On Friday, October 23, the Indian benchmark indices SENSEX and NIFTY50 were trading in the red zone during the afternoon session, amid a sell‑off in consumer durable stocks. The SENSEX crashed as much as 1.1% to hit an intraday low of 72,452.37, while the NIFTY50 tanked as much as 1.4% to reach the session’s low of 22,372. At 1:17 PM, the S&P BSE SENSEX tumbled 738.47 points, or 1.01%, to trade at 72,510.92, while NSE’s NIFTY50 stood at 22,396.55, reflecting a 291.10‑point, or 1.28%, plunge.

Investor sentiment was impacted by a surge in global crude oil prices, with Brent crude topping the $114 per barrel mark due to escalating tensions in West Asia, along with persistent FII outflow. On Thursday, the foreign institutional investors sold shares worth ₹3,458.70 crore, while the domestic institutional investors bought equities worth ₹2,891.32 crore on a net basis, according to exchange data. Shares of Tata Steel contributed to the decline of the NIFTY50 index, followed by Tata Motors PV, Jio Financial Services, Adani Ports, and Trent, which were among the other top losers.

Shares of Steel Strips Wheels Ltd (SSWL) gained as much as 19.7% to hit a 52‑week high of ₹467.70 apiece on the NSE on Friday, October 23, as the firm posted a 229% YoY surge in its consolidated net profit to ₹116.95 crore in Q2 FY27, compared with ₹35.52 crore in the year‑ago period. Its board of directors declared an interim dividend of ₹1.5 per equity share with a face value of ₹1 each for FY27. It fixed Friday, October 30, 2026, as the record date, and said that the dividend will be paid on or before November 21, 2026.

Cyient shares rallied as much as 10.9% to hit a 52‑week high of ₹1,268 per unit on Friday, October 23, as investors focused on the company’s strong performance for the second quarter of FY27. It reported a 16.6% quarter‑on‑quarter surge in its consolidated net profit to ₹121.4 crore, as against ₹104.1 crore in the preceding quarter. The firm’s consolidated revenue from operations jumped 7.7% QoQ to ₹2,235 crore during the quarter under review, compared with ₹2,075.7 crore in the first quarter of the current fiscal year (Q1 FY27). Its order intake grew by 20.8% YoY for the reporting quarter, according to a regulatory filing.

Swiggy stock fell as much as 17.24% to hit a 52‑week and intraday low of ₹174.95 per equity share on the NSE, after the company reported its Q2 FY27 results post‑market hours on Thursday. The sharp sell‑off reflects investor concerns over softer‑than‑expected performance in its key food delivery and quick‑commerce businesses, alongside intensifying competition. Comparatively stronger results from rival Eternal have also put the spotlight on Swiggy’s growth momentum and progress towards improving profitability. Food delivery and quick commerce firm Swiggy on Thursday reported a narrower consolidated net loss of ₹922 crore for the quarter ended September (Q2 FY27), helped by strong revenue growth. Swiggy’s net loss stood at ₹1,092 crore during the July‑September quarter of 2025‑26.

Oil‑linked stocks, including HPCL, BPCL, CEAT, Asian Paints, and more, were trading lower by 2–5% on Friday, October 23, tracking a surge in crude oil prices amid escalating geopolitical tensions. Crude oil prices in the global market gained 1% to $114.7 per bbl as investors focused on escalating tensions in West Asia and concerns over potential supply disruptions. The decline in oil prices comes after US President Donald Trump determined that petroleum production and refining were essential to national defence, opening the door for more US fossil fuel projects. Further, escalating tensions in the Middle East, including between Saudi Arabia and Yemen’s Houthis, and concerns around the Strait of Hormuz are leading to continued and potentially worsening supply disruptions in the region.