Indian Stock Market Today: Profit Booking Weighs on Benchmarks as Oil Falls Below $100
New Delhi, September 22, 2026: Indian benchmark indices traded lower on Tuesday as investors booked profits after the recent gains. Market sentiment was also influenced by developments surrounding the Strait of Hormuz and fresh US sanctions targeting countries purchasing Russian energy.
Brent crude prices moved below the $100-per-barrel level after reports from Japanese media indicated that Iran could consider reopening the Strait of Hormuz if the United States eases its military blockade. The development eased some concerns over a prolonged disruption to global oil supplies.
At the same time, US President Donald Trump signed legislation linked to additional sanctions on Russia. The measures include the possibility of tariffs of up to 100% on countries purchasing Russian energy, with India and China among the countries mentioned. The development has created another potential trade risk for Indian exporters and oil refiners.
Market Performance
Domestic markets remained under pressure as investors preferred to lock in profits at higher valuations. However, volatility moderated during the session, with the India VIX falling nearly 2%.
Among sectors, media and realty stocks were among the stronger performers, while IT and housing-related stocks faced selling pressure.
Nifty 50: Major Movers
Top Gainers
- Solar Industries India: +3.2%
- Coal India: +3.2%
- Bosch: +2.7%
- Eternal: +1.8%
- InterGlobe Aviation: +1.8%
Top Losers
- LTM: -2.8%
- Britannia Industries: -2.1%
- ABB India: -2.1%
- Cummins India: -2.1%
- Hyundai Motor India: -2.0%
Stocks in Focus
Bank of Baroda: The bank incorporated BOB Pension Fund Management with an 80.1% ownership stake, marking its entry into the pension fund management business.
Garden Reach Shipbuilders & Engineers: The company approved an investment of around ₹2,896 crore for a new greenfield shipyard at Raichak in West Bengal. The project is expected to expand its shipbuilding capacity.
Pace Digitek: Its subsidiary Lineage Power received a ₹488.46 crore Letter of Award from NTPC GE Power Services for battery energy storage containers.
Pine Labs: Mastercard Asia-Pacific is reportedly looking to sell around 4.97 crore shares, representing a 4.3% stake, through a block deal at ₹179.50 per share.
Waaree Energies: The company received a domestic order to supply 2 GW of solar modules, with deliveries scheduled across FY27 and FY28.
IPO Watch
The Varmora Granito IPO remains open until September 24. Several other public issues are also scheduled to open this week, including Adroit Industries, Elevate Campuses, Swastika Infra and Armee Infotech, followed by Moneyview and A-One Steels India.
What Investors Are Watching
The Indian market is now closely tracking crude oil prices, developments around the Strait of Hormuz, US-Russia sanctions and their potential impact on India's trade and energy costs.
With volatility easing but profit-taking continuing, market participants are likely to remain cautious as global geopolitical developments continue to influence Indian equities.
Source references: Trendlyne, Economic Times, CNBC-TV18 and Business Standard. Market data
