Stock Market Open Report Today, October 26, 2026: Sensex Drops 500 pts, Nifty Slips Below 22,500 As IT, Oil Weigh

New Delhi, Oct 26: Indian equity benchmarks opened the week lower on Monday as oil fell but stayed elevated on an unresolved Middle East crisis and IT stocks dropped the most after Infosys cut its annual revenue growth forecast. The Sensex was down 535.28 points, or 0.73 per cent, at 72,588.55 at 9:22 am. The Nifty 50 fell 180 points, or 0.8 per cent, to 22,420 at 9:23 am. 

Asia set a negative tone. Taiwan, Shenzhen and South Korea’s Kospi lost between 0.97 per cent and 1.81 per cent, while Japan’s Nikkei 225 slipped 0.3 per cent. Wall Street offered no relief on Friday, with the Dow Jones Industrial Average falling 1.23 per cent. 

The situation in the Middle East has not improved. A US intelligence memo warned that Iranian plots against American personnel have reached advanced stages, and Houthi attacks and strikes on shipping in the Strait of Hormuz keep supply worries alive. Oil prices cooled in the morning, yet Brent at $114.88 a barrel stays high for India, which depends on imported crude. 

Investors are also anticipating the US Federal Reserve’s policy rate announcement on Wednesday, which could set the tone for global risk appetite and for flows into emerging markets. 

Breadth was poor. Only nine Nifty 50 stocks traded in the green, and the Nifty IT index tumbled 1.79 per cent as Infosys slid after its guidance cut. India VIX, the fear gauge, rose 3.91 per cent to 17.52. The Nifty now sits just over 1 per cent above its 52-week low of 22,179.90. 

Top Gainers & Losers 

Kotak Mahindra Bank (KOTAKBANK) led the Nifty 50 gainers, rising 3.15 per cent to Rs 444.05 from its previous close of Rs 430.50, a gain of Rs 13.55. Max Healthcare Institute (MAXHEALTH) gained 0.77 per cent to Rs 821.30 from Rs 815, an increase of Rs 6.30, while Adani Ports and Special Economic Zone (ADANIPORTS) climbed 0.62 per cent to Rs 1,713.30 from Rs 1,702.70, up Rs 10.60. JSW Steel (JSWSTEEL) rose by the same 0.62 per cent to Rs 1,192.80 against Rs 1,185.50, a rise of Rs 7.30, and Sun Pharmaceutical Industries (SUNPHARMA) added 0.57 per cent to Rs 1,758 from Rs 1,748, up Rs 10. 

On the other side, Shriram Finance (SHRIRAMFIN) was the biggest loser, tumbling 5.47 per cent to Rs 817.70 from Rs 865, a fall of Rs 47.30. Infosys (INFY) dropped 2.63 per cent to Rs 1,123.40 from Rs 1,153.80, a loss of Rs 30.40, Asian Paints (ASIANPAINT) shed 1.92 per cent to Rs 2,262.70 from Rs 2,307, down Rs 44.30, and Bajaj Finance (BAJFINANCE) lost 1.91 per cent to Rs 911.20 from Rs 928.95, a drop of Rs 17.75. Tata Consumer Products (TATACONSUM) fell 1.65 per cent to Rs 948 from Rs 963.90, down Rs 15.90. 

Broad Markets & Sectoral Indices 

No major broader-market index was in the green. The Nifty Next 50 fell 0.57 per cent to 65,450.90 from 65,828.60, a loss of 377.70 points, the Nifty Midcap 100 declined 0.56 per cent to 55,488.65 from 55,800.65, down 312 points, and the Nifty Midcap 150 lost 0.53 per cent to 20,483 from 20,592.75, down 109.75 points. Smallcaps held up better but were still lower, with the Nifty Smallcap 250 easing 0.31 per cent to 16,334 from 16,385.15, the Nifty Smallcap 100 slipping 0.32 per cent to 17,682.65 from 17,739.45, and the Nifty Smallcap 500 falling 0.34 per cent to 18,735.55 from 18,799.45.  

Among sectors, pharma and healthcare led the gainers. The Nifty Pharma rose 0.64 per cent to 25,492.35 from 25,329.45, up 162.90 points, the Nifty Healthcare Index gained 0.57 per cent to 15,474.05 from 15,387, up 87.05 points, and the Nifty Private Bank added 0.43 per cent to 26,771.65 from 26,656.30, up 115.35 points. The Nifty IT was the weakest, down 1.79 per cent, or 574 points, at 31,421.50 against 31,995.50, followed by the Nifty Financial Services ex-Bank, which lost 1.13 per cent to 27,876.55 from 28,194.55, a fall of 318 points, and the Nifty PSU Bank, which fell 0.91 per cent to 7,997.50 from 8,070.70, down 73.20 points. 

Middle East Conflict 

A memo from US Director of National Intelligence Jay Clayton, dated October 23 and seen by Reuters and first reported by Axios, warned that Iran has substantially increased efforts to target US personnel. Addressed to Secretary of State Marco Rubio, it said lethal plots against American citizens have reached advanced stages in the Middle East and certain other countries. It followed Washington’s decision to scale back staffing at its Saudi Arabia mission and order non-emergency staff and their families to leave, after intensified attacks by Iran-allied Houthi forces, and the State Department updated travel advisories for more than a dozen countries across the Gulf and Middle East on Saturday. The Iran war is a week away from entering its ninth month, attacks on commercial shipping in the Strait of Hormuz have risen, and the conflict has weighed on President Donald Trump’s approval ratings ahead of the November 3 midterm elections. 

Asian Markets 

Asian markets were mostly lower on Monday morning, with Taiwan down 1.81 per cent, Shenzhen off 1.48 per cent and South Korea’s Kospi lower by 0.97 per cent at 5,496.26. Japan’s Nikkei 225 slipped 0.3 per cent to 62,505.01, while the Shanghai Composite declined 0.39 per cent to 3,676.02 and Singapore’s Straits Times fell 0.19 per cent to 5,411.93. Hong Kong’s Hang Seng, up 0.29 per cent at 23,159.20, and Australia’s ASX 200, up 0.03 per cent at 8,798.10, were the only two gainers. 

US Markets 

US stocks ended lower on Friday, with the Dow Jones Industrial Average falling 652.82 points, or 1.23 per cent, to 52,215.16. The S&P 500 lost 0.52 per cent to 7,623.68, and the Nasdaq Composite declined 0.21 per cent to 25,955.34, while the Russell 2000 small-cap index eased 0.29 per cent to 2,775.90. The Dow Jones Transportation Average dropped 1.24 per cent, while the VIX volatility index rose 2.21 per cent to 19.45. 

Oil Prices 

Oil prices cooled in the morning but remained at elevated levels. WTI crude fell 1.87 per cent to $101.34 a barrel, and Brent crude declined 1.58 per cent to $114.88. Murban crude bucked the trend, rising 3.16 per cent to $118, while natural gas slid 3.94 per cent to $2.536 and gasoline eased 0.95 per cent to $3.181. For India, Brent at these levels raises worries over the import bill, inflation and corporate margins, given the country’s dependence on imported crude. 

Infosys In Focus 

Infosys (INFY) traded at Rs 1,138.85 at about 9:26 am on the NSE, down Rs 14.95, or 1.30 per cent, from its previous close of Rs 1,153.80. The stock opened at Rs 1,115, touched a low of Rs 1,107 and has since recovered about 2.9 per cent from that level, with its volume-weighted average price at Rs 1,121.22. The early weakness followed the September quarter results on Friday, when the IT major reported a 6.2 per cent rise in consolidated net profit to Rs 7,823 crore and a 10.2 per cent increase in revenue to Rs 49,244 crore, but cut its full-year growth forecast by more than the Street expected. The selling in the stock has pulled the Nifty IT index, which had gained 11.58 per cent over the past 30 days, down 1.79 per cent, making it the worst-performing sectoral index of the session. 

Friday’s Close 

The Sensex fell 125.56 points, or 0.17 per cent, to close at 73,123.83 on Friday, while the Nifty 50 declined 87.65 points, or 0.39 per cent, to settle at 22,600. It was a fourth straight session of losses for both benchmarks, which snapped a two-week winning streak and ended the week down 2.2 per cent and 2.4 per cent, respectively. All sectoral indices on the NSE ended in the red, with the Nifty Consumer Durables index, the worst performer, falling around 3 per cent and the Realty, Energy, Metal and PSU Bank indices each declining more than 2 per cent. Brent crude near $114 a barrel hurt sentiment, and heavy demand for Jio Platforms’ $3.2-billion IPO, subscribed 13.8 times by 3:30 pm, absorbed liquidity. 

Sources

• NSE
• BSE
• CNBC
• Reuters
• OilPrice.com
• PTI