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Trendlyne Marketwatch
28 Sep 2026
Market closes lower as Brent crude surges
By Trendlyne Analysis

 

Nifty 50 closed at 22,780.25 (-360.3, -1.6%), BSE Sensex closed at 72,771.72 (-1,124.0, -1.5%) while the broader Nifty 500 closed at 22,232.15 (-371.4, -1.6%). Market breadth is moving down. Of the 2,857 stocks traded today, 671 were in the positive territory and 2,140 were negative.

Indian indices closed lower as Brent crude oil traded above $108 per barrel. The Indian volatility index, Nifty VIX, rose 12.2% and closed at 13.6 points. Consumer Electronics stocks like Voltas and Blue Star closed higher after the companies reportedly informed trade partners about AC price hikes of up to 10% from October 1, citing a sharp increase in input costs.

Nifty Smallcap 100 and Nifty Midcap 100 closed lower. Nifty PSU Bank and Nifty High Beta 50 are among the top index losers today. According to Trendlyne’s sector dashboard, Utilities emerged as the worst-performing sector of the day, with a fall of 2.3%.

Asian markets closed mixed. European markets traded with varied trends. US index futures traded lower, indicating a negative start to the trading session. Brent crude oil prices climbed above $108 per barrel after Iran said it would not soften its conditions for reopening the Strait of Hormuz. Tehran said the route would reopen only if its terms on US military pressure, port blockades, oil sanctions and a ceasefire were met, keeping uncertainty over normal traffic through the key oil shipping route.

  • Relative Strength Index (RSI) indicates that stocks like SAR Auto Products and Protean eGov Tech are in the overbought zone.

  • Omaxe falls sharply after SEBI bars it from accessing the securities market for three months. The regulator found that Omaxe routed funds to entities that bought its shares in 2013, allowing it to incorrectly report compliance with the requirement that at least 25% of shares be held by public investors.

  • Global Health secures a 10,560 sq metre freehold land parcel in Ghaziabad from the Uttar Pradesh Housing and Development Board for around Rs 165.8 crore. The site can accommodate a 350-plus-bed hospital.

  • Aegis Logistics' board of directors approves a Rs 6,000 crore fundraise by issuing equity or other securities through a qualified institutional placement (QIP) or other modes.

  • Akshali Shah, Executive Director of Parag Milk Foods, says the company plans to double its cheese and whey protein capacity and targets Rs 10,000 crore revenue in 3-4 years, with EBITDA margins reaching the mid-teens. She adds that with paneer capacity at 100% utilisation, Parag Milk is shifting focus to a Rs 1 lakh crore TAM growing at 12% CAGR, supported by annual advertisement spending of Rs 130-140 crore.

  • Great Eastern Shipping Co is rising as Nomura initiates coverage with a 'Buy' call and a target price of Rs 1,965 per share. This indicates a potential upside of 28.2%. The brokerage is positive on the stock, given its strong cash position, disciplined capital allocation and ability to compound its net asset value through shipping cycles.

  • Consumer Electronics stocks like Voltas, Blue Star and Bosch Home Comfort are rising as the companies reportedly inform trade partners of AC price hikes of up to 10% from October 1 due to a sharp increase in input costs.

  • Unichem Laboratories is falling as it receives a Form 483 with five observations from the US FDA after an inspection at its formulation facility in Goa.

  • Investec expects IRDAI’s proposed insurance distribution rules to affect distributors the most, particularly bancassurance and brokers, while agencies may see a modest impact and smaller insurers could face operational challenges. It views the overall impact on most listed insurers as manageable, with SBI Life, Canara HSBC Life and LIC unaffected, and sees potential long-term consolidation benefits for larger players.

  • Dilip Buildcon secures an order worth Rs 1,151.5 crore from REC Power Development and Consultancy to establish a 400 kilo-volt (KV) substation in Maharashtra. It also wins a Rs 688.2 crore order from the National Highways Authority of India (NHAI) to build a four-lane highway in the state.

  • Lupin receives tentative approval from the US FDA for its Apixaban Oral Suspension used to prevent blood clots. The drug had an estimated market size of $3.2 bn in 2025.

  • Kalpataru Projects International secures an order worth over Rs 4,000 crore for the engineering, procurement and construction (EPC) of a gas pipeline project in the United Arab Emirates.

  • Dhoot Transmission declines for the 4th consecutive session as Kotak Institutional Equities initiates coverage on the stock with a 'Sell' rating and a target price of Rs 1,400. The brokerage believes the current valuation already prices in the growth prospects, limiting further upside. However, it notes the company’s leadership in India’s 2W and 3W wiring-harness segment and expects revenue and EBITDA to grow 23% CAGR over FY27-29, driven by 17% wiring-harness and 50% EV-components growth.

  • Sixteenth Street Asian Gems Fund sells 25.7 lakh shares of PB Fintech worth Rs 299.6 crore through a bulk deal at an average price of Rs 1,167.1 per share.

  • Dalmia Bharat is falling as its promoter group, Keshav Power and Rama Investment Co, sell 10.8 lakh shares worth Rs 184.3 crore through a block deal at an average price of Rs 1,700 per share. Affiliate, Dalmia Bharat Refractories, picks up the shares.

  • Marine Electricals is rising as it secures orders worth around Rs 250.8 crore from Digital Edge, Socomec India and STT Global Data Centres to supply power distribution systems.

  • Motilal Oswal initiates coverage on Aster DM Quality Care with a 'Buy' rating and a target price of Rs 910. The brokerage notes that the Aster DM Healthcare–QCIL merger creates one of India’s largest hospital platforms, with the capacity to scale beyond 15,000 beds by FY30. It adds that the merger significantly enhances regional diversification by bringing complementary hospital networks under one roof, creating a pan-India platform with greater potential for cross-cluster referrals.

  • Dredging Corp of India plans to acquire 11 dredgers over five years with a capex of Rs 3,560 crore. The company's board of directors is also considering a Rs 1,000 crore fundraise through a rights issue for capacity expansion and acquisition of vessels.

  • Rashtriya Chemicals & Fertilizers' board of directors approves a Rs 1,500 crore fundraise by issuing equity shares through a follow-on public offer (FPO). Separately, the company also places an order worth Rs 797 crore with Larsen & Toubro to upgrade its ammonia plant in Thal.

  • Raghav Productivity Enhancers enters an agreement to form an 80:20 joint venture (JV), RPEL TRLK Silicatech, with TRL Krosaki Refractories to develop and market silica ramming mass.

  • Reports suggest 87.9 lakh shares (7.5% equity) of Clean Max Enviro Energy Solutions worth Rs 1,199 crore changes hands in a block deal. Augment is likely the seller in this deal.

  • Steel Authority of India (SAIL) signs a memorandum of understanding (MoU) with Bharat Coking Coal (BCCL) to jointly develop the Indikatta Ramnagore and the East of Damagoria (Kalyaneshwari) coal blocks in West Bengal.

  • AGI Infra's board of directors approves a Rs 275 crore fundraise through a qualified institutional placement (QIP).

  • Signature Global (India) is rising after acquiring and collaborating on a 194.2-acre land parcel in Farrukhnagar, Gurugram. The project adds around 6.8 million sq. ft. of developable area with an estimated gross development value of Rs 5,500-6,000 crore. The company has acquired 25 acres and entered into collaboration agreements for another 169.2 acres.

  • Power Grid Corp of India secures an order worth Rs 430.7 crore annually to set up interstate transmission lines to evacuate power from Lakadia, Jam Khambhaliya, and Jamnagar plants.

  • Nifty 50 was trading at 22,965.75 (-174.8, -0.8%), BSE Sensex was trading at 73,734.83 (-160.9, -0.2%), while the broader Nifty 500 was trading at 22,420.30 (-183.2, -0.8%).

  • Market breadth is highly negative. Of the 2,377 stocks traded today, 654 showed gains, and 1,625 showed losses.

Riding High:

Largecap and midcap gainers today include GlaxoSmithKline Pharmaceuticals Ltd. (2,888, 2.6%), Dixon Technologies (India) Ltd. (13,640, 1.9%) and Dr. Reddy's Laboratories Ltd. (1,221, 1.7%).

Downers:

Largecap and midcap losers today include YES Bank Ltd. (21.18, -5.9%), Bank of India (129.99, -5.8%) and Vodafone Idea Ltd. (13.47, -5.5%).

Movers and Shakers

11 stocks in BSE 500 are trading on high volumes today.

Top high volume gainers on BSE included Go Digit General Insurance Ltd. (264.95, 4.4%), Mangalore Refinery And Petrochemicals Ltd. (170.05, 3.3%) and GlaxoSmithKline Pharmaceuticals Ltd. (2,888, 2.6%).

Top high volume losers on BSE were Bank of India (129.99, -5.8%), Cera Sanitaryware Ltd. (5,200, -3.6%) and Signatureglobal (India) Ltd. (770.10, -2.4%).

Great Eastern Shipping Company Ltd. (1,534, 2.5%) was trading at 4.7 times of weekly average. Brainbees Solutions Ltd. (185.10, 2.4%) and Indian Renewable Energy Development Agency Ltd. (114.82, 1.4%) were trading with volumes 3.8 and 3.6 times weekly average respectively on BSE at the time of posting this article.

BSE 500: highs, lows and moving averages

3 stocks overperformed with 52 week highs, while 38 stocks tanked below their 52 week lows.

Stocks touching their year highs included - Zydus Lifesciences Ltd. (1,215, 0.9%), Welspun Corp Ltd. (2,754, -2.8%) and Engineers India Ltd. (313.30, -0.7%).

Stocks making new 52 weeks lows included - ACC Ltd. (1,214, -1.8%) and Ambuja Cements Ltd. (374.35, -2.5%).

6 stocks climbed above their 200 day SMA including Mangalore Refinery And Petrochemicals Ltd. (170.05, 3.3%) and Hero MotoCorp Ltd. (5,390, 0.6%). 27 stocks slipped below their 200 SMA including YES Bank Ltd. (21.18, -5.9%) and Union Bank of India (171.75, -4.7%).

 
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