Market sell-off intensifies; consumer durables shares slip

The key equity benchmarks remained firmly in negative territory in early afternoon, as elevated crude oil prices and weakness in heavyweight stocks dampened investor sentiment. The Nifty slipped below the 22,450 mark.

Consumer durables shares witnessed selling pressure for sixth consecutive trading sessions.

At 12:25 IST, the barometer index, the S&P BSE Sensex tanked 634.07 points or 0.90% to 72,590.95. The Nifty 50 index slumped 267 points or 1.18% to 22,420.65.

The broader market underperformed the frontline indices. The BSE 150 MidCap Index declined 2.81% and the BSE 250 SmallCap Index fell 3.16%.

The market breadth was weak. On the BSE, 592 shares rose and 3,626 shares fell. A total of 208 shares were unchanged.

Brent crude for December 2026 settlement jumped $1.34 or 1.18% to $114.51 a barrel.

Derivatives:

The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, jumped 6.94% to 16.86. The Nifty 27 October 2026 futures were trading at 22,480 at a premium of 59.35 points as compared with the spot at 22,420.65.

The Nifty option chain for the 27 October 2026 expiry showed a maximum call OI of 2.51 crore contracts at the 23,000 strike price. A maximum put OI of 1.51 crore contracts was seen at the 22,000 strike price.

Buzzing Index:

The Nifty Consumer Durables index tumbled 3.48% to 33,625.35. The index declined 8.05% in the six straight trading sessions.

Havells India (down 6.01%), Kalyan Jewellers India (down 4.26%), PG Electroplast (down 4.2%), Voltas (down 4.19%), Blue Star (down 4.04%), Crompton Greaves Consumer Electricals (down 3.9%), Amber Enterprises India (down 3.88%), Kajaria Ceramics (down 3.22%), LG Electronics India (down 3.13%) and Thangamayil Jewellery (down 3.05%) declined.

Stocks in spotlight:

Swiggy tumbled 14.38% after the company's Q2 FY27 results raised concerns over rising losses and the pace of profitability in its quick-commerce business, Instamart. The company's consolidated net loss narrowed year on year to Rs 922 crore in the September quarter from Rs 1,092 crore a year earlier. However, the loss widened sequentially from Rs 791 crore in the June quarter. Consolidated revenue from operations increased 36.1% year on year and grew 11.1% sequentially to Rs 7,571 crore in Q2 FY27.

Rallis India declined 4.26% after the company?s standalone net profit fell 16.67% to Rs 85 crore in Q2 FY27 compared with Rs 102 crore in Q2 FY26. Revenue from operations declined marginally by 0.35% to Rs 858 crore in the quarter ended 30 September 2026, compared with Rs 861 crore in the corresponding quarter last year.

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