₹8.88 Lakh Crore Wealth Wiped Out in Monday Sell-Off: Sensex, Nifty Fall Over 1.5%; Over 2,700 NSE Stocks Decline

Indian benchmark indices saw a major fall on Monday, September 28, as concerns over rising crude oil prices and global geopolitical uncertainty triggered broad-based selling across sectors. The Nifty 50 slipped below the 22,800 mark and ended near a six-month low.

The Nifty 50 opened at 23,064.90 and initially moved higher to touch an intraday peak of 23,080.25. However, selling pressure intensified as the session progressed, dragging the index to a low of 22,762.20.

At the closing bell, the Nifty 50 settled at 22,780.25, declining 360.25 points or 1.56%. The Sensex also witnessed heavy selling pressure, falling 1,124.02 points or 1.52% to close at 72,771.72. The Bank Nifty underperformed the broader market, declining 1.99%. Meanwhile, India VIX, which measures market volatility, surged nearly 12% to around 13.6.

BSE Market Capitalisation Drops Nearly ₹8.88 Lakh Crore in One Session

The sharp sell-off on Monday, September 28, resulted in a significant erosion of investor wealth, with the total market capitalisation of companies listed on the BSE declining from ₹4,83,25,067.26 crore on Friday, September 25 to ₹4,74,36,620.19 crore on Monday, September 28. This represents a decline of approximately ₹8,88,447.07 crore in a single trading session, as broad-based selling pressure weighed on equities amid rising crude oil prices, geopolitical uncertainty and weak global cues.

Over 2,700 Stocks Ended in Red; 177 Stocks Hit 52-Week Low

Selling pressure was visible across broader market segments. The Nifty Midcap 100 index declined 1.63%, while the Nifty Smallcap 100 index fell 1.85%.

Market breadth remained negative on September 28, reflecting broad-based selling pressure.

Out of 3,676 stocks traded on the NSE, 869 stocks advanced, while 2,716 declined. A total of 91 stocks remained unchanged.
Meanwhile, 99 stocks touched their 52-week highs, whereas 177 stocks hit their 52-week lows. Around 116 stocks hit  upper circuits, while 142 stocks hit lower circuits.

Sectoral Indices Performance

All the key 11 major sectoral indices on the NSE ended Monday’s session in negative territory.

The Nifty PSU Bank index witnessed the sharpest decline, falling 3.24%. The index touched a three-month low and recorded its biggest intraday decline in nearly six months.

Crude Oil Surpasses $108 Mark

The sharp rise in crude oil prices remained a key concern for investors as uncertainty around US-Iran developments increased supply-related worries. Brent crude surged nearly 4% to around $108.2 per barrel, while WTI prices also remained elevated.
Higher crude prices remain a concern for India due to its dependence on imported oil. Rising energy costs can impact inflation expectations, corporate margins and the country’s import bill, adding pressure on market sentiment.

Rupee Weakens Towards 96/USD Amid Oil Price Surge

The Indian rupee came under pressure on Monday, declining 0.2% to close at 95.9825 per US dollar. The currency touched its weakest level in more than a week as the sharp increase in crude oil prices weighed on investor sentiment.

The rise in Brent crude towards $108 per barrel increased concerns over India’s external balance, given the country’s dependence on oil imports. However, dollar selling by state-run banks, reportedly on behalf of the Reserve Bank of India (RBI), helped limit further depreciation near the 96/USD mark.

Recent capital inflows and RBI intervention have played a role in managing volatility in the currency market.

European Markets Trade Mixed

European equity markets traded with mixed momentum on Monday as investors monitored developments in crude oil prices, geopolitical risks and global economic indicators.

Germany’s DAX index traded marginally lower at 25,380.19, declining 0.06%. Meanwhile, the UK’s FTSE 100 gained 0.19% to 10,715.30, while France’s CAC 40 edged higher by 0.05% to 8,081.44.

Market participants remained focused on energy prices, bond yields and upcoming economic data for further market direction.

US Futures: Nasdaq Futures Down by Over 1% 

US equity futures traded lower on Monday as investors remained cautious amid global risk concerns and weakness in technology stocks.

Dow Jones futures declined 249 points or 0.48% to 51,914, while S&P 500 futures slipped 0.54% to 7,761.75. Nasdaq 100 futures witnessed sharper weakness, falling 1.01% to 30,576.75, indicating pressure on technology-related stocks.