Market Commentary - Quick Review
The domestic equity indices ended with major losses on Thursday, extending their losing streak to a third consecutive session, as elevated crude oil prices stoked inflation concerns and selling pressure in index heavyweight stocks weighed on investor sentiment. The Nifty settled below the 22,700 mark.
Media, FMCG and IT shares declined while pharma and PSU Bank stocks advanced.
As per provisional closing data, the barometer index, the S&P BSE Sensex tanked 460.30 points or 0.62% to 73,249.39. The Nifty 50 index lost 123.70 points or 0.54% to 22,687.65. In the three consecutive trading sessions, both the Sensex and Nifty have declined 1.98% each.
The broader market underperformed the frontline indices. The BSE 150 MidCap Index declined 0.79% and the BSE 250 SmallCap Index fell 0.92%.
The market breadth was weak. On the BSE, 1,477 shares rose and 2,862 shares fell. A total of 233 shares were unchanged.
Buzzing Index:
The Nifty Media index tumbled 2.35% to 1,584.50. The index declined 3.87% in the three consecutive trading sessions.
Zee Entertainment Enterprises (down 5.38%), Sun TV Network (down 4.14%), Tips Music (down 3.44%), D B Corp (down 2.66%), Nazara Technologies (down 2.62%), Prime Focus (down 1.71%), Network 18 Media & Investments (down 0.94%), Saregama India (down 0.55%), MPS (down 0.49%) declined.
New Listing:
Fusion CX ended at Rs 290.80, representing a premium of 0.62% as compared with the issue price of Rs 289.
The stock debuted at Rs 292 on the BSE, a premium of 1.04% over its issue price.
The stock has hit a high of Rs 313.15 and a low of Rs 283.50. On the BSE, over 11.13 lakh shares of the company were traded in the counter.
IPO Update:
Jio Platforms received bids for 87,43,48,560 shares as against 19,75,25,934 shares on offer, according to stock exchange data at 15:30 IST on 22 October 2026. The issue was subscribed 4.43 times.
The issue opened for bidding on 21 October 2026 and will close on 23 October 2026. The price band of the IPO is fixed between Rs 1,065 and 1,119 per share. An investor can bid for a minimum of 12 equity shares and multiples thereof.
Paras Healthcare received bids for 38,20,929 shares as against 1,20,83,331 shares on offer, according to stock exchange data at 15:30 IST on 22 October 2026. The issue was subscribed 0.32 times.
The issue opened for bidding on 21 October 2026 and will close on 23 October 2026. The price band of the IPO is fixed between Rs 660 and 693 per share. An investor can bid for a minimum of 21 equity shares and multiples thereof.
Stocks in Spotlight:
Indian Hotels Company (IHCL) jumped 4.16% after the company's consolidated net profit jumped 22.66% to Rs 349.49 crore in Q2 FY27 compared with Rs 284.92 crore in Q2 FY26. Revenue from operations climbed 21.73% YoY to Rs 2,484.32 crore in the quarter ended 30th September 2026
Balkrishna Industries (BKT) added 3.45% after the company has signed a strategic agreement with Italian tyre manufacturer Pirelli to manufacture up to 8 lakh Pirelli-branded premium passenger car tyres in India by 2030.
360 ONE WAM rose 1.55% after allotting 2.05 crore equity shares to UBS AG following the conversion of warrants. The allotment gives the Swiss financial services group an approximately 4.8% stake in the wealth and asset management firm. The shares were allotted at Rs 1,030 apiece on 22 October 2026 after UBS paid the remaining 75% of the warrant exercise price. The total consideration for the warrant conversion amounted to Rs 2,111.80 crore.
Tata Teleservices (Maharashtra) (TTML) surged 19.98% after the company's consolidated net loss sharply narrowed to Rs 59.20 crore in Q2 FY27 compared with net loss of Rs 320.82 crore in Q2 FY26. Revenue from operations increased 8.22% year-on-year (YoY) to Rs 309.65 crore in the quarter ended 30 September 2026, compared with Rs 286.13 crore in the corresponding quarter last year.
Fujiyama Power Systems rose 2.82% after the company clarified that China's proposed restrictions on exports of solar cell manufacturing technology and machinery are unlikely to have any material impact on its planned capacity expansion. The company stated that all machinery and equipment required for its upcoming 1.2 GW Domestic Content Requirement (DCR) solar cell manufacturing facility have already been delivered to its plant in Ratlam, Madhya Pradesh.
Global Markets:
Dow futures were trading 359 points lower on Thursday, signalling a weaker start on Wall Street.
European shares declined as investors assessed developments in the Middle East, rising crude oil prices and corporate earnings.
Asian shares ended lower, with technology stocks leading losses as mixed US technology earnings renewed concerns over the returns on heavy artificial intelligence (AI) investments. Escalating tensions in the Gulf and fears of potential energy supply disruptions added to the pressure on sentiment.
The International Monetary Fund forecast that economic output across the Middle East, North Africa and Pakistan would contract 1.3% in 2026 because of the war, before rebounding 6.6% in 2027, assuming the conflict eases in early 2027. The IMF warned of 'exceptionally high uncertainty' surrounding the outlook.
Saudi authorities reported that one person was killed and eight others were injured in an attack on King Fahd International Airport in Dammam late Wednesday. The incident caused material damage, while flight operations were subsequently reported to have returned to normal. The United States ordered some diplomatic personnel and their families to leave Saudi Arabia amid security concerns.
US President Donald Trump reportedly said that Washington was not negotiating with Iran and that a resolution could come 'fairly soon'. Uranium enrichment remains a key point of contention in discussions over Iran's nuclear programme. The exact quotations and the reference to a June memorandum should be verified against the original report before publication.
US stocks advanced on Wednesday, supported by corporate earnings and gains in technology shares. The Dow Jones Industrial Average rose 360.21 points, or 0.69%, to close at 52,856.09. The S&P 500 gained 44.60 points, or 0.58%, to 7,757.17, while the Nasdaq Composite advanced 278.04 points, or 1.05%, to 26,702.86.
Meta Platforms reported revenue of $64.60 billion for the quarter ended September 30, 2026, up 26% year on year. Net income rose to $9.86 billion from $2.71 billion a year earlier, while diluted earnings per share increased to $3.83 from $1.05. However, the results included a $9.89 billion charge related to an agreement resolving litigation with US state attorneys general. Excluding the charge and its related tax effect, diluted earnings per share would have been $7.40.
Meta forecast fourth-quarter revenue of $73 billion to $76 billion and raised its full-year expense outlook to $175 billion to $179 billion. Investors will assess the company's capital expenditure plans and the returns on its AI investments.
Tesla reported third-quarter revenue of $28.05 billion, broadly unchanged from $28.10 billion a year earlier. Net income attributable to common stockholders fell 43% to $787 million, while adjusted earnings per share of $0.48 exceeded analyst expectations. The company generated $1.53 billion in free cash flow during the quarter.
Tesla lowered its projected 2026 capital expenditure to $20 billion from a previously indicated level of about $25 billion. Its shares fell around 3.2% in after-hours trading following the results. Investors will assess the implications of the revised spending outlook for the company's AI, robotics and broader growth plans.
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