Stock Market Open Report Today, October 27, 2026: Markets Slip As Oil, IT Drag

Mumbai, October 27: Indian equity benchmarks slipped in early trade on Tuesday giving back a slice of Monday’s rebound as oil stayed elevated despite pullback and IT stocks dragged. Hopes from the Tehran peace talks collided with fresh Houthi attacks on Saudi Arabia, and investors held back ahead of the US Federal Reserve’s rate decision due later this week. Crude oil eased but remained far above levels that India, a heavy importer, can comfortably absorb. 

The BSE Sensex was quoted at 73,416.71 at 9:32 am, down 190.04 points or 0.26 per cent from Monday’s close of 73,606.75. The NSE Nifty 50 stood at 22,710.75 at 9:33 am, lower by 42.45 points or 0.19 per cent from its previous close of 22,753.20. Both benchmarks are slipping after a Monday session in which they snapped a four-day losing run. 

The diplomatic signal from the Gulf was real but fragile. Top officials from Saudi Arabia, Turkey and Pakistan met Iranian leaders in Tehran on Monday, and all sides agreed to keep talking. Yet the Houthis launched new strikes on Saudi Arabia the same day, and Egypt approved defence support for the kingdom. 

Brent crude was at $114.68 a barrel, down 0.98 per cent, but only a little below its near six-month high of $117. Costly crude widens the import bill and feeds inflation, the two worries that have weighed on the market for a fortnight. US WTI crude is also above $100, so the cost pressure is not confined to one benchmark. 

The US Fed adds a second layer of risk. A hawkish message on US rates could firm up the dollar and tempt foreign funds to leave emerging markets, India included. Last week’s losses, which followed four straight sessions of selling, show how little cushion buyers have. The Nifty is also within about 2.4 per cent of its 52-week low of 22,179.90 and is down 12.62 per cent over one year, so a fresh shock would test that support quickly. 

Market internals reflect that hesitation. The Nifty IT index fell 1.48 per cent, with Infosys the biggest drag on the Nifty, and India VIX rose 1.66 per cent to 17.45, a sign that traders are paying more for protection. Smallcaps, pharma and PSU banks held up, and gains in Tata Consumer Products and Bharat Electronics point to selective buying in consumer and defence-linked names, but a single round of talks does not reopen shipping lanes or cool crude. Expect choppy trade until the Fed and Tehran offer clarity. 

Top Gainers and Losers 

Measured by last traded price (LTP) against Monday’s close, Tata Consumer Products (TATACONSUM) led the Nifty gainers, rising 3.04 per cent to Rs 965.00 from Rs 936.50, a gain of Rs 28.50. Bharat Electronics (BEL) gained 1.27 per cent to Rs 367.60 from Rs 363.00, and Max Healthcare Institute (MAXHEALTH) added 1.26 per cent to Rs 845.50 from Rs 835.00. BSE Ltd (BSE) rose 1.20 per cent to Rs 3,399.40 from Rs 3,359.00, while Eternal (ETERNAL) climbed 0.65 per cent to Rs 327.65 from Rs 325.55. On the other side, Infosys (INFY) was the steepest faller, down 2.55 per cent at Rs 1,136.30 against Rs 1,166.00, a loss of Rs 29.70. JSW Steel (JSWSTEEL) slipped 1.52 per cent to Rs 1,240.90 from Rs 1,260.00, and Asian Paints (ASIANPAINT) lost 1.16 per cent to Rs 2,295.00 from Rs 2,322.00. Tata Consultancy Services (TCS) shed 1.10 per cent to Rs 2,507.10 from Rs 2,535.00, and Hindustan Unilever (HINDUNILVR) fell 1.08 per cent to Rs 1,798.90 from Rs 1,818.60. 

Broad Markets and Sectoral Indices 

Smallcaps led the gains in the broader market. The Nifty Smallcap 100 rose 0.79 per cent to 18,126.40, the Nifty Smallcap 50 gained 0.78 per cent to 9,137.85 and the Nifty Smallcap 250 advanced 0.52 per cent to 16,657.00. Weakness showed up in the Nifty Financial Services, down 0.17 per cent at 24,412.80, the Nifty India FPI 150, down 0.16 per cent at 1,454.95, and the Nifty 100, down 0.16 per cent at 23,598.55. Among sectors, the Nifty PSU Bank rose 0.62 per cent to 8,144.15, the Nifty Pharma gained 0.54 per cent to 25,912.85 and the Nifty Healthcare Index added 0.48 per cent to 15,733.20. The Nifty IT was the biggest drag, falling 1.48 per cent to 31,794.15, followed by the Nifty Cement, down 0.93 per cent at 13,578.55, and the Nifty Oil & Gas, down 0.49 per cent at 10,469.10. 

Asian Markets 

Asian stocks traded higher on Tuesday morning, led by Japan and South Korea. Japan’s Nikkei jumped 1.82 per cent, or 1,133.61 points, to 63,323.26, South Korea’s Kospi surged 3.97 per cent to 5,686.54, and Australia’s ASX 200 and China’s Shenzhen Component edged up 0.11 per cent and 0.09 per cent. Hong Kong’s Hang Seng fell 0.21 per cent to 23,162.65, Singapore’s Straits Times lost 0.32 per cent to 5,398.58 and New Zealand’s NZX 50 declined 0.78 per cent to 13,626.85. 

US Markets 

Wall Street ended higher on Monday, with technology leading. The Nasdaq 100 gained 1.09 per cent, or 315.88 points, to 29,273.41, while the Dow Jones Transportation Average rose 0.81 per cent to 20,204.82 and the Russell 2000 added 0.38 per cent to 2,786.42. The NYSE index climbed 0.29 per cent to 24,186.86, though utilities slipped 0.11 per cent to 1,096.91 as traders positioned for the Fed’s decision. 

Oil Prices 

Oil prices eased on Tuesday but stayed elevated. Brent crude fell $1.13, or 0.98 per cent, to $114.68 a barrel, and US West Texas Intermediate dropped $0.93, or 0.91 per cent, to $100.83. Murban crude, the Abu Dhabi benchmark, slipped $0.33, or 0.28 per cent, to $117.67, while natural gas inched up 0.08 per cent to $2.604. Houthi attacks on Saudi Arabia keep the risk of supply disruption alive, which is why the dip has not changed the broader picture. 

Middle East Conflict 

Top officials from Saudi Arabia, Turkey and Pakistan met Iranian leaders in Tehran on Monday, the first high-level contact since a war that began with US and Israeli strikes on Iran spread to Saudi Arabia and Yemen. Saudi Defence Minister Prince Khalid bin Salman, Pakistan’s army chief Field Marshal Asim Munir and Turkey’s intelligence chief Ibrahim Kalin attended, and Iranian state media said the four sides agreed to continue talks on regional peace and security. Iran said its nuclear programme was not on the table until its demands, including an end to the US blockade of its ports and relief on oil sanctions, are met. The Houthis nevertheless launched new attacks on Saudi Arabia, Egypt approved defence support for the kingdom, and US President Donald Trump said on Friday that Washington may strike Iran again. 

Monday’s Close 

The Sensex ended Monday 482.92 points, or 0.66 per cent, higher at 73,606.75, and the Nifty 50 gained 153.20 points, or 0.68 per cent, to settle at 22,753.20, ending a four-session losing streak. Buying in pharmaceutical, metal and oil and gas stocks led the rebound, even as high crude prices and Middle East tensions kept sentiment guarded. Market breadth was positive, with 2,262 stocks advancing, 1,895 declining and 186 unchanged. The recovery followed a weak week in which the Nifty lost 2.36 per cent and the Sensex 2.15 per cent. 

Source

• NSE
• BSE
• Reuters
• OilPrice.com