Monthly Macros Chartbook (September 2026)
India’s macroeconomic indicators remained resilient in September 2026, even as global uncertainties intensified. IIP growth accelerated to 8.0% YoY, while Manufacturing PMI rose to a seven-month high of 55.1 and Services PMI improved to 55.2, reflecting stronger domestic demand and business activity. However, inflationary pressures persisted, with CPI inflation rising to 4.82% and WPI inflation reaching 9.92%, driven by higher food, fuel and manufactured goods prices. Equity markets corrected sharply, with the Nifty 50 declining 6.1%, amid surging crude oil prices, escalating Middle East tensions and the U.S. Federal Reserve’s first rate hike in over three years. Sectorally, IT (-11.2%), Auto (-8.8%), and PSU Banks (-6.9%) were the biggest laggards, while Pharma proved relatively resilient. Despite volatility, domestic participation remained strong, with SIP inflows reaching a record level, highlighting continued long-term investor confidence.
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