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Informist, Monday, Sept. 28, 2026

By Adhithya Aji

MUMBAI – Indices are expected to kick off the week on a subdued note as crude oil prices climbed to around $106 per barrel. Crude oil prices rose after US President Donald Trump rejected Iran's proposal to end the war. Following this, Iran refused to ease the conditions it proposed to reopen the Strait of Hormuz, clouding the hopes of restoring crude supply through the key waterway. 

The November futures of Brent crude were over 2% higher at $106.69 per barrel. The prices rose after Trump's red flag to Iran's proposals to end the war and reopen the key strategic waterway Strait of Hormuz. The proposal included conditions similar to the agreement Washington and Tehran had signed in June. Trump said he would have accepted Iran's conditions a year ago and accused Tehran of overplaying its hand, as per media reports. Iran stood firmed on the position that only diplomatic measures can end the West Asia war, which has been going on for over seven months.   

"Our conditions are clear, and any move toward reopening ‌the Strait of Hormuz is contingent on these conditions being met," Reuters reported citing a social media post by Iranian Foreign Minister Abbas Araqchi. "Only a negotiated solution can get them out of this deadlock."   

Foreign portfolio investors were net sellers of equity Friday. They were net sellers for the second consecutive session and sold equity worth INR 36.93 billion. Selling of shares by overseas investors continues, but their appetite for initial public offering also continues, according to Dheeraj Gaur, chief investment strategy officer at Choice Wealth. The underlying trend for the secondary markets remained cautious. Foreign investors sold INR 20.06 billion in secondary markets while infused INR 58.48 billion in the primary market during the week, Gaur added. "In other words, the foreign investor is not exiting Indian equities uniformly; rather, there is a clear preference for selective primary-market opportunities over broad-based secondary-market exposure," he said in a note. 

At 0738 IST, the September futures of GIFT Nifty were 0.6% lower at 23099.55, indicating a muted open for the Nifty 50 index. "The index (Nifty 50) has formed a small bullish candle following a strong bearish candle, indicating absorption of selling pressure and rejection of lower levels. The formation suggests near-term consolidation after previous session sharp decline," Pabitro Mukherjee, deputy vice president of research at Bajaj Broking, said in a note. The support for the Nifty 50 is seen at 23020, while the resistance is pegged around 23500–23600, according to Mukherjee. 

Globally, Asian markets were mixed Monday. South Korea's Kospi fell the most in the region and was down over 2%. China's CSI 300 Index fell over 1% as well. Friday, US indices ended higher. Dow Jones Industrial Average ended 0.9% higher while Nasdaq Composite and S&P 500 ended 0.5% higher each.  End

US$1 = INR 95.81

IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT

Edited by Akul Nishant Akhoury

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