Indian Shares End Flat; Oil Nears Six-Month High, Offsets Broad Market Gains

An End-of-day recap of all that transpired in the Indian markets, highlighting the major price movements and the factors driving them

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By Dehuti Jani

October 27, 2026 at 12:52 PM IST

Indian equities ended largely unchanged on Tuesday as elevated crude oil prices and uncertainty ahead of the US Federal Reserve’s policy decision kept investors cautious.

The Nifty50 fell 0.02% to 22,749.75, while the Sensex shed 0.01% to close at 73,598.67. Brent crude traded near $116 per barrel, close to a six-month high, as attacks on Saudi Arabia dampened hopes of an immediate easing of regional tensions.

Broader markets outperformed the benchmarks, with the Nifty MidCap 100 rising 1% and the Nifty SmallCap 100 gaining 2.7%. Twelve of the 16 major sectors ended higher. Media, Realty and Pharma stocks advanced 2-3%, while Private Bank and Financial Services stocks were among the biggest laggards.

Post-earnings gains in Sona BLW, Ather Energy and Mankind Pharma, along with buying in defence stocks following clearance of more than $22 billion in acquisition proposals, supported broader markets.

Investors are awaiting the Federal Reserve’s policy decision on Wednesday. The central bank is widely expected to keep interest rates unchanged, while inflation concerns have fuelled expectations of a possible resumption of rate hikes in December.

The rupee ended marginally higher after trading in a narrow range, closing at 95.1150 per US dollar, up less than 0.1% from Monday’s close of 95.1850. However, elevated oil prices and equity outflows continued to weigh on underlying sentiment.

Government bond yields ended lower and traded in a narrow range as investors awaited fresh triggers. The states' bond auction largely met expectations, offering limited direction. The benchmark 6.94%, 2036 bond yield ended at 7.4360% from 7.4826% on Monday.

Top Movers of the Day

Mankind Pharma surged 8.24% to ₹2,502.50, emerging as one of the standout performers of the session. Shares jumped after the company reported a robust 38% rise in second-quarter profit to ₹7.16 billion, attracting strong institutional accumulation.

OneSource Specialty Pharma jumped 14.01% to ₹1,593, tracking positive momentum in the broader pharmaceutical sector. Investors cheered the company's recent quarterly earnings report, which drove significant intraday buying interest.

Sun TV Network advanced 9.25% to ₹625, providing strong leadership to the broader media sector rally. The shares rose today ahead of its upcoming board meeting and quarterly results scheduled for October 30 and ongoing enthusiasm around its cricket franchise SunRisers Hyderabad valuation.

Mahindra Logistics gained 11.30% to ₹434.25 as the broader midcap and smallcap segments outperformed the benchmark indices. The shares were driven by a positive market reaction to strong July-September quarter results.

Bharti Airtel climbed 3.20% to ₹1,978.80, acting as a major defensive pillar for the benchmark indices. The stock rallied on heightened expectations of strong upcoming earnings growth and steady market share expansion.

Infosys shares dropped 0.3% to ₹1,163, leading the decline in the technology space. The software major faced sustained selling pressure after a cut to its full-year revenue growth guidance.

Tata Consultancy Services declined 1.5% to ₹2,496.90, caught in the wider sell-off impacting major IT exporters. Cautious investor sentiment and localised profit-booking heavily weighed on the stock throughout the session.

Wipro fell 1.16% to ₹187, joining its technology peers in negative territory, due to a 4.5% sequential decline in net profits, which amounted to ₹32 billion for the July-September quarter.

HDFC Bank decreased 1.14% to ₹680.20, remaining under pressure as financial services faced significant headwinds. The shares fell as new managing director & CEO Anup Bagchi formally assumed office today amid ongoing leadership and governance transitions.

Futures & Options
The Nifty November 2026 futures contract closed at 22,807.90, a premium of 58.65 points to the Nifty 50 cash market close of 22,749.25. The benchmark index fell 3.45 points, or 0.02%, to 22,749.75 on Tuesday.

India VIX, a gauge of expected near-term market volatility, rose 1.73% to 17.15. HDFC Bank, Reliance Industries, and Infosys were the most-traded individual stock futures contracts on the NSE. The November 2026 F&O contracts expire on 23 November.

Bonds
Indian government bond yields fell as renewed hopes of peace talks in West Asia improved sentiment. The benchmark 6.94%, 2036 bond yield fell to 7.4360%, down from 7.4835% at Monday’s close, reversing the previous session’s increase.

The recovery came as investors reassessed geopolitical risks and their potential implications for crude oil prices and imported inflation. Earlier, elevated oil prices and rising US Treasury yields had weighed on domestic bonds, while buying by state-owned banks helped limit losses.

Buying by state-owned banks likely limited losses, while a lack of domestic triggers kept trading cautious. At the state government bond auction, states raised 189.63 billion rupees against the notified 233 billion rupees.

Forex
The Indian rupee traded in a narrow range against the US dollar on Tuesday before ending marginally higher, although underlying sentiment remained weak. The rupee closed at 95.1150 per US dollar, up less than 0.1% from Monday’s close of 95.1850.

Persistent pressure from elevated crude oil prices and equity outflows has left the currency reliant on Reserve Bank of India intervention for support. Brent crude traded near $117 per barrel in Asian hours, close to its highest level in six months, prompting importers to increase their currency hedging.

Crypto
The cryptocurrency market remained under pressure on Tuesday as investors reduced risk exposure ahead of the Federal Reserve’s interest rate decision, and broader equity weakness weighed on sentiment. Bitcoin traded near $80,076, while Ethereum tested support around $2,306.

BlackRock’s IBIT ETF recorded $110.3 million in net inflows, breaking a two-day streak of outflows, although subdued institutional momentum continued to limit upside. Bitcoin remained focused on defending the $79,200-$80,000 support zone, while Ethereum faced resistance near $2,380, keeping its near-term technical outlook weak.

US Stock Futures
US stock futures edged lower early Tuesday after Wall Street ended the previous session higher, as investors looked ahead to corporate earnings and the start of the Federal Reserve’s two-day policy meeting.

S&P 500 futures fell 0.1%, while Nasdaq-100 futures declined 0.19%. Dow Jones Industrial Average futures were up 2 points, trading just above the flatline. Nvidia shares slipped 0.28% in premarket trading after the company unveiled plans to invest $3 billion in Meta.

US Treasury Notes
US Treasury yields traded in a narrow range today on Tuesday as investors remained cautious ahead of the Federal Reserve’s two-day policy meeting. The 10-year Treasury yield hovered around 4.98%-5.00% in Asian trade before easing to 4.97% in Europe, while the two-year yield held near 4.70%.

Safe-haven demand amid concerns over artificial intelligence infrastructure spending and technology stocks helped anchor yields. Trading remained subdued as markets widely expected the Fed to keep rates unchanged, while investors also weighed longer-term fiscal deficit concerns and upcoming economic data. French sovereign bonds fluctuated after Moody’s maintained France’s credit rating.

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Indian Shares End Flat; Oil Nears Six-Month High, Offsets Broad Market Gains