# Weekly Market Metrics (Week 39 (21–25 Sep 2026) | What Happens Next?

**URL:** https://tradingqna.com/t/weekly-market-metrics-week-39-21-25-sep-2026-what-happens-next/198390
**Category:** In The Money
**Created:** [September 27, 2026, 5:51am UTC](https://tradingqna.com/t/weekly-market-metrics-week-39-21-25-sep-2026-what-happens-next/198390 "2026-09-27T05:51:33Z")
**Posts on this page:** 1
**Page:** 1

<div class="post-metadata">

### Author: ![Meher\_Smaran](https://tradingqna.com/user_avatar/tradingqna.com/meher_smaran/32/45882_2.png) [@Meher\_Smaran](https://tradingqna.com/u/Meher_Smaran)
#### Post date: [September 27, 2026, 5:51am UTC](https://tradingqna.com/t/weekly-market-metrics-week-39-21-25-sep-2026-what-happens-next/198390/1 "2026-09-27T05:51:33Z")

</div>

Welcome to Weekly Market Metrics. I’m Sandeep Rao, and we’re in Week 39 of 2026.

* * *

[![](https://img.youtube.com/vi/QiL7febtKHE/maxresdefault.jpg "Weekly Market Metrics | Week 39 (21–25 Sep 2026) | What Happens Next?") ](https://www.youtube.com/watch?v=QiL7febtKHE)

One of the biggest stories this week, which most of us missed, was from [the US bond market.](https://www.moneycontrol.com/news/business/markets/bond-market-meltdown-why-the-us-treasury-selloff-matters-far-beyond-wall-street-14037882.html) The US 10-year Treasury yield jumped more than **20 basis points** in two sessions — that’s 0.2 percentage points — to around **5.2%**. Why does that matter to us? Because when US government bonds pay over 5%, foreign investors need solid reasons to hold Indian stocks — one reason why FII selling continues. Add to that Brent crude near $106 and the rupee around 96 to the dollar, and things aren’t getting any better for us.

Back home, the Insurance Regulatory and Development Authority of India, or IRDAI, [released a draft proposal](https://www.reuters.com/legal/litigation/indias-insurance-overhaul-what-changes-why-it-matters-2026-09-24/) to cap what insurers pay banks, brokers and agents to sell policies. Banks and brokers currently earn over **40%** of the first-year premium on several life insurance products — the draft brings that down to **5 to 20%**. For banks that earn meaningfully from selling insurance, that’s a direct hit to fee income. That’s why Thursday’s selloff was led by financials, with the Nifty falling 1.64% and closing at a more than five-month low. But this is only a draft paper — feedback is open until October 25, and it could change. Do watch[the Daily Brief episode](https://youtu.be/flsfyWrjVVw?si=9zZ3GCM7WgI8QH50) if you want to learn more.

Now, over to the bright spot. The National Stock Exchange finally listed on Thursday, nearly a decade after it first filed. Its **₹22,569 crore** IPO — India’s second-largest ever — was subscribed about **5.7 times**.

Many weeks now, and one way or the other, the market continues to be under stress, with Nifty closing near **23,140** , down 0.88% compared to last week. This is the **7th straight week** NIFTY was down. I looked at NIFTY data going back to 1991 to see what happened after 7 straight weeks of declines — more on that in a bit.

With that, let’s get into what happened last week and what we expect in the coming week.

* * *

# Section One — Weekly Recap

#### Rate of Change (ROC)

[![](https://substackcdn.com/image/fetch/$s_!tpQN!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F264b3c6d-9b2c-41f6-ad0f-82c736608761_1496x265.png)](https://substackcdn.com/image/fetch/$s_!tpQN!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F264b3c6d-9b2c-41f6-ad0f-82c736608761_1496x265.png)

This week was broadly weak. NIFTY 50 fell 0.9%, while Midcap 150 fell **2%**. NIFTY Next 50 was down 0.3%, Smallcap 250 fell 0.7%, while Microcaps were the only segment to gain, up 0.3%.

Looking at the longer-term picture, the divergence continues to be interesting. NIFTY 50 is now **12.1%** below its 52-week high, while Microcaps are just 1.2% below their highs. Over the last six months, Microcaps are up **36.1%** , compared with just 1.4% for NIFTY 50.

[![](https://substackcdn.com/image/fetch/$s_!_Kiq!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fecfe541a-0e11-44a3-8b33-a8d2b05f05a3_1312x248.png)](https://substackcdn.com/image/fetch/$s_!_Kiq!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fecfe541a-0e11-44a3-8b33-a8d2b05f05a3_1312x248.png)

For the broader indices, NIFTY Bank fell 1.38% this week, while Mid Select declined **3.26%**. Sensex was down 0.54%. On a YTD basis, Mid Select remains the only one in positive territory, up 1.82%. NIFTY Bank is down 6.72%, NIFTY 50 is down 11.44%, while Sensex is down 13.29%.

[![](https://substackcdn.com/image/fetch/$s_!lnap!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F7edfe84b-7b62-4129-aefd-d2273c488ec8_1027x544.png)](https://substackcdn.com/image/fetch/$s_!lnap!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F7edfe84b-7b62-4129-aefd-d2273c488ec8_1027x544.png)

The YTD story remains largely the same as what we’ve seen over the past several weeks. NIFTY continues to lag significantly, while the broader market remains in positive territory. Microcaps are up around **17.2%** YTD, Smallcaps 9%, NIFTY Junior 3%, and Midcaps 0.3%, while NIFTY is down 11.5%. The divergence that started around April continues to remain clearly visible.

#### NIFTY — Weekly

[![](https://substackcdn.com/image/fetch/$s_!wMlz!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F7b9a3049-70ea-42ca-b1a1-700e57d2c7da_2048x906.png)](https://substackcdn.com/image/fetch/$s_!wMlz!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F7b9a3049-70ea-42ca-b1a1-700e57d2c7da_2048x906.png)

On the weekly chart, NIFTY continued to remain under pressure, closing at around **23,141** , down 0.88% for the week. The index is now testing the lower end of the range we’ve been tracking, with **23,100–23,000** as the immediate support. If that level breaks, the next important support is around **22,550** , followed by 22,200. On the upside, **24,600** remains the key resistance.

[![](https://substackcdn.com/image/fetch/$s_!cBH9!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F07885211-9345-4e84-8d69-02cf86682c18_2048x907.png)](https://substackcdn.com/image/fetch/$s_!cBH9!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F07885211-9345-4e84-8d69-02cf86682c18_2048x907.png)

This is the third consecutive week NIFTY is trading below all the key weekly moving averages — the 10, 20 and 40-week SMAs. The 10-week and 20-week averages are now around 23,900, while the 40-week SMA is around 24,260 — all three are above the current NIFTY level, and the averages are also pointing down, continuing to indicate weakness in the broader weekly trend.

#### Seven Straight Down Weeks — What History Says

I was looking at NIFTY’s weekly returns and noticed that this is now the **7th straight week** in which NIFTY has closed lower than the previous week. That got me curious — how often has NIFTY seen a similar streak in the past? So I went through NIFTY’s weekly data going all the way back to 1991 and looked for instances of 7 or more consecutive weeks of lower closes.

It turns out this isn’t something we’ve seen very often — it has happened only **6 times** in the past 34 years, and the current one is the 7th time. The most recent time this happened was in 2020, and before that, in 2008.

[![](https://substackcdn.com/image/fetch/$s_!lnl6!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F2c6a133c-f15b-4d5b-b01d-f8dea98d6e5b_1774x887.png)](https://substackcdn.com/image/fetch/$s_!lnl6!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F2c6a133c-f15b-4d5b-b01d-f8dea98d6e5b_1774x887.png)

Now, the interesting question is — what happened to NIFTY after these streaks ended? I looked at NIFTY’s performance 1 month, 3 months, 6 months and 12 months after each instance of 7 or more consecutive weekly declines. (For the two longer streaks — the 8-week streak in 1993 and the 9-week streak in 2001 — I’ve taken the returns from the end of the 8th and 9th week respectively.)

[![](https://substackcdn.com/image/fetch/$s_!AJGE!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F62236642-9658-4d54-8b06-32dc8d1dbac9_1774x887.png)](https://substackcdn.com/image/fetch/$s_!AJGE!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F62236642-9658-4d54-8b06-32dc8d1dbac9_1774x887.png)

Here’s what the data shows. Over the next **1 month** , NIFTY was positive in all 6 historical instances, with an average return of around **11%**. After **3 months** , it was positive in 5 out of 6 instances, with an average return of around **12%**. At the **6-month** mark, it was positive in 3 out of 6 instances, with an average return of around **14%**. And over **12 months** , NIFTY was positive in all 6 instances, with an average return of around **39%**.

The silver lining? Even in all the gloom and doom, history shows that NIFTY has often bounced back strongly from here. Of course, this is a very small sample size, so these numbers tell us what happened historically, not what will happen this time.

#### NIFTY — Daily

[![](https://substackcdn.com/image/fetch/$s_!Krn3!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F593349da-c824-4660-98ee-081f2de134b6_2048x905.png)](https://substackcdn.com/image/fetch/$s_!Krn3!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F593349da-c824-4660-98ee-081f2de134b6_2048x905.png)

On the daily chart, the 23,100–23,000 support zone we spoke about last week was tested this week, and NIFTY has continued to remain under pressure. After Thursday’s gap-down, NIFTY moved down to around **23,050** , and on Friday, 23,020 was also tested. The index then closed at **23,140** , making it three green days and two red days for the week. On the downside, **23,100–23,000** is the immediate support zone, followed by 22,330. On the upside, **23,570–23,625** remains the immediate resistance zone.

[![](https://substackcdn.com/image/fetch/$s_!2nsi!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F2ae40fb2-0052-475f-a98e-0debf31a05d8_2048x907.png)](https://substackcdn.com/image/fetch/$s_!2nsi!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F2ae40fb2-0052-475f-a98e-0debf31a05d8_2048x907.png)

Similar to the weekly chart, NIFTY is trading below all the key daily moving averages — the 21, 50 and 100-day EMAs, as well as the 200-day SMA. The 21-day EMA is around 23,535, the 50-day EMA around 23,800, the 100-day EMA around 23,980, and the 200-day SMA is around **24,420** — all four are above the current NIFTY level and continue to slope down, indicating continued weakness in the daily trend.

#### Range — W39

W39

[![](https://substackcdn.com/image/fetch/$s_!azM2!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F572dd96c-b2e9-4580-a7e6-d1b296d3bf62_1533x285.png)](https://substackcdn.com/image/fetch/$s_!azM2!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F572dd96c-b2e9-4580-a7e6-d1b296d3bf62_1533x285.png)

W38

[![](https://substackcdn.com/image/fetch/$s_!APZd!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F48b93ddb-0080-4e83-a201-2bb01e59d7dc_1536x286.png)](https://substackcdn.com/image/fetch/$s_!APZd!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F48b93ddb-0080-4e83-a201-2bb01e59d7dc_1536x286.png)

This week’s average daily range was around 170 points, compared to 229 points last week. The widest daily range was 236 points on Thursday, while the narrowest was 118 points on Wednesday.

This week’s average daily range was around **170 points** , compared to 229 points last week. The widest daily range was 236 points on Thursday, while the narrowest was 118 points on Wednesday. The weekly range was around **468 points** , slightly higher than the 10-week average of 450 points.

[![](https://substackcdn.com/image/fetch/$s_!-xqw!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F823b6ed7-2eb2-4d82-bce5-0fb4ceb54613_2048x905.png)](https://substackcdn.com/image/fetch/$s_!-xqw!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F823b6ed7-2eb2-4d82-bce5-0fb4ceb54613_2048x905.png)

An update on the 1,500-point range we’ve been tracking. NIFTY broke below the range on Thursday this week but managed to close back within the range at 23,140 — so the range remains intact on a weekly closing basis, and we’ve now been stuck in this range for around **six months**.

#### NIFTY — Hourly

[![](https://substackcdn.com/image/fetch/$s_!d_qe!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F2720977c-f293-46fe-b6c9-c49eafdcf707_2048x903.png)](https://substackcdn.com/image/fetch/$s_!d_qe!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F2720977c-f293-46fe-b6c9-c49eafdcf707_2048x903.png)

On the hourly chart, after a clean downtrend for almost three weeks, the short-term trend had started to get choppy, with price moving around the 50-hour EMA. However, after Thursday’s big gap-down, NIFTY is now trading below the 50-hour EMA again — so the short-term trend is bearish again.

#### Weekly Expiry Recap

Talking about the NIFTY weekly expiry on Tuesday, September 22, the index saw an intraday range of **203 points** , less than half of the 474-point range we saw on the previous expiry. The straddle opened at around 102 points, 7 points lower than last week’s 109 points. It stayed around 103 points till 10:45 AM, after which it steadily declined to around 88 points by 2:15 PM. And to everyone’s surprise, the premium then fell from 88 to around **62 points** before CAS started at 3:15 PM — some good decay to capture for option writers in that last hour. The index finally moved down just 19 points in CAS, so once again, realised volatility was much lower than implied volatility.

On the SENSEX monthly expiry on Thursday, September 24, the index traded in a range of **798 points** , while the opening straddle was around 366 points. After a big gap-down opening of 556 points, or 0.74%, the index continued to fall, and we had a trending day on SENSEX expiry after a long time — directional traders must have made decent money, along with time-based straddle sellers who keep an SL on the individual legs. At around 1:50 PM, the straddle was trading at around 384 points, which then fell to 244 points before CAS. The index fell another 139 points in CAS to close at **73,581**. Similar to the NIFTY expiry, realised volatility was lower than implied volatility.

And again, a reminder to submit your comments on the [proposed changes to CAS](https://www.youtube.com/shorts/oWRhSb3dFvg) and how settlement happens on 0DTE. The last date is **[October 3](https://www.sebi.gov.in/sebiweb/publiccommentv2/PublicCommentAction.do?doPublicComments=yes)**[.](https://www.sebi.gov.in/sebiweb/publiccommentv2/PublicCommentAction.do?doPublicComments=yes)

* * *

## Section Two — What to Expect in the Coming Week

Now, after the recent weakness, NIFTY is still sitting near the lower end of the 1,500-point range we’ve been tracking. On the downside, **23,100–23,000** is the immediate support zone, followed by 22,330. On the upside, **23,570–23,625** is the immediate resistance zone. On the shorter timeframes, the trend remains bearish, with NIFTY trading below its key moving averages, and the hourly trend has also turned bearish again after Thursday’s gap-down.

[![](https://substackcdn.com/image/fetch/$s_!LXtl!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F6f21f074-507a-4b0a-a3a3-3ed2dff05936_1046x247.png)](https://substackcdn.com/image/fetch/$s_!LXtl!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F6f21f074-507a-4b0a-a3a3-3ed2dff05936_1046x247.png)

Looking at the straddle premium to gauge the expected range for NIFTY’s upcoming monthly expiry on Tuesday, September 29 — the straddle is currently around **196 points**. With NIFTY at 23,141, this implies an expected range of roughly **22,945 to 23,337** for the expiry, or around 0.85% on either side.

#### India VIX

[![](https://substackcdn.com/image/fetch/$s_!d20M!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fb966ee63-cc01-4109-bcfd-278ce04ff6ed_2048x908.png)](https://substackcdn.com/image/fetch/$s_!d20M!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fb966ee63-cc01-4109-bcfd-278ce04ff6ed_2048x908.png)

India VIX rose **6.8%** this week, or around 0.8 points, to close at **12.16**. After remaining mostly in the 11–12 range over the past few weeks, volatility has picked up again, with VIX moving back above 12.

#### Sectors

[![](https://substackcdn.com/image/fetch/$s_!JUp_!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F2416fc38-641a-472b-890f-e2adc843694a_730x245.png)](https://substackcdn.com/image/fetch/$s_!JUp_!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F2416fc38-641a-472b-890f-e2adc843694a_730x245.png)

There’s a clear change in the sector picture this week. **Realty** led the pack with a **2.98%** gain, followed by Pharma at 1.1% and FMCG at 1.04%. CPSE and Metal also made it into the top five, gaining 0.76% and 0.26% respectively. Compared with last week, Realty and CPSE are new entrants, while Pharma, FMCG and Metal continue to remain in the top five.

#### Commodities

[![](https://substackcdn.com/image/fetch/$s_!QR6_!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F9993f415-5f85-42f7-9ba7-a4866ea33c75_2048x905.png)](https://substackcdn.com/image/fetch/$s_!QR6_!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F9993f415-5f85-42f7-9ba7-a4866ea33c75_2048x905.png)

Looking at GOLDM and SILVERM on the charts, both are trading below their 50-day moving averages. GOLDM is trading around **₹1,51,100** , compared with its 50-day average of around ₹1,52,300.

[![](https://substackcdn.com/image/fetch/$s_!anIN!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fdd94471f-7cbb-4e0c-820b-7d49d2d19c06_2048x905.png)](https://substackcdn.com/image/fetch/$s_!anIN!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fdd94471f-7cbb-4e0c-820b-7d49d2d19c06_2048x905.png)

SILVERM is around **₹2,36,000** , while its 50-day average is around ₹2,41,800. So both remain below their 50-day averages, with Silver further away from its moving average than Gold.

[![](https://substackcdn.com/image/fetch/$s_!7ZSZ!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F9b02e868-90ae-4734-806c-c5f7aacf8e78_1213x268.png)](https://substackcdn.com/image/fetch/$s_!7ZSZ!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F9b02e868-90ae-4734-806c-c5f7aacf8e78_1213x268.png)

Looking at commodities, Natural Gas was the standout performer this week, gaining **7.83%** , followed by Copper at 0.57%. Gold, Silver, and Crude Oil all declined, with Crude Oil falling **4.23%**. YTD, Crude Oil and Natural Gas are up over 100%. Copper is down 1.5%, Gold is up 0.3%, while Silver is down 9.1%.

* * *

### Wrapping Up

So, to sum it all up, it was another weak week for NIFTY, with the index down 0.88% and marking its **seventh consecutive weekly decline**. NIFTY remains close to the lower end of the range, with 23,100–23,000 as key support and 24,600 as major resistance.

India VIX picked up 6.8% to 12.16, while the broader market continues to outperform NIFTY. Sectors were led by Realty, Pharma and FMCG, all delivering positive returns this week. Gold and Silver are both trading below their 50-day moving averages, while Natural Gas was the standout commodity performer this week.

* * *

### What Caught My Attention This Week

Two recommendations this week, and totally away from the world of finance.

- **First** is about the[Enigma machine](https://youtu.be/JsBZOcqZerk?si=9yF7vkAHe71tQf8B), which Nazi Germany used to encrypt its messages during World War 2. I’d read about it before, but watching _The Imitation Game_, where Benedict Cumberbatch plays Alan Turing, made me more curious. Incidentally, Veritasium has just put out a video that opens up a real Enigma machine and explains how it worked, and how Polish mathematicians, Turing, and a few careless German operators helped crack it. It runs 48 minutes.

- **Second** is [a New York Times profile of Gulzar](https://www.nytimes.com/2026/09/21/world/asia/bollywood-india-gulzar.html), who at 92 is still writing about love. Over six decades in Mumbai, where he arrived as a teenage refugee, he has written lyrics for more than 150 films, from “Chaiyya Chaiyya” to “Dil To Bachcha Hai Ji.” The breadth of emotions they cover is crazy. He obviously has an interesting life philosophy to share — do read.

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### Events to Watch Next Week

It’s NSE’s monthly expiry week, with the monthly contracts for F&O stocks and the NSE indices — mainly NIFTY, BANKNIFTY and MIDCPNIFTY — expiring on **Tuesday, September 29**.

SENSEX will have its first weekly expiry of October on **Thursday, October 1** , before we head into a long weekend with a trading and settlement holiday on **Friday, October 2** , on account of Mahatma Gandhi Jayanti. So Week 40 will be a 4-day trading week.

And with this week, we also begin a new October series — hopefully that turns out to be positive, and the markets make a turn from here. Other than that, there are no major known domestic macro events scheduled for the week, so it should be a relatively quiet one.

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So yeah, that’s pretty much it for the week. If you find this series useful, don’t forget to subscribe to the channel — and yes, do share it with your friends.

Until then — stay curious, stay steady, and enjoy your weekend.

> **[Weekly Market Metrics | What Happens Next?](https://inthemoneybyzerodha.substack.com/p/weekly-market-metrics-what-happens)**
>
> Week 39 (21–25 Sep 2026)