Sensex closed at 84,211.88, down 344.52 points (0.41%), while the Nifty50 slipped 96.25 points (0.37%) to 25,795.15. The weakness marked the end of a six-day rally that had lifted benchmarks to record highs earlier in the week.
In the broader market, Nifty Midcap 100 fell 0.24%, and Nifty Smallcap 100 slipped 0.21%, reflecting mild consolidation after a strong run-up in previous sessions.
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Impact on the stock market
Sector-wise performance
Sectorally, the market showed mixed trends. The Nifty Metal index outperformed, gaining 1.03%, as global commodity prices firmed up. The Oil & Gas index also ended slightly higher at +0.2%, supported by stability in crude prices. However, defensive sectors bore the brunt of profit-booking — the FMCG index dropped 0.75%, followed by the PSU Bank index, down 0.74%.
| Sector/Index | Performance |
| IT & BPM sector | -0.26% |
| Healthcare sector | -0.83% |
| Oil & Gas sector | 0.20% |
| Real estate sector | 0.10% |
| PSU Bank in India | -0.74% |
Top gainers today
| Company | Share Price (in ₹) | Change % |
| Hindalco | 824.45 | 4.04 |
| Bharti Airtel | 2,029.30 | 1.07 |
| ONGCÂ | 254.96 | 1.05 |
| ICICI Bank | 1,377.70 | 1.03 |
| Shriram Finance | 715.45 | 0.82 |
Top losers today
| Company | Share Price (in ₹) | Change % |
| HULÂ | 2,516.40 | -3.27 |
| Max Healthcare | 1,184.10 | -2.22 |
| UltraTechCement | 11,881.00 | -2.17 |
| Adani Ports | 1,423.90 | -2.01 |
| Kotak Mahindra | 2,187.00 | -1.73 |
Market aftermath: Impact on stocks
Bank stocks cool off after a strong run
After a five-day rally, heavyweights HDFC Bank, Axis Bank, and SBI faced mild correction as investors booked profits.
- HDFC Bank closed 1.3% lower at ₹995.9
- Axis Bank also fell 1.3% to ₹1,242
- SBI dipped 0.8% to ₹904
The Bank Nifty index slipped 0.6% to 57,720, dropping below the key 58,000 level it had breached a day earlier. Just on Thursday, it had hit an all-time high of 58,577.50, driven by upbeat Q2 earnings from private banks.
Analysts noted that while Friday’s decline signalled short-term profit booking, the underlying sentiment for banking remains firm. Brokerages such as Axis Securities and Motilal Oswal suggested that the sector’s earnings momentum is likely to strengthen ahead, with steady double-digit growth expected by FY27. In short, this dip looks more like a breather than a breakdown.
Shanthi Gears slips after weaker earnings
Shares of Shanthi Gears plunged over 6%, hitting a three-month low of ₹493.65, after the company reported a 16% YoY fall in Q2 net profit to ₹21.5 crore. Revenue from operations also declined 15% year-on-year to ₹132 crore, pulling down the company’s EPS to ₹2.80 from ₹3.34 a year ago.
However, the company managed to increase its order book by 7% to ₹138 crore, with an unexecuted order book of ₹254 crore as of September 30. Shanthi Gears also achieved an impressive 46% return on average invested capital (ROIC) and generated ₹12.68 crore in free cash flow during the quarter.
While the disappointing earnings triggered a selloff, the stock later recovered partially to ₹512.85, down 3% by afternoon trade. Despite today’s fall, the company remains a long-term play with operational efficiency and healthy margins — just weighed down by near-term demand softness.
Utkarsh Small Finance Bank rallies 20% on major fund infusion
In a bright spot amid a dull market, Utkarsh Small Finance Bank (SFB) shares soared nearly 20%, hitting an intraday high of ₹22.02. The trigger? The lender announced that it had allotted 5.71 crore shares to ace investor Madhusudan Kela’s fund, Cohesion MK Best Ideas Sub-Trust, as part of its ongoing rights issue.
This rights issue, priced at ₹14 per share, aims to raise up to ₹949 crore, and will remain open till November 3. Apart from Kela’s fund, other major participants include India Capital Fund Ltd (4.4 crore shares), Kotak Life Insurance (4.21 crore), ICICI Prudential Life (3.57 crore), and even the Massachusetts Institute of Technology (2.79 crore) — showing strong institutional interest.
The stock has already gained 22% in the past five days and 18% in the past month, suggesting rising investor confidence. While it’s still trading 45% below its 2023 listing price, this fresh capital infusion could help the lender strengthen its balance sheet and accelerate growth in its retail loan portfolio.
Crude oil: India’s import mix faces a shake-up
Beyond equities, oil made headlines too. Following the US sanctions on Russian oil giants Rosneft and Lukoil, India’s refiners are gearing up for a major reshuffle in crude sourcing.
Russia currently supplies nearly one-third of India’s oil imports — around 1.7 million barrels per day (mbd) — with 1.2 mbd coming directly from Rosneft and Lukoil. With sanctions kicking in, companies such as Reliance Industries and Nayara Energy will need to diversify quickly to avoid exposure to penalties.
Analysts expect refiners to ramp up imports from the Middle East, Latin America, and the US, though higher freight costs could squeeze margins. According to Icra’s Prashant Vasisht, replacing Russian barrels with market-priced crude could raise India’s import bill by up to 2% annually.
Reliance, which has a 25-year term deal with Rosneft for up to 500,000 barrels per day, might have to front-load shipments before the November 21 compliance deadline and then shift to third-party intermediaries. Nayara, heavily dependent on Russian crude, may see limited flexibility in the near term.
Despite the turbulence, experts say a complete halt in Russian oil imports is unlikely. India’s refineries are highly adaptable and can process a variety of crude grades. The challenge is not operational, but financial — losing Russia’s discounted barrels could hurt refining margins in the short term.
Conclusion
Friday’s session on Dalal Street summed up a classic market cooldown after a strong rally. The Sensex and Nifty took minor hits, led by profit-booking in banks and FMCG counters, while pockets like metals and oil showed resilience.
Midcaps like Shanthi Gears faced earnings-driven pressure, whereas Utkarsh SFB’s sharp rally reminded investors that selective opportunities still abound. Meanwhile, developments in global crude markets could reshape India’s energy import strategy in the weeks ahead.
In short — the market took a deep breath, not a downturn. With Q2 earnings still upbeat and global uncertainty settling, investors may see this pause as an opportunity to reassess, rather than retreat.
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