Crude and rupee rout Indian equities as smallcaps tumble
pre-market3 sources ↓machine-written, see hownot a recommendation
- ADANIPORTS close
- ₹1,749
- On the day
- -0.97%
- Futures OI, short build-up
- +2.6%
- Put-call ratio
- 0.67
- Max pain
- ₹1,740
Indian equities extended their sell-off in the week ended 23 Oct 2026 as Brent crude stayed near $114 and the rupee approached ₹95 against the US dollar. The broader decline erased ₹16.1 lakh crore in market value, while smallcaps fell about 7% during the week, according to HDFC Sky. The Sensex dropped 1,575 points over the week. On 23 Oct alone, it settled at 73,123.83, down 125.56 points or 0.17%, while the Nifty closed at 22,600, lower by 87.65 points or 0.39%.
The move marked a fourth straight losing session for the benchmark indices and reflected pressure across metals, infrastructure, banking, technology and consumer stocks. Tata Steel and Adani Ports were among the major Sensex laggards on 23 Oct, while HDFC Sky’s market table showed Tata Steel down 2.70% and Adani Ports down 2.70% in its reported session. A weaker rupee raises the cost of imported crude and other inputs, while elevated oil prices can widen inflation, current-account and margin pressures. Energy-sensitive transport and logistics businesses face a similar challenge. ⚡
OI Charts data for 21 Oct showed the Nifty at ₹22,811, down 0.34% on the session, up 0.4% over five sessions but down 2.6% over 20 sessions. The later 23 Oct close of 22,600 places the index close to its 52-week low of ₹22,180 recorded on 8 Oct. OI Charts data also showed Tata Steel at ₹172.45, down 0.91%, with futures open interest up 0.5% in a short build-up. Its put-call ratio was 0.58, with the ₹180 strike holding the largest put open interest and marking max pain; the ₹200 call had the largest call open interest. 📉
For Adani Ports, OI Charts data showed a ₹1,749 close on 21 Oct, futures open interest up 2.6% in a short build-up, a put-call ratio of 0.67 and max pain at ₹1,740. The largest call and put open-interest strikes were ₹1,800 and ₹1,700 respectively. Traders will watch Brent, the rupee near ₹95, foreign fund flows, developments in West Asia and whether the Nifty stabilises above its recent low. Banking 💼, metals and infrastructure stocks remain sensitive to any further deterioration in risk appetite.
Source: MillenniumPost, 23 Oct 2026; HDFC Sky, 24 Oct 2026
Not investment advice. For informational purposes only.