Saturday, September 19, 2026 · Weekend Edition · Friday's session wrap, the freshest corporate filings & the conditions heading into Monday's trade.
Snapshot · Commodities, Rates & Macro
| Item | Level | Move | One-line note |
|---|
| Gold (spot) | $4,368.60/oz | +0.6% | Real yields fell as oil slid; hawkish Fed absorbed |
| Silver (spot) | $67.18/oz | +3.0% | Outran gold again; industrial-demand kicker |
| Brent crude (Nov) | $103.87/bbl | -0.9% | Third day of easing; still above $100 |
| WTI crude | $100.30/bbl | -1.6% | Sitting on the $100 line |
| LME copper (cash, Sep 17) | $14,400.50/t | +1.2% | Fresh highs; supply tightness intact |
| LME aluminium (cash, Sep 17) | $3,303.50/t | -0.2% | Flat; Indian demand seen up 8-9% in FY27 |
| US 10-year Treasury | 5.00% | +6 bp | Back at the 5% line after Thursday's relief |
| India 10-year G-sec | 7.05% | -2 bp | OMO sale tranche 2 lands Monday |
| USD/INR | 95.89 | flat | Held by RBI dollar sales; 96 is the defended line |
| India forex reserves (macro, Fri) | $780.78 bn | -$4.92 bn | Week to Sep 11; the cost of defending 96 |
| US industrial production, Aug (macro, Fri) | 0.0% | vs +0.3% est | Capacity use 76.3%; first soft US data of the week |
The Big Picture
- Friday's session, in one line. The Sensex closed almost exactly where it started, down 19.63 points at 74,294.96, while the Nifty added 0.33% to 23,346.40, & the real action sat underneath: the Nifty Midcap rose 1.24% & the Smallcap 1.77%, with metals, realty, oil & gas & cement leading while IT fell about 1%. Two forces produced that odd shape: Tata group names were the day's heaviest weight as the governance rift widened, & the FTSE index rebalance pushed Rs 16,613 crore through NSE's closing auction on Thursday, the second-highest such session ever, which distorted the last half-hour both days.
- The weekend's biggest development happened in Washington. On Friday night India time, Trump signed into law a Russia sanctions bill that lets him impose a tariff of up to 100% on the top five buyers of Russian energy, a list that includes India & China. The law also allows a 500% blanket tariff on Russian goods entering the US & extends the Iran Sanctions Act to 2031. The crucial qualification: the White House negotiated broad waivers, so the president has wide discretion NOT to use the power. This is authority, not action, but it hangs over every Indian refiner, the rupee & the trade negotiation from Monday morning.
- Central-bank week ended quietly. The Fed's Wednesday hike (to 3.75-4.00%, the first since 2023) & the Bank of Japan's Friday hike (to 1.25%, a 31-year high) are both done, & markets absorbed them: US indices closed the week mixed, the yen weakened despite the hike because guidance was gentle, & the US 10-year yield finished back at 5.00%. The question that matters for India is not the hikes themselves but whether foreign investors, four straight weeks sellers of equity funds globally, treat 5% US yields as a reason to keep pulling money from emerging markets.
- Monday has an unusually full calendar. The NSE IPO closes (day 2 already covered the book), RBI conducts the second Rs 25,000 crore tranche of its open-market bond SALE, & Himadri Speciality's board considers the Birla Tyres demerger scheme. Details on each below.