As of 2:52 PM IST, Saturday 24 October 2026. Indian markets are closed for the weekend, and the figures are for the holiday-shortened week ended Friday, 23 October. Data is from NSE and BSE as reported by Moneycontrol, Upstox and The Economic Times, plus the HSBC flash PMI as reported by the Hindustan Times. Where outlets disagree, both figures are given.
Disclaimer: This article is for information only and is not investment advice. HorizonDesk is not registered with SEBI as an investment adviser or research analyst. Please consult a SEBI-registered professional before making investment decisions.
Indian shares fell more than 2% in the week, ending a two-week winning streak. Brent crude climbed above $116 a barrel on fears of a renewed US–Iran conflict, and foreign investors kept selling. The Nifty 50 fell in all four sessions of the shortened week. Mid- and small-caps fell even harder. Not all the news was bad, though. Flash survey data released on Friday showed India's private-sector activity at a four-month high, with price pressures easing.
The week in numbers
| Index / indicator | Week ended 23 Oct | Source |
|---|---|---|
| BSE Sensex | −1,605.44 pts (about −2.1%) to 73,123.83 | Moneycontrol, Upstox |
| Nifty 50 | −546.15 pts (about −2.4%) to 22,600; intraweek low 22,372 on Friday | Upstox, ET |
| Bank Nifty | −2.8% | ET |
| Nifty Midcap 100 | −5.6% | Upstox, ET |
| Nifty Smallcap 100 | −7.3% | Upstox, ET |
| India VIX | Up as much as 20% over the week, closed at 16.76 | Upstox |
| BSE market cap | Down more than ₹20 lakh crore | Moneycontrol |
| Rupee | 94.94 per US dollar on 23 Oct vs 94.95 on 16 Oct | Moneycontrol |
According to Upstox, 43 of the 50 Nifty stocks fell during the week and only seven rose.
Driver 1: Crude oil above $116
Brent rose almost 7% over the week, according to Upstox: it opened on Monday at about $109.65 and hit an intraday high of $117.45 on Friday. Anadolu Agency reported that Brent settled on Friday up 2.7% at $116.20, its highest since June 2022. US crude (WTI) settled at $102.50.
Market reports point to three main reasons: fears of renewed US strikes on Iran, attacks on Gulf shipping and Saudi energy infrastructure, and little diplomatic progress on ending the Iran war. India imports most of its crude, so higher oil prices feed into inflation, the current account and the rupee. That is why oil-sensitive and rate-sensitive sectors were hit hard. For background, see our earlier pieces on Brent nearing $110 and the reported US–Israel strike planning.
Driver 2: Foreign selling, with a data discrepancy
Foreign institutional investors (FIIs) were again net sellers and domestic institutions (DIIs) were again net buyers. However, the reported amounts differ by a factor of about ten between outlets:
- Moneycontrol: FIIs sold a net ₹2,697.37 crore (a ninth straight week of selling, though the pace eased). DIIs bought ₹10,942.19 crore.
- The Economic Times: FIIs sold a net ₹26,970 crore (a tenth straight week), and DIIs bought ₹1,09,420 crore.
HorizonDesk could not reconcile these figures and treats the size of the flows as unconfirmed. The direction is clear in both reports: foreign selling, partly offset by domestic buying. ET noted that FIIs were net buyers in two of the four sessions, which suggests the selling may be slowing. For the bigger picture on outflows this month, see our report on RBI rate hikes, FPI outflows and the rupee.
Sectors and stocks
Defence was the worst-performing sector, down about 7%. It was followed by consumer durables (about −6.4%), capital markets (about −6%), and metals, media and realty (each around −5%). Upstox says Nifty IT was the only sector to gain, up a marginal 0.2%. Moneycontrol says all sectoral indices ended in the red. Either way, IT held up best, which Geojit's Vinod Nair, quoted by ET, put down to improving earnings visibility and renewed investor interest.
Notable movers (weekly change, per Upstox/NSE)
- Swiggy (−24.9%) fell after its Q2 FY27 results, with investors worried about softer food-delivery and quick-commerce performance.
- Adani Enterprises (−8%) was the biggest Nifty loser, after Reuters reported plans to raise about ₹2,000 crore through short-duration bonds.
- Shriram Finance (−8%) fell despite reporting a 59% year-on-year jump in standalone Q2 profit.
- Urban Company (−16%) fell after its quarterly net loss widened.
- Among the few gainers were HCL Technologies (+3.1%), TCS (+2.6%) and ONGC (+2.5%).
The silver lining: flash PMI at a four-month high
The HSBC flash India PMI, compiled by S&P Global and released on Friday, pointed to a sturdier economy than the market mood suggested (Hindustan Times, 24 October):
- Composite output index: 56.7 in October, up from 55.9 in September, a four-month high.
- Services activity: 56.2, up from 55.2.
- Manufacturing PMI: 54.9, broadly flat (55.1 in September). Manufacturing output was 57.6.
- Prices: input cost inflation was at its lowest in almost a year, and output price inflation was the slowest since March 2025.
- Jobs: hiring rose only marginally, at its slowest pace this year. Services employment was flat, ending a nine-month run of job creation.
- Export orders: new orders from abroad rose at the fastest pace in six months.
Flash readings are based on about 80–90% of survey responses. Final manufacturing PMI is due on 2 November, and services and composite on 4 November.
What to watch next week
- Central banks: decisions from the US Federal Reserve, the Bank of Japan and the European Central Bank. See our explainer on the Fed's new tightening cycle.
- Oil: any change in US–Iran tensions, and whether Brent holds above $110.
- Data: US GDP and India's Index of Industrial Production (IIP).
- Earnings: the rest of the Q2 FY27 results season.
- Trade: progress on India–US trade talks.
What is still unclear
- The exact size of FII and DII flows for the week, because reports disagree.
- Whether the IT sector closed slightly up or slightly down; reports differ.
- Whether the easing of foreign selling will continue if oil stays high.
Sources
- Moneycontrol: Sensex, Nifty snap 2-week rally as oil shock, FII selling weigh on D-Street (24 Oct 2026)
- Upstox: Market weekly wrap: Sensex, Nifty 50 snap winning streak, fall 2% as crude oil hits $117/bbl
- The Economic Times: FIIs dump Indian stocks for 10th straight week as markets slide
- Hindustan Times: Private sector activity hits four-month high (24 Oct 2026)
- Anadolu Agency: Morning Briefing, 24 Oct 2026 (Brent settlement)
