Tuesday, 29 September 2026. GIFT Nifty was 22,834.50 at 7:04 AM IST, up 12.5 points (0.05%). Yesterday's session is covered in the post-market report for 28 September.
Global cues this morning
| Market | Latest | Change | As of |
|---|---|---|---|
| GIFT Nifty | 22,834.50 | +12.5 pts (+0.05%) | 7:04 AM IST |
| Brent crude | About $106 | — | Early Tuesday |
| WTI crude (Nov) | $93.27 | +0.67% | Monday's settlement |
| US 10-year yield | 5.24% | +6 bps | Monday's close |
| Dow Jones | 51,481.51 | −0.67% | Monday's close |
| S&P 500 | 7,683.69 | −0.77% | Monday's close |
| Nasdaq | 26,820.38 | −0.92% | Monday's close |
GIFT Nifty was 12.5 points above its previous close of 22,822 at 7:04 AM, close to where the Nifty ended on Monday.
Monday's numbers at home
| Market | Close | Change |
|---|---|---|
| Nifty 50 | 22,780.25 | −1.56% |
| Sensex | 72,771.72 | −1.52% |
| Bank Nifty | 54,471.65 | −1.99% |
| India VIX | 13.64 | +12.17% |
| USD/INR | 96.03 | Rupee 28 paise weaker |
Foreign institutional investors sold a net ₹5,353.22 crore of Indian shares on Monday, and domestic institutions bought a net ₹5,189.02 crore, according to NSE's provisional data.
US–Iran: talks through Qatar
Oil jumped on Monday after President Trump said on Saturday that Iran's seven-day plan to reopen the Strait of Hormuz was not acceptable.
The talks have not stopped. Reuters reported on Monday, citing an official briefed on the negotiations, that the US and Iran were expected to hold separate talks with mediators on Monday or Tuesday. Qatar's prime minister and foreign minister, Sheikh Mohammed bin Abdulrahman bin Jassim Al Thani, is mediating, and the talks are expected to focus on an amended version of Iran's seven-day proposal.
Early on Tuesday, Brent crude was trading around $106 a barrel, according to Trading Economics.
Wall Street fell as yields climbed
US stocks ended Monday lower: the Dow Jones fell 0.67%, the S&P 500 0.77% and the Nasdaq 0.92%. The 10-year Treasury yield rose 6 basis points to 5.24%, its highest level since 2007, as higher oil prices added to inflation worries ahead of a week full of US economic data.
US pharma tariff: generics left out
The US Section 232 tariff on imported patented medicines applies to most importers from today, 29 September, after starting for 17 named companies on 31 July. The default rate is 100%, with lower rates for some countries and for companies with onshoring or pricing agreements.
Two points matter for Indian drug makers, which sell mostly generic medicines in the US:
- Generic medicines that are no longer under patent, and their ingredients, are not subject to the tariff for now. The proclamation asks the Commerce Department to review within a year whether to extend it to generics.
- India is one of 20 countries whose specialty drugs, such as treatments for rare diseases, cell and gene therapies and antibody-drug conjugates, get a 0% rate.
Industrial output grew 8% in August
India's Index of Industrial Production rose 8% from a year earlier in August, according to government data released on Monday. Manufacturing grew 9% and electricity 12.3%, while mining shrank 5.6%. July's growth was a quick estimate of 6.7%.
Today's calendar
- Tuesday, 29 September: monthly expiry of Nifty futures and options.
- Wednesday, 30 September: Vishal Nirmiti and Nityas Gems & Jewellery IPOs open.
- Friday, 2 October: markets closed for Gandhi Jayanti.
What I check at 9:00
- Where GIFT Nifty is by 9:00 compared with its 7:04 AM level.
- Brent crude, and any news from the Qatar-mediated talks.
- The rupee when currency trading opens at 9:00.
Sources
- GIFT Nifty and Indian closes: Zerodha Kite market data
- US stocks, yields and oil: Yahoo Finance, CNBC
- Brent crude: Trading Economics
- US–Iran talks: Reuters via Jerusalem Post, US News (Reuters)
- Pharma tariff: Carra Globe, Free Press Journal
- IIP: Business Standard, ANI
- FII and DII flows: NSE provisional data via 5paisa
- Rupee: PTI via Deccan Herald
This note summarises public news and data for information only. It is a record of events and numbers, not a view on where the market goes next: I don't publish levels, targets or trade ideas. It is not investment advice or a recommendation to buy or sell any security. I am not registered with SEBI as an investment adviser or research analyst.