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Below the Quote on Daily Market Commentary for October 24th 2026 by Siddhartha Khemka - Head of Research, Wealth Management, Motilal Oswal Financial Services Ltd

Indian markets are likely to remain weak amid heightened geopolitical tensions and rising crude oil prices, which are fuelling inflation concerns. Crude oil prices rose above US$114/bbl (+1.1%) and hitting a five-month high amid fears of Middle East supply disruptions and concerns over Saudi oil facilities. Escalating US–Iran tensions, stalled diplomatic talks and reports of potential renewed US–Israeli strikes on Iranian nuclear and military assets have heightened geopolitical risks. Iran’s threat of a more aggressive military response and rising hostilities in the Strait of Hormuz, a critical global oil transit route, have further fuelled concerns over supply disruptions and inflationary pressures. Against this backdrop, the Nifty 50 fell 0.4% to close at 22,600. Broader markets underperformed the benchmark, with the Nifty Midcap 100 and Smallcap 100 declining 2.2% and 2.9%, respectively. Selling was broad-based, led by Metals (-2.7%), Realty (-2.4%) and Media (-1.3%), while Nifty Bank fell 1.2% and Pharma and FMCG declined around 1.0% each. IT stocks relatively outperformed, with the Nifty IT index declining only 0.3%, following the recovery seen after the TCS and HCL Technologies results. However, the US suspension of eight technology companies from the PERM green-card sponsorship programme remains a sector-specific monitorable. Jio Platforms’ record IPO closed for subscription today with healthy participation across investor categories. The stock is scheduled to list on 28 October, which will be a key sentiment trigger for the primary market. Investors will remain cautious ahead of the US Federal Reserve’s policy meeting on 27–28 October, while tracking key economic data, including US initial jobless claims and GDP growth, along with the Bank of Japan’s interest rate decision. The Q2 earnings season will remain in focus, with Paytm, Tata Consumer, L&T, Maruti Suzuki, HUL, Adani Ports, Trent, Sun Pharma and BEL among the key companies scheduled to report results next week. Overall, crude prices, geopolitical developments, foreign flows and earnings will remain the key drivers of market direction.  

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