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Below the Quote on Market Closing Comment 23h Oct 2026 from Ajit Mishra, SVP – research, Religare Broking

"Markets remained under pressure on Friday, extending their losing streak to a fourth consecutive session amid rising crude oil prices and escalating geopolitical tensions. Despite opening on a positive note, the benchmark indices reversed their early gains as selling pressure intensified through the session. The Nifty slipped below the 22,400 mark intraday, reflecting deteriorating investor sentiment and a lack of sustained buying support.

On the sectoral front, IT stocks demonstrated relative resilience, supported by earnings-related optimism and buying interest in select technology heavyweights. However, weakness across most other sectors weighed on overall sentiment, with metal, realty and energy emerging among the major laggards. The sharp underperformance of midcap and smallcap stocks further highlighted heightened risk aversion and persistent selling pressure beyond frontline stocks.

Among the key concerns, Brent crude approached $115 per barrel amid escalating tensions in the Middle East. For India, persistently high crude prices pose risks to imported inflation, corporate margins and currency stability. Continued foreign fund outflows and uncertainty across global markets further dampened risk appetite, adding to the challenges facing domestic equities.

After four consecutive sessions of decline, the Nifty has approached its key support zone of 22,200–22,400. A decisive break down below this range could open the door to further downside towards 21,700. Conversely, a sustained recovery above 22,900 could revive hopes of a rebound, potentially paving the way towards 23,300. Meanwhile, continued weakness in midcap and smallcap stocks is likely to keep market participants on their toes. We thus recommend traders maintain a cautious stance and prioritise disciplined risk management. Long-term investors, however, may selectively accumulate quality large-cap stocks in a staggered manner, keeping a medium- to long-term investment horizon."

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