Market snapshot
Equities: Friday close
The Nifty 50 opened 28 points lower at 23,035 after mixed global cues and continued weakness in domestic sentiment. It recovered above 23,110 soon after the open, but the move did not last. The index slipped back towards 23,050, then made another unsuccessful recovery towards 23,100 around 10 AM.
Through the rest of the first half, Nifty moved mostly between 23,050 and 23,100. Selling increased after 12:30 PM, taking the index to an intraday low near 23,020 around 1:30 PM. After 2 PM, buying picked up sharply and pushed the index above 23,150. It gave up part of that jump but stayed above 23,100 for the rest of the session.
Nifty then moved in a narrow 23,110 to 23,130 range before a final rise into the close. It ended at 23,140.50, around 105 points above its opening level. The day’s high was 23,163 and the low was 23,021. The index gained approximately 0.34% for the session.
Market-cap performance
The broader market was mixed. The Nifty Next 50 led the day, while the Microcap 250 was the only size segment in the table to remain positive over the full 20-session period. The Nifty 50 and Nifty 500 were still down over both five and 20 sessions.
| Index | 25 Sep | 5 sessions | 20 sessions |
|---|---|---|---|
| Nifty 50 | +0.3% | -0.9% | -3.9% |
| Nifty Next 50 | +0.6% | -0.3% | -3.5% |
| Nifty Midcap 150 | -0.1% | -2.0% | -4.6% |
| Nifty Smallcap 250 | 0.0% | -0.7% | -1.5% |
| Nifty Microcap 250 | +0.3% | +0.3% | +0.3% |
| Nifty 500 | +0.2% | -1.0% | -3.7% |
Zerodha AfterMarket Report, 25 September 2026
Zerodha AfterMarket Report, 25 September 2026
Sector performance
Ten of the 15 Nifty sector indices rose. Consumer Durables led with a gain of 0.95%, while Healthcare fell 0.47% and was the weakest sector. Pharma and Healthcare remained the strongest longer-term sectors. FMCG and PSU Banks were improving over the shorter horizon.
Zerodha AfterMarket Report, 25 September 2026
Relative sector strength
Relative strength compares each sector with the Nifty 500. Pharma, Healthcare and Oil & Gas were ahead of the broader market over both the last 20 and 60 sessions. IT had been a leader over the longer period but had fallen behind the Nifty 500 over the latest 20 sessions, showing that its earlier lead was fading.
The chart also showed how leadership was changing. FMCG, Private Banks and Banks improved sharply over the shorter period after lagging over 60 sessions. Consumer Durables, Auto and Realty moved in the opposite direction, with earlier relative strength giving way to short-term underperformance.
Winners and losers
Financial Services stocks featured heavily among the day’s F&O losers. The report highlights the five biggest gains and falls among Nifty 500 stocks that trade in futures and options. A star below marks stocks that traded at least twice their usual 30-session average volume.
Zerodha AfterMarket Report, 25 September 2026
Among Nifty 500 stocks outside the F&O universe, Whirlpool of India rose 7.7% on about 26 times its usual volume. Non-F&O stocks can show larger daily moves because daily price limits apply.
Zerodha AfterMarket Report, 25 September 2026
Usual volume is the stock’s average daily volume over the previous 30 sessions. A large move on heavy volume can signal news or a change in positioning; a move on light volume can reverse quickly.
Global markets and commodities
Overseas indices
Only one of the eight overseas markets in the report rose in its latest completed session. Japan led, while Hong Kong had the largest decline. Over the latest 20 sessions, the Nasdaq 100 was the strongest market in the table.
Zerodha AfterMarket Report, 25 September 2026
Snapshot: 19:26 IST on 25 September. Asia is updated to 25 September. Europe and the US are updated to 24 September because those markets close after India. The report uses Kite index-tracking instruments, so values can differ slightly from official index closes.
Commodities
MCX commodity prices were mixed at the 19:10 IST snapshot. Natural gas fell the most on the day, while crude oil remained sharply higher over the last 20 sessions.
Zerodha AfterMarket Report, 25 September 2026
MCX trades until around 11:30 PM, so the ‘25 Sep to 19:10’ column is a snapshot, not a closing price. Evening moves in global markets are not fully reflected. Each change is measured on the same futures contract, so a monthly contract roll does not appear as a price move.
Institutional flows and positioning
Foreign institutional investors remained heavily short in index futures. Only 11.4% of their index-futures positions were long, while 53% of futures positions had already rolled into the next month.
Cash-market flows
Cash-market flows showed a clear difference between foreign and domestic investors. Domestic institutions were net buyers in every session shown, while foreign investors were sellers in most of them. On 25 September, foreign investors sold about ₹4,600 crore and domestic institutions bought about ₹2,800 crore.
Zerodha AfterMarket Report, 25 September 2026
| Session | Foreign investors (₹ cr) | Domestic institutions (₹ cr) |
|---|---|---|
| 11 Sep | -227 | +2,000 |
| 15 Sep | -1,100 | +2,700 |
| 16 Sep | -3,300 | +3,900 |
| 17 Sep | -1,200 | +3,600 |
| 18 Sep | -3,600 | +1,000 |
| 21 Sep | +4,300 | +2,800 |
| 22 Sep | -675 | +4,100 |
| 23 Sep | -2,700 | +2,300 |
| 24 Sep | +1,700 | +4,300 |
| 25 Sep | -4,600 | +2,800 |
Zerodha AfterMarket Report, 25 September 2026. Foreign-investor figures are NSDL custodian data; domestic-institution figures are from the exchanges
Top stories in India
Government bonds
Indian government bonds recorded a sixth straight weekly loss. A sell-off in US Treasuries and a large domestic debt auction weighed on prices. The benchmark 10-year yield touched 7.1391%, a four-month high, before closing around 7.10%.
Forex reserves
India’s foreign exchange reserves fell $14.88 billion to $765.9 billion in the week ended 18 September. They had fallen $4.92 billion in the previous week. Foreign currency assets accounted for most of the latest decline, falling $14.82 billion to $630.98 billion.
Government borrowing
The Centre plans to borrow ₹7.86 lakh crore in the second half of FY27, including ₹15,000 crore through sovereign green bonds. Full-year market borrowing has been reduced by ₹1.20 lakh crore to ₹15.995 lakh crore from the budgeted ₹17.20 lakh crore.
Biocon
Biocon received UK MHRA approval for a new fill-finish unit for Semglee, its insulin glargine product, at its Malaysia insulin facility. The same production line received EMA approval in July.
Natco Pharma
The board approved a rights issue of up to ₹1,279.35 crore. The company plans to issue up to 1.71 crore shares at ₹750 each.
Nykaa and L’Oreal
Nykaa partnered with L’Oreal’s venture-capital arm BOLD to co-invest in high-growth Indian beauty and personal-care startups. The partnership expands Nykaa’s role in the beauty ecosystem beyond retail and distribution.
Top stories globally
Crude and US-Iran talks
Crude fell to around $93 per barrel and ended a two-day rally. Reports said the US and Iran were discussing a phased deal that could reopen the Strait of Hormuz and lift the US blockade on Iranian ports. Qatar was reportedly mediating talks on the sidelines of the UN General Assembly.
Google Project Suncatcher
Google is preparing to launch its first prototype satellite to test AI hardware in orbit. The project is studying whether near-constant solar power in low Earth orbit could eventually support large-scale AI computing infrastructure in space.
US equity funds
US equity funds recorded their first inflows in five weeks, attracting a net $37.6 billion. This was the largest weekly inflow since 17 June. Renewed optimism around AI and lower oil prices helped bring investors back.
US Treasury yields
Long-term US Treasury yields moved to multi-decade highs as markets focused on energy-driven inflation, resilient growth and government spending. The 30-year yield reached 5.48%, its highest since 2004, while the 10-year yield touched 5.20%.
Management chatter
Nirmala Sitharaman on the proposed Merchant Discount Rate
“This is not a tax, this is not a cess, this is not even a surcharge. And the collection is not coming to the Consolidated Fund of India.”Nirmala Sitharaman | on the proposed Merchant Discount Rate
The charge would be shared among multiple participants in the payment ecosystem to help maintain technology infrastructure and help fund improvements and innovation in digital payments.
“This is not at all anything to do with the government.”Nirmala Sitharaman | on the proposed Merchant Discount Rate
Shailesh Chandra on commodity-linked inflation and margins
“The greater worry is the uncertainty. Whether this is all that was supposed to happen or whether a part of the commodity side will keep being uncertain and be under pressure,”Shailesh Chandra | ahead of a new car launch
He made the comment to reporters ahead of a new car launch.
“It is not possible to pass on these increases to the market at the speed at which costs have increased ... which creates immense margin pressure,”Shailesh Chandra | on commodity-linked inflation and margins
Upcoming events
The coming sessions include banking data, an F&O ban, industrial-production data and the monthly Nifty and Bank Nifty options expiries. F&O bans and expiries can directly affect positions, while data releases can change expectations for interest rates and liquidity.
Zerodha AfterMarket Report, 25 September 2026
| Date | Event | Details |
|---|---|---|
| Sun, 27 Sep | Bank credit | Previous reading: 19.08%. Credit and deposit growth show whether loan demand is being matched by banking-system funding. |
| Sun, 27 Sep | Bank deposits | Previous reading: 17.76%. Credit and deposit growth show whether loan demand is being matched by banking-system funding. |
| Mon, 28 Sep | F&O ban: KAYNES, LICHSGFIN, MANAPPURAM, SAIL | Market-wide open interest crossed 95% of the limit. No new positions are allowed until it falls below 80%. |
| Mon, 28 Sep | Industrial production | Previous reading: 6.67%. A timely check on manufacturing and cyclical demand. |
| Tue, 29 Sep | Bank Nifty options expiry | Positions at the heaviest strikes are settled or rolled and can pin or release the index around those levels. |
| Tue, 29 Sep | Nifty options expiry | Positions at the heaviest strikes are settled or rolled and can pin or release the index around those levels. |
| Wed, 30 Sep | Central government expenditure | Previous reading: 18.53%. Helps track fiscal room and the strength of nominal domestic activity. |
| Wed, 30 Sep | Central government gross tax revenue | Previous reading: 41.63%. Helps track fiscal room and the strength of nominal domestic activity. |
Zerodha AfterMarket Report, 25 September 2026; scheduled releases from CCIL, NSE, RBI and MOSPI
The day at a glance
| Indicator | Reading |
|---|---|
| Nifty 50 | 23,140.50, up about 0.34% |
| Day’s range | high 23,163, low 23,021 |
| Sector breadth | 10 of 15 sectors higher |
| Leading sector | Consumer Durables, up 0.9% |
| Weakest sector | Healthcare, down 0.5% |
| Crude oil, 20 sessions | up 14.2% |
| 10-year government bond yield | touched 7.1391%, closed around 7.10% |
| Foreign investors, 25 Sep | sold about ₹4,600 crore |
| Domestic institutions, 25 Sep | bought about ₹2,800 crore |
Zerodha AfterMarket Report, 25 September 2026
Closing note
Market data: Zerodha AfterMarket Report, 25 September 2026 close. This is a news aggregation brief. Not investment advice.