Deepening geopolitical strains in the Middle East alongside a sharp jump in global energy costs triggered severe selling pressure across domestic equity markets on September 11, 2026. Tracking negative global developments, Dalal Street experienced a weak opening with steep losses across major benchmark indices. Sentiment turned decisively cautious as international Brent crude oil broke above the $108 per barrel mark, raising fresh inflation concerns for the wider economy.
During early market hours, the BSE Sensex tumbled 708.23 points, or 0.95 percent, dragging the benchmark down to 74,194.36. Simultaneously, the NSE Nifty 50 slipped by 259.70 points to trade around 23,218.10. The broad selloff was evident in market breadth, where roughly 1,824 stocks declined across the exchanges, while only 692 counters managed to remain in positive territory.
ONGC Gains on Surging Oil Prices While IT Stocks Provide Resistance
The sudden run-up in petroleum costs proved advantageous for domestic exploration heavyweight ONGC. Defying the widespread market gloom, shares of ONGC gained 1.85 percent to trade at ₹241.67, benefiting directly from favorable upstream crude pricing dynamics.
The information technology sector emerged as the lone pocket of relative resilience, shielding the indices from an even steeper slide. Among the prominent gainers, Tech Mahindra advanced 1.26 percent, Infosys added 0.84 percent, TCS rose 0.83 percent, and Wipro edged up 0.34 percent. Other stocks managing modest gains included Power Grid with a 0.33 percent rise, ITC gaining 0.31 percent, and HCL Tech moving higher by 0.18 percent.
Metal and Financial Counters Slump While Broader Indices Shed Value
In contrast, intense selling gripped metal and financial shares. Hindalco led the decline with a sharp fall of 3.90 percent, followed closely by Tata Steel which slumped 2.49 percent. Weakness also persisted across other heavyweights, with Bajaj Finance dropping 2.22 percent, JSW Steel retreating 2.01 percent, Bajaj Finserv losing 1.85 percent, Shriram Finance declining 1.83 percent, Eicher Motors falling 1.79 percent, and Adani Enterprises sliding 1.74 percent.
Sectoral performance reflected widespread risk aversion, as barring the IT index, all other sectoral gauges sank into negative territory. Metal, automobile, banking, and financial services indices recorded cuts ranging between 1 percent and 3 percent. The broader market did not escape the pain either, with both the Nifty Midcap and Nifty Smallcap indices dropping 1.4 percent each, eroding wealth across diverse portfolio holdings.
