▲
Indian Market
Weekly Business
Brief
Brief
23 OCTOBER 2026
1
Market Recap
Nifty 5022,600.00▼ −2.36%
Sensex73,123.83▼ −2.15%
Bank Nifty54,287.35▼ −2.79%
NSE and BSE were open for all five sessions this week, Monday to Friday, with no exchange holidays. Nifty 50 and Sensex ended the week lower, according to exchange data. For the week, Nifty 50 declined 546.15 points (2.36%) to 22,600.00 and Sensex declined 1,605.44 points (2.15%) to 73,123.83, while Bank Nifty ended at 54,287.35, about 2.79% lower. India VIX closed at 16.84 on Friday, according to market data.
Why it matters:
- Higher crude oil prices and Middle East developments were among the factors market participants followed this week, according to market reports.
- On Friday, Nifty Midcap 100 declined about 2.21% and Nifty Smallcap 100 about 2.94%, while Nifty Metal fell about 2.71%, according to market reports.
2
Brent Crude Trades Near $114 a Barrel Amid Middle East Developments
Brent December futures traded at around $114.29 per barrel and WTI at around $101.03 on Friday, October 23, after crude oil rose about 4% in the previous session to a five-month high, according to market reports. Reports cited attacks involving Saudi Arabia and shipping through the Strait of Hormuz in connection with supply concerns. According to market reports, Brent had closed the prior week near $109.86.
Brent (Dec fut.)~$114.29
WTI~$101.03
Why it matters:
- India imports a large share of its crude oil requirement, and market reports linked higher crude prices with trading in the rupee and in government bond yields this week.
- The Sensex and Nifty 50 declined on Friday, and market commentary cited crude oil prices among the factors followed by participants, according to market reports.
3
Jio Platforms IPO Closes at 22.19 Times Subscription; Issue Size ₹30,213 Crore
The Jio Platforms initial public offering, a fresh issue of about 27 crore shares at a price band of ₹1,065–1,119 per share, closed on Friday, October 23, with an overall subscription of 22.19 times, according to NSE cumulative data as reported. The issue size is ₹30,213 crore and includes no offer for sale. Allotment is scheduled for October 26 and listing for October 28, according to the offer schedule.
Issue size₹30,213 cr
Overall subscription22.19x
Why it matters:
- By category, qualified institutional buyers bid 70.55 times, non-institutional investors 14 times and retail investors 2.72 times, according to NSE data as reported.
- According to the offer document as reported, up to ₹27,500 crore of the proceeds is earmarked for repaying or prepaying borrowings of subsidiary Reliance Jio Infocomm.
4
Infosys Reports Q2 FY27 Results; Revises FY27 Revenue Guidance to 1–2%
Infosys reported September-quarter net profit up 6.2% to ₹7,828 crore and revenue up 10.7% to ₹49,244 crore, according to the company’s results as reported. Operating margin was 21.1%. The company revised its FY27 revenue growth guidance to 1–2% in constant currency from 1.5–3%, citing expected weakness in the US, according to market reports.
Net profit (YoY)▲ +6.2%
FY27 guidance (cc)1–2%
Why it matters:
- The company reported total contract value of large deals at $5.2 billion and AI-related revenue at 10.5% of total revenue, compared with 8.2% in the previous quarter, according to market reports.
- Headcount rose by 4,480 to 332,542 and voluntary attrition was 12.7%, according to the results as reported.
5
RBI Liquidity Repo Operations of ₹2.5 Lakh Crore Begin October 19; Repo Rate at 5.50%
The Reserve Bank of India began a series of liquidity-injection repo operations on October 19, totalling about ₹2.5 lakh crore across three operations, according to SBI Research as reported. The policy repo rate stands at 5.50% following the 25 basis point increase at the October Monetary Policy Committee meeting. Retail inflation was 5.54% in September, according to official data as reported.
Repo rate5.50%
CPI (Sept)5.54%
Why it matters:
- The RBI raised its FY inflation projection to 5.2% from 5.0% at the policy meeting, according to market reports.
- SBI Research’s October 23 report discussed the combination of a rate increase and liquidity operations, according to the report as covered by business media.
6
Broader Markets and Banks Decline on Friday; India VIX Rises to 16.84
On Friday, October 23, Nifty Midcap 100 declined about 2.21% and Nifty Smallcap 100 about 2.94%, according to market reports. Nifty PSU Bank declined about 2.26%, Nifty Private Bank about 0.78%, Nifty Metal about 2.71% and Nifty Realty about 2.38%. India VIX rose 6.80% to 16.84, its fourth consecutive session of gains, according to market data.
India VIX16.84▲ +6.80%
Nifty Smallcap 100 (Fri)▼ ~−2.94%
Why it matters:
- Bank Nifty ended the week at 54,287.35, about 2.79% lower, according to exchange data.
- Nifty open interest data showed the highest put positions at the 22,500 strike and the highest call positions at 23,000, according to market data providers.
7
Bond Market Update
India’s 10-year G-Sec yield was around 7.47% on October 23, compared with around 7.38% on October 16, a rise of about 9 basis points for the week, according to market data. Market reports described it as the tenth consecutive weekly rise and cited higher crude oil prices, a weaker rupee and lower forex reserves in connection with yield movements.
10-yr G-Sec7.47%▲ rose (wk)
Why it matters:
- The tenth consecutive weekly rise was described in market reports as the longest such streak in about 30 years.
- India’s forex reserves were $721.02 billion in the week ended October 16, down $5.01 billion, according to RBI data as reported.
8
Commodities
Gold prices on MCX stood at around ₹142,800 per 10 grams on October 23, compared with around ₹148,324 a week earlier, a decline of approximately ₹5,500, or about 3.7%, according to market data. Silver prices on MCX stood at around ₹195,700 per kilogram, compared with around ₹213,475, a decline of approximately ₹17,800, or about 8.3%. On Friday, gold declined about 0.3–0.4% and silver about 2–3%, according to market reports.
Gold (10g)~₹142,800▼ ~−₹5,500 (wk)
Silver (kg)~₹195,700▼ ~−₹17,800 (wk)
Why it matters:
- Gold and silver recorded weekly declines on MCX, according to market data; silver traded below ₹2 lakh per kilogram on Friday.
- Weekly changes are approximate and compare MCX quotes that may relate to different contract months.
9
Currency Update
The Indian Rupee closed the week near ₹94.93 per US dollar (provisional), compared with around ₹94.71 the previous Friday, according to market data. The rupee weakened by approximately 22 paise over the week. On Friday it declined 12 paise, after a 43 paise decline on Thursday, according to market reports.
USD/INR₹94.93▼ −22 paise (wk)
Why it matters:
- Market reports cited higher crude oil prices and foreign portfolio outflows in connection with rupee movements on Friday.
- The dollar index stood at around 101.73 on Friday, according to market reports.