Weekly Musings – Index performance for week ended September 12, 2025

16 Sep 2025 , 12:40 PM

FPIs were net buyers in equities worth $168 Million this week. During the week, the VIX tapered from 10.78 to 10.12 levels; even touching a low of 9.85. Markets seem to have shifted from fear to confidence. It remains to be seen if single-digit VIX can trigger a rally.

BSE SENSEX 30 INDEX – OPTIMISM SUSTAINS IN MARKETS

Date	Open	High	Low	Close
12-Sep-25	81,758.95	81,992.85	81,641.38	81,904.70
11-Sep-25	81,217.30	81,642.22	81,216.91	81,548.73
10-Sep-25	81,504.36	81,643.88	81,235.42	81,425.15
09-Sep-25	81,129.69	81,181.37	80,927.97	81,101.32
08-Sep-25	80,904.40	81,171.38	80,733.07	80,787.30
05-Sep-25	81,012.42	81,036.56	80,321.19	80,710.76
		Weekly Returns		+1.48%

Data Source: BSE

For the week, Sensex bounced by +1,194 points or +1.48%. The bounce came as Indo-US relations appeared to improve, based on statements from leaders. Sensex touched a weekly high of 81,993 and a low of 80,733; closing near the high point of the week.

NIFTY 50 INDEX – LOW VIX HOLDS MARKETS UP

Date	Open	High	Low	Close
12-Sep-25	25,074.45	25,139.45	25,038.05	25,114.00
11-Sep-25	24,945.50	25,037.30	24,940.15	25,005.50
10-Sep-25	24,991.00	25,035.70	24,915.05	24,973.10
09-Sep-25	24,864.10	24,891.80	24,814.00	24,868.60
08-Sep-25	24,802.60	24,885.50	24,751.55	24,773.15
05-Sep-25	24,818.85	24,832.35	24,621.60	24,741.00
		Weekly Returns		+1.51%

Data Source: NSE

FPIs were net buyers of $168 Million, but the real trigger was the low VIX around 10-levels. Nifty bounced by +373 points or +1.51%. It was the second consecutive week of a positive close for the index. Nifty touched a weekly high of 25,139 and low of 24,752.

NIFTY MID-CAP 100 INDEX – VISIBLE SIGNS OF ALPHA HUNTING

Date	Open	High	Low	Close
12-Sep-25	58,251.85	58,327.70	58,138.45	58,227.20
11-Sep-25	58,093.55	58,219.25	57,919.75	58,043.55
10-Sep-25	57,757.80	58,069.05	57,729.90	57,999.55
09-Sep-25	57,491.95	57,554.85	57,230.90	57,464.35
08-Sep-25	57,266.90	57,645.30	57,110.80	57,361.15
05-Sep-25	57,132.65	57,416.60	56,724.60	57,075.20
		Weekly Returns		+2.02%

Data Source: NSE

The mid-cap index has been shining for some time, and has bounced sharply in last 2 weeks. Nifty Mid-cap touched a weekly high of 58,328 and low of 57,111. The mid-cap index not only made higher highs and higher lows; but close near the high point of the week.

NIFTY SMALL CAP 100 INDEX – CAUTION AMIDST ENTHUSIASM

Date	Open	High	Low	Close
12-Sep-25	17,941.60	17,996.25	17,877.80	17,989.90
11-Sep-25	17,917.75	17,979.05	17,852.65	17,875.20
10-Sep-25	17,823.10	17,937.55	17,823.10	17,874.60
09-Sep-25	17,733.05	17,757.10	17,657.05	17,744.30
08-Sep-25	17,712.25	17,758.15	17,624.40	17,684.35
05-Sep-25	17,657.95	17,780.00	17,578.00	17,655.25
		Weekly Returns		+1.90%

Data Source: NSE

This week, Nifty Small Cap Index bounced by +1.90%. However, a tepid Q1FY26 weighs on investor confidence in small caps. Nifty Small-cap touched a weekly high of 17,996 and a low of 17,624; but the fear factor is evident at higher levels.

BANK NIFTY INDEX – BUYING ACROSS PRIVATE AND PSU BANKS

Date	Open	High	Low	Close
12-Sep-25	54,781.55	54,852.25	54,580.35	54,809.30
11-Sep-25	54,413.05	54,757.45	54,402.40	54,669.60
10-Sep-25	54,554.75	54,705.20	54,400.00	54,536.00
09-Sep-25	54,330.55	54,350.65	54,079.45	54,216.10
08-Sep-25	54,215.40	54,518.70	54,067.15	54,186.90
05-Sep-25	54,308.05	54,308.05	53,719.55	54,114.55
		Weekly Returns		+1.28%

Data Source: NSE

For the week, Nifty Bank bounced +695 points or +1.28%. There was a lot more enthusiasm in PSU banks than in private banks. Bank Nifty touched weekly high of 54,852 and low of 54,067. A rally in banks is crucial to Nifty sustaining its rally.

NIFTY IT INDEX – INDO-US THAW HELPS TECH SENTIMENTS

Date	Open	High	Low	Close
12-Sep-25	36,331.45	36,356.65	36,025.30	36,110.75
11-Sep-25	36,265.95	36,278.20	35,829.85	36,003.45
10-Sep-25	35,428.90	36,255.20	35,426.60	36,183.80
09-Sep-25	34,773.05	35,304.85	34,770.35	35,255.90
08-Sep-25	34,744.90	34,912.85	34,259.40	34,310.45
05-Sep-25	35,234.75	35,331.50	34,343.40	34,635.85
		Weekly Returns		+4.26%

Data Source: NSE

After falling by -2.3% in the last two weeks, the IT index bounced 4.26% as the Indo-US relations showed signs of thawing. The IT Index touched a weekly high of 36,357 and a low of 34,259. The Indo-US thaw is likely to offset the risk of tech spending.

NIFTY OIL & GAS INDEX – BOUNCES DESPITE CRUDE VOLATILITY

Date	Open	High	Low	Close
12-Sep-25	11,116.00	11,148.70	11,074.75	11,091.15
11-Sep-25	10,977.40	11,153.05	10,973.20	11,086.55
10-Sep-25	10,981.20	11,006.50	10,951.35	10,966.15
09-Sep-25	10,965.40	11,007.90	10,918.80	10,927.95
08-Sep-25	10,963.50	11,010.25	10,944.35	10,960.45
05-Sep-25	10,939.05	10,991.20	10,870.35	10,933.70
		Weekly Returns		+1.44%

Data Source: NSE

After gaining +1.33% last week, the oil index added another 1.44% this week. Brent crude bounced to $66.99/bbl, which helped upstream oil. For now, OPEC supplies and Russia sanctions may offset each other; but oversupply is still a big risk.

NIFTY FMCG INDEX – ANOTHER WEEK OF MODEST GAINS

Date	Open	High	Low	Close
12-Sep-25	56,991.80	57,065.50	56,430.50	56,557.15
11-Sep-25	56,844.35	57,124.85	56,800.50	56,960.60
10-Sep-25	56,611.45	56,906.90	56,384.35	56,856.85
09-Sep-25	56,338.15	56,554.20	56,074.90	56,497.25
08-Sep-25	56,332.75	56,617.75	56,133.10	56,171.30
05-Sep-25	57,176.15	57,217.75	56,012.00	56,292.10
		Weekly Returns		+0.47%

Data Source: NSE

FMC sector has been seeing a turnaround as big players tweak their rural and urban strategies. FMCG still remains a defensive domestic play. Nifty FMCG Index touched a weekly high of 57,125 and low of 56,075 levels. Urban demand concerns have abated.