Crude shock, geopolitics drag Nifty below 22,500; Shriram Finance tumbles 5%

SENSEX 72,863.95

 -259.88

NIFTY 22,524.40

 -75.60

CRUDEOIL 9,604.00

 -196.00

GOLD 142,365.00

+ 341.00

SILVER 196,112.00

+ 393.00

SENSEX 72,863.95

 -259.88

NIFTY 22,524.40

 -75.60

NIFTY 22,524.40

 -75.60

CRUDEOIL 9,604.00

 -196.00

CRUDEOIL 9,604.00

 -196.00

GOLD 142,365.00

+ 341.00

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The opening weakness follows a bruising week in which the Nifty declined 2.4 per cent and the Sensex fell 1,575 points across four consecutive losing sessions

By Anupama Ghosh

Updated - October 26, 2026 at 09:35 AM.

Brent crude, which settled at $116.72 per barrel on Friday, its highest close since late April, eased to $114.80 in early Monday trade, down 1.6 per cent. WTI crude slipped 2 per cent to $101.30 per barrel. | Photo Credit: istock.com

Equity benchmarks opened lower on Monday, October 26, 2026, tracking the previous week's losses. The Nifty 50 opened at 22,524.40 against a previous close of 22,600 and slipped to 22,438.70 in early trade, losing 161.30 points or 0.71 per cent. The Sensex opened at 72,990.04 against its previous close of 73,123.83 and fell to 72,650.62, a drop of 473.21 points or 0.65 per cent.

The opening weakness follows a bruising week in which the Nifty declined 2.4 per cent and the Sensex fell 1,575 points across four consecutive losing sessions, with Defence and Chemicals among the worst performers, each declining more than 7 per cent. "Global markets remain under pressure after Wall Street's weekly decline, while Asian equities started cautiously amid elevated oil prices and West Asian tensions," said Sachin Gupta, VP – Technical Research at Choice Broking.

Brent crude, which settled at $116.72 per barrel on Friday, its highest close since late April, eased to $114.80 in early Monday trade, down 1.6 per cent. WTI crude slipped 2 per cent to $101.30 per barrel. "The correction reduces the immediate intensity of the oil shock but does not yet alter its broader implications, as crude remains elevated and Middle East supply risks remain unresolved," said Hariselvan Radhakrishnan, Founder and CEO of HST Wealth.

Among Nifty 50 losers, Shriram Finance posted the steepest fall, dropping 4.97 per cent to ₹822.00. Infosys declined 3.28 per cent to ₹1,115.90. Asian Paints fell 2.11 per cent to ₹2,258.30, Bajaj Finance lost 1.79 per cent to ₹912.30, and Tata Consumer Products declined 1.77 per cent to ₹946.85.

On the gaining side, Kotak Mahindra Bank topped the Nifty 50, rising 2.21 per cent to ₹440.00. JSW Steel gained 1.45 per cent to ₹1,202.70, Adani Ports advanced 0.83 per cent to ₹1,716.80, Max Healthcare added 0.80 per cent to ₹821.50, and Dr. Reddy's Laboratories rose 0.65 per cent to ₹1,237.50.

Bank Nifty closed at 54,287.35 in the previous session, shedding 638.35 points or 1.16 per cent, with PSU banks bearing disproportionate pressure. India VIX, the market's fear gauge, jumped 6.96 per cent to 16.86 on Friday. "It was a highly volatile session, with the index swinging in both directions through most of the day," said Nandish Shah, Deputy Vice President at HDFC Securities. The Nifty Midcap 100 fell 2.21 per cent and the Nifty Smallcap 100 plunged 2.94 per cent on Friday, its worst weekly performance since February 2025.

"The crash in the broader market was mainly due to the forced liquidation of margin-funded trade. The broader market continues to be over-valued, but this sharp correction will open up opportunities in high-growth segments," said Dr. V K Vijayakumar, Chief Investment Strategist at Geojit Investments Limited.

On the institutional front, Foreign Institutional Investors turned net buyers on October 23, purchasing equities worth ₹887 crore. Domestic Institutional Investors recorded net purchases of ₹3,236 crore, their fourth consecutive buying session. The rupee weakened 12 paise to close at 94.94 against the US dollar on Friday, pressured by higher crude and a stronger dollar.

Wall Street ended lower on Friday, with the Dow Jones falling 1.23 per cent to 52,215, the S&P 500 slipping 0.52 per cent to 7,623, and the Nasdaq declining 0.21 per cent to 25,955. The US 10-year Treasury yield was around 4.99 per cent. The US Federal Reserve meets on October 27–28 and is widely expected to hold rates at 3.75 per cent–4 per cent. "Any hawkish shift in tone could keep US Treasury yields elevated, strengthen the dollar and constrain foreign portfolio flows into emerging markets," said Ponmudi R, CEO of Enrich Money.

Technically, 22,800 on the Nifty is the immediate resistance. "A sustained move above 22,800 could trigger a sharp pullback towards 23,000–23,200. On the downside, as long as the index remains below its 20-day SMA, sentiment is likely to stay weak," said Shrikant Chouhan, Head of Equity Research at Kotak Neo. Immediate support on the Nifty sits at 22,400–22,372, with 22,200 as the next level if that breaks.

Published on October 26, 2026

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