Monday, 19 October 2026. GIFT Nifty was 23,118 at 8:05 AM IST, 11 points (0.05%) above its Friday 3:30 PM level of 23,107, after another fall in chip and big technology stocks took the Nasdaq Composite down 572.99 points (2.1%) on Friday night and gave it its worst week since June. Four private banks reported on Saturday, and Friday's provisional figures showed foreign funds as net buyers after 15 straight sessions of selling. Friday's IT-led gain is in the post-market report for 16 October.
GIFT Nifty touched 23,189 in Friday's evening session and was back at 23,085 by the close of the night session. At 8:05 AM it was 28.15 points below the Nifty's Friday close of 23,146.15. (How far GIFT Nifty can be relied on.)
Chipmakers fall for an eighth session; the Nasdaq loses 4.5% on the week
| US index | Friday close | Day | Week |
|---|---|---|---|
| Dow Jones | 52,002.41 | −175.28 (−0.3%) | +347.46 (+0.7%) |
| S&P 500 | 7,659.44 | −84.62 (−1.1%) | −152.10 (−1.9%) |
| Nasdaq Composite | 26,140.03 | −572.99 (−2.1%) | −1,226.14 (−4.5%) |
| Russell 2000 | 2,721.37 | −45.90 (−1.7%) | −85.61 (−3%) |
The Associated Press said further drops in big technology companies weighed on the market and that chip companies pulled back again as investors questioned how long the rush to build AI infrastructure would last; Micron lost 5.6% and Intel 5.8%. Trading Economics counted the chip sell-off at eight straight sessions, the sector's longest losing run since 2008, with AMD down 5.9%, Nvidia 1.4% and CoreWeave 11.9%, which left CoreWeave 23.7% lower for the week. The Dow was the only one of the four to finish the week higher.
Tokyo and Seoul opened lower on chip stocks this morning, Trading Economics reported, but its Nikkei figures did not agree with each other, so I have left Asian index levels out.
The US 10-year Treasury yield was 5.06% this morning, about 14 basis points lower than a week earlier, Trading Economics reported.
Foreign funds buy ₹1,165.90 crore after 15 sessions of selling
On NSE's provisional figures, foreign institutional investors bought ₹19,951.60 crore of shares on Friday and sold ₹18,785.70 crore, a net purchase of ₹1,165.90 crore. Trading Economics had counted 13 straight sessions of net selling through 13 October, and they sold on the two days after that, including ₹5,285.40 crore on Thursday. Domestic institutions went the other way: net sales of ₹3,661.30 crore, after net buying of ₹3,319.40 crore on Thursday. (How to read FII and DII data.)
| Friday 16 October | Close | Change |
|---|---|---|
| Nifty 50 | 23,146.15 | +148.80 pts (+0.65%) |
| Sensex | 74,729.27 | +413.66 pts (+0.56%) |
| Bank Nifty | 55,844.00 | +33.50 pts (+0.06%) |
| India VIX | 14.06 | +0.03 (+0.21%) |
| USD/INR | 94.92 | rupee up 7 paise |
The rupee rose for a sixth straight session, PTI reported, trading between 94.71 and 95.06 before its provisional close; the agency credited the Reserve Bank's measures to curb spot demand for dollars. ThePrint's version of the same report gave 94.89. (What India VIX measures.)
Brent slips to $107.80 after a weekend of attacks on tankers and terminals
Brent was $107.80 a barrel this morning, down $2.06 (1.88%), and WTI $100.68, down $0.73 (0.72%), Trading Economics reported. That follows a Friday on which WTI settled at $101.41, up 3.51% on the day and about 10% on the week, and Brent at $109.75 after briefly touching $110, its highest since May, according to Latin Times.
Over the weekend three tankers were damaged in the Strait of Hormuz, the Houthis targeted Yanbu, a Saudi oil export hub, and a Saudi helicopter crashed near the border with Yemen, Trading Economics reported. On Sunday, Ukraine launched more than 1,000 drones at Russia, and its attacks started fires at an oil export terminal and a storage depot in St Petersburg. Separately, President Trump announced a diesel export agreement with Russia and put off further sanctions.
HDFC, ICICI, Axis and YES Bank reported on Saturday
- HDFC Bank: standalone net profit rose 4.7% to ₹19,510 crore, or 12.6% excluding treasury gains, BusinessToday reported. Anup Bagchi takes over as managing director and CEO on 27 October.
- ICICI Bank: standalone net profit rose 20.1% to ₹14,843 crore; the net interest margin was 4.18% against 4.36% in the June quarter.
- Axis Bank: standalone net profit of ₹7,003.28 crore against ₹5,089.64 crore, up 38%.
- YES Bank: net profit rose 65% to ₹1,080 crore, but the auditors issued a modified review report over the Supreme Court's 15 October ruling on the bank's ₹8,415 crore AT1 bond write-down. Had the ruling been reflected, the quarter would show a post-tax loss of ₹5,217 crore, Kotak Neo reported.
The shares trade for the first time since these results this morning. Stocks in News Today has the full figures for each bank.
Expiry today, holiday tomorrow
- Today, Monday 19 October: the weekly index expiry, brought forward from Tuesday. Bajaj Finance, UltraTech Cement, Union Bank of India, IREDA and L&T Technology Services are due to report. Zetwerk's IPO closes.
- Tuesday, 20 October: NSE trading holiday.
- Wednesday 21 to Friday 23 October: Jio Platforms IPO subscription.
- Tuesday, 27 October: monthly expiry.
- Tuesday, 10 November: the next NSE trading holiday.
Worth a look at 9:00
- HDFC Bank, ICICI Bank, Axis Bank and YES Bank in the pre-open session, their first since Saturday's results.
- Whether Tokyo and Seoul publish clean index figures by 9:00, after this morning's chip-led declines.
- Brent and WTI, both lower this morning after Friday's jump, and any further news from the Strait of Hormuz.
Sources
- GIFT Nifty, Nifty 50, Sensex, Bank Nifty and India VIX: Zerodha Kite market data
- US index closes and weekly changes: Associated Press via WTOP; chip-stock moves: Trading Economics
- US 10-year yield: Trading Economics
- FII and DII flows: NSE provisional data via 5paisa; earlier selling streak: Trading Economics
- Rupee: HDFC Sky (PTI), ThePrint
- Brent: Trading Economics; WTI and weekend events: Trading Economics; Friday settlements: Latin Times
- Bank results: BusinessToday (HDFC Bank), LatestLY, BusinessToday (ICICI Bank), Business Upturn (Axis Bank), Kotak Neo (YES Bank)
- Results calendar: Goodreturns; Zetwerk IPO: Free Press Journal; Jio Platforms IPO: Kotak Neo
- Holidays and expiry: NSE holiday list and expiry rules
This note summarises public news and data for information only. It is not investment advice or a recommendation to buy or sell any security, and I don't publish levels, targets or trade ideas. I am not registered with SEBI as an investment adviser or research analyst.