the most actively traded stock by volume, with more than 550 million shares changing hands. Persistent debt and fund-raising concerns continued to weigh on the stock.

IFCI fell 4.23% to around ₹85.20 after recent gains, as investors booked profits in high-beta financial stocks amid mixed broader market conditions. The shares had risen this week earlier on excitement around the NSE IPO. IFCI controls a stake of over 50% in the Stock Holding Corporation of India, which holds 4% stake in NSE.

Utkarsh Small Finance Bank declined around 7.5% to ₹14.70, under pressure from profit-taking and concerns over asset quality and funding costs in a high-interest-rate environment.

Futures & Options
The Nifty September 2026 futures closed at 23,500.10, a premium of 22.30 points over the Nifty 50's cash-market close of 23,477.80. The Nifty rose 46.30 points, or 0.20%, during the session, while the NSE's India VIX, a gauge of expected near-term volatility, fell 1.71% to 11.72.

HDFC Bank, Vodafone Idea and Reliance Industries were the most-traded individual stock futures contracts on the NSE. The September 2026 F&O contracts will expire on 29 September.

Bonds
The benchmark government bonds yields rose on Thursday as a sharp rise in crude oil prices heightened inflation concerns and traders positioned cautiously ahead of Friday's government securities auction. The benchmark 6.94%, 2036 bond yield rose to 6.9762% from 6.9568% at the previous close.

Brent crude climbed to $102.31 a barrel amid concerns over prolonged supply disruptions, while the 10-year US Treasury yield rose above 4.86% intraday, adding to pressure on domestic bonds. Traders also built short positions ahead of US producer price data and Friday's consumer price inflation report, which could provide further clues on the Federal Reserve's rate trajectory.

Forex
The Indian rupee fell for a third consecutive session on Thursday, weakening 0.3% to 95.44 per US dollar, its steepest single-day decline since mid-July. Rising oil prices, elevated dollar demand linked to derivatives maturities and corporate hedging pressured the currency.

State-run banks were seen selling dollars, likely on behalf of the Reserve Bank of India, although traders said the scale of intervention had eased from last week. The RBI had sold at least $8 billion in the previous trading week to support the rupee, but intervention appeared less intense as oil prices rose more than 6% this week, increasing pressure on the currency.

Crypto
The cryptocurrency markets remained in cautious consolidation on Thursday, with Bitcoin trading around $78,100-$79,150 and Ethereum holding between $2,460 and $2,500. Rising Brent crude prices to $102 a barrel amid escalating US-Iran tensions have renewed inflation concerns and encouraged a broader risk-off approach across financial markets.

Investors are also awaiting the upcoming US consumer price inflation report for clues on the Federal Reserve's policy outlook, with expectations of higher-for-longer interest rates keeping digital-asset demand subdued. The combination of geopolitical risks, elevated energy prices and uncertainty over borrowing costs has kept major cryptocurrencies within relatively narrow trading ranges.

US Stock Futures
US stock futures traded mixed early Thursday as investors awaited the first of two key US inflation reports due this week. Dow futures rose 0.33%, or 174 points, while S&P 500 futures gained 0.18% and Nasdaq-100 futures edged lower. Higher Treasury yields continued to weigh on risk appetite, despite the US Treasury Department planning to buy back up to $6 billion of longer-term debt.

Rising oil prices added to inflation concerns as Brent crude climbed to around $102 a barrel, while WTI futures rose to $97.24 today amid escalating US-Iran tensions and concerns over further energy supply disruptions.

US Treasury Notes
US Treasury note yields edged higher Thursday as investors remained cautious ahead of key market catalysts. The benchmark 10-year Treasury yield hovered around 4.86%, while the two-year yield held at 4.44%. Trading remained subdued as investors awaited the release of US producer price index data for clues on inflation and the Federal Reserve's interest-rate outlook.

Market participants were also focused on the Treasury Department's planned $6 billion long-end debt buyback operation, which could influence demand for longer-dated government bonds.

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