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Indian Market
Weekly Business
Brief
Brief
2 OCTOBER 2026
1
Market Recap
Nifty 5022,421.95▼ −3.11%
Sensex71,909.70▼ −2.69%
Bank Nifty54,450.75▼ −2.03%
NSE and BSE were open for four sessions this week, Monday to Thursday; markets were closed on Friday, October 2, for Mahatma Gandhi Jayanti, according to the exchange holiday calendar. Nifty 50 and Sensex declined for an eighth consecutive week, which market reports described as the longest such run in about 25 years. For the week, Nifty 50 declined 718.55 points (3.11%) to 22,421.95, Sensex declined 1,986.04 points (2.69%) to 71,909.70, and Bank Nifty declined about 2.03% to 54,450.75, according to exchange data. On Thursday, Nifty IT gained 2.17% while Nifty Auto declined 3.46%.
Why it matters:
- The US 10-year Treasury yield at 5.34%, its highest since 2002, and Brent crude near $100 a barrel coincided with weakness in Indian equities during the week, according to market reports.
- Foreign portfolio investors were net sellers in September, according to depository data, while domestic institutional investors were net buyers in all 21 sessions, according to exchange data.
2
September GST Collections Rise 14.7% to About ₹2.03 Trillion
Gross GST collections for September 2026 were about ₹2.03 trillion, 14.7% higher than a year earlier, according to government data reported on October 1. Gross collections from domestic activity rose 10.1% to about ₹1.38 trillion, while import-related collections rose 26% to ₹65,525 crore. GST refunds declined 3% to ₹27,001 crore, and net collections rose 18.1% to about ₹1.76 trillion, according to the data.
Gross GST (Sep)₹2.03 trn▲ +14.7%
Net GST (Sep)₹1.76 trn▲ +18.1%
Why it matters:
- For April–September, gross collections rose 11.6% to ₹12.46 trillion and net collections rose 10.4% to ₹10.66 trillion, according to the government data.
- Domestic collections grew 10.1% while import-related collections grew 26% in September, according to the same data release.
3
Sterlite Technologies Announces $1.2 Billion Optical Networking Contract
Sterlite Technologies announced a contract worth about $1.2 billion (roughly ₹10,000 crore) to supply optical networking products for AI data centre infrastructure through 2030, according to a company disclosure reported this week. The announcement was among several corporate disclosures reported during the holiday-shortened week, according to market reports and exchange filings.
Contract value~$1.2 bn (~₹10,000 cr)
Contract termthrough 2030
Why it matters:
- The company disclosure states a contract term running through 2030, according to market reports of the filing.
- The contract is linked to AI data centre infrastructure, according to the company's disclosure.
4
Auto Shares Decline; Nifty Auto Down About 5% for the Week
Auto shares declined this week, according to exchange data. Nifty Auto fell about 5% for the week and 3.46% on Thursday, when Bajaj Auto declined 7.62% to ₹10,045.00, Maruti Suzuki declined 4.86% and Mahindra & Mahindra declined 3.05%, according to exchange data. Bajaj Auto was down about 10.4% for the week, according to market reports. Market reports described September 2026 auto sales announced on October 1 as mixed.
Bajaj Auto (day)▼ −7.62%
Maruti Suzuki (day)▼ −4.86%
Why it matters:
- Bajaj Auto and Maruti Suzuki were among the largest decliners in the Nifty 50 on Thursday, according to exchange data.
- Auto was the largest weekly sectoral decline in one market summary, ahead of capital markets and metals, according to market reports.
5
Corporate Deals: KPI Green, Ganesh Benzoplast and Shiva Cement Announcements
KPI Green Energy made a binding offer of about ₹2,410 crore to acquire 507.9 MW of wind assets in Gujarat, according to the company's announcement. Ganesh Benzoplast's board approved a ₹1,154 crore slump sale of its port storage and rail businesses to Cisternina Logistics, a KKR-backed company. Shiva Cement approved its amalgamation into JSW Cement at a share swap ratio of 5:41, according to company filings.
KPI Green offer₹2,410 cr
Ganesh Benzoplast sale₹1,154 cr
Why it matters:
- The KPI Green offer covers 507.9 MW of wind capacity in Gujarat, according to the company's announcement.
- Board approvals for the Ganesh Benzoplast and Shiva Cement transactions were reported this week, according to company filings.
6
US Treasury Yields at Highest Since 2002; Brent Crude Back Above $100
The US 10-year Treasury yield rose to 5.34%, its highest level since 2002, according to market reports. Brent crude moved back above $100 a barrel after China suspended oil product exports, according to market reports. Foreign portfolio investors sold Indian equities worth about ₹10,148 crore on September 30, according to exchange data, the largest single-day outflow since March 23. The rupee closed at 96.3150 per dollar on October 1, according to market reports.
US 10-yr Treasury5.34%
Brent crudeabove $100/bbl
Why it matters:
- Higher global yields coincided with foreign outflows from Indian equities this week, according to market commentary.
- Brent's move back above $100 coincided with rupee weakness to a two-month low, according to market reports.
7
Bond Market Update
India's 10-year G-Sec yield rose to around 7.20% on October 1, up from around 7.12% the previous week, according to market data, which market reports described as its highest level in about two and a half years. Market commentary linked the rise to elevated US Treasury yields and expectations of tighter RBI policy. Government borrowing plans of nearly ₹8 trillion through March 2027 were also cited in market reports.
10-yr G-Sec7.20%▲ rose (wk)
Why it matters:
- Rising yields make equities relatively less attractive and increase financing costs across the economy, according to market commentary.
- Yield movements during the week coincided with elevated US Treasury yields and Brent crude near $100 a barrel, according to market reports.
8
Commodities
Gold prices on MCX stood at around ₹149,489 per 10 grams, down by approximately ₹1,435, or about 0.95%, for the week, according to exchange data. Silver prices on MCX stood at around ₹225,740 per kilogram, down by approximately ₹8,435, or about 3.6%, for the week. Both metals rose on Thursday, October 1, after two consecutive sessions of decline, with gold up ₹500 and silver up ₹2,100 on the day, according to market reports.
Gold (10g)~₹149,489▼ ~−₹1,435 (wk)
Silver (kg)~₹225,740▼ ~−₹8,435 (wk)
Why it matters:
- Both gold and silver posted weekly declines on MCX, according to exchange data, with a partial recovery on Thursday.
- Comex gold was near $4,195 per ounce and Comex silver near $61.45 per ounce on October 1, according to market reports.
9
Currency Update
The Indian Rupee closed the week near ₹96.32 per US dollar, compared with around ₹95.80 the previous Friday, according to market data. The rupee weakened by approximately 52 paise over the week. On Thursday, October 1, it fell about 0.5%, its sharpest single-day decline in more than two months, according to market reports.
USD/INR₹96.32▼ −52 paise (wk)
Why it matters:
- The rupee's decline coincided with higher global bond yields and Brent crude moving back above $100 a barrel, according to market reports.
- Foreign portfolio outflows from Indian equities coincided with the rupee's weakness this week, according to market commentary.