For the week ended 23 October, the Indian equity market slipped, with the NIFTY50 falling 546.15 points or 2.4% and the BSE SENSEX declining 1,605.44 points or 2.1%. The two‑week gain streak of the market ended as investors remained cautious amid elevated crude oil prices and ongoing geopolitical concerns. A total of 43 stocks in the NIFTY50 index declined, while only seven posted gains, underscoring the breadth of the sell‑off across the benchmark. The broader market underperformed the main equity benchmark indices, with the NIFTY Midcap 100 and NIFTY Smallcap 100 falling 5.6% and 7.3% respectively.

Brent crude surged almost 7% during the week, reaching a high of $117.45 per barrel on Friday after starting at $109.65 per barrel on Monday. The rally was driven by escalating tensions in the Middle East, attacks on Gulf shipping, and Saudi Arabia’s energy infrastructure, coupled with a lack of diplomatic progress to end the Iran war. Media reports also suggested that the United States could launch a strike on Iran after its midterm elections, further fuelling the crude rally. The rise in oil prices heightened concerns over supply disruptions and added to market volatility.

The United States’ decision to waive key sanctions and tariffs on Russia potentially allowed more Russian fuel exports, following a deal with Russian President Vladimir Putin to export diesel to the US. This move drew criticism from Ukrainian President Volodymyr Zelenskiy, according to Reuters. The geopolitical backdrop, combined with the oil price surge, contributed to a cautious investor sentiment that weighed on the market during the short week ended 24 October.

Adani Enterprises emerged as the biggest loser of the week. Reuters reported that the flagship firm of the Adani group plans to raise around ₹2,000 crore through the sale of short‑duration bonds. Shriram Finance also slumped despite reporting a 59.37% year‑on‑year surge in standalone profit after tax to ₹3,677.03 crore in Q2 FY27, compared with ₹2,307.18 crore in the same period of the previous fiscal year. Swiggy shares fell 25% after reporting Q2 FY27 results that reflected softer‑than‑expected performance in its key food delivery and quick‑commerce businesses, alongside intensifying competition.

Himadri Speciality Chemical’s shares declined as margin pressures outweighed Q2 FY27 revenue and profit growth. The company reported a profit after tax of ₹240 crore for the quarter ended 30 September 2026, marking a 29% increase from ₹186 crore last year, but its operating margins contracted by 140 basis points to 20.7% from 22.1% YoY. Urban Company shares came under selling pressure after the home services platform’s Q2 FY27 consolidated net loss widened to ₹182.48 crore compared to a net loss of ₹59.33 crore during the same quarter last year.

Among sectors, the NIFTY India Defence and NIFTY Consumer Durables indices emerged as the top laggards, declining 7.1% and 6.4% respectively. The NIFTY Metal, NIFTY Media and NIFTY Realty indices were also top losing sectors, falling 5.4%, 5.1% and 5% respectively. Conversely, NIFTY IT was the only gainer among sectors, rising marginally by 0.2%. The volatility gauge, India VIX, surged as much as 20% over the week to end at the 16.76 level on Friday, 23 October, following a crash in the equity benchmark indices.