Mumbai, October 22, 2026 (Yes Punjab News)
Indian benchmark equity indices ended lower for the third consecutive session on Thursday as rising crude oil prices heightened concerns over inflation and dampened investor sentiment.
The BSE Sensex declined 460.30 points, or 0.62 per cent, to close at 73,249.39, while the NSE Nifty fell 123.70 points, or 0.54 per cent, to settle at 22,687.65.
Market experts said the Nifty managed to close above its 200-week moving average (200-WMA) following the CAS session. However, the broader sentiment and price structure remained weak.
“The index faced strong selling pressure near its 20-DMA and failed to sustain above this crucial resistance zone. Long positions accumulated during the mean reversion rally should be reviewed if the index closes below 22,600 and its 200-WMA,” analysts said.
They identified 22,800, around the 20-day moving average (20-DMA) zone, and 23,000 as immediate resistance levels, while 22,600 remains a crucial support level. Market watchers advised investors to adopt a cautious, level-based trading approach.
Selling pressure was evident across major sectors, with information technology, fast-moving consumer goods (FMCG) and media stocks emerging as the biggest drags on the market.
In contrast, pharmaceutical stocks outperformed the broader market, with the Nifty Pharma index closing higher despite the overall weakness.
Among Nifty constituents, Nestle India, Eternal and HDFC Life Insurance Company were the biggest losers of the session.
The downturn also extended to broader-market stocks. The Nifty MidCap 100 index fell 0.87 per cent, while the Nifty SmallCap 100 index declined 1.17 per cent.
Experts said investors remained cautious amid elevated crude oil prices, which could add to inflationary pressures and influence future interest rate expectations.
Meanwhile, the rupee weakened by around 30 paise to 94.81 against the dollar, as crude oil prices remained above $110 and subdued sentiment in secondary markets weighed on the currency.
“Going ahead, geopolitical developments and crude oil movements will remain key drivers, with the rupee range seen between 94.45–95.25,” analysts noted.
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