Sensex, Nifty extend losses as crude oil tops $110; midcaps, smallcaps slump

The domestic equity benchmarks ended lower for the second consecutive session on Wednesday, as rising crude oil prices and selling pressure in heavyweight stocks weighed on investor sentiment. The Nifty 50 closed below the 22,850 mark. The index surrendered early gains before recovering from their intraday lows on buying in IT stocks.

The broader market also slumped. Consumer durables, metal and auto shares tumbled while IT and cement shares bucked the weak market trend. Brent crude rose above $110 a barrel, heightening concerns over India's import bill, inflation and corporate margins.

The S&P BSE Sensex declined 143.21 points, or 0.19%, to 73,709.69, while the Nifty 50 lost 77.60 points, or 0.34%, to 22,811.35. In the two consecutive trading sessions, the Sensex declined 1.36%, while the Nifty 50 fell 1.45%.

Bajaj Finance (down 3.27%), Axis Bank (down 2.10%) and HDFC Bank (down 0.71%) were major Nifty drags today.

The broader market underperformed the frontline indices. The Nifty MidCap 150 Index declined 1.39% and the Nifty SmallCap 250 Index fell 2.26%.

Market breadth was weak. On the NSE, 608 shares advanced, while 2,988 declined and 102 remained unchanged.

Numbers to Track:

In the commodities market, Brent crude for December 2026 settlement jumped $2.16 or 1.99% to $110.95 a barrel.

The yield on India's 10-year benchmark federal paper advanced 0.66% to 7.440 compared with the previous session close of 7.391.

In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 94.4375 compared with its close of 94.9125 during the previous trading session.

MCX Gold futures for 4 December 2026 settlement fell 0.50% to Rs 1,45,780.

The US Dollar Index (DXY), which tracks the greenback's value against a basket of currencies, was up 0.03% to 101.73.

The United States 10-year bond yield rose 0.12% to 5.125.

Global Markets:

European indices advanced on Wednesday, stabilising after two volatile sessions as strong corporate earnings supported sentiment. However, political turmoil in France and caution ahead of US technology earnings limited gains.

UK consumer price inflation rose to 3.5% in September from 3.1% in August, exceeding the 3.4% forecast and reaching its highest level since October 2025, according to the Office for National Statistics.

In the Middle East, Iran?s Foreign Minister Abbas Araghchi said the Strait of Hormuz would remain closed until Washington accepted Tehran?s conditions. Indirect talks between the two sides continued through Pakistan and Qatar. US President Donald Trump told a rally that the war would end ?one way or the other very quickly? and predicted that oil prices would fall sharply afterwards.

Asian equity indices ended mixed. Japan?s exports rose 16.7% year-on-year in September, marking the 13th consecutive month of growth, but fell short of market expectations. Exports to the US increased 22.9%, while shipments to China rose 8.6%. Meanwhile, Japan?s trade deficit narrowed to 536.6 billion yen.

Overnight, US equity markets ended mixed on Tuesday, 20 October 2026. The Dow Jones Industrial Average advanced 1.02% to 52,495.88, while the S&P 500 gained 0.28% to 7,712.57. The Nasdaq Composite edged down 0.02% to 26,424.82 as weakness in technology stocks offset gains elsewhere.

Healthcare and industrial stocks supported the Dow?s advance as investors assessed corporate earnings and reassessed technology valuations. Concerns over the costs and potential returns of artificial intelligence investments continued to weigh on sentiment.

In after-hours trading, SpaceX shares rose more than 8% after the company reported a 161% year-on-year increase in third-quarter revenue to $14.58 billion. Net income reached $4.4 billion, compared with a loss of $1.1 billion a year earlier, while AI revenue increased more than ninefold. Netflix shares fell 6% amid concerns over slowing revenue growth.

On the economic front, US housing starts declined 5.2% month-on-month in September, while building permits fell 0.2%. Single-family housing starts dropped 4.6% to an annualised rate of 859,000 units. Single-family permits declined 4% to 845,000, their lowest level in three and a half years, signalling continued weakness in the housing sector.

Meanwhile, crude oil prices rose on Wednesday amid renewed concerns over supply disruptions in the Middle East. Brent crude gained 85 cents to $109.64 a barrel. Prices fluctuated on Tuesday following conflicting reports about progress in US-Iran diplomatic efforts. Threats to energy infrastructure and shipping routes continued to keep supply risks in focus.

Corporate earnings are expected to remain a key driver of global markets this week. Investors will assess whether earnings growth can justify elevated equity valuations amid high borrowing costs and uncertainty over AI spending. Developments in the Middle East and movements in crude oil prices are also likely to influence market sentiment.

New Listing:

HD Fire Protect ended at Rs 307.20 on the BSE, representing a premium of 13.36% as compared with the issue price of Rs 271.

The stock debuted at Rs 334.40 on the BSE, a premium of 23.39% over its issue price. The stock has hit a high of Rs 338 and a low of Rs 301. On the BSE, over 30.38 lakh shares of the company were traded in the counter.

Stocks in Spotlight:

Reliance Industries rose 0.58%. The IPO of its digital and telecom subsidiary, Jio Platforms, received a strong response. The issue was fully subscribed on the first day of opening.

The IPO opened for subscription on 21 October 2026 and will close on 23 October 2026. The company has fixed the price band at Rs 1,065-1,119 per share, with a lot size of 12 shares. The Rs 30,213-crore IPO comprises an entirely fresh issue of 27 crore equity shares.

India Cements jumped 15.73% after the company reported a 340.64% year-on-year (YoY) increase in standalone net profit to Rs 38.82 crore in Q2 FY27. Net profit rose 44.58% quarter-on-quarter (QoQ) from Rs 26.85 crore in the June 2026 quarter. Net sales rose 2.24% YoY and 12.03% QoQ to Rs 1,142.03 crore in Q2 FY27.

Waaree Renewable Technologies (WRTL) slumped 10.13% after the company reported 29.98% fall in consolidated net profit to Rs 81.48 crore in Q2 FY27 compared with Rs 116.36 crore in Q2 FY26. Revenue from operations jumped 36.53% year-on-year (YoY) to Rs 1,057.84 crore in the quarter ended 30 September 2026.

Bajaj Finance declined 3.27%. The company reported a 28.53% rise in consolidated net profit to Rs 6,266.20 crore in Q2 FY27, compared with Rs 4,875.36 crore in Q2 FY26. Revenue from operations climbed 22.79% year-on-year (YoY) to Rs 24,546.37 crore in the quarter ended 30 September 2026.

Piramal Finance rose 3.66% after reporting a strong consolidated performance in Q2 September 2026 (Q2 FY27). The company's consolidated profit after tax (PAT) increased 66.67% year-on-year (YoY) and 18.22% quarter-on-quarter (QoQ) to Rs 545 crore in Q2 FY27. Total income rose 33.06% YoY and 4.62% QoQ to Rs 1,767 crore. Net interest income (NII) increased 35.16% YoY and 6.40% QoQ to Rs 1,530 crore. Pre-provision operating profit (PPOP) rose 64.27% YoY and 5.88% QoQ to Rs 846 crore.

L&T Technology Services surged 10.54% after reporting a strong performance in Q2 FY27. On a consolidated basis, revenue rose 12.1% year-on-year (YoY) and 3.4% quarter-on-quarter (QoQ) to Rs 3,040.4 crore. Net income increased 66.8% YoY and 53.7% QoQ to Rs 548.2 crore.

SML Mahindra hit the lower circuit limit of 10% at Rs 5,501 after reporting a weak standalone performance in Q2 September 2026 (Q2 FY27). The company's profit after tax (PAT) declined 44.42% year-on-year (YoY) and 81.61% quarter-on-quarter (QoQ) to Rs 11.70 crore in Q2 FY27. Net sales rose 20.66% YoY but declined 30.05% QoQ to Rs 669.79 crore during the quarter.

Transrail Lighting jumped 2.81% after announcing fresh orders worth Rs 927 crore, primarily in its domestic power transmission and distribution business. The latest wins increased the company's order intake for the year to Rs 3,356 crore.

Bharat Parenterals rose 2.34% after its subsidiary, Innoxel Lifesciences, commenced commercial supply to the US market with the launch of its first contract manufacturing (CMO) product on 20 October 2026.

IPO Update:

Jio Platforms received bids for 59,00,32,008 shares as against 19,75,25,934 shares on offer, according to stock exchange data at 16:45 IST on 21 October 2026. The issue was subscribed 2.99 times.

The issue opened for bidding on 21 October 2026 and will close on 23 October 2026. The price band of the IPO is fixed at Rs 1,065 and 1,119 per share. An investor can bid for a minimum of 12 equity shares and multiples thereof.

Paras Healthcare received bids for 17,60,724 shares as against 1,20,83,331 shares on offer, according to stock exchange data at 16:45 IST on 21 October 2026. The issue was subscribed 0.15 times.

The issue opened for bidding on 21 October 2026 and will close on 23 October 2026. The price band of the IPO is fixed at Rs 660 and 693 per share. An investor can bid for a minimum of 21 equity shares and multiples thereof.

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