Markets
Stock market today: Nifty ends at 22,811 after 450-point swing; smallcaps sink 2.37%, IT jumps 2.9%
An 800-point Sensex rally faded into a second straight loss as oil near $110 and broad selling hit mid and small caps; IT was the only sector in the green.
It was a day of two halves. The Sensex jumped as much as 829 points in the morning, to 74,682.19, and the Nifty 50 touched 23,120.90, as Asian markets bounced and money poured into the Jio IPO. By 3 pm both had fallen more than 1.8% from their highs, before the closing auction trimmed the loss. The Sensex ended 143.21 points (0.19%) lower at 73,709.69 and the Nifty 50 fell 77.60 points (0.34%) to 22,811.35, its second straight fall.
Why the turn? Brent crude stayed near $110 a barrel, keeping inflation worries alive, and US bond yields remain above 5%. Heavyweights HDFC Bank, Bajaj Finance and Eternal together dragged the Sensex down by more than 300 points, Business Standard reported. Selling was far wider than the headline numbers suggest: on NSE, 2,988 shares fell and only 608 rose. The Nifty Midcap 100 lost 1.58% to a six-month low and the Nifty Smallcap 100 fell 2.37% to a four-month low. India VIX, the market's fear gauge, rose about 6% to 15.7.
IT was the one bright spot. The Nifty IT index rose 2.88% to an eight-month high, with every stock in it ending higher; Infosys (+3.3%), HCL Technologies (+3.2%) and Tech Mahindra (+3.1%) led the Nifty. The rupee also strengthened 48 paise to a six-week high of 94.43 per dollar on Jio IPO inflows and RBI support. After market hours, Eternal reported second-quarter profit of ₹125 crore, up 92%, on revenue up 78% to ₹24,138 crore.
Key takeaway: when the Nifty falls only 0.34% but five shares fall for every one that rises, most investors' portfolios had a worse day than the index shows.
Key takeaways
- The Sensex swung more than 1,400 points: up 829 at the high (74,682.19), down 571 at the low (73,281.78), closing 143 points lower.
- Nifty IT jumped 2.88% to an eight-month high, the only sector to rise; Infosys, HCL Tech and Tech Mahindra each gained over 3%.
- Mid and small caps were hit hard: Midcap 100 −1.58% (six-month low), Smallcap 100 −2.37% (four-month low).
- Breadth was very weak: 608 shares rose and 2,988 fell on NSE, with 362 hitting 52-week lows against 44 highs.
- The rupee rose 48 paise to 94.43, a six-week high, on Jio IPO inflows and RBI support.
- Eternal reported Q2 profit of ₹125 crore (+92%) and revenue of ₹24,138 crore (+78%) after market hours.
Index scoreboard
| Index | Close | Change | Day low → day high (● close, | open) |
|---|---|---|---|
| Nifty 50 | 22,811.35 | -77.60 -0.34% | 22,663.4023,120.90 |
| Sensex | 73,709.69 | -143.21 -0.19% | 73,281.7874,682.19 |
| Bank Nifty | 54,976.90 | -511.20 -0.92% | Range not available |
Large cap vs mid cap vs small cap
Large caps (Nifty 50) did best (-0.34%) and Smallcaps (Nifty Smallcap 100) did worst (-2.37%).
Sector heatmap
Best: IT (+2.88%). Worst: Chemicals (-2.64%).
Top gainers and losers (Nifty 50)
Top gainers ▲
- Infosys₹1,168.00+3.30%
- HCL Technologies₹1,424.20+3.21%
- Tech Mahindra₹1,834.70+3.13%
Top losers ▼
- Bajaj Finance₹926.00-3.27%
- BSE₹3,248.30-2.63%
- Eternal₹312.35-2.45%
Big movers in the broader market
- L&T Technology Services+10.70%
- Wipro+3.90%
- eMudhra-20.00%
- ABB India-5.90%
- Siemens-5.60%
- Meesho-5.40%
Market breadth
NSE: advance-decline ratio 0.20
FII / DII activity (cash, latest available: Mon 19 Oct)
Provisional figures for Wednesday 21 Oct had not been published by our sources when this report was written. Month-to-date totals run to 19 Oct.
IPO listings and what happened after
| Company | Issue price | Listed at (gain) | Day-1 close (vs issue) |
|---|---|---|---|
| HD Fire ProtectNSE, BSE · Mainboard | ₹₹271 | ₹₹335 (NSE) +23.60% | — |
| IPO subscribed about 92 times; shares pared gains after listing to around ₹306–307 later in the day (about 13% above issue). Closing price not confirmed. | |||
- Jio Platforms (₹1,065–1,119) and Paras Healthcare (₹660–693): bidding until Fri 23 Oct; Jio was 2.38x subscribed by 3 pm on day one
- Fusion CX lists Thu 22 Oct
- Zetwerk, Tonbo Imaging, Bonfiglioli Transmissions and Sahajanand Medical Technologies list Fri 23 Oct
Levels analysts are watching
Reported for information only. These are third-party technical levels, not a recommendation.
| Index | Support | Resistance | Cited by |
|---|---|---|---|
| Nifty 50 | 22,700 | 23,000 | Liquide market recap |
| Bank Nifty | 54,800 | 55,200 | Liquide market recap |
What to watch next session
- Thursday results: HPCL, Havells, Swiggy, Colgate-Palmolive, Adani Energy Solutions
- Jio and Paras IPO day-two subscription; Fusion CX listing
- Brent crude near $110 and US 10-year yield
- US Fed meeting on 27–28 October
Indian shares followed the global pattern of the week: tech stocks bought, rate-sensitive and oil-exposed sectors sold, as oil above $100 and US yields above 5% keep pressure on emerging markets.
The sharp fall in mid and small caps hits retail portfolios and small-cap funds hardest, while a firmer rupee slightly eases import costs. Oil near $110 remains the biggest risk for inflation and corporate costs.
Sources
Written with AI assistance by TotalMarket. Based on the sources linked in this article; key facts and data should be checked against the original sources. This article is for information only and is not investment advice.
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