Market under pressure; metal shares plunge

The key equity benchmarks continued to trade with significant losses in early afternoon trade, weighed down by sustained foreign selling and elevated crude oil prices. Nifty traded below 22,350 mark.

Metal shares witnessed selling pressure for second consecutive trading sessions.

At 12:25 IST, the barometer index, the S&P BSE Sensex declined 763.32 points or 1.05% to 71,880.12. The Nifty 50 index dropped 277.45 points or 1.23% to 22,326.80.

The broader market underperformed the frontline indices. The Nifty MidCap 150 Index fell 1.64% and the Nifty SmallCap 250 Index declined 1.97%.

The market breadth was weak. On the NSE, 633 shares rose and 2,808 shares fell. A total of 111 shares were unchanged.

Brent crude futures rallied 3.05% to $103.26 a barrel.

Derivatives:

The NSE's India VIX, a gauge of the market's expectation of volatility over the near term jumped 6.28% to 14.76. The Nifty 27 October 2026 futures were trading at 22,388.90 at a premium of 62.10 points as compared with the spot at 22,326.80.

The Nifty option chain for the 27 October 2026 expiry showed a maximum call OI of 90.6 lakh contracts at the 23,500 strike price. A maximum put OI of 50.3 lakh contracts was seen at the 22,000 strike price.

Buzzing Index:

The Nifty Metal index tumbled 3% to 11,938.10. The index declined 5.25% in the two consecutive trading sessions.

Adani Enterprises (down 5.7%), Jindal Steel (down 4.29%), JSW Steel (down 3.97%), Vedanta Aluminium Metal (down 3.26%), Steel Authority of India (down 3.22%), Jindal Stainless (down 2.75%), Hindustan Zinc (down 2.7%), Vedanta (down 2.6%), APL Apollo Tubes (down 2.54%) and Hindalco Industries (down 2.17%).

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