The benchmark Nifty slipped 87 points to close at 22,600, after a 55‑point opening lift and a 400‑point intraday trough. The fall came on the back of a 2.36% weekly slide, the steepest in the market’s recent history.
Sectoral indices mirrored the downturn: Metal, Consumer Durables and Realty all posted their largest weekly losses, while the Nifty Midcap 100 fell 5.6% and the Smallcap 100 plunged 7%, the sharpest decline since February 2025. Within the Nifty 50, gains were confined to a handful of names such as Eternal, Apollo Hospitals and ONGC, whereas Shriram Finance, Adani Enterprises and JSW Steel led the rout.
The rupee’s second straight session of weakness dragged it to 94.94 per dollar, pressured by crude oil’s rally to $114 a barrel—a five‑month high that feeds inflation expectations. Oil’s uptick is tied to heightened geopolitical tensions in the Middle East and looming U.S.‑Iran standoffs.
Technical observers flag 22,200 as the immediate support; a breach could test 22,000 and push the index toward 22,800 resistance. Analysts note that the Nifty sits below its 20‑day and 200‑week moving averages, underscoring a bearish bias.
Looking ahead, the market will digest the U.S. Federal Reserve’s policy meeting on October 28 and the Bank of Japan’s rate decision, alongside next‑week earnings from Paytm, Tata Consumer Products, L&T and other blue‑chips. The outcome of these events will likely dictate whether the Nifty can stabilize or extend its recent losses.