Indian Markets End Lower as IT, FMCG and Bank Stocks Offer Support

The BSE Sensex closed 121 points lower, down 0.1%, while the NSE Nifty closed 79 points lower, down 0.3%.

Markets will remain closed on Monday, September 14, 2026, on account of Ganesh Chaturthi.

HDFC Bank, Tech Mahindra and HCL Tech were among the top gainers of the day. Tata Steel, Sun Pharma and Bajaj Finance, meanwhile, were among the top losers.

The GIFT Nifty was trading at 23,452, down 7 points at the time of writing.

The BSE 150 Midcap index was trading 0.3% lower, while the BSE 250 SmallCap index was trading 0.4% lower.

Sectoral indices traded mixed during the session. Stocks in the telecommunications and financial services sectors witnessed buying, while metal and realty stocks faced selling pressure.

The rupee was trading at Rs 95.5 against the US dollar.

Gold prices for the latest contract on MCX were trading 0.1% lower at Rs 1,52,160 per 10 grams. Silver prices were also trading 0.1% lower at Rs 2,33,651 per 1 kg.

Amid the market movement, Rahul Shah, Research Analyst at Equitymaster, highlighted the risks associated with rising valuations as investor money continues to flow into popular stocks and index funds.

Shah emphasized that while passive investing is effective, investors should not ignore valuations, as even great assets can become poor investments when bought at excessive prices.

Meanwhile, shares of Shankesh Jewellers came into focus after the company reported its Q1 FY27 results.

The company reported a 100.14% year-on-year increase in consolidated net profit to Rs 0.43 billion in Q1 FY27, compared with Rs 0.22 billion in Q1 FY26.

Revenue from operations rose 55.06% year-on-year to Rs 4.24 billion in Q1 FY27. Profit before tax increased 100.94% year-on-year to Rs 0.58 billion.

EBITDA stood at Rs 0.32 billion, up 92% year-on-year, while the EBITDA margin improved to 14.4% from 11.6% in the year-ago quarter, marking an improvement of 279 basis points.

Corporate clients accounted for 66% of revenue, or Rs 2.80 billion, while non-corporate clients contributed the remaining 34%, or Rs 1.44 billion. Revenue from 22-karat gold jewellery stood at Rs 3.37 billion, while 18-karat gold jewellery contributed Rs 0.85 billion. The company also generated Rs 0.03 billion from job work during the quarter.

Shankesh Jewellers manufactures handcrafted gold jewellery and provides customisation services. Its product portfolio includes 22-karat and 18-karat jewellery across bridal, antique, temple and customised designs, serving both corporate and non-corporate customers across India.

The day's market movement reflected continued pressure across key benchmark indices, even as select IT, FMCG and banking stocks helped limit the decline. Investors will now track the next market session after the Ganesh Chaturthi holiday on September 14.