Indian equity benchmarks made a negative start on Monday as elevated crude oil prices and their potential impact on inflation continued to weigh on investor sentiment, despite a retreat in prices from recent highs. Crude oil prices remained above the $100 mark amid continuing tensions in West Asia, while ongoing attacks on Saudi Arabia kept supply concerns in focus. Investors were also awaiting the US Federal Reserve’s policy decision later this week, with uncertainty over the interest rate outlook adding to market caution.
Sensex and Nifty were trading down by more than half a per cent each in early trade, as selling pressure was visible across several heavyweight stocks. IT stocks led the losses, with Infosys declining as investors reacted to a weaker-than-expected second-quarter (Q2) performance and a cut in its FY27 guidance, signalling a slower growth outlook.
On global front, Asian markets were trading mostly lower as investors awaited monetary policy decisions from major central banks scheduled for later this week. Market participants were also bracing for a busy corporate earnings calendar, with results from artificial intelligence (AI)-linked companies in focus.
The BSE Sensex is currently trading at 72722.42, down by 401.41 points or 0.55% after trading in a range of 72514.57 and 72990.29. There were 3 stocks advancing against 27 stocks declining on the index.
The few gaining sectoral indices on the BSE were Healthcare up by 0.44%, Metal up by 0.42% and Oil & Gas up by 0.01%, while IT down by 1.14%, Consumer Durables down by 0.97%, TECK down by 0.92%, Auto down by 0.79% and Telecom down by 0.76% were the top losing indices on BSE.
The few gainers on the Sensex were Kotak Mahindra Bank up by 2.30%, Sun Pharma up by 0.78% and Adani Ports & SEZ up by 0.57%. On the flip side, Asian Paints down by 2.85%, Hindustan Unilever down by 1.73%, Bajaj Finance down by 1.67%, HCL Technologies down by 1.44% and Infosys down by 1.34% were the top losers.
Meanwhile, External Affairs Minister S. Jaishankar and his Uzbek counterpart, Bakhtiyor Saidov, discussed key issues on the bilateral agenda during a meeting in Baku, Azerbaijan, and emphasised the need for the timely implementation of agreements reached at the highest level. Jaishankar was in Azerbaijan on October 23, 2026, for a day-long visit to review bilateral ties. During the visit, he met Azerbaijani President Ilham Aliyev and held talks with Foreign Minister Jeyhun Bayramov on trade, investment, energy, tourism and connectivity.
Describing his discussions as “very productive”, Jaishankar said they had helped chart a way forward for bilateral ties. The two sides explored ways to expand economic cooperation, particularly in trade, investment and energy, and agreed to strengthen coordination on connectivity. Both countries are stakeholders in the International North-South Transport Corridor (INSTC), a multimodal freight network spanning approximately 7,200 km that connects India with Iran, the Caspian region, Russia, Central Asia and Europe.
Jaishankar stressed the importance of closer coordination on the project, particularly in an increasingly interconnected global economy. The discussions also covered air connectivity, tourism and people-to-people exchanges. Jaishankar thanked Azerbaijan for its assistance in evacuating Indian nationals, particularly students, from Iran during the regional conflict earlier this year.
The CNX Nifty is currently trading at 22461.60, down by 138.40 points or 0.61% after trading in a range of 22387.35 and 22524.40. There were 9 stocks advancing against 41 stocks declining on the index.
The top gainers on Nifty were Dr. Reddy's Labs. up by 2.85%, BSE up by 2.34%, Kotak Mahindra Bank up by 2.06%, JSW Steel up by 1.73% and Adani Ports & SEZ up by 0.69%. On the flip side, Shriram Finance down by 4.69%, Tata Consumer Products down by 3.21%, Asian Paints down by 2.85%, Infosys down by 2.34% and HDFC Life Insurance down by 1.78% were the top losers.
Asian markets were trading mostly in red; Nikkei 225 slipped 236.16 points or 0.38% to 62,457.00, Jakarta Composite decreased 54.04 points or 0.99% to 5,385.22, KOSPI dropped 37.27 points or 0.67% to 5,513.03, Straits Times fell 23.55 points or 0.43% to 5,398.61 and Shanghai Composite was down by 6.56 points or 0.18% to 3,683.92, while Hang Seng was up by 98.63 points or 0.43% to 23,192.00.