Sensex slumps 106 pts; oil & gas shares advance for 2nd day; VIX jumps 4.03%

The headline equity benchmarks traded with minor losses in early afternoon trade. The Nifty traded below 26,700 level. Oil & Gas shares extended gains for the second consecutive trading session.

In the barometer index, the S&P BSE Sensex, tanked 105.72 points or 0.13% to 83,832.99. The Nifty 50 index shed 9.20 points or 0.04% to 25,712.90.

The broader market outperformed the frontline indices. The S&P BSE Mid-Cap index rose 0.38%, while the S&P BSE Small-Cap index advanced 0.53%.

The market breadth was positive. On the BSE, 2,096 shares rose and 1,947 shares fell. A total of 238 shares were unchanged.

Economy:

The seasonally adjusted HSBC India Manufacturing Purchasing Managers? Index (PMI) was up from 57.7 in September to 59.2 in October, indicating a quicker improvement in the health of the sector. Manufacturing sector conditions in India continued to strengthen in October, buoyed by GST (Goods and Services Tax) relief, productivity gains and tech investment.

Derivatives:

The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, rose 4.03% to 12.64. The Nifty 25 November 2025 futures were trading at 25,857 at a premium of 144.1 points as compared with the spot at 25,712.90.

The Nifty option chain for the 25 November 2025 expiry showed a maximum call OI of 54.8 lakh contracts at the 26,000 strike price. Maximum put OI of 48.6 lakh contracts was seen at the 26,000 strike price.

Buzzing Index:

The Nifty Oil & Gas index rose 0.81% to 12,087.55. The index added 0.88% in the two consecutive trading session.

Aegis Logistics (up 2.92%), Hindustan Petroleum Corporation (up 1.74%), Bharat Petroleum Corporation (up 1.72%), Oil India (up 1.43%), Indian Oil Corporation (up 1.38%), Indraprastha Gas (up 1.1%), Petronet LNG (up 1.1%), Oil & Natural Gas Corpn (up 0.64%), Gujarat Gas (up 0.63%) and Reliance Industries (up 0.35%) added.

On the other hand, Adani Total Gas (down 0.61%), Mahanagar Gas (down 0.41%) edged lower.

Stocks in Spotlight:

Maharashtra Scooters rose 0.39%. The company reported a 76.68% surge in standalone net profit to Rs 267.07 crore, on a 65.87% rise in total income to Rs 271.02 crore in Q2 FY26 over Q2 FY25.

Steel Strips Wheels (SSWL) advanced 3.35% after the company reported a net turnover of Rs 415.90 crore for October 2025, marking a 12.39% year-on-year (YoY) increase compared to Rs 370.05 crore recorded in October 2024.

Dredging Corporation of India hit an upper limit of 20% after the company signed 22 MoUs with 16 organisations worth Rs 17,645 crore during India Maritime Week 2025 in Mumbai.

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