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Below the Quote on Daily Market Commentary for October 26th 2026 by Siddhartha Khemka - Head of Research, Wealth Management, Motilal Oswal Financial Services Ltd

Indian stock markets are expected to trade sideways until greater clarity emerges on global cues and policy decisions. Brent crude futures traded around USD 115/bbl, easing from a near six-month high of USD 117/bbl after Friday’s Indian market close. Markets are expected to sustain at current levels, however, continued attacks on Saudi Arabia have kept concerns over potential supply disruptions elevated. Investors will track key policy decisions from the US Federal Reserve on October 28, the European Central Bank (ECB) on October 29 and the Bank of Japan (BOJ) on October 30. Stock-specific action is likely to remain in focus as the earnings season progresses, with Tata Steel, Tata Capital, Waaree Energies and United Breweries, among others, scheduled to announce results tomorrow. The Nifty 50 gained 0.7%, while the Midcap and Smallcap indices rose 1.2% and 1.4%, respectively. All sectoral indices ended in the green, except Nifty Media. The Nifty Metal index advanced 2.2%, supported by gains in steel and non-ferrous metal stocks, along with India’s recent draft National Steel Policy Vision 2047, which targets domestic crude steel capacity of 604 million tonnes and greater raw material security. The Nifty Pharma index rose 1.8%, supported by defensive buying amid cautious market sentiment. The Defence Acquisition Council is set to discuss a proposed rupees 75,000 crore warship project involving 13,000-tonne vessels equipped with advanced weapons systems and a high level of indigenous content. The project remains at the conceptual stage, with detailed design work expected to take four to five years.

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