Stock market today: Indian stock markets tumbled on Monday as surging crude oil prices, geopolitical uncertainty, and weak global cues weighed heavily on investor sentiment. The 30-share BSE Sensex plunged 1,124.02 points, or 1.52%, to 72,771.72, marking its lowest closing level since 30 March 2026. During the session, the index fell as much as 1,179.51 points, or 1.59%, to 72,716.23.
The 50-share NSE Nifty also declined sharply, falling 360.25 points, or 1.56%, to 22,780.25, its lowest closing level in nearly six months. The breadth of the sell-off was weak, with 47 of the 50 Nifty constituents ending in the red, while only 3 stocks closed higher.
Analysts attributed the broad-based selling to rising crude oil prices following the US-Iran stalemate over the reopening of the Strait of Hormuz, along with continued foreign fund outflows, a spike in US bond yields and weakness across Asian markets. Selling pressure was particularly visible in financials, PSU banks, metals, FMCG, oil & gas and auto stocks.
On the Nifty options front, Chandan Taparia, Head Derivatives & Technicals, Wealth Management, Motilal Oswal Financial Services Ltd, said that the maximum call OI is at 22,900 then 22,800 strike, while maximum Put OI is at 22,800 then 22,700 strike.
“Call writing is seen at 23,000 then 22,900 strike while Put writing is seen at 22,800 then 22,700 strike. Option data suggests a broader trading range in between 22,400 to 23,200 zones while an immediate range between 22,600 to 23,000 levels,” said Taparia.
Nifty 50 Outlook
Nifty 50 index opened negative and witnessed intense selling from the initial tick as bears maintained a firm grip on the index throughout the session. It failed to see any substantial retracement and continued to make lower highs for the fifth consecutive session. It formed a big bearish candle on the daily frame, giving the lowest daily close of the last 121 sessions and broke its crucial 22,800 support zones.
“Now till it holds below 22,800 zones weakness could extend towards 22,650 then 22,500 levels while on the upside hurdles can be seen at 22,900 then 23,000 zones,” said Taparia.
Bank Nifty Outlook
Bank Nifty index opened on a negative note and remained under selling pressure for most part of the session and drifted towards 54,400 zones. It formed a big bearish Marubozu candle on the daily scale, which indicates complete dominance by the bears and it closed with losses of more than 1,000 points
“Now till it holds below 54,500 zones weakness could be seen towards 54,000 then 53,750 levels while on the upside hurdle is seen at 54,750 then 55,000 zones,” the MOFSL analyst added.
Stocks to buy
Chandan Taparia has recommended two stocks to buy tomorrow, 29 September 2026. Taparia recommends buying Laurus Labs and Indus Towers 27th October Futures shares.
Laurus Labs | Buy | Target Price: ₹2,130 | Stop Loss: ₹1,950
Stock is in a strong uptrend and consolidating near its all-time high territory. It is respecting the 20 DEMA and witnessing steady buying interest from the same. Even amid weakness in the benchmark indices, the stock continues to outperform, indicating relative strength.
Indus Towers | Buy | Target Price: ₹340 | Stop Loss: ₹372
Stock has given a fresh breakdown as it breached the two-month swing low of 365 zones. It formed a bearish candle while RSI has also given a bearish crossover, indicating weakening momentum. Sustaining below 365 can keep the pressure intact.
Disclaimer: This story is for educational purposes only. The views and recommendations above are those of individual analysts or broking companies, not Mint. We advise investors to check with certified experts before making any investment decisions.
