In the week ended on Friday, 26 September 2025, the S&P BSE Sensex tanked 2,199.77 points or 2.66% to settle at 80,426.46. The Nifty 50 index declined 672.35 points or 2.65% to settle at 24,654.70. The BSE Mid-Cap index declined 1.96% to close at 44,719.36. The BSE Small-Cap tanked 2.05% to end at 52,281.84.

Weekly Index Movement:

The key equity benchmarks closed with modest losses on Monday. The S&P BSE Sensex declined 466.26 points or 0.56% to 82,159.97. The Nifty 50 index lost 124.70 points or 0.49% to 25,202.35.

The domestic equity benchmarks ended with minor losses on Tuesday. The S&P BSE Sensex shed 57.87 points or 0.07% to 82,102.10. The Nifty 50 index lost 32.85 points or 0.13% to 25,169.50.

Domestic equity benchmarks closed with moderate losses on Wednesday. The S&P BSE Sensex declined 386.47 points or 0.47% to 81,715.63. The Nifty 50 index lost 112.60 points or 0.45% to 25,056.90.

The domestic equity benchmarks ended lower on Thursday. The S&P BSE Sensex dropped 555.95 points or 0.68% to 81,159.68. The Nifty 50 index lost 166.05 points or 0.66% to 24,890.85.

The headline equity indices closed with major losses on Friday. The S&P BSE Sensex dropped 733.22 points or 0.90% to 80,426.46. The Nifty 50 index tanked 236.15 points or 0.95% to 24,654.70.

Trump’s H-1B fee rule sparks panic:

The Trump administration has issued a key clarification regarding its new visa policy, confirming that the controversial $100,000 H-1B visa fee will be a one-time charge applicable only to new applicants. The policy, which came into effect at midnight on Sunday, 21 September 2025, does not impact petitions filed before this date—offering limited relief to the rattled tech industry.

Despite the clarification, the sudden announcement triggered widespread panic among Indian professionals in the U.S. on H-1B visas. Confusion and uncertainty gripped many, with some canceling last-minute travel plans and others already in India scrambling to return. Immigration attorneys and companies quickly raised red flags, especially for H-1B holders and their families currently outside the U.S. for work or vacation. American lawmakers also criticized the move, calling it “reckless” and potentially damaging to the country’s tech-driven economy.

Economy:

Business activity in India moderated slightly in September, according to flash survey data released by HSBC on Tuesday.

The Flash India Composite PMI Output Index stood at 61.9, lower than the final reading of 63.2 in August, though still well above the 50-mark that separates expansion from contraction.

Services activity showed a similar trend, with the Flash India Services PMI Business Activity Index at 61.6, compared with 62.9 in August.

In manufacturing, the Flash India Manufacturing PMI Output Index eased to 62.7 from 63.7 in August, while the broader Flash Manufacturing PMI slipped to 58.5 from 59.3.

Separately, India’s eight core industries grew 6.3% in August 2025, the fastest pace in 13 months, led by higher steel, coal and cement output, Commerce Ministry data showed. Growth had slowed to 3.7% in July, while cumulative expansion for April-August 2025-26 stands at 2.8% year-on-year.

Stocks in Spotlight:

Tata Motors slipped 4.95%. Media reports said Jaguar Land Rover (JLR), its UK-based luxury car subsidiary, will keep its factories closed until October 1. The shutdown follows a cyberattack on 31 August 2025 that has crippled JLR's IT systems and brought production to a halt. The incident, widely believed to be a ransomware assault, has disrupted operations not only in the UK but also at facilities in China, Slovakia, Brazil and India. Losses are estimated at 50 million pounds ($68 million) a week.

Hexaware Technologies declined 15.18%. The company stated that, based on its current assessment, the recent fee hikes announced by U.S. authorities for new visa petitions are expected to have an immaterial impact on the company. The company further said that it has been reducing its dependency on H-1B filings in the last few years. As a matter of fact, the company has not made any fresh applications under the H-1B cap in April 2025.

Netweb Technologies India surged 11.90%. The company announced that it has secured a purchase order valued at approximately Rs 450 crore for the supply and deployment of its advanced Tyrone AI GPU-accelerated systems.

Minda Corporation surged 4.06%. Investors cheered the company’s bold new growth blueprint, dubbed Vision 2030. The presentation, unveiled at an investor meet in Pune on 23 September 2025, highlighted the company’s strategy to scale revenue from Rs 5,056 crore in FY25 to over Rs 17,500 crore by FY30 while keeping debt under tight control. Management also reaffirmed its commitment to improving margins with a target EBITDA of more than 12.5%. Exports are projected to soar from Rs 420 crore in FY25 to more than Rs 1,500 crore by FY30, implying a compounded annual growth rate of 37%

Larsen & Toubro (L&T) added 1.50%. The company said that it has formed a strategic partnership with Bharat Electronics (BEL) to support Advanced Medium Combat Aircraft (AMCA) programme of the Indian Air Force.

Hindustan Copper spurted 10.38%. Global copper prices rallied following a major supply disruption at Freeport-McMoRan's Grasberg mine in Indonesia. The mining giant said operations at the massive copper and gold site remain suspended after a deadly mud rush incident that killed two workers, with search efforts still underway for five missing employees. Freeport noted that the suspension will trim its third-quarter consolidated sales by about 4% for copper and 6% for gold compared with July estimates. The disruption at Grasberg, one of the world’s largest copper mines, sent copper prices higher.

PTC Industries advanced 1.93%. The company's wholly owned subsidiary, Aerolloy Technologies, announced the commissioning of a Vacuum Arc Remelting (VAR) 400 furnace. The facility is located at the Aerospace Precision Castings Plant in the Strategic Materials Technology Complex (SMTC) within the UP Defence Industrial Corridor in Lucknow.

Rossell Techsys fell 2.66%. The company has signed a long-term Indefinite Delivery, Indefinite Quantity (IDIQ) contract with Boeing for manufacturing electrical panel assemblies for the T-7A Red Hawk. Under the agreement, the company can produce up to 1,200 shipsets through 2033. The T-7A Red Hawk is Boeing’s fully digitally designed, built and tested training aircraft.

Rajesh Exports dropped 9.91%. The company reported a consolidated net loss of Rs 9.53 crore in Q1 FY26 compared with net profit of Rs 11.86 crore in Q1 FY25. Revenue from operations surged 117.9% to Rs 1,31,541.80 crore in Q1 FY26 as compared with Rs 60,355 crore in Q1 FY25.

Global Market:

Europe:

The HCOB Flash Eurozone Composite PMI Output Index rose to 51.2 in September, up from 51.0 in August, reaching a 16-month high. Similarly, the HCOB Flash Eurozone Services PMI Business Activity Index increased to 51.4 from 50.5 the previous month, marking a 9-month high.

However, the HCOB Flash Eurozone Manufacturing PMI Output Index declined to 50.7 from 52.5 in August, hitting a 2-month low. The overall Manufacturing PMI also fell to 49.5 from 50.7, marking a 3-month low.

Asia-Pacific:

China:

China’s Central Bank kept the loan prime rates (LPR) unchanged for the fourth consecutive month. The one-year LPR stayed at 3.0%, and the five-year LPR remained at 3.5%, according to a Monday statement. This move follows the U.S. Federal Reserve’s 25 basis point rate cut last week. Meanwhile, President Donald Trump’s immigration crackdown on worker visas has kept market sentiment cautious.

Singapore:

Singapore’s core inflation, which excludes private transport and accommodation costs, recorded its slowest rise in over four years, increasing by just 0.3% in August.