Oil at $100, Treasuries at 5%: The Double Squeeze Behind Nifty's Worst September Since 2018

September 2026 was the month two shocks hit India at once: front-month Brent crude jumped 14% to above $100 as the Strait of Hormuz conflict dragged on, and the US Federal Reserve's first rate hike since 2023 pushed 10-year Treasury yields past 5%. That combination drove foreign investors out of Indian equities, with Rs 44,013 crore of net FII selling, pushed the rupee past 96 per dollar, and sent the Nifty 50 down 6.1% and the Sensex 5.8%, the Nifty's worst September since 2018.

Download the full issue above for the complete breakdown, including an executive summary, global markets, currency, commodities, Indian indices, institutional flows, a sector deep-dive on why IT and financials were hit hardest, and an outlook for October, with charts and data tables throughout.

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