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Market weekly wrap: SENSEX, NIFTY50 snap winning streak, fall 2% as crude oil prices hit $117/bbl; Adani Ent top loser
5 min read | Updated on October 24, 2026, 10:36 IST
SUMMARY
For the week ended October 23, 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.
Among sectors, the NIFTY India Defence and NIFTY Consumer Durables indices emerged as the top laggards during the week, declining 7.1% and 6.4%, respectively. Image: Shutterstock
The Indian stock market snapped its two-week gain streak and ended lower for the short week ended October 24. The investors’ sentiment remained cautious amid elevated crude oil prices and ongoing geopolitical concerns.
Meanwhile, corporate earnings and the much-awaited Jio Platforms’ IPO were also among the triggers for the Indian market.
For the week ended October 23, 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.
Factors that fuelled the crude oil prices
Crude oil prices rose amid escalating tensions in the Middle East, attacks on Gulf shipping and Saudi Arabia’s energy infrastructure, and a lack of diplomatic progress towards ending the Iran war, raising concerns over supply disruptions. Media reports also said that the US could launch a strike on Iran after its midterm elections further fuelled the rally in the crude oil prices.
Meanwhile, US President Donald Trump waived key sanctions and tariffs on Russia, potentially allowing more Russian fuel exports. This move followed a deal with Russian President Vladimir Putin to export diesel to the US and drew criticism from Ukrainian President Volodymyr Zelenskiy, according to Reuters.
Top losers for the week
| NIFTY50 LOSERS | NIFTY Midcap 100 LOSERS | NIFTY Smallcap100 LOSERS |
|---|---|---|
| Adani Enterprises (-8%) | Swiggy (-24.9%) | Himadri Speciality Chemical (-25.5%) |
| Shriram Finance (-8%) | KEI Industries (-16.9%) | CreditAccess Grameen (-16.7%) |
| Trent (-7.8%) | Hindustan Copper (-13%) | Urban Company (-16%) |
| Tata Motors PV (-7.8%) | Motilal Oswal Financial Services (-12.5%) | Deepak Fertilizers (-15.4%) |
| Nestle India (-7.2%) | Mahindra & Mahindra Financial Services (-11.1%) | Aarti Industries (-15%) |
Shares of Swiggy crashed 25% after the online food delivery and quick-commerce platform reported its Q2 FY27 results. The sharp sell-off reflected 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.
Himadri Speciality Chemical’s shares declined as margin pressures overshadowed Q2 FY27 revenue and profit growth. The company reported a profit after tax (PAT) of ₹240 crore for the quarter ended September 30, 2026, marking a growth of 29% from ₹186 crore last year. However, its operating margins contracted by 140 basis points to 20.7% from 22.1% YoY.
Top gainers for the week
| NIFTY50 GAINERS | NIFTY Smallcap 100 GAINERS |
|---|---|
| HCL Technologies (3.1%) | Chennai Petroleum Corporation (4.9%) |
| Tata Consultancy Services (2.6%) | Anand Rathi Wealth (3.5%) |
| ONGC (2.5%) | Firstsource Solutions (3.1%) |
| UltraTech Cement (1.3%) | JSW Cement (2%) |
| Cipla (1%) | Natco Pharma (0.9%) |
On the NIFTY Midcap 100 pack, The Indian Hotels Company (1.2%), The Federal Bank (0.9%) and Oil India (0.6%) were the only gainers.
Sectoral watch this week
Among sectors, the NIFTY India Defence and NIFTY Consumer Durables indices emerged as the top laggards during the week, declining 7.1% and 6.4%, respectively. The NIFTY Metal (-5.4%), NIFTY Media (-5.1%) and NIFTY Realty (-5%) were the other top losing sectors of the week.
However, 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, October 23, following a crash in the equity benchmark indices.
The volatility index is a measure of the market’s expectation of volatility over the near term. Volatility is often described as the “rate and magnitude of changes in prices" and, in finance, often referred to as risk.
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