Indian Stock Market Faces Pressure Ahead of September 29 Trading
The Indian stock market is set for a subdued opening as global cues and rising oil prices weigh on investor sentiment.
Nifty 50 closed at 22,762, marking a 1.54% decline.
Sensex fell to 72,836, down 1.43% from the previous session.
Concerns over US-Iran conflict and rising crude oil prices continue to impact market outlook.
On September 29, 2026, the Indian stock market is anticipated to begin on a weak note, with GIFT Nifty showing a slight decline. This follows a challenging trading session on September 28, where benchmark indices faced significant selling pressure, leading to a breach of critical support levels.
The backdrop for this market behavior includes rising crude oil prices and ongoing uncertainties surrounding the US-Iran conflict. Ponmudi R, CEO of Enrich Money, noted that these factors are dampening market sentiment, despite efforts for mediation in the conflict. U.S. President Donald Trump has expressed confidence in a swift resolution, yet the market remains cautious due to the potential for supply disruptions.
In the previous trading session, the Nifty 50 index dropped 1.54%, closing at 22,762, while the Sensex fell 1.43% to settle at 72,836. The Nifty's year-to-date loss has now reached 13%. Analysts suggest that immediate support for the Sensex is between 72,300 and 72,500, with resistance around 72,900 to 73,000. A recovery above 73,000 is necessary for market stabilization, while a drop below 72,300 could lead to further declines.
Globally, U.S. markets also closed lower, with the Dow Jones Industrial Average falling by 350 points. Rising bond yields and a stronger dollar have contributed to this downturn. Oil prices have seen an uptick, with Brent crude futures rising to $105.91 per barrel, driven by concerns over Middle Eastern supply disruptions.
Looking ahead, traders are advised to remain cautious as the market navigates these turbulent conditions. The next few sessions will be crucial for determining whether the indices can regain upward momentum or if further declines are on the horizon.
