The SENSEX fell as much as 705 points, closing at 73,249, a decline of 460 points or 0.62%, while the NIFTY50 index slipped 124 points to settle at 22,688. The drop was driven by losses in key index heavyweights such as HDFC Bank, Reliance Industries, Infosys, Eternal, Larsen & Toubro, ITC and Mahindra & Mahindra, which collectively dragged the benchmarks lower. The decline marked the third consecutive session of falling Indian equity indices, reflecting a sustained negative sentiment among investors.

Brent crude futures for December delivery rose as much as 3.54%, reaching $112.67 per barrel, the highest level in four months. The sharp rally in oil prices was primarily driven by reports that the United States could strike Iran following the mid‑term elections, with US and Iranian militaries reportedly developing a short, intensive operation after the elections. Additionally, attacks on US ally Saudi Arabia intensified, with Houthi rebels striking Saudi Aramco’s Shaybah oil field and killing two workers, further heightening supply disruption fears.

In the wake of escalating tensions in the Middle East, the United States ordered non‑governmental employees and families to leave Saudi Arabia. The broader market reaction saw 12 of 15 major sector gauges compiled by the National Stock Exchange end lower, led by the NIFTY Media index’s over 2% fall. NIFTY Auto, FMCG, IT, Metal, Consumer Durables and Oil & Gas indices also fell between 0.5% and 1.41%, while select pharma, PSU banking and healthcare shares witnessed buying interest.

Broader markets underperformed their larger peers as the NIFTY Midcap 100 index dropped 0.9% and the NIFTY Smallcap 100 index fell 1.14%. Among individual shares, Indian Hotels Company jumped as much as 5.53% to hit a 52‑week and intraday high of ₹794.65 per equity share after reporting a 22.7% year‑on‑year surge in its consolidated net profit to ₹349.49 crore, up from ₹284.92 crore in the same period last year.

Shares of Tata Teleservices (Maharashtra) rallied over 9% after the company reported a decline in its net loss to ₹59.20 crore in Q2 FY27, from a loss of ₹320.82 crore in the year‑ago period. Redington, the official reseller of Apple products in India, rose as much as 3.4% to hit an intraday high of ₹373.85 as Apple’s first foldable iPhone, called iPhone Duo, is set to go on general retail sale in India tomorrow, Friday, October 23, 2026.

Nestle India was the top loser in the NIFTY50 index, falling 2.78% to close at ₹1,189 after the Food Safety and Standards Authority of India issued notices to Nestle India and Zydus Wellness over “misleading claims” in certain products and asked the companies to provide scientific proof to support their advertisements. Eternal, HDFC Life, Tata Motors PV, Reliance Industries, HDFC Bank, Bharat Electronics, Adani Enterprises, Trent, Power Grid, Asian Paints, Infosys and Coal India also fell between 1.2% and 2.5%, while Bajaj Finance, Cipla, Ultratech Cement, ICICI Bank, Bajaj Auto, Sun Pharma, State Bank of India, BSE, Grasim and Bharti Airtel were top gainers in the NIFTY50 index. The overall market breadth was extremely negative, with 2,512 shares ending lower and 1,026 ending higher on the NSE.