Nifty trims early losses to 91 points by noon; broad market bleeds as 432

SENSEX 73,445.04

 -264.65

NIFTY 22,739.55

 -71.80

CRUDEOIL 9,461.00

+ 253.00

GOLD 145,002.00

 -1,077.00

SILVER 203,902.00

 -5,266.00

SENSEX 73,445.04

 -264.65

NIFTY 22,739.55

 -71.80

NIFTY 22,739.55

 -71.80

CRUDEOIL 9,461.00

+ 253.00

CRUDEOIL 9,461.00

+ 253.00

GOLD 145,002.00

 -1,077.00

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A total of 432 stocks hit fresh 52-week lows against just 53 at 52-week highs, underscoring the depth of the selling and as many as 277 stocks were locked in the lower circuit against 107 in the upper circuit

By Anupama Ghosh

Updated - October 22, 2026 at 01:17 PM.

Equity benchmarks recovered partially from their opening lows by midday on Thursday but remained firmly in the red for a third consecutive session, weighed down by surging crude oil prices, geopolitical uncertainty and broad-based selling across sectors.

The BSE Sensex was trading at 73,485.75, down 223.94 points or 0.30 per cent, at 12.56 pm, against its previous close of 73,709.69. The NSE Nifty 50 was at 22,720.05, down 91.30 points or 0.40 per cent, from its Wednesday closing level of 22,811.35.

Market breadth on the BSE remained heavily negative. Of 4,392 stocks traded, 2,661 declined and only 1,507 advanced, while 224 remained unchanged.

A total of 432 stocks hit fresh 52-week lows against just 53 at 52-week highs, underscoring the depth of the selling. As many as 277 stocks were locked in the lower circuit against 107 in the upper circuit.

Five stocks on the Nifty 50 managed to post gains by afternoon. Bajaj Finance was the top performer, rising 1.47 per cent to ₹939.60 from a previous close of ₹926.00, followed by Bajaj Auto, which gained 1.26 per cent to ₹10,199 from ₹10,072. Larsen & Toubro rose 1.16 per cent to ₹3,678.10 from ₹3,636, Bharti Airtel advanced 1.05 per cent to ₹1,911.50 from ₹1,891.70, and UltraTech Cement added 0.98 per cent to ₹10,955 from ₹10,849.

On the losing side, Nestle India was the biggest laggard, down 2.19 per cent to ₹1,197.10 from ₹1,223.90. Tech Mahindra fell 1.86 per cent to ₹1,800.60 from ₹1,834.70, HDFC Bank declined 1.85 per cent to ₹693.85 from ₹706.95, Coal India shed 1.78 per cent to ₹400.25 from ₹407.50, and HDFC Life slipped 1.65 per cent to ₹530.75 from ₹539.65. Reliance Industries, HDFC Bank and Infosys were the top three negative contributors to the Nifty by index weight.

“Selling pressure is broad-based, with declines across major sectors and broader market indices, reflecting persistent risk aversion and weakening investor sentiment,” said Ponmudi R, CEO of Enrich Money. “The combination of persistently high crude prices and broad-based selling pressure is likely to keep investor sentiment subdued.”

All major sectoral indices were in the red by midday, with Nifty FMCG and IT emerging as the worst performers. IT stocks came under selling pressure after outperforming on Wednesday, reversing much of the previous session’s 2.88 per cent gain. Banking stocks, particularly HDFC Bank, faced renewed pressure, consistent with the broader cautious sentiment.

On the commodities front, MCX crude oil was trading around ₹9,340, up 1.43 per cent, supported by reports of Houthi attacks on a Saudi Aramco oilfield and the US ordering diplomats to leave Saudi Arabia. WTI crude was near $98.50, up 0.80 per cent, while Brent held above $110 a barrel.

Precious metals faced headwinds from elevated yields. COMEX gold fell 0.90 per cent to around $4,110, testing a key support at $4,100. COMEX silver was down 2.09 per cent to $56.50, underperforming gold as the gold-silver ratio climbed to 71.92. Domestically, MCX gold was at ₹144,600, down 1.01 per cent, while MCX silver dropped 1.91 per cent to ₹205,160, with its RSI near 29 in oversold territory.

The Indian rupee extended its winning streak to eight sessions, with USD/INR slipping to 94.34, supported by dollar inflows from the Jio Platforms IPO and RBI intervention curbing dollar demand.

On the options front, SBI Securities noted meaningful call writing at the 22,700 and 22,800 strikes, while the 22,600 put carried substantial open interest, followed by the 22,500 strike. The brokerage identified 22,520–22,500 as a crucial support zone and 22,750–22,770 as immediate resistance for the Nifty. For the Sensex, support was placed at 72,900 and resistance at 73,700.

“Unless the index manages to reclaim and sustain above the 22,700–22,800 range, the prevailing selling pressure is likely to persist, keeping the near-term technical outlook cautious to bearish,” Ponmudi added. Quarterly results from Adani Enterprises, Colgate, Havells, HPCL and Swiggy, due later in the day, may provide selective triggers for individual stocks.

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Published on October 22, 2026

Companies to follow

• Bajaj Finance Ltd
• Bajaj Auto Ltd
• Larsen & Toubro Ltd
• Bharti Airtel Ltd
• UltraTech Cement Ltd
• Nestle India Ltd
• Tech Mahindra Ltd
• Coal India Ltd
• HDFC Life Insurance Company Ltd
• Reliance Industries Ltd
• Infosys Ltd

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