Indian equity markets remained under pressure on Thursday, September 10, 2026, with the Sensex and Nifty opening almost flat as Middle East tensions kept global crude oil prices firmly above the $100-per-barrel mark.
In early trade, the BSE Sensex was trading around 74,800–74,850 levels, up marginally by about 0.05–0.12%, while the NSE Nifty 50 hovered near 23,440–23,460, showing similar muted gains. The cautious start followed three consecutive sessions of declines that had pushed both indices to multi-month lows in the previous session.
Brent crude, the international benchmark, held above $101 a barrel after settling at $101.21 on Wednesday—its highest close since late May—following the largest wave of US-Iran attacks on shipping near the Strait of Hormuz. Higher oil prices are raising fresh concerns about inflationary pressures in India and a swelling oil import bill for the world’s third-largest crude importer.
Market participants noted that sustained crude above $100 could weigh on corporate margins in energy-intensive sectors such as aviation, paints, chemicals, logistics, and parts of FMCG, while also pressuring the rupee and the current account deficit. Select banking and oil & gas stocks provided some support, with counters like ONGC and PSU banks among early gainers, while IT, auto, and metal stocks lagged.
Asian markets were also weak, adding to the subdued risk appetite. Analysts cautioned that if oil prices remain elevated for a prolonged period, it could impact India’s GDP growth and corporate earnings outlook for the year. Investors are closely watching geopolitical developments and upcoming US data ahead of the Federal Reserve’s policy decision.
Overall sentiment on Dalal Street stays cautious, with traders preferring a wait-and-watch approach amid the dual headwinds of geopolitical risk and energy price volatility.
