Indian equity markets opened lower on Thursday, October 22, 2026, after a drop in the previous session. The benchmark Nifty 50 index fell 0.34% to close at 22,811.35, nearing a key support level at 22,800. The 30-share BSE Sensex also dropped 143.21 points, or 0.19%, to settle at 73,709.69.
Key Details
The decline was linked to high crude oil prices and rising geopolitical tensions, especially between the U.S. and Iran. WTI crude was trading near $98 per barrel, while Brent crude exceeded $110. This raised concerns about macroeconomic risks. Ponmudi R, CEO of Enrich Money, said that continued energy-price pressures could hurt hopes for a recovery in domestic equities.
Market sentiment was also affected by profit booking in the power, banking, and financial sectors. The Nifty formed a bearish candle on the daily chart. This indicates a broadly negative setup, according to Amol Athawale, VP of Technical Research at Kotak Neo. He advised traders to watch key support levels at 22,800 and 22,750. A close below these levels could lead to further declines toward 22,600-22,550.
Background
Despite the negative sentiment, Athawale recommended buying stocks like Persistent Systems, ONGC, and Godrej Consumer for short-term gains. He cited positive technical indicators for these companies.
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The ongoing rise in oil prices is likely to affect sectors sensitive to energy costs, especially transportation and manufacturing. Investors may see increased volatility in the Nifty and Sensex indices as they react to these macroeconomic pressures.
Watch for upcoming earnings reports from key companies, which could further influence market sentiment.
Based on reporting by: livemint.com