Stock Market Today: Nifty Below 22,500, Sensex Falls

The short version

• Nifty fell below 22,500, while Sensex lost around 600 points during the session.
• Brent crude crossed $113 a barrel as metal stocks and broader market indices came under pressure.
• Jio Platforms IPO demand remained strong, even as midcap and smallcap shares faced widespread selling.

Indian equities extended their losses on Thursday, with the Nifty 50 slipping below 22,500 and turning negative for October. The Sensex fell around 600 points to 72,650, while banking shares, aluminium producers and other metal stocks weighed on market sentiment.

Selling spread beyond large companies. The Nifty Smallcap 100 dropped more than 3%, while the Nifty Midcap 100 had lost over 8% during the year. A large number of stocks across the broader market touched their 52 week lows, pointing to pressure beyond the headline indices.

Rising crude oil prices added to investor concerns. Brent crude traded above $113 per barrel, while traders also tracked corporate earnings, global technology shares and the final day of bidding for the Jio Platforms IPO.

Nifty and Sensex extend losses

The Nifty slipped below the 22,500 mark during intraday trade and was down about 250 to 280 points at different points in the session. The Sensex fell to around 72,650, down approximately 600 points. These figures reflect different updates during the trading session, rather than a single closing value.

For the Nifty, the earlier lows of 22,649 and 22,554 were identified as downside levels to monitor. On a recovery, the 22,800 to 22,900 range could face selling pressure. Derivatives data placed support near 22,140 and resistance near 22,780.

Banking stocks also remained under pressure. The Nifty Bank fell more than 600 points and continued to trade within a broad range of 54,500 to 55,500. The market's direction depended on whether buyers returned near support levels and whether elevated crude prices continued to weigh on sentiment.

Investors tracking earlier market moves can compare the session with WeloMoney's coverage of the Sensex and Nifty falling as crude nears $100.

Broad market selling hits midcaps and smallcaps

The decline extended to smaller companies, where losses were widespread. Of the 100 stocks in the Nifty Midcap 100, 97 were declining, and 23 had touched their 52 week lows. The Nifty Smallcap 100 also had 97 declining stocks, with 15 at their 52 week lows.

The Nifty 500 recorded 478 declining stocks, including 91 at their 52 week lows. In the BSE Microcap index, 245 stocks were falling and 51 had reached their 52 week lows.

Index	Stocks declining	Stocks at 52 week lows
Nifty Midcap 100	97	23
Nifty Smallcap 100	97	15
Nifty 500	478	91
BSE Microcap	245	51

These figures show that selling had spread well beyond a handful of large index constituents. Even companies reporting healthy earnings faced pressure in some parts of the market, according to the session updates.

The Nifty Midcap 100's fall of more than 8% during the year also indicated that the weakness had developed over several months, rather than being limited to the day's trading.

Aluminium and other metal stocks fall

Aluminium shares fell more than 2% each as prices of the industrial metal remained below their 2026 peak. Aluminium had fallen from around $3,800 per tonne to approximately $3,020 per tonne.

The supply outlook was one factor behind the pressure on aluminium prices. The return of smelting operations in West Asia, production from other regions and higher Chinese export volumes could increase global availability. If supply rises relative to demand, aluminium prices may face further pressure.

Steel and other metal companies also featured among the session's weaker stocks. Tata Steel, Hindalco and Tata Motors Passenger Vehicles were identified among the major laggards in the opening market update. The source material did not provide a complete set of individual percentage losses for these shares.

The performance of metal stocks is relevant to investors because changes in commodity prices can affect selling prices, production costs and earnings expectations. However, the effect varies by company, depending on its product mix, operating costs and exposure to international markets.

Steel Strips reports higher profit and revenue

Steel Strips reported a sharp year on year improvement in its second quarter results. Net profit rose to Rs 117 crore from Rs 35.5 crore, while revenue increased to Rs 1,930 crore from Rs 1,200.6 crore.

Earnings before interest, tax, depreciation and amortisation, or EBITDA, more than doubled. The operating margin also improved, suggesting that the increase in revenue was accompanied by stronger operating profitability.

Particulars	Current quarter	Previous year quarter
Net profit	Rs 117 crore	Rs 35.5 crore
Revenue	Rs 1,930 crore	Rs 1,200.6 crore
EBITDA	Rs 236 crore	Rs 111.6 crore
EBITDA margin	12.2%	9.3%

Revenue grew 60.8% year on year, while net profit increased by more than three times. EBITDA rose from Rs 111.6 crore to Rs 236 crore. The margin increased by 2.9 percentage points to 12.2%.

The results provide a contrast with the broader market weakness, where even companies reporting improved financial performance were exposed to selling pressure. The supplied figures do not establish how the market ultimately valued the results or how the stock closed.

Jindal Stainless revises FY27 guidance

Jindal Stainless lowered its volume growth guidance for FY27 to 4% to 6%, from its earlier estimate of 7% to 9%. The company cited the impact of war and fuel related concerns on its first quarter performance, while noting that volumes had improved sequentially.

At the same time, the company raised its EBITDA per tonne guidance. Its current EBITDA per tonne was reported at Rs 21,600, above the earlier guidance range of Rs 18,000 to Rs 20,000.

Guidance measure	Earlier guidance	Revised guidance
FY27 volume growth	7% to 9%	4% to 6%
EBITDA per tonne	Rs 18,000 to Rs 20,000	Rs 20,000 to Rs 22,000

Jindal Stainless also expected a one time benefit of Rs 100 crore to Rs 120 crore after the completion of mergers. The revised outlook points to a difference between expected volume growth and profitability per tonne. Investors will need to track whether improved unit earnings can offset slower volume growth as the year progresses.

HPCL shares operating updates

Hindustan Petroleum Corporation Limited, or HPCL, discussed cost controls, working capital improvements and refinery operations during its earnings commentary. The company attributed its better numbers to tighter capital spending, cost measures and improved working capital management.

HPCL said the Rajasthan refinery was operating at 55% to 60% utilisation. Its gross refining margins were reported at $32.5 per barrel in Q2FY27, while marketing margins had improved substantially compared with the first quarter.

The company also expected the Rajasthan refinery to generate revenue of Rs 4,000 crore in October. That figure is an expectation, not a confirmed final revenue result. Actual performance will depend on refinery operations and the timing of output and sales.

For investors following oil marketing companies, crude prices and refining margins can move in different directions. Higher crude prices can raise the cost of buying oil, while refining profitability depends on the spread between the price of crude and the value of refined products. Marketing margins also affect the overall performance of fuel retailers.

Jio Platforms IPO draws strong demand

Jio Platforms' IPO attracted strong bids on its third day, even as secondary market indices fell. Subscription figures increased through the session, although the updates provided different snapshots at different times.

At 11:57 am, total subscription stood at 6.84 times the shares on offer. Qualified institutional buyers subscribed 14.35 times, non institutional investors subscribed 9.33 times, and retail investors subscribed 2.01 times.

Investor category	Subscription at 11:57 am
Qualified institutional buyers	14.35 times
Non institutional investors	9.33 times
Retail individual investors	2.01 times
Total subscription	6.84 times

An earlier update at 10:21 am showed total subscription at 6.05 times, with institutional demand at 13.38 times, non institutional demand at 7.47 times and retail demand at 1.77 times. Another update recorded total subscription at 6.47 times. These differences reflect the changing bid figures during the day.

Separate updates said IPO demand had crossed Rs 4 lakh crore, retail demand had crossed Rs 19,000 crore and bids excluding the anchor book had crossed Rs 1.5 lakh crore. These figures were reported in addition to the subscription multiples and should not be treated as the same measure.

Strong IPO demand and falling share prices in the secondary market can occur together. Investors may allocate funds to new issues while reassessing valuations across listed shares. However, the available figures do not establish that the IPO directly caused the market decline.

Earlier market coverage has also examined the relationship between crude prices and declines in the Nifty and Sensex.

Other stocks and earnings in focus

Several companies remained on investors' radar as quarterly results and management updates shaped individual stock movements. Shree Cement was expected to report its results, with volume growth forecast at around 11% to 12% year on year, excluding UAE volumes. Investors were watching cement demand, pricing, the start of commercial production at new capacity and changes in costs.

CG Power was expected to report revenue growth of around 22%, driven by execution in its power systems business. Its margin was expected to fall year on year because of higher raw material costs. These were expectations ahead of the results, not confirmed quarterly figures.

The selloff in global artificial intelligence related stocks also weighed on Indian companies linked to power equipment and technology infrastructure. ABB India fell 5%, Hitachi Energy India declined 5%, GE Vernova T&D lost 10%, and Netweb Technologies fell 4.4% in the reported market update.

Cyient was another stock in focus after its Q2 FY27 results. The company reported consolidated revenue growth of 25.5% year on year to Rs 2,235 crore, along with order wins in its DET segment and an interim dividend of Rs 12 per share. The supplied update also recorded an intraday high of Rs 1,255 and trading volume of around 44 lakh shares. The source contains conflicting descriptions of the day's price movement, so a definitive intraday percentage change cannot be established from the supplied figures alone.

Market analysis

Three developments stood out during the session: expensive crude oil, broad selling in smaller stocks and pressure on metal shares. Brent crude above $113 a barrel raised concerns about costs for businesses that depend on imported energy. Lower aluminium prices added a separate challenge for producers, while falling global technology stocks affected some Indian power and technology related shares.

The breadth of the market was also weak. With 478 Nifty 500 stocks declining and 91 touching their 52 week lows, the selloff reached a wide range of companies. Such breadth figures help explain why weakness in the headline indices was accompanied by losses across midcaps and smallcaps.

At the same time, individual earnings updates showed mixed operating trends. Steel Strips reported higher profit and margins, while Jindal Stainless reduced its volume growth forecast but raised its EBITDA per tonne guidance. HPCL provided an update on refinery utilisation and margins. These differences mean that the market decline cannot be attributed to a single factor across all companies.

What investors should watch

The next market direction will depend on price action around the reported technical levels and fresh information from companies and global markets. The main factors to track are:

• Whether the Nifty holds the 22,140 support level and recovers above 22,780 resistance.
• Whether Brent crude remains above $113 per barrel or moves lower.
• Whether aluminium prices stabilise after falling from $3,800 to around $3,020 per tonne.
• Whether quarterly results support earnings expectations, particularly in cement, power equipment and metals.
• Whether institutional and retail demand for the Jio Platforms IPO remains strong through the end of bidding.

The available updates do not provide the final closing levels for the Sensex and Nifty. The session's closing figures, together with fresh corporate results and commodity prices, will help establish whether the selling pressure continued into the next trading session.

Frequently asked questions

Why did the Indian stock market fall today?

Indian shares fell amid broad selling, with Brent crude above $113 per barrel and metal stocks under pressure. The Nifty slipped below 22,500, while the Sensex fell around 600 points to 72,650 during the session.

What were the important Nifty support and resistance levels?

The reported Nifty support level was 22,140, while resistance was placed at 22,780. Earlier lows at 22,649 and 22,554 were also identified as levels to monitor during further selling.

Why were aluminium stocks falling?

Aluminium stocks fell more than 2% each as aluminium prices remained below their 2026 peak. Prices had moved from around $3,800 per tonne to approximately $3,020, while the return of smelting capacity and higher Chinese exports could increase supply.

How much was the Jio Platforms IPO subscribed?

The Jio Platforms IPO was subscribed 6.84 times at 11:57 am on its third day. Qualified institutional buyers subscribed 14.35 times, non institutional investors 9.33 times and retail investors 2.01 times.

What were Steel Strips' second quarter results?

Steel Strips reported net profit of Rs 117 crore and revenue of Rs 1,930 crore. EBITDA reached Rs 236 crore, while its margin improved to 12.2%, compared with 9.3% in the corresponding period a year earlier.

What guidance did Jindal Stainless give for FY27?

Jindal Stainless cut its FY27 volume growth guidance to 4% to 6% from 7% to 9%. It raised its EBITDA per tonne guidance to Rs 20,000 to Rs 22,000, compared with the earlier range of Rs 18,000 to Rs 20,000.