On September 29, 2026, the Indian stock market experienced a significant decline, with the Sensex falling nearly 400 points and the Nifty index trading below 22,700. This drop was influenced by weak global cues, rising crude oil prices, foreign institutional investor outflows, and a weakening Indian rupee. Despite the overall market downturn, several stocks showed notable gains during the trading session.
- The Sensex dropped by as much as 0.97%, hitting an intraday low of 72,064 points.
- The Nifty50 index fell by 0.92%, reaching a low of 22,569.65 points.
- Foreign institutional investors sold shares worth ₹5,353.22 crore, while domestic institutional investors purchased equities worth ₹5,189.02 crore.
- Pharmaceutical stocks gained, with the Nifty Pharma index rising over 1%.
- Shares of companies like Coforge, Azad Engineering, NCC, and AXISCADE showed strong performance.
Why Did the Sensex and Nifty Decline on September 29, 2026?
The decline in the Sensex and Nifty was mainly due to several factors. Weak global market cues and a surge in crude oil prices created a negative environment for investors. Additionally, the Indian rupee weakened past the 96 mark against the US dollar, reaching 96.388 during the trading session. Foreign institutional investors also sold shares worth over ₹5,300 crore, adding to the downward pressure on the market.
Which Stocks Were the Top Losers in the Market?
Among the Nifty50 index, the top losing stocks included HDFC Life Insurance Company, Titan Company, HCL Technologies, Infosys, and Eternal. Similarly, Dr. Reddy's Laboratories, Adani Enterprises, Kotak Mahindra Bank, Adani Ports and Special Economic Zone, and Tata Steel also experienced declines during the session.
Which Stocks Showed Gains Despite the Market Fall?
Several stocks performed well amid the market decline. Pharmaceutical companies such as Mankind Pharma, Dr. Reddy’s, Gland Pharma, and Abbott India gained, supported by the United States exempting certain specialty drugs imported from 20 countries from a 100% import duty rate. This exemption provides relief to Indian drugmakers exporting to the US.
Shares of Coforge rose by 2.3% after appointing Akhil Gupta as Chairperson and Non-Executive Independent Director. Azad Engineering’s shares surged by 10.1% following the inauguration of two lean manufacturing facilities for GE Vernova's Gas Power business, which is expected to drive medium-term growth.
NCC’s stock climbed by 5.38% after securing a government contract worth ₹1,076.71 crore to supply fresh water in Andhra Pradesh. AXISCADE shares surged 10% after a large block deal, and TCI Express gained 20% following its own block deal.
What Are the Recent Developments in the Adani Group and Tata Companies?
Shares of Adani Group companies mostly traded in the green zone after the group chairman and several companies settled proceedings with the market regulator SEBI over alleged violations of minimum public shareholding norms by paying ₹1.48 crore. This settlement covers Adani Enterprises, Adani Power, Adani Ports and Special Economic Zone, and Adani Transmission (now Adani Energy Solutions), along with their directors.
Tata Chemicals and Tata Investment Corporation stocks came under pressure after Tata Trusts proposed restructuring Tata Sons. The plan aims to merge Tata Electronics Systems Solutions and Tata Consulting Engineers with Tata Sons to change its classification and potentially avoid a stock-market listing. This restructuring requires board approval and regulatory clearances.
What Is the Significance of Symbiotec Pharmalab’s FDA Report?
Symbiotec Pharmalab’s shares rallied by 7.7% after receiving the Establishment Inspection Report from the US Food and Drug Administration for its manufacturing facility in Pithampur, Madhya Pradesh. The report assigned a Voluntary Action Indicated status, which is a positive outcome for the company’s compliance and operations.
How Did the New IPO of Varmora Granito Perform?
Tiles and bathware manufacturer Varmora Granito debuted on the National Stock Exchange at ₹155 per share, a 4.73% premium over its IPO price of ₹148. On the Bombay Stock Exchange, it started trading at ₹152 per share, up 2.7% from the issue price. Investors who received the IPO allotment saw gains in the value of their investment on the listing day.
Key Takeaways
- The Sensex and Nifty declined due to global factors, crude oil prices, and currency weakness.
- Pharmaceutical stocks gained following US import duty exemptions.
- Several companies, including Coforge, Azad Engineering, and NCC, showed strong stock performance.
- Adani Group settled regulatory proceedings, and Tata Trusts proposed restructuring Tata Sons.
- Symbiotec Pharmalab received a positive FDA inspection report.
- Varmora Granito’s IPO debuted with a premium on the stock exchanges.
