Indian Market in September: MDR framework on UPI, BSE Replaced Wipro in Nifty 50, IRDAI’s Consultation Paper & More

Indian equity markets faced heightened downside pressure in September 2026, with both the Nifty 50 and Sensex deepening their slide to record their sharpest monthly decline of the year. The resilience previously shown by broader markets also faltered, as mid-cap and small-cap stocks snapped their multi-month winning streak amid a noticeable shift toward risk aversion.

A hawkish monetary turn by the US Federal Reserve, featuring an unexpected rate hike alongside US Treasury yields crossing 5%, sparked sustained foreign outflows from emerging markets like India. 

Compounding these pressures were elevated crude oil prices, which surged past $100 per barrel due to escalating geopolitical tensions in the Middle East, weakening the Rupee. Although strong retail participation and reliable domestic inflows helped prevent a deeper panic, global macroeconomic headwinds clearly held the upper hand throughout the month.

Let’s take a closer look at everything that shaped the markets in the month that went by:

Sector Radar

Precious Metals

Prices as of September 30, 2026. Data shows change in one month.

Corporate Moves

COALINDIA₹420.40 -1.08%

The company’s subsidiary, Mahanadi Coalfields filed a DRHP for an IPO. Coal India will be selling 66.18 shares.

SWIGGY₹238.00 -4.84%

MSCI Global deleted Swiggy from its MSCI Global Standard Index and MSCI Mid Cap Index effective 7 September, after the company reduced its foreign ownership limit to 49.50%.

POWERGRID₹254.55 -2.28%

The company won 2 renewable-energy transmission projects with annual transmission charges of ₹4,397 crore.

PERSISTENT₹5,367.00 +1.67%

The IT company approved fundraising of up to $1.25 billion through debt and equity-linked instruments.

BSE₹3,046.00 -1.49%

BSE became part of NSE’s flagship index Nifty 50 for the first time, as part of NSE’s bi-annual index rebalancing. It replaced Wipro, which has now started trading on Nifty Next 50.

PAYTM₹1,656.00 -1.31%

The MDR framework was announced. Consequently, businesses receiving UPI payments above ₹2,000 may have to pay a fee of up to 0.4%. This might increase revenue from merchant transactions that were earlier free.

MAZDOCK₹2,064.00 -2.32%

The company signed an MoU to become the main shipyard in a proposed shipbuilding cluster at Dighi, Maharashtra. This is expected to involve around ₹27,000 crore of investment and have an annual capacity of at least 1.2 million gross tonnes.

ONGC₹222.37 -1.52%

The PSU discovered gas in a deepwater well in the Mahanadi Offshore Basin, around 43 km from Konark. The size and commercial value of the discovery are still being assessed.

AMBUJACEM₹362.25 -3.14%

Shareholders approved the proposed merger of ACC into Ambuja. The merger is still subject to regulatory approvals.

Macro View

• India’s retail inflation rose to 4.82% in August compared to 4.45% in July. Meanwhile, wholesale inflation rose to 9.92% year-on-year in August compared to 9.78% in July. 
• SEBI issued a consultation paper, proposing changes to the Closing Auction Session (CAS), market timings and settlement rules for derivative contracts. It has invited public comments until 3 October.
• IRDAI issued a consultation paper proposing a series of measures to address rising distribution costs and improve value for policyholders.
• The MDR framework was announced. Consequently, businesses receiving UPI payments above ₹2,000 may have to pay a fee of up to 0.4%.
• India’s textile sector exports rose 16.10% year-on-year to ₹29,776 crore in August, from ₹25,656 crore a year ago.
• India’s crude oil imports fell 11.17% in August to 19.01 million metric tonnes, from July: Petroleum Planning and Analysis Cell.
• The government reduced customs duty on imported crude edible oils due to high international prices. Crude Sunflower Oil: 10% to nil, Crude Soybean Oil and Crude Palm Oil: 10% to 5%.
• India’s industrial production rose 8% in August from 6.7% in July. The growth was led by electricity & gas supply and manufacturing sectors.
• The government approved Rs 1.86 lakh crore under the Green Energy Corridor Phase-III scheme to build infrastructure for up to 135 GW of renewable energy.
• India’s gross GST collections rose 14.80% year-on-year to ₹1.99 lakh crore in August compared to ₹1.74 lakh crore a year ago.

Global Updates

• The US Fed raised its benchmark overnight interest rate by a quarter of a percentage point to the 3.75%-4.00% range, and flagged more hikes in the coming months.
• The U.S. 10-year Treasury yield climbed above 5.2%, its highest since October 2023, as rising energy prices and strong recent jobs data increased concerns over inflation and further Fed tightening.
• Apple unveiled the iPhone 18 Pro and Pro Max, powered by its new 2nm A20 Pro chip, with major upgrades to on-device AI, cameras, battery life and thermal management.
• Nvidia unveiled the Open Agent Safety Platform, designed to set boundaries for autonomous AI agents and prevent unintended behaviour.
• China’s official manufacturing PMI rose to 50.1 in September from 49.8 in August, supported by easing weather disruptions and demand linked to the global AI boom.

FII vs. DII Trends

IPO Watch

Mainboard IPOs — Companies That Went Public (Market Cap > ₹1,000 Cr). Current Price as of September 30, 2026.

That’s a wrap for September!

From sector moves to macro trends and market risks, we’ve covered what mattered.

See you next month. Till then, stay informed and invest intelligently with Share.Market.