Weekly Musings – Index performance for week ended September 26, 2025

29 Sep 2025 , 08:28 AM

FPIs were net sellers in equities worth $(1,084) Million this week. During the week, the VIX bounced from 9.97 to 11.43 levels, as the rise in the risk levels in the market was apparent with the new H1-B visa rules implemented by the Trump government.

BSE SENSEX 30 INDEX – H1-B VISA FIASCO TAKES ITS TOLL

Date	Open	High	Low	Close
26-Sep-25	80,956.01	81,033.09	80,332.41	80,426.46
25-Sep-25	81,574.31	81,840.73	81,092.89	81,159.68
24-Sep-25	81,917.65	82,045.47	81,607.84	81,715.63
23-Sep-25	82,147.37	82,370.38	81,776.53	82,102.10
22-Sep-25	82,151.07	82,583.16	81,997.29	82,159.97
19-Sep-25	82,946.04	82,978.63	82,485.92	82,626.23
		Weekly Returns		-2.66%

Data Source: BSE

For the week, Sensex fell by -2,200 points or -2.66%. With the prohibitive H1-B visa costs, the IT sector index went into a free fall, dragging the Sensex along. Sensex touched a weekly high of 82,583 and a low of 80,332; closing negative on all 5 trading days of the week.

NIFTY 50 INDEX – FPI SELLING AND RISING VIX ISSUE WARNING

Date	Open	High	Low	Close
26-Sep-25	24,818.55	24,868.60	24,629.45	24,654.70
25-Sep-25	25,034.50	25,092.70	24,878.30	24,890.85
24-Sep-25	25,108.75	25,149.85	25,027.45	25,056.90
23-Sep-25	25,209.00	25,261.90	25,084.65	25,169.50
22-Sep-25	25,238.10	25,331.70	25,151.05	25,202.35
19-Sep-25	25,410.20	25,431.40	25,286.30	25,327.05
		Weekly Returns		-2.65%

Data Source: NSE

FPIs were net sellers of $(1,084) Million in the week, but the trigger was the visa fiasco, and the risk was evident in the VIX spike. Nifty fell -672 points or -2.65%. Nifty touched a weekly high of 25,332 and low of 24,629; closing below the psychological level of 25,000.

NIFTY MID-CAP 100 INDEX – SMALLER STOCKS TAKE IT ON THE CHIN

Date	Open	High	Low	Close
26-Sep-25	57,450.60	57,505.05	56,327.40	56,378.55
25-Sep-25	57,947.45	58,195.50	57,471.60	57,555.90
24-Sep-25	58,484.20	58,547.10	57,879.90	57,924.45
23-Sep-25	58,777.95	58,845.55	58,293.35	58,496.60
22-Sep-25	58,977.90	59,174.90	58,546.95	58,699.50
19-Sep-25	59,124.05	59,247.20	59,051.20	59,094.35
		Weekly Returns		-4.60%

Data Source: NSE

With rising macro risk levels, investors clearly steered clear of mid-sized stocks. Nifty Mid-cap touched a weekly high of 59,175 and low of 56,327. The mid-cap index closed the week, very near the low point of the week, with negative close on all 5 days.

NIFTY SMALL CAP 100 INDEX – CONCERNS DEEPEN ON ALPHA STORY

Date	Open	High	Low	Close
26-Sep-25	17,930.65	17,946.20	17,540.55	17,560.90
25-Sep-25	18,077.25	18,176.20	17,947.55	17,966.80
24-Sep-25	18,201.95	18,237.25	18,047.95	18,069.55
23-Sep-25	18,321.05	18,349.60	18,145.70	18,191.75
22-Sep-25	18,493.00	18,521.70	18,262.35	18,288.90
19-Sep-25	18,493.50	18,538.60	18,428.75	18,504.55
		Weekly Returns		-5.10%

Data Source: NSE

This week, Nifty Small Cap Index cracked by -5.10%. With apparent business risks and weak Q1 earnings, investors steered clear of small caps. Nifty Small-cap touched a weekly high of 18,522 and a low of 17,541; with the falling stocks far outnumbering gaining stocks.

BANK NIFTY INDEX – NIM PRESSURE STARTS TO SHOW

Date	Open	High	Low	Close
26-Sep-25	54,797.90	54,897.00	54,310.95	54,389.35
25-Sep-25	55,061.65	55,276.65	54,903.30	54,976.20
24-Sep-25	55,387.10	55,511.10	55,040.45	55,121.50
23-Sep-25	55,248.70	55,662.00	55,159.00	55,509.75
22-Sep-25	55,429.30	55,666.35	55,215.60	55,284.75
19-Sep-25	55,647.95	55,688.75	55,355.30	55,458.85
		Weekly Returns		-1.93%

Data Source: NSE

For the week, Nifty Bank fell -1,070 points or -1.93%. There were clear macro risks and NIMs were under stress amid falling repo rates. Bank Nifty touched weekly high of 55,666 and low of 54,311. Select banking stocks managed to support the index.

NIFTY IT INDEX – IT WAS THE BIG H1-B IMPACT

Date	Open	High	Low	Close
26-Sep-25	34,399.20	34,477.30	33,636.55	33,702.00
25-Sep-25	34,914.00	35,092.40	34,460.30	34,548.30
24-Sep-25	35,104.05	35,193.30	34,857.70	34,994.25
23-Sep-25	35,477.60	35,642.70	35,177.35	35,249.10
22-Sep-25	35,437.90	35,781.60	35,145.10	35,500.15
19-Sep-25	36,765.50	36,821.20	36,369.95	36,578.25
		Weekly Returns		-7.86%

Data Source: NSE

After rallying over 5.5% in the last 2 weeks, IT index cracked by -7.86% this week after the steep $1,00,000 fee on H1-B visas became official. The clarifications only helped partially. The IT Index touched a weekly high of 35,782 and a low of 33,637; despite dollar strength.

NIFTY OIL & GAS INDEX – RUSSIAN UNCERTAINTY ADDS NEW DIMENSION

Date	Open	High	Low	Close
26-Sep-25	11,211.65	11,213.95	11,104.05	11,132.50
25-Sep-25	11,237.20	11,299.50	11,201.95	11,212.90
24-Sep-25	11,307.40	11,320.20	11,235.80	11,247.55
23-Sep-25	11,344.20	11,367.35	11,271.30	11,317.40
22-Sep-25	11,321.00	11,405.10	11,287.20	11,327.05
19-Sep-25	11,299.05	11,369.90	11,298.00	11,333.30
		Weekly Returns		-1.77%

Data Source: NSE

After gaining +5.10% in the last 3 weeks, the oil index fell by -1.77%. Brent Crude rallied this week on expectations that Russian export restrictions could limit supply in the oil market. However, India may have a problem of arranging alternate crude supplies.

NIFTY AUTO INDEX – COMES UNDER PRESSURE THIS WEEK

Date	Open	High	Low	Close
26-Sep-25	26,694.70	26,861.45	26,463.70	26,484.55
25-Sep-25	26,951.65	26,975.15	26,718.35	26,758.50
24-Sep-25	27,319.50	27,326.90	26,990.75	27,007.60
23-Sep-25	27,355.40	27,725.75	27,284.75	27,321.95
22-Sep-25	27,256.05	27,386.05	27,105.35	27,154.30
19-Sep-25	27,319.45	27,367.80	27,195.05	27,219.55
		Weekly Returns		-2.70%

Data Source: NSE

Auto index may have rallied 38% from the April lows, but the macro risks were too high for the auto index too. Nifty Auto Index touched a weekly high of 27,386 and low of 26,464 levels. Auto sector had largely driven the recovery in markets in last few weeks.

NIFTY FMCG INDEX – URBAN DEMAND CONCERNS REMAIN

Date	Open	High	Low	Close
26-Sep-25	55,031.55	55,199.55	54,776.95	54,847.55
25-Sep-25	55,424.75	55,656.00	55,031.65	55,108.00
24-Sep-25	55,290.10	55,703.95	55,110.20	55,378.95
23-Sep-25	56,025.45	56,127.35	55,242.75	55,281.55
22-Sep-25	56,357.00	56,425.50	55,859.50	56,006.75
19-Sep-25	56,594.55	56,640.70	56,191.75	56,273.05
		Weekly Returns		-2.53%

Data Source: NSE

FMCG sector has had a volatile run but fell sharply by -2.53% this week on renewed concerns of weak urban demand. Q2FY26 will hold the key. Nifty FMCG Index touched a weekly high of 56,426 and low of 54,777 levels. FMCG remains an urban demand story!