Stock Market Today LIVE: Sensex, Nifty Fall 0.5% Each; Nestle, Coal India, HDFC Bank Among Top Losers

Sapphire Foods India Q2 Results (YoY)  

• Net loss narrows to Rs 1.5 crore from loss of Rs 12.8 crore
• Revenue up 19.7% to Rs 888 crore from Rs 742 crore
• EBITDA grows 23.5% to Rs 126 crore from Rs 102 crore
• EBITDA margin at 14.2% versus 13.7%
   

Paras Healthcare IPO has been subscribed 24% in total so far on October 22, the second day of the bidding process. The issue received bids for 29.07 lakh equity shares as against 1.20 crore shares on the offer, NSE data till 1:10 PM showed.

The Retail Individual Investors (RIIs) segment has been booked 1.12 times, while the Non-Institutional Investors (NII) portion has been subscribed 24%. The Qualified Institutional Buyers (QIBs) are yet to bid for the issue.

Jio Platforms IPO has been subscribed 3.89 times in total so far on October 22, the second day of the bidding process. The issue received bids for 76.89 crore equity shares as against 19.75 crore shares on the offer, NSE data till 1:05 PM showed.

The Retail Individual Investors (RIIs) segment has been booked 1.20 times, while the Non-Institutional Investors (NII) portion has been subscribed 3.43 times. The Qualified Institutional Buyers (QIBs) category received 9.66 times subscription.

Bansal Wire Industries Q2 Results (YoY):

• Net profit rises 38.1% to Rs 52.9 crore from Rs 38.3 crore
• Revenue grows 24% to Rs 1,308 crore from Rs 1,055 crore
• EBITDA up 36% to Rs 104 crore from Rs 76.6 crore
• EBITDA margin at 8% versus 7.3%
   

The zone of 22520 – 22500 will act as a crucial support for the Nifty 50 index while the resistance lies in the zone of 22750 – 22770. On the downside, if the index slips below the level of 22500 then the next support is placed in the zone of 22380 – 22350. In an event of a surge above 22770, the index can experience an extension of the rally towards 22900, said Sudeep Shah, Vice President - Technical and Derivatives Research at SBI Securities.

On the options front, meaningful call writing witnessed across 22700 and 22800 strikes. On the put side, 22600 has a substantial open interest, followed by 22500 strike.

Speaking of Sensex levels, support is at 72900, while resistance is at 73700, he added.

Tata Teleservices (Maharashtra) Q2 Results (QoQ):

• Net loss narrows to Rs 59.2 crore from loss of Rs 72.1 crore
• Revenue rises 2.6% to Rs 310 crore from Rs 302 crore

   

Anand Rathi expects mid-to-high single-digit growth for festive season across two -wheelers and Passenger Vehicles, supported by new launches, demand pull for EV/CNG vehicles, continuing benefit of GST and first-time buyer demand. It believes commodity cycle has peaked and expect H2FY27 to witness margin expansion.

The brokerage firm’s top picks include Maruti Suzuki, Ashok Leyland and Bajaj Auto.
 

The Financial Services sector witnessed FPI outflows of Rs 10,628 crore in the first half of October 2026, following significant outflows of Rs 14,928 crore in September 2026. Since the beginning of April 2026, cumulative net outflows have reached Rs 70,161 crore. Four of the last six and a half months have recorded outflows exceeding Rs 10,000 crore, reflecting the continued bearish stance of FIIs towards the Financial Services sector, which carries a significant weight in the benchmark Nifty Index.

According to SBI Securities, the Financial Services Index recently broke down from a rising parallel channel and is now trading below key short- and long-term moving averages. The DI- line has crossed above the DI line in the ADX indicator, indicating that sellers have gained control over buyers in the Index. The previous swing-low zone of 24,350–24,300 is likely to act as immediate support. A decisive and sustained break below this zone could lead to a further extension of weakness in the Index. 

Stocks Exhibiting Weak Price Action Structure – Bajaj Finserv, Chola Fin, Jio Fin, LIC Housing Finance, MFSL, Muthoot Finance and Shriram Finance.

UBS AG has exercised its rights to convert all the warrants allotted to it by 360 ONE. Pursuant to this, 360 ONE has allotted 20,502,939 equity shares to UBS AG, representing approximately a 4.8% equity stake in 360 ONE WAM Ltd.

The Indian stock market traded lower, with the Sensex falling 500 points and the Nifty 50 slipping below 22,700 level, weighed down by selling across the board. The midcap and smallcap indices also fell 1% each.

HDFC Bank, Reliance Industries and Infosys contributed most of Nifty 50’s losses, while L&T, ICICI Bank and Bajaj Finance were the top contributors to gains.

NCDEX marked its foray into the equity and equity derivative markets with the launch of two rule-based indices – NDEX and FINNDEX.

The indices use a composite score comprising of free-float market capitalisation (30%), average daily traded value (30%), beta (20%) and volatility (20%). 

NDEX is a benchmark index comprising 20 large and liquid Indian equities that is selected from a universe of top 60 NSE-listed companies, created to track the performance of leading listed companies. 

FINNDEX comprises 15 financial sector stocks (excluding insurance companies) selected from the top 40 eligible companies. 
 

The Indian stock market indices recovered early losses to trade flat, led by recovery in banking stocks. The Sensex was flat, while the Nifty 50 was down 0.2% to trade near 22,750 level.

PL Capital initiated coverage on Sai Life Sciences shares with a ‘Buy’ rating and target price of Rs 1,620 per share. It forecasts revenue, EBITDA and PAT CAGR of ~21%, 25% and 26% over FY26–29E led by ~23% growth in CDMO services and ~16% in CRO.

“With a strong pipeline moving toward commercial supply and a scalable integrated model, we believe SAI offers one of the best growth profiles among listed Indian CRDMOs. At CMP, the stock is trading at ~29x EV/EBIDTA (Pre-INDAS) and ~48x P/E on Sept’28E. We value the company at 55x P/E on Sept’28E,” PL Capital said.

Indian Hotels share price jumped over 5% after the company raised FY27 guidance. The company’s management remains highly confident about H2FY27, supported by a strong domestic consumption cycle, a packed schedule of MICE/corporate events, and 30 planned new hotel openings. The full-year revenue growth guidance upgrade to 15-17% factors in ongoing ARR expansion and market share gains in top-tier cities.

While TajSats airline catering remains pressured by global disruptions affecting air travel, IHCL’s diversified revenue streams and rapidly expanding select-service portfolio are poised to drive sustained, double-digit earnings growth and cash generation, Axis Securities said.

Following a robust earnings performance, the brokerage maintained its ‘Buy’ call on Indian Hotels shares and raised the target price to Rs 900 apiece from Rs 830 earlier, valuing the stock at EV/EBITDA 28x FY28E.
 

PC Jeweller share price is showing signs of a potential bullish breakout on the monthly chart, backed by a sharp rise in price and trading volumes. After a prolonged consolidation phase, the stock has moved back towards a crucial resistance zone of Rs 19 – Rs 20, marked by a long-term trendline connecting previous highs.

The monthly RSI has improved to around 69, indicating strong buying momentum. A sustained breakout above Rs 20, supported by strong volumes, could signal further upside, said Sachin Gupta, VP – Technical Research, Choice Broking.

On the weekly chart, the stock has surged 17.22% to trade at Rs 19.50, with a sharp increase in volumes. It is trading well above its 50-week EMA at Rs 11.37 and 200-week EMA at Rs 9.74, reflecting a significant improvement in its long-term trend. However, the weekly RSI at 77.09 indicates overbought conditions, so some profit-booking cannot be ruled out near current levels, he added.

 A decisive breakout above Rs 20 could open the way towards Rs 23 and Rs 27, while Rs 17 and Rs 15.50 are likely to act as immediate support levels, he said.

The Insurance Regulatory and Development Authority of India (IRDAI) is open to extending the feedback period for its consultation paper on insurance distribution reforms, with the regulator willing to consider requests from market intermediaries, sources told NDTV Profit.

The Insurance Brokers Association of India (IBAI) sought an extension and met IRDAI leadership last week to raise concerns over the proposed changes. The deadline for stakeholders to submit comments is October 25, while the reforms are proposed to be implemented from January 1, 2027, sources added.

IRDAI has not yet taken a decision on extending the deadline and is currently in the process of reviewing stakeholder feedback. Insurance brokers have raised concerns about the potential impact of the proposed reforms on their livelihoods, distribution incentives and expense management, while seeking a sustainable compensation framework under the new regime. 

They have cautioned that lower commissions could affect distribution incentives in certain insurance segments. Bancassurance players have also flagged concerns that the proposed commission caps may not adequately account for servicing and compliance costs.

The regulator is seeking adequate representations from all sections of the insurance industry and market participants before finalising the framework. While IRDAI is keen to ensure the reforms are implemented swiftly, it is also mindful of industry concerns and remains open to considering stakeholder feedback.

Anand Rathi expects 16 companies FMCG companies under its coverage to clock ~10% revenue CAGR over FY26-28e driving ~15% earnings CAGR.

Its preferred picks include: 

• Marico | Buy | Target Price: Rs 990
• Godrej Consumer Products | Buy | Target Price: Rs 1,400
• Mrs. Bectors Food Specialities | Buy | Target Price: Rs 250
• Asian Paints | Buy | Target Price: Rs 3,180
   

Crude oil price jumped to Rs 9,347 per barrel on MCX, by more than 1.50%, amid concerns over a re-escalation of the Middle East conflict, which could lead to supply disruptions in the region.

Price has continued to sustain over 50-EMA on 4-hourly chart placed at Rs 9,133 currently, which will be key support level to look for. On the other hand, resistance would be at Rs 9,497, breakout of this mark will boost upward momentum in crude oil. Traders should look forward for ‘buy-on-dips’ opportunity in today’s session, said Aamir Makda, Commodity & Currency Analyst – Technical Research, Choice Broking.

USDINR has taken support at 94.20 thrice before. The key question is whether it can break below the 94.00–94.20 zone. 

A trigger could be Brent crude falling below $105, encouraging exporters who have recently held back from hedging to sell their dollar receivables. This could accelerate rupee appreciation through increased dollar supply. Until then, 94.20–94.80 is likely to remain the trading range, said Amit Pabari, MD, CR Forex Advisors.

Fusion CX shares made a muted debut in the Indian stock market today. The stock was listed at Rs 305.00 apiece on the NSE, a premium of 5.54% to the issue price of Rs 289 per share.

On BSE, Fusion CX shares were listed with 1.04% premium at Rs 292 apiece.
 

Garden Reach Shipbuilders and Mazagon Dock Shipbuilders shares declined up to 7% after Goldman Sachs initiated coverage on the defence stocks with a ‘Sell’ rating.

GRSE share price plunged as much as 7.63% to Rs 1,868.15 apiece, while Mazagon Dock shares tanked 6.69% to Rs 1,863.75 apiece on the BSE.

Goldman Sachs believes uncertainty around orders, decline in near-term earnings imply further downside. It initiated coverage on Mazagon Dock Shipbuilders (MAZG), with a 12-month target price of Rs 1,855, and Garden Reach Shipbuilders (GRSE), with a 12-mong target of Rs 1,515, both at ‘Sell’ rating.
 

Gold and silver prices in India declined sharply. MCX gold rate traded lower by Rs 1,684, or 1.15%, at Rs 1,44,395 per 10 grams, while MCX silver price was down by Rs 4,853, or 2.32%, at Rs 2,04,315 per kg.

Bank Nifty index declined over half a percent to trade below 54,700 level, with 11 of its 14 constituents trading in the red. AU Small Finance Bank, HDFC Bank, IndusInd Bank, IDFC First Bank and Bank of Baroda were the top index losers.

All the sectoral indices were trading in the red, with Nifty Metals, Nifty Pharma, Nifty Auto, Nifty FMCG, Nifty Oil & Gas and Nifty Realty declining over 1% each. 

Broader markets continue to bleed, with the Nifty Smallcap 100 and the Nifty Midcap 100 indices falling over 1% each.

The Indian stock market benchmark indices opened over half a percent lower on Thursday. The Sensex fell 366.36 points, or 0.50%, to open at 73,343.33, while the Nifty 50 opened 123.60 points, or 0.54%, lower at 22,687.75. The Bank Nifty index opened at 54,734.45, down 242.45 points, or 0.44%.

The recent market trend has been the outperformance of large-caps relative to mid-and small-caps. The broader market resilience in recent months has been more a function of liquidity than earnings. Latest September AMFI data also reveals this trend of increasing preference for mid-and small-caps over large-caps. This has created a paradox of over-valued mid-and small-caps, particularly the latter, coexisting with attractively valued large-caps. This paradox cannot continue for long and will get corrected. It appears that this is happening now. This trend is likely to sustain, said Dr. V K Vijayakumar, Chief Investment Strategist, Geojit Investments.

Strong external headwinds in the form of elevated crude prices and high US bond yields are emboldening bears to build short positions in the market. This is the reason why the market is declining even on days of positive institutional - FII and DII- buying, like yesterday. Sectoral churns towards fairly valued large-caps is the ideal investment strategy now. It may take time, but this strategy will certainly be rewarded, he added.

The Indian rupee opened 1 paise lower at 94.47 per US dollar as against its previous close of 94.46.

Crude oil prices rallied after latest attacks in Saudi Arabia raised supply concerns.

Brent crude, the global benchmark, gained 1.09% to $110.01 a barrel, and West Texas Intermediate rose 0.87% to $98.00 a barrel.

Production in key infrastructure industries rose 7.9% in September, the fastest pace in the new series, led by strong performance in the iron ore, electricity, and cement segments. The core sector expanded by 3.1% in September last year and 5.9% in August 2026.

US President Donald Trump said that the United States was negotiating with Russia on Ukraine and was maybe close to reaching a peace deal to end the war.

“We’re maybe close to a deal. When you're close to a deal and you have very delicate negotiations you don't put sanctions on,” Trump said.

The US stock market ended higher on Wednesday, led by gains in artificial intelligence-related stocks after blowout quarterly results from SpaceX.

The Dow Jones Industrial Average rallied 360.21 points, or 0.69%, to 52,856.09, while the S&P 500 gained 44.60 points, or 0.58%, to 7,757.17. The Nasdaq Composite closed 278.04 points, or 1.05%, higher at 26,702.86.
 

Asian markets traded mixed on Thursday. Japan’s Nikkei 225 fell 0.35%, while the Topix rose 0.24%. South Korea’s Kospi declined 0.90% and the Kosdaq dropped 1.16%. Hong Kong’s Hang Seng index futures indicated a lower opening.

The trends on Gift Nifty also signal a negative start for the Indian benchmark indices, Nifty 50 and Sensex, today. The Gift Nifty was trading around 22,662 level, a discount of nearly 81 points from the Nifty futures' previous close.

The Indian stock market is likely to open on a weak note on Thursday, tracking mixed cues from global markets, as persistently high crude oil prices and escalating geopolitical tensions weigh on investor sentiment.