Indian Markets Slide Amid Escalating Crude Oil Prices; IT Sector Bucks Trend

Executive Summary

Indian equity benchmarks closed lower on Wednesday, October 21, 2026, driven down by rising geopolitical tensions between the US and Iran, which pushed Brent crude oil prices up to $110 per barrel. The benchmark Sensex slipped 0.19% to close at 73,709.69, while the Nifty 50 dropped 0.34% (-77.60 points) to settle at 22,811.35. The broader market experienced steeper losses, with chemical and consumer durable stocks taking the heaviest hit, whereas IT and cement equities provided significant cushion against broader market weakness.

Market Indices & Sector Performance

  • Sensex: 73,709.69 (▼ 0.19%)

  • Nifty 50: 22,811.35 (▼ 0.34% / -77.60 points)


While global markets showed mixed results—US markets trading mixed, Asian markets ending higher, and European equities advancing—domestic sentiment remained cautious due to elevated energy costs. IT heavyweights led the list of top gainers, rebounding strongly despite general market selling pressure.

Top Gainers (Nifty 50)

  1. Infosys: Rs 1,168.00 (▲ 3.30%)

  2. HCLTech: Rs 1,424.20 (▲ 3.21%)

  3. Tech Mahindra: Rs 1,834.70 (▲ 3.13%)

  4. TCS: Rs 2,529.00 (▲ 2.77%)

  5. UltraTech Cement: Rs 10,849.00 (▲ 1.87%)

Top Losers (Nifty 50)

  1. Bajaj Finance: Rs 926.00 (▼ 3.27%)

  2. BSE: Rs 3,248.30 (▼ 2.63%)

  3. Eternal (Zomato): Rs 312.35 (▼ 2.45%)

  4. Eicher Motors: Rs 7,170.50 (▼ 2.43%)

  5. Trent: Rs 2,822.00 (▼ 2.41%)

Macroeconomic & Regulatory Highlights

  • Infrastructure Output Growth: India's core infrastructure growth accelerated sharply to 7.9% in September 2026, compared to 5.9% recorded in August.

  • Auto Retail Sales: Provisional data from FADA indicates retail automobile sales during the Navratri period declined 6.52% YoY to 11.23 lakh units.

  • Tax Policy Update: The central government introduced Form 173A under the Income-tax (Seventh Amendment) Rules, 2026, enabling taxpayers to claim income-tax exemptions on interest and capital gains from government securities.

Primary Market & IPO Updates

  • Jio Platforms IPO: The massive Rs 30,213 crore public offering was subscribed 3.03 times on its first day, with retail investors subscribing 0.70 times. The issue closes on October 23.

  • Paras Healthcare IPO: The Rs 1,450 crore offering recorded a 0.15x overall subscription on Day 1 (retail portion at 0.69x).

  • HD Fire Protect Listing: Debuted on the NSE at Rs 335 per share—a 23.62% premium over its issue price—and extended gains to close 11.62% higher.

Key Corporate & Earnings Developments

  • Larsen & Toubro (L&T): Bagged major construction contracts valued between Rs 2,500 crore and Rs 5,000 crore to erect Central Secretariat buildings in New Delhi and twin 47-storey office towers in Amaravati.

  • Eternal (Zomato): Reported a 92.31% YoY surge in Q2 net profit to Rs 125 crore. The board approved transferring its 'Going-out' India business to subsidiary Zomato Entertainment for ~Rs 130.76 crore, alongside a stake swap in Adonmo for Mygate equity worth ~Rs 156 crore.

  • Adani Green Energy: Q2 net profit rose 15.44% YoY to Rs 673 crore.

  • Bajaj Finance: Issued secured zero-coupon non-convertible debentures (NCDs) worth Rs 2,120 crore via private placement, with maturity set for October 2031.

  • Grasim Industries: Commenced commercial operations at its epichlorohydrin chemical facility in Gujarat with a 50,000-tonne annual capacity.

  • Indian Hotels Company: Q2 net profit increased 22.66% YoY to Rs 349.49 crore.

  • Dr. Reddy's Laboratories: Secured approval from DCGI to combine its oncology drug Zytorvi with chemotherapy for treating advanced esophageal cancer.

  • Zydus Lifesciences: Received USFDA approval for its generic menopause treatment patch, addressing a $45.7 million annual US market opportunity.

Financial Literacy Focus: Controlling Shareholder

A controlling shareholder is an individual or entity holding sufficient equity voting power to exert dominant influence over corporate decision-making and board elections. Crucially, control stems from proportional voting power rather than absolute equity ownership—a controlling shareholder may own less than 50% of outstanding shares. In contrast, majority shareholders hold strictly more than 50% of total shares.