opened in negative territory on Monday, September 7, 2026, weighed down by a stronger-than-expected US jobs report that reignited fears of a Federal Reserve rate hike, while elevated crude oil prices and escalating Middle East tensions added to the cautious mood.
The , which closed at 76,515.43 on Friday, opened at 76,446.05 and was trading at 76,400.06, down 115.37 points or 0.15 per cent, as of 9.23 AM. The , which had settled at 23,897.70, opened at 23,883.15 and slipped further to 23,857.65, down 40.05 points or 0.17 per cent.
The weakness follows Wall Street’s tumble on Friday after US non-farm payrolls for August came in at 162,000, well above estimates of around 50,000–56,000, while the July figure was revised higher. The US 10-year Treasury yield climbed to 4.79 per cent, and Fed rate hike odds for the September meeting are now priced at 58–62 per cent. US equity markets are shut Monday for Labour Day. Brent crude continues to trade at elevated levels near $96.5 per barrel, with fighting near the Strait of Hormuz disrupting shipping traffic.
“The market has been drifting down for four weeks now,” said Dr. V K Vijayakumar, Chief Investment Strategist at Geojit Investments. “…the present focus is on the IPO market rather than the secondary market. This is likely to continue throughout September.”
On the Nifty 50, information technology stocks led the losses. fell 1.97 per cent, trading at ₹1,107.70 against a previous close of ₹1,130.00. declined 1.47 per cent to ₹1,573.50 from ₹1,596.90, while dropped 1.09 per cent to ₹174.48 from ₹176.40. The IT sector, sensitive to US economic conditions and dollar flows, bore the brunt of global uncertainty.
The auto sector also saw pressure. fell 1.40 per cent to ₹11,752.00 from a previous close of ₹11,919.00, extending the sector’s recent weakness after the Auto index shed over 3.8 per cent in the previous week. declined 1.12 per cent to ₹540.30 from ₹546.40, adding to losses in the financial services space.
On the gainers’ side, led with a 0.65 per cent rise to ₹324.85 from ₹322.75, followed by , which gained 0.63 per cent to ₹1,851.50 from ₹1,840.00. rose 0.58 per cent to ₹8,700.00 from ₹8,650.00, while added 0.57 per cent to ₹1,066.50 from ₹1,060.50. Coal India edged up 0.47 per cent to ₹417.30 from ₹415.35, with the Oil and Gas index having outperformed the broader market last week with a 1.30 per cent gain.
“The stronger-than-expected print reignited expectations of a Federal Reserve rate hike at the mid-September FOMC meeting,” noted Devarsh Vakil, Head of Prime Research at HDFC Securities, adding that “…sentiment is fragile amid surging crude oil prices driven by US–Iran tensions and elevated US Treasury yields.”
Domestically, Institutional investors provided a cushion. Domestic Institutional Investors extended their buying to a 19th consecutive session on Friday, pumping in ₹8,930 crore, even as Foreign Institutional Investors remained net sellers for a second straight session, offloading ₹3,111 crore.
Twelve mainboard IPOs are lined up this week, adding supply pressure on the secondary market. The NSE and Jio mega-IPOs are also expected this month. “These mega IPOs are expected to absorb humongous liquidity from the market,” Vijayakumar said.
Technically, the Nifty remains below its 20-, 50-, and 100-week simple moving averages. Immediate support is placed at 23,800–23,850, with resistance at 24,050–24,100. For Bank Nifty, which closed Friday at 57,369.65, the trading range remains 57,000–58,000, with a breakout above 58,000 needed to signal fresh momentum.
Friday’s US Consumer Price Index report will be the next major trigger for global markets, with its outcome expected to shape Federal Reserve policy expectations ahead of the September 16 FOMC decision.