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Key gauges extend slide to 3rd day amid surging crude oil prices
Oct-22-2026

Indian equity benchmarks extended their slide to a third straight session on Thursday, as surging crude oil prices amid escalating tensions in West Asia dampened investor sentiment. A broad-based selloff, especially across FMCG, Capital Goods and Industrials stocks, and weak global cues kept domestic equities under pressure. A steep fall in the rupee against the dollar further deteriorated sentiment. 

Some of the important factors in trade: 

Commerce ministry organising FTA outreach initiatives to help states unlock export potential: Union Minister Piyush Goyal said that the commerce ministry is organising a series of free trade agreement (FTA) outreach initiatives across the country to ensure greater utilisation of these pacts. 

Core sectors’ growth rises to 7.9% in September; iron ore, electricity key drivers: According to the data released by the Commerce and Industry Ministry, production in key infrastructure industries rose 7.9 per cent in September, the fastest pace in the new series, driven by strong performance in the iron ore, electricity, and cement segments. 

Sustaining 7% growth requires higher private investment: Former RBI Governor D Subbarao has said that maintaining an economic growth of 7 per cent or above will require stronger private investment, labour-intensive manufacturing, better human capital and stronger integration into global value chains. 

India, New Zealand advance trade facilitation through new MoC: India and New Zealand have taken a significant step towards enhancing trade facilitation with the signing of a Memorandum of Cooperation (MoC) concerning Electronic Origin Data Exchange of Trade in Goods. 

Global front: European markets were trading lower as investors digested a slew of mixed earnings and fretted over escalating supply risks in the Middle East. Asian markets settled mostly lower with renewed concerns over the financing and profitability of the artificial intelligence boom as well as escalating tensions in West Asia kept investors on edge. 

Finally, the BSE Sensex fell 460.30 points or 0.62% to 73,249.39 and the CNX Nifty was down by 123.70 points or 0.54% to 22,687.65. 

The BSE Sensex touched high and low of 73,720.83 and 73,005.11, respectively. There were 11 stocks advancing against 19 stocks declining on the index. 

The lone gaining sectoral index on the BSE was Healthcare up by 0.02%, while FMCG down by 1.41%, Capital Goods down by 1.34%, Industrials down by 1.33%, Energy down by 1.16% and Power down by 1.10% were the top losing indices on BSE.

The top gainers on the Sensex were Bajaj Finance up by 1.61%, Ultratech Cement up by 1.52%, ICICI Bank up by 0.71%, Sun Pharma up by 0.51% and State Bank Of India up by 0.46%. On the flip side, Reliance Industries down by 2.59%, Eternal down by 2.20%, HDFC Bank down by 1.85%, Power Grid down by 1.71% and Trent down by 1.56% were the top losers.

Meanwhile, Former RBI Governor D Subbarao has said that maintaining an economic growth of 7 per cent or above will require stronger private investment, labour-intensive manufacturing, better human capital and stronger integration into global value chains.

Moreover, he said the challenge is not simply to sustain high growth, but to make it more productive, employment-intensive and resilient. He stated ‘India's 7.8 per cent growth in the first quarter suggests that the economy is more resilient than many expected... I am optimistic about India's medium-term prospects, but not complacent’.

He said three key factors had supported growth momentum in the first quarter. Domestic consumption has remained resilient; public investment in infrastructure has supported demand and helped crowd in private investment in some sectors; and manufacturing and services, particularly financial, real estate and professional services, have performed well.

CNX Nifty touched high and low of 22,785.00 and 22,554.85, respectively. There were 14 stocks advancing against 36 stocks declining on the index. 

The top gainers on Nifty were Bajaj Finance up by 1.74%, Cipla up by 1.29%, Ultratech Cement up by 1.00%, ICICI Bank up by 0.97% and Bajaj Auto up by 0.82%. On the flip side, Nestle India down by 2.78%, Eternal down by 2.53%, HDFC Life Insurance down by 2.09%, Tata Motors Passenger down by 2.07% and Reliance Industries down by 2.03% were the top losers. 

European markets were trading lower; UK’s FTSE 100 decreased 49.04 points or 0.46% to 10,703.84, France’s CAC fell 101.18 points or 1.28% to 7,820.50 and Germany’s DAX lost 234.64 points or 0.91% to 25,410.40.

Asian markets settled mostly lower on Thursday as renewed concerns over the profitability of debt-backed AI infrastructure investment, combined with surging Brent crude oil prices above $112 per barrel following drone attacks in Saudi Arabia exacerbated investor caution. Meanwhile, investors awaited cues from central bank meetings in Japan, Canada, the United States and Europe, due next week. Hong Kong and Chinese markets fell sharply due to fading expectations for aggressive new economic stimulus from Beijing. 

Asian Indices

Last Trade            

Change in Points

Change in %      

Shanghai Composite

3,658.03

-55.00

-1.48

Hang Seng

22,934.68

-717.19

-3.03

Jakarta Composite

5,307.91

59.54

1.11

KLSE Composite

1,608.14

5.87

0.37

Nikkei 225

62,907.84

-1,713.40

-2.65

Straits Times

5,415.14

-22.85

-0.42

KOSPI Composite

5,533.77

-201.89

-3.52

Taiwan Weighted

46,041.43

-846.34

-1.81
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