Crude shock, geopolitics drag Nifty below 22,500; Shriram Finance tumbles 5%

On Monday, October 26, 2026, equity benchmarks opened lower as they continued the losses from the previous week. The Nifty 50 opened at 22,524.40 but dropped to 22,438.70 in early trade, losing 161.30 points or 0.71%. The Sensex opened at 72,990.04, but closed at 72,650.62, a fall of 473.21 points or 0.65%. The opening drop followed a tough week where the Nifty declined 2.4% and the Sensex fell 1,575 points over four consecutive losing sessions.

The worst performers were Defense and Chemicals, with each shedding more than 7%. Global markets faced pressure after Wall Street's weekly decline, while Asian equities started cautiously amid high oil prices and West Asian tensions. The Brent crude settled at $116.72, down 1.6%, while WTI crude fell 2% to $101.30 per barrel. Shriram Finance faced the steepest fall among Nifty 50 losers, shedding 4.97% to ₹822.00.

Firms like Infosys, Asian Paints, Bajaj Finance, and Tata Consumer Products also saw declines. Gaining stocks included Kotak Mahindra Bank, JSW Steel, Adani Ports, Max Healthcare, and Dr. Reddy's Laboratories. Bank Nifty closed at 54,287.35, slipping 638.35 points or 1.16%. The India VIX, a fear gauge, jumped 6.96% to 16.86. The crash in the broader market was mainly due to forced liquidation of margin-funded trades.

Institutional investors turned net buyers on October 23, purchasing equities worth ₹887 crore. The rupee weakened against the US dollar and a stronger dollar pressured crude prices. The immediate resistance for Nifty 50 is 22,800, and any sustained move above this could trigger a pullback towards 23,000-23,200. If the index stays below its 20-day SMA, sentiment is likely to remain weak.