Sensex, Nifty tumble as crude prices surge; NSE IPO adds buzz to primary market
At last check, the 30-share BSE Sensex pack was down 704.25 points or 0.94 per cent at 74,198.34, while the NSE Nifty index declined 237.55 points or 1.01 per cent to 23,240.25. India VIX, a measure of market volatility, rose 6.29 per cent to 12.54.
- Sep 11, 2026,
- Updated Sep 11, 2026 9:54 AM IST
Indian equity benchmarks fell sharply in early trade on Friday as elevated crude oil prices and mounting geopolitical concerns weighed on investor sentiment. The sell-off came even as the domestic primary market remained in focus with the National Stock Exchange (NSE) announcing the price band for its much-awaited initial public offering (IPO).
At last check, the 30-share BSE Sensex pack was down 704.25 points or 0.94 per cent at 74,198.34, while the NSE Nifty index declined 237.55 points or 1.01 per cent to 23,240.25. India VIX, a measure of market volatility, rose 6.29 per cent to 12.54.
The broader market also came under pressure, with Nifty Midcap100 falling 1.31 per cent and Nifty Smallcap declining 1.23 per cent.
VK Vijayakumar, Chief Investment Strategist at Geojit Investments, said, "Headwinds for the market are getting stronger with the escalation in the Middle East conflict. Brent crude has shot up to around $108. If this high price sustains, or worse, spikes further, the impact on India's GDP growth and consequently on corporate earnings will not be insignificant. An equally strong headwind is the rise in US bond yields. The 10-year yield, now at 4.96 per cent, is approaching the 5 per cent mark, which many regard as a possible inflection point for global equities. A correction in global equity market is likely, but the timing is hard to predict."
Vijayakumar added, "The booming Indian IPO market is the centre of attraction of investors now. The heavy over subscription and attractive listing gains have drawn millions of investors into the IPO market. This has sucked off big money from the secondary market. There is a lot of excitement over the NSE IPO scheduled to open for the public on 17th of this month. All things considered, investors have to be cautious in this challenging environment."
Devarsh Vakil, Head of Prime Research at HDFC Securities, stated, "Energy prices spiked significantly as Brent crude surged above $108 per barrel. This surge reflects growing geopolitical anxieties and supply disruption fears regarding the Strait of Hormuz due to the prolonged conflict between the United States and Iran. The steep rise in energy costs has intensified overall market worries about persistent inflationary pressures."
Vakil also said, "The domestic currency (rupee) remained under pressure amid elevated crude oil prices, persistent foreign equity outflows, and sustained dollar demand from importers."
The market weakness came amid heightened geopolitical tensions in the West Asia. Iran-aligned Houthis seized control of Yemen's port of Mocha on Thursday, posing a further threat to Red Sea traffic, while traffic through the Strait of Hormuz remained restricted amid tanker attacks in the region.
US President Donald Trump warned that the US may hit Iran's Pickaxe Mountain, located near its damaged Natanz uranium enrichment facility, and said the war would end after the November mid-term elections.
The Strait of Hormuz is a key global energy route. Before the conflict began in late February, it handled around one-fifth of the world's daily oil and liquefied natural gas supplies.
NSE IPO price band announced
Meanwhile, NSE has announced the price band for its IPO at Rs 1,700-1,785 per share, adding to the activity in India's primary market. The NSE IPO is among the most closely watched upcoming public offerings.
Indian equity benchmarks fell sharply in early trade on Friday as elevated crude oil prices and mounting geopolitical concerns weighed on investor sentiment. The sell-off came even as the domestic primary market remained in focus with the National Stock Exchange (NSE) announcing the price band for its much-awaited initial public offering (IPO).
At last check, the 30-share BSE Sensex pack was down 704.25 points or 0.94 per cent at 74,198.34, while the NSE Nifty index declined 237.55 points or 1.01 per cent to 23,240.25. India VIX, a measure of market volatility, rose 6.29 per cent to 12.54.
The broader market also came under pressure, with Nifty Midcap100 falling 1.31 per cent and Nifty Smallcap declining 1.23 per cent.
VK Vijayakumar, Chief Investment Strategist at Geojit Investments, said, "Headwinds for the market are getting stronger with the escalation in the Middle East conflict. Brent crude has shot up to around $108. If this high price sustains, or worse, spikes further, the impact on India's GDP growth and consequently on corporate earnings will not be insignificant. An equally strong headwind is the rise in US bond yields. The 10-year yield, now at 4.96 per cent, is approaching the 5 per cent mark, which many regard as a possible inflection point for global equities. A correction in global equity market is likely, but the timing is hard to predict."
Vijayakumar added, "The booming Indian IPO market is the centre of attraction of investors now. The heavy over subscription and attractive listing gains have drawn millions of investors into the IPO market. This has sucked off big money from the secondary market. There is a lot of excitement over the NSE IPO scheduled to open for the public on 17th of this month. All things considered, investors have to be cautious in this challenging environment."
Devarsh Vakil, Head of Prime Research at HDFC Securities, stated, "Energy prices spiked significantly as Brent crude surged above $108 per barrel. This surge reflects growing geopolitical anxieties and supply disruption fears regarding the Strait of Hormuz due to the prolonged conflict between the United States and Iran. The steep rise in energy costs has intensified overall market worries about persistent inflationary pressures."
Vakil also said, "The domestic currency (rupee) remained under pressure amid elevated crude oil prices, persistent foreign equity outflows, and sustained dollar demand from importers."
The market weakness came amid heightened geopolitical tensions in the West Asia. Iran-aligned Houthis seized control of Yemen's port of Mocha on Thursday, posing a further threat to Red Sea traffic, while traffic through the Strait of Hormuz remained restricted amid tanker attacks in the region.
US President Donald Trump warned that the US may hit Iran's Pickaxe Mountain, located near its damaged Natanz uranium enrichment facility, and said the war would end after the November mid-term elections.
The Strait of Hormuz is a key global energy route. Before the conflict began in late February, it handled around one-fifth of the world's daily oil and liquefied natural gas supplies.
NSE IPO price band announced
Meanwhile, NSE has announced the price band for its IPO at Rs 1,700-1,785 per share, adding to the activity in India's primary market. The NSE IPO is among the most closely watched upcoming public offerings.