Aureva Capital - Weekly Newsletter - 6th Sep 2026
India's Q1 FY27 GDP surprised on the upside at 7.8%, yet domestic markets slipped for a fourth consecutive week. Aureva Capital analyzes how surging global bond yields and escalating West Asia tensions are impacting Nifty, Sensex, and midcaps.
MARKET UPDATE
Week ended 04 September 2026
Markets slip for a fourth week as bond yields surge and West Asia tensions flare, even as India's Q1 FY27 GDP beats estimates at 7.8%
Here is your weekly market update — a snapshot of where major indices, commodities and currencies stand, followed by the key developments across the economy, global markets, corporate activity and the week ahead.
1. Market at a Glance
1a. Indices Performance
Indian benchmark indices ended the week lower, weighed down by a global bond-yield spike and renewed tensions in West Asia. The Nifty and Sensex each fell about 1% week-on-week, while the Midcap index underperformed with a 1.4% decline; the Smallcap index was flat. Sectorally, Oil & Gas and Realty were the only gainers, while Auto, Consumer Durables and Capital Goods led the declines.
| Index | 28-Aug-26 | 04-Sep-26 | 1W % Chg |
| Nifty 50 | 24,175.7 | 23,897.7 | -1.1% |
| Sensex | 77,264.5 | 76,515.4 | -1.0% |
| Nifty Midcap | 17,335.1 | 17,097.9 | -1.4% |
| Nifty Smallcap | 7,279.5 | 7,281.8 | 0.0% |
| Index | 28-Aug-26 | 04-Sep-26 | 1W % Chg |
| BSE Oil & Gas | 25,977.7 | 26,169.7 | +0.7% |
| BSE Realty | 7,077.9 | 7,093.0 | +0.2% |
| BSE Bankex | 64,963.5 | 64,904.4 | -0.1% |
| BSE Power | 7,512.8 | 7,475.8 | -0.5% |
| BSE PSU | 20,651.4 | 20,544.4 | -0.5% |
| BSE Healthcare | 51,595.0 | 50,913.2 | -1.3% |
| BSE Metal | 42,969.4 | 42,293.7 | -1.6% |
| BSE FMCG | 17,761.6 | 17,470.0 | -1.6% |
| BSE IT | 29,978.9 | 29,401.1 | -1.9% |
| BSE Capital Goods | 79,515.0 | 77,868.6 | -2.1% |
| BSE Consumer Durables | 65,066.7 | 63,244.0 | -2.8% |
| BSE Auto | 63,737.2 | 61,406.4 | -3.7% |
Note: 3-month, 6-month and 12-month return series were not disclosed for the above domestic broad/sectoral indices in this week's source report; only the 1-week change was available.
1b. Global Market Update
Global equities were mixed for the week. Emerging markets such as Brazil's Bovespa and Singapore's Straits Times led gains, while Japan's Nikkei and Germany's DAX lagged. Over a 12-month horizon, Korea's KOSPI and Japan's Nikkei stand out with exceptionally strong returns.
| Index / Country | Last Price | 1W | 1M | 3M | 6M | 12M |
| DJIA (USA) | 53,686.1 | +0.2% | -1.2% | +5.5% | +13.0% | +17.7% |
| Nasdaq (USA) | 26,584.1 | +0.7% | +0.8% | +3.4% | +18.7% | +22.5% |
| S&P 500 (USA) | 7,747.7 | +0.5% | +0.3% | +4.9% | +15.0% | +19.2% |
| Russell 2000 (USA) | 2,968.3 | -0.1% | -1.7% | +4.8% | +17.5% | +24.7% |
| DAX (Germany) | 26,003.3 | -2.1% | -0.5% | +5.0% | +10.2% | +9.4% |
| CAC 40 (France) | 8,286.4 | -1.4% | -4.4% | +0.8% | +3.7% | +7.6% |
| FTSE 100 (UK) | 10,831.5 | +0.1% | -0.5% | +4.5% | +5.3% | +17.5% |
| STOXX Europe 600 | 649.1 | -0.9% | -1.2% | +4.2% | +8.4% | +18.0% |
| Nikkei 225 (Japan) | 65,020.9 | -2.1% | -1.9% | -2.4% | +16.9% | +52.7% |
| Hang Seng (Hong Kong) | 25,650.9 | +0.3% | -1.0% | +2.8% | -0.4% | +2.4% |
| Shanghai Composite (China) | 3,930.1 | -0.6% | +1.3% | -2.4% | -4.7% | +4.4% |
| KOSPI (Korea) | 6,687.2 | -1.5% | +1.3% | -18.1% | +19.7% | +108.9% |
| Straits Times (Singapore) | 5,802.0 | +1.8% | +4.0% | +14.9% | +19.7% | +35.0% |
| SET (Thailand) | 1,595.6 | +0.5% | -0.9% | +0.8% | +13.1% | +27.4% |
| S&P/ASX 100 (Australia) | 7,558.9 | -0.9% | -2.6% | +4.7% | +2.3% | +2.5% |
| Bovespa 50 (Brazil) | 1,85,188.1 | +5.4% | +4.2% | +9.6% | +3.2% | +31.3% |
1c. Global Commodity Update
Brent crude extended its rally, up 7% for the week amid renewed conflict in West Asia, while gold and silver posted modest weekly gains even after sharp corrections over six months. Industrial metals were mixed, with copper and zinc higher on a weaker dollar.
| Commodity | Unit | Last Price | 1W | 1M | 3M | 6M | 12M |
| Brent Crude | $/barrel | 95.5 | +7.0% | +20.2% | +2.6% | +3.1% | +42.6% |
| Natural Gas Spot | $/mmBtu | 2.9 | +4.0% | +13.3% | -3.6% | -4.3% | -5.7% |
| Coal – Newcastle | $/Ton | 150.4 | +5.9% | +14.7% | +1.9% | +10.6% | +25.6% |
| Copper (LME) | $/Ton | 14,391.4 | -0.4% | +1.2% | +6.7% | +12.3% | +46.4% |
| Aluminium (LME) | $/Ton | 3,315.0 | +2.5% | +2.1% | -9.1% | -5.1% | +27.7% |
| Zinc (LME) | $/Ton | 4,051.8 | -0.8% | +7.0% | +15.4% | +23.8% | +41.7% |
| Nickel (LME) | $/Ton | 16,632.4 | -0.4% | -1.7% | -9.4% | -3.7% | +10.5% |
| Gold | $/Troy Oz | 4,472.9 | +0.4% | +5.3% | +3.3% | -13.5% | +26.1% |
| Silver | $/Troy Oz | 67.0 | +0.9% | +7.9% | -1.3% | -20.8% | +64.7% |
| Raw Sugar | $/lb | 18.1 | +2.9% | +19.3% | +27.8% | +28.2% | +15.2% |
| Cotton | $/lb | 86.5 | -5.4% | +4.1% | +11.6% | +25.5% | +25.3% |
| Rubber | JPY/kg | 453.6 | -0.7% | +8.0% | +9.0% | +26.0% | +40.8% |
| Coffee Robusta | $/lb | 3,344.0 | -4.2% | -14.1% | +0.8% | -12.6% | -27.0% |
| Palm Oil (Malaysia) | $/Ton | 1,200.0 | 0.0% | +4.3% | +2.6% | +5.5% | +10.1% |
| Baltic Dry Index | points | 3,488.0 | +9.5% | +13.9% | +17.0% | +73.5% | +77.7% |
2. Commodities & FX
Commodities
Gold was on track for a modest weekly gain, helped by softer inflation expectations and reduced odds of a September Fed rate hike following dovish comments from a Fed governor; markets are pricing roughly a 50% chance of a hike. Upcoming US payrolls and August CPI/PPI data will be the next key triggers — softer prints should support gold, while continued central-bank buying should cushion any weakness. Brent crude was set for its strongest weekly gain since July, up around 7% (WTI up nearly 10%), as renewed hostilities between the US and Iran reignited supply concerns; prices are likely to stay volatile, with further escalation posing upside risk even as OPEC+ output remains unchanged. Copper firmed as a weaker dollar and fading rate-hike expectations lifted sentiment; supply tightness should keep prices supported, though slowing US factory activity and rising input costs could cap demand.
Currencies
The US dollar was headed for a 0.7% weekly decline as dovish commentary trimmed the odds of a September Fed hike to around 50%; upcoming payrolls and CPI data will shape the path into the September FOMC meeting. The Indian rupee, meanwhile, rose over 1% for the week, supported by stronger-than-expected FCNR(B) inflows that have boosted the RBI's intervention capacity. Elevated crude prices and the renewed US–Iran stand-off remain the key medium-term risks to the currency.
3. Indian Companies Update
A round-up of the top corporate and stock-specific developments from the Indian markets this week:
• HDFC Bank: MD & CEO Sashidhar Jagdishan has decided not to seek reappointment, adding a leadership overhang for the stock even as the search for a successor gets underway.
• Reliance Jio Platforms: received a SEBI observation letter on the DRHP filed for its proposed IPO, and is reportedly set to finalise listing dates and initiate investor roadshows in the coming weeks.
• E2E Networks: secured a ₹1,000 crore deal to supply NVIDIA Blackwell Cloud GPUs to a sovereign AI firm based in India.
• PVR INOX: the board approved a share buyback of up to ₹300 crore via the tender-offer route at ₹1,450 per share.
• Happiest Minds Technologies: promoter Ashok Soota has agreed to sell a 22.1% stake to ITC Infotech for ₹1,329.7 crore, with a scheme of amalgamation to follow subject to approvals.
• Kotak Mahindra Bank: has recommended two internal candidates — Anup Saha and Paritosh Kashyap — to the RBI to succeed CEO Ashok Vaswani when his term ends next year.
• Reliance Consumer Products: entered the ice-cream category with the launch of "Bombay Creamery," positioned around affordable, real-dairy-cream products.
• Adani Green Energy: commissioned a 139 MW solar project at Khavda, Gujarat, taking its operational renewable capacity past 20 GW.
• Tata Motors: confirmed it has secured all necessary regulatory approvals for its proposed acquisition of Italian commercial-vehicle maker Iveco Group.
• Sun Pharmaceutical: agreed to offer its prescription and future innovative drugs in the US at prices aligned with the lowest paid by other developed nations, under a US healthcare-affordability initiative.
• Swiggy: is set to be deleted from MSCI's Global Standard Indexes after the company came under foreign-ownership-limit restrictions, adding a technical overhang to the stock.
• Hexaware Technologies: CEO Srikrishna Ramakarthikeyan has resigned; the board has appointed Vivek Jetley as CEO with effect from October 28, 2026.
• Power Grid Corporation: received a Letter of Intent worth ₹1,152.49 crore to build a transmission system for a renewable-energy evacuation project in Gujarat.
• Sterlite Technologies: the board approved a ₹3,000 crore capex to expand optical-fibre-cable capacity by 50% by FY29.
• EPL Ltd: promoter Epsilon Bidco (Blackstone-owned) is likely to sell up to a 26.38% stake via a block deal worth approximately ₹1,985 crore.
4. Global Companies Update
Key developments from global markets this week:
• Meta: agreed to a settlement of up to $16.7 billion over allegations that Facebook and Instagram harmed teenagers' mental health. Roughly $12.7 billion will go to participating US states over ten years for youth mental-health programmes, while a further $5.3 billion is contingent on rival platforms adopting similar teen-safety limits. Notably, Meta's stock rose on the news, as investors appeared to value the certainty of a capped, scheduled payment over an open-ended legal risk; the company also announced a series of product changes, including screen-time caps and quiet hours for teen accounts.
• Nvidia: reported quarterly revenue of $96.2 billion, up 106% year-on-year, and guided to roughly $108 billion for the current quarter. The stock jumped nearly 9% in a single session — adding about $435 billion in market value, one of the largest one-day gains on record — before giving back roughly half of that gain the following day amid concerns over rising memory-chip costs, which management said could compress gross margins from 75% to the 71–72% range over the next two quarters.
• Salesforce: beat estimates with adjusted earnings of $5.90 per share against $3.27 expected, sending the stock up about 22% — its second-best trading day on record. Of that figure, roughly $2.53 per share came from an unrealised gain on Salesforce's investment stake in Anthropic rather than from software sales; excluding this, earnings grew a still-healthy ~16% year-on-year. The company also announced a deeper partnership with Anthropic, integrating Claude into its Agentforce and CRM offerings.
• Amazon: quietly raised prices on several devices, including the Echo Dot (up from $49.99 to $79.99), citing sharply higher memory-chip costs — the same industry-wide shortage benefiting AI-chip makers like Nvidia.
• Snap: shares fell over 8% after Pennsylvania's Attorney General sued the company over teen-safety design features such as disappearing messages and autoplay, adding to broader regulatory scrutiny of social-media platforms.
• Intuit: fell nearly 10% after guiding TurboTax unit growth down to 2–3%, reviving investor concerns about AI-driven disruption to traditional software business models — commentary that was notably countered by Salesforce's results and management commentary the same week.
5. Quarterly Results for Next Week
This week primary-market activity is set to dominate: eleven mainboard IPOs, with a cumulative issue size of approximately ₹7,055 crore, are scheduled to launch next week, alongside inflation prints from China and the US and the ECB's monetary policy decision.
6. Economic Calendar for Next Week
| Date | Region | Event | Previous | Forecast |
| 07-Sep-26 | EU | GDP (YoY), Q2 | 0.3% | 1.0% |
| 08-Sep-26 | China | Balance of Trade (Aug, USD Bn) | 112.5 | 120.0 |
| 08-Sep-26 | USA | ADP Employment Change (Weekly) | 11.80K | — |
| 09-Sep-26 | China | PPI Inflation (YoY, Aug) | -0.1% | — |
| 09-Sep-26 | China | CPI Inflation (YoY, Aug) | 3.5% | — |
| 09-Sep-26 | USA | EIA Short-Term Energy Outlook | 0.5% | — |
| 10-Sep-26 | EU | ECB Interest Rate Decision (Sep) | 2.4% | 2.7% |
| 10-Sep-26 | USA | PPI (MoM, Aug) | 0.0% | 0.3% |
| 10-Sep-26 | USA | Core PPI (MoM, Aug) | 0.2% | 0.2% |
| 11-Sep-26 | UK | GDP (MoM, Jul) | 0.3% | — |
| 11-Sep-26 | USA | CPI (YoY, Aug) | 3.4% | 0.4% (MoM fcst) |
| 11-Sep-26 | USA | Core CPI (YoY, Aug) | 2.5% | 0.2% (MoM fcst) |
IND: India | USA: United States of America | CNY/China: China | GBP/UK: United Kingdom | EUR/EU: European Union | JPY: Japan
For information and education only; not investment, tax, or legal advice or an offer to buy or sell any security. Mutual fund and securities investments are subject to market risks; past performance does not guarantee future results.