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• Equity benchmark Nifty ended marginally lower after a volatile session, weighed down by escalating geopolitical tensions between the US and Iran, crude oil prices rising above $92/bbl, weak global market cues, and persistent FII selling. However, the index recovered most of its intraday losses after briefly slipping below the psychologically important 24,000 level, supported by bargain hunting. Nifty declined 24 points, or 0.1%, to close at 24,055 after touching an intraday low of 23,952.

• Banking stocks emerged as the biggest laggards, with the Bank Nifty falling around 1%, followed by auto, realty, and mid-cap indices, which declined by up to 1%. The Nifty 500 advance-decline ratio stood at 1:1.5, indicating broader market weakness. In contrast, Nifty FMCG and IT indices advanced around 1% each.

• Global markets also remained under pressure, with Asian and European equities trading lower as escalating Middle East tensions heightened concerns over potential supply disruptions and pushed crude oil prices higher. US index futures declined around half a percent as oil prices extended their gains amid continued geopolitical uncertainty.

• Graphite India and HEG gained up to 4% following reports that GrafTech International Ltd., a US-based GE company, has decided to permanently shut its graphite electrode manufacturing facility in Monterrey, Mexico. Meanwhile, auto major Maruti Suzuki declined more than 4% after reporting weak monthly sales data.

Technical Outlook:

• Nifty index opened on a flattish note and attempted to cross 24150 zones in the first half but failed as selling intensified in the second half dragging the index below the psychological 24000 marks. It formed a small bodied candle on the daily frame amidst volatile swings. Now if it crosses and holds above 24100 zones then upside could be seen towards 24200 then 24300 zones while support can be seen at 23950 then 23800 zones.

• S&P BSE Sensex index opened on a flattish note and witnessed volatile swings on either sides throughout the session. In the first half the index witnessed some buying interest towards 77200 zones followed by selling pressure as it slipped below 77000 marks in the latter part of the day. It formed a small bodied candle on the daily chart with wicks on both sides, indicating a clear tussle between the bulls and the bears. Now it has to cross and hold above 77000 zones for an up move towards 77300 then 77500 zones while a hold below the same could see weakness towards 76700 then 76500 zones.

Derivative Outlook:

• Nifty future closed negative with losses of 0.70% at 24081 levels. Positive setup seen in Naukri, HCL Tech, Mphasis, Bajaj Auto, LTM and Oil India while weakness seen in Polycab, Maruti, AB Capital, Yes Bank, VMM, ICICI Prudential, Asian Paints, HDFC AMC, NMDC, National Aluminium and MFSL.

• On option front, Maximum Call OI is at 24200 then 24100 strike while Maximum Put OI is at 24000 then 23500 strike. Call writing is seen at 24100 then 24200 strike while Put writing is seen at 24000 then 23500 strike. Option data suggests a broader trading range in between 23600 to 24500 zones while an immediate range between 23800 to 24300 levels.

• Steel Strips Wheels reports highest-ever monthly turnover in August – Company reported its highest-ever monthly turnover in August, rising 54% YoY.

• GST Collection surge by 15% in August – Gross goods and services tax (GST) collections rose 14.8% year over year to Rs 1.99 lakh crore in August, from Rs 1.74 lakh crore a year earlier.

• Sugar stocks – Government reduced the sugar dealer stock holding limit to 200 tons from 400 tons, effective Sept. 15 through Nov. 30, to curb hoarding and speculative trading.

• Texmaco Rail – Company securing a $135 million international order from Tsiko Africa Logistics and Barberry Holdings for 4,500 HP diesel-electric locomotives.

• Coal India – Company’s production in August declined 5.7% to 47.5 mt from 50.4 mt YoY. Coal Offtake rose 5.5% to 60.6 mt from 57.4 mt YoY.

• CEAT – CFO Kumar Subbiah said raw-material costs affected the first quarter by 8–10%. The company raised prices by 5% each in the first quarter and July, followed by a 2% increase in August.

• August Monthly sales – Ashok Leyland’s total sales rose 38% year-on-year to 21,038 units in August. VST Trillers total volumes falling 17.3% year-on-year to 3,720 units. Force Motors reported increase in domestic sales by 62.14% YoY to 3,721 units. Eicher Motor posted monthly sales of 1,26,479 motorcycles in August 2026, up by 11% (YoY). Maruti August sales at 2.19 lakh unit (down 9% YoY). Tata Motor August sales at 44411 unit (up 49% YoY). Hyundai Motor August sales at 65796 unit (up 9% YoY). Escorts August sales at 9523 unit (up 20.5% YoY). Bajaj Auto August sales at 5.35 lakh unit (up 28% YoY). M&M August Tractors sales at 29507 unit (up 5% YoY). M&M August vehicle sales at 59257 unit (up 50% YoY). SML Mahindra August sales at 1175 unit (up 40% YoY). TVS Motor sales up by 21% to 6.16 lakh unit.

Global Market Update

• European Market – European stocks were muted on Tuesday after notching five straight months of gains, as a rise in oil prices stoked inflation concerns and sent global bond yields to the highest in nearly two decades. Both UK and Germany Index declined by 0.5% each while marginally gained France Index.

• Asian Market – Asian markets declined as semiconductor-related shares fell on concerns that higher interest rates will affect growth sectors. Japan, China, Hong Kong Index slipped up to 1% as worsening tensions in the Middle East pushed up oil prices.

• US Data – Manufacturing PMI and Jolts Job opening.

• Commodity – Oil rose 2% to above $92/bbl as renewed fighting between the U.S. and Iran heightened concerns that disruptions to energy flows through the Strait of Hormuz could persist.

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