Summary
The Sensex fell 125.56 points to close at 73,123.83 while the Nifty 50 lost 87.65 points to end at 22,600 on Friday, 23 October 2026, a fourth straight day of losses as geopolitical tension weighed on investors’ appetite for risk.
The real damage was in the broader market, where the Nifty MidCap 100 fell 2.21% and the Nifty SmallCap 100 dropped 2.94%, while Metal, Realty and PSU Bank were the weakest sectors and IT held up best.
Adani Power reported a 142% jump in profit, JSW Steel more than tripled its profit on record sales, and Tata Motors’ commercial vehicle business swung to a ₹1,257 crore profit while holding firm on its Iveco offer.
Brent crude traded at $113.73 after reports that the US is considering fresh strikes on Iran after its mid-term elections, with a second aircraft carrier heading to the region.
The Sensex fell 125.56 points, or 0.17%, to close at 73,123.83, while the Nifty 50 ended 87.65 points, or 0.39%, lower at 22,600, its fourth losing session in a row. The headline indices fell modestly, but they do not show how bad the day was for most stocks.
Shriram Finance, Adani Enterprises and JSW Steel were the top losers in the Nifty 50. The bigger story was further down the market: midcaps lost more than 2% and smallcaps fell almost 3%, more than five times the Nifty’s decline. When investors get nervous about war headlines, smaller, riskier stocks are usually the first they sell, and Friday followed that pattern.
Impact on the stock market
Sectoral gainers: No major sector stood out on the upside. Nifty IT outperformed by losing the least, as investors preferred large, cash-rich companies that earn much of their revenue in dollars.
Sectoral losers: Nifty Metal, Nifty Realty and Nifty PSU Bank were the biggest decliners. Metals and real estate are sensitive to the economic cycle and to borrowing costs, and both tend to fall when oil prices and uncertainty rise.
| Sector/Index | Performance |
| IT & BPM sector | -0.27% |
| Healthcare sector | -0.83% |
| Oil & Gas sector | -0.62% |
| Real estate sector | -2.38% |
| PSU Bank in India | -2.26% |
Top gainers today
Here are the stocks that delivered the Top gainers in today’s trading session. The table below lists each company along with its share price and percentage change for the day.Â
| Company | Share Price (in ₹) | Change % |
| Eternal | 317.40 | 4.25 |
| Apollo Hospital | 7,730.00 | 1.65 |
| ONGC | 227.50 | 1.11 |
| Asian Paints | 2,307.00 | 0.97 |
| TCS | 2,530.00 | 0.92 |
Top losers today
Here are the stocks that saw the Top losers in today’s trading session. The table below lists each company along with its share price and percentage change for the day.
| Company | Share Price (in ₹) | Change % |
| Shriram Finance | 865.00 | -3.98 |
| Adani Enterprise | 2,477.00 | -2.86 |
| JSW Steel | 1,185.50 | -2.83 |
| Jio Financial | 205.03 | -2.74 |
| Tata Steel | 167.67 | -2.70 |
Market aftermath: Impact on stocks
Adani Power Q2: Profit Jumps 142% to ₹7,019 Crore
Adani Power reported net profit of ₹7,019.32 crore for the September quarter, up about 142% from ₹2,906.46 crore a year earlier. Operating revenue rose 29.8% to ₹17,014.06 crore from ₹13,106.34 crore. The company said stronger electricity demand lifted volumes, and costlier imported coal allowed it to charge higher tariffs under its power purchase agreements, the long-term contracts that set what buyers pay for its electricity.
Part of the increase came from a one-time boost. Adani Power recognised ₹2,422.25 crore of revenue relating to earlier periods, after historic energy charges were revised under some contracts, compared with ₹668.53 crore a year ago. Finance costs fell 9.7% to ₹760.23 crore as strong cash flows reduced its reliance on debt. For April to September, profit rose 91.4% to ₹11,885.92 crore. The company is also adding 23,720 MW of new thermal power capacity.
Tata Motors CV Q2: From a Loss to ₹1,257 Crore Profit
Tata Motors’ commercial vehicle business swung to a net profit of ₹1,257 crore, against a loss of ₹867 crore a year earlier. Revenue rose 36.3% to ₹25,338 crore, and operating profit grew 31% to about ₹2,800 crore. The margin narrowed by 0.4 percentage points to 10.9% because of costlier steel and rubber. Wholesales rose 42% to 135,100 units, with domestic volumes up 30% and exports up 177%. Its domestic market share rose 1.1 percentage points to 36.2%, and consolidated net cash stood at ₹15,900 crore.
Chief Executive Girish Wagh expects commodity costs to rise further in the December quarter and said prices are being raised carefully so that demand is not hurt. He expects industry growth to slow in the second half only because of a high base from last year, not because of weaker demand. He also said the €14.40-per-share offer for Italian truck maker Iveco, worth about €3.91 billion, will not be raised. The tender closes on 26 October, with settlement on 30 October. The stock fell 4.41% to ₹395.70 before the results came out after market hours.
JSW Steel Q2: Profit More Than Triples on Record Sales
JSW Steel’s consolidated net profit rose to ₹5,359 crore from ₹1,646 crore a year earlier, more than three times higher. Steel sales reached a record 7.46 million tonnes, up 13% year-on-year and 19% from the previous quarter. Domestic sales also hit a record 6.29 million tonnes, and sales to the auto sector rose 36%. Exports were 0.98 million tonnes, or 13% of sales from its India operations.
Revenue from operations was ₹54,486 crore, and adjusted operating profit was ₹9,941 crore, an 18.3% margin. Operating profit rose 6% from the previous quarter, as higher volumes more than offset costlier coking coal and lower selling prices. Net debt fell by ₹1,675 crore to ₹44,482 crore. Despite these strong numbers, JSW Steel was among the Nifty’s top losers, as the selling in metal stocks outweighed the company-specific news.
Crude Oil: Brent at $113 as US-Iran Fears Return
At 10.01 am, December Brent futures were at $113.73, up 0.49%, and WTI was at $100.17, up 0.70%. This followed a 4% jump on Thursday, when Brent settled just above $113. On the MCX, November crude traded at ₹9,522, up 0.40% from ₹9,484. Natural gas went the other way, falling 2.03% to ₹298.80.
The rise came after reports that President Trump is considering new strikes on Iran after the US mid-term elections, with a second aircraft carrier being deployed and some troops evacuated from bases in West Asia. ING’s strategists said that renewed escalation now looks like the most likely path, and that their forecast of Brent averaging $80 in the final quarter of 2026 looks out of reach. Trump blamed Iran for the rise in prices and claimed more oil is passing through the Strait of Hormuz than before the conflict. For India, which imports most of its oil, crude above $110 means a larger import bill and more inflation risk.
Conclusion
The Sensex’s 0.17% fall made Friday look calmer than it was. Midcaps fell 2.21%, smallcaps fell 2.94%, and the market recorded its fourth straight loss as war risk returned to oil prices. Company results told a different story: Adani Power, JSW Steel and Tata Motors’ truck business all reported strong numbers driven by real demand. Next week, watch three things: whether Iveco shareholders accept Tata Motors’ offer by 26 October, whether US-Iran tensions escalate after the mid-terms, and whether Brent can stay above $110. Until oil prices settle, strong results alone may not be enough to support the broader market.
