Author: Partha Halder
Dalal Street reversed early morning momentum on Tuesday, September 22, as the BSE Sensex tumbled 329.91 points to settle at 74,529.08 and the Nifty 50 slipped below key technical supports to 23,329. Heavy profit-taking across IT heavyweights like TCS and Infosys, coupled with ongoing foreign outflows, overshadowed macroeconomic relief from softening crude oil prices and global market strength.
Dalal Street halted its six-week losing streak on Monday, September 21, as the BSE Sensex rallied nearly 600 points to 74,894 and the Nifty 50 advanced to 23,429. Relief was driven by Brent crude slipping to $101.5 a barrel, a steadying rupee, and heavy subscription numbers for the NSE IPO, even as geopolitical standoffs in Hormuz and new US tariff warnings kept broader sentiment guarded.
Dalal Street closed on a split note on Friday as an afternoon bounce lifted the Nifty 50 by 0.33% to 23,346, while the Sensex surrendered early gains in the final 30 minutes to settle marginally lower. With Brent crude still above $100, central banks turning hawkish, and a high-stakes governance battle erupting at Tata Sons, both indices logged their sixth consecutive weekly decline.
Dalal Street delivered a split verdict on Thursday as cautious optimism wrestled with persistent global macro pressures. While the Nifty managed a 53-point gain to close at 23,270, the Sensex ended flat with a negative bias, weighed down by an aggressive US Fed dot plot, $106 Brent crude, and massive liquidity absorption by the primary market.
Dalal Street halted its multi-session slide on Tuesday as both the Sensex and Nifty staged a relief rally from five-month lows, buoyed by defensive FMCG buying and central bank defense of the rupee. However, with Brent crude stubbornly elevated near $108 and US Treasury yields lingering at 5%, broader market sentiment remains guarded ahead of the Federal Reserve’s rate decision.
After a promising gap-up opening on Tuesday, Dalal Street succumbed to heavy selling pressure as the Nifty tumbled 474 points from its intraday high to close at 23,118.60. Surging energy prices driven by Middle East disruptions, steep rupee depreciation, and hardening US bond yields sealed a fifth consecutive week of market declines.
A potent double whammy of soaring energy prices and hardening global bond yields triggered another volatile session on Dalal Street on Friday. Despite a valiant mid-session rebound attempt, the Sensex and Nifty ended in the red, logging their fifth straight week of losses as geopolitical escalations in the Middle East and Fed rate hike fears unnerved investors.
After languishing near three-month lows under the weight of triple-digit crude oil and pre-Fed jitters, Dalal Street mounted a dramatic late-session reversal on Thursday. Powered by record domestic mutual fund inflows, both Sensex and Nifty erased intraday losses to close in the green.
Dalal Street suffered a sharp downturn on Wednesday as geopolitical turmoil in the Middle East drove Brent crude beyond the $100 mark. Compounded by a slide in the Nifty IT index and Fed rate hike anxieties, both the Sensex and Nifty closed at their lowest levels in three months.
A sharp escalation in West Asia pushed Brent crude close to $100 per barrel, triggering a broad-based market rout on Dalal Street. With the rupee sliding to a monthly low and US rate hike odds rising, both Sensex and Nifty extended their multi-week slide.