Wednesday, 21 October 2026. GIFT Nifty was 23,012 at 8:07 AM IST, 118 points (0.52%) above its level at 3:30 PM on Monday, the last day Indian markets traded, after two sessions on Wall Street in which the Nasdaq Composite rebounded 1.1% and the Dow then gained 1%. Brent crude is back above $110 a barrel this morning on conflicting reports about US–Iran diplomacy. Monday's 1.11% fall in the Nifty, led by Axis Bank and HDFC Bank after their results, is covered in the post-market report for 19 October.
GIFT Nifty kept trading through Tuesday's holiday
NSE and BSE were closed on Tuesday, but GIFT Nifty was not. It stood at 22,954 at 3:30 PM on Tuesday, climbed to 23,133 in the evening session and finished the night session at 23,031.50. This morning's 23,012 is 123.05 points above the Nifty's Monday close of 22,888.95. (How far GIFT Nifty can be relied on.)
Wall Street: chip stocks bounced on Monday, earnings lifted the Dow on Tuesday
| US index | Tuesday close | Tuesday | Monday | Week so far |
|---|---|---|---|---|
| Dow Jones | 52,495.88 | +529.85 (+1%) | −36.38 (−0.1%) | +493.47 (+0.9%) |
| S&P 500 | 7,712.57 | +21.84 (+0.3%) | +31.29 (+0.4%) | +53.13 (+0.7%) |
| Nasdaq Composite | 26,424.82 | −6.07 (−0.1%) | +290.85 (+1.1%) | +284.78 (+1.1%) |
| Russell 2000 | 2,773.42 | +45.12 (+1.7%) | +6.93 (+0.3%) | +52.05 (+1.9%) |
On Monday, AI stocks won back part of the previous week's heavy losses, the Associated Press reported, while most other US shares slipped and European indexes fell more than 1%. Tuesday was the reverse: technology was soft, but profit reports from Equifax, Hasbro and others pulled the rest of the market up, and the AP said a dip in oil helped stocks recover from their morning losses. Small companies did best, with the Russell 2000 up 1.7%.
In Tokyo this morning, AI-related shares led a rebound from one-month lows, with Advantest up 4.8% and SoftBank Group 3.5%, Trading Economics reported. Its index data and its commentary gave different percentage gains for the Nikkei 225, so I have not printed an index figure for Japan or the rest of Asia.
Brent climbs back to $110.37 on mixed signals from Iran talks
Brent was $110.37 a barrel this morning, up $1.58 (1.45%), and WTI $99.09, up $1.27 (1.30%), according to Trading Economics. On Tuesday, the AP reported, oil had come close to $112, near its highest since the war with Iran began, before falling back below $109.
Trading Economics linked Tuesday's fall to a meeting between Pakistan's military chief and Iranian officials, and this morning's rise to a diplomat involved in the talks dismissing reports that a deal was close. At least 18 ships have been attacked in the Strait of Hormuz in the past two weeks, it said, and oil has risen more than 10% this month, although oil flows from the Middle East are back to about 80% of their pre-conflict level.
The US 10-year Treasury yield was 5.13% this morning, slightly higher on the day. Trading Economics tied the pressure on bond yields to inflation worries from high oil prices before the Federal Reserve's 27–28 October meeting.
Foreign funds sold again as the Nifty fell 1.11%
Foreign institutional investors sold a net ₹1,148.60 crore of Indian shares on Monday, NSE's provisional figures show, one session after a net purchase of ₹1,165.90 crore on Friday had broken a 15-session run of selling. Domestic institutions bought a net ₹3,201.20 crore. (How to read FII and DII data.)
| Monday 19 October | Close | Change |
|---|---|---|
| Nifty 50 | 22,888.95 | −257.20 pts (−1.11%) |
| Sensex | 73,852.90 | −876.37 pts (−1.17%) |
| Bank Nifty | 55,488.10 | −355.90 pts (−0.64%) |
| India VIX | 14.77 | +0.71 (+5.05%) |
| USD/INR | 94.91 | rupee down 2 paise |
The rupee traded between 94.75 and 94.97 and ended a six-session winning run, PTI reported, citing the fall in Indian shares, firmer crude and foreign outflows. HDFC Sky's provisional figure was 94.92. (What India VIX measures.)
Jio Platforms opens its ₹30,213 crore IPO; about 40 companies report
- Jio Platforms IPO: subscription opens today and closes on Friday 23 October. The price band is ₹1,065 to ₹1,119 a share, in lots of 12, for an issue of up to ₹30,213 crore. It is a fresh issue only, with no shares sold by existing holders, Groww reported. Allotment is due on 26 October and listing on NSE and BSE is tentatively set for 28 October.
- Results today: Upstox counted at least 40 companies due to report, among them Eternal, Adani Green Energy, Indian Hotels, SRF, Vishal Mega Mart, KEI Industries and Mahindra & Mahindra Financial Services.
- Bajaj Finance reported on Monday evening, after the market closed: consolidated net profit rose 29% to ₹6,367 crore from ₹4,948 crore, and net interest income rose 24% to ₹13,335 crore, Upstox reported. The shares closed at ₹957.35 on Monday, down 2.52%, before the numbers were out, and trade on them for the first time this morning. Stocks in News Today has the rest of this morning's company news.
The rest of the week and next
- Today: no index expiry. This week's weekly contracts expired on Monday because Tuesday was a holiday.
- Friday, 23 October: Infosys reports its September-quarter results; the Jio Platforms IPO closes.
- Tuesday, 27 October: monthly expiry. The Federal Reserve's two-day meeting starts the same day.
- Wednesday, 28 October: Jio Platforms' expected listing date.
- Tuesday, 10 November: the next NSE trading holiday.
On my screen at 9:00
- Bajaj Finance in the pre-open session, its first since Monday evening's results.
- Brent, which is up this morning, and any new report on the Iran talks.
- The first subscription figures for the Jio Platforms IPO, which the exchanges update through the day.
Sources
- GIFT Nifty, Nifty 50, Sensex, Bank Nifty, India VIX and Bajaj Finance's close: Zerodha Kite market data
- US index closes and reasons: Associated Press via WTOP, Monday and Tuesday; Tokyo: Trading Economics
- Brent: Trading Economics; WTI, Iran talks and shipping: Trading Economics; US 10-year yield: Trading Economics
- FII and DII flows: NSE provisional data via 5paisa
- Rupee: ThePrint (PTI), HDFC Sky
- Jio Platforms IPO: Groww; results calendar: Upstox; Bajaj Finance results: Upstox; Infosys date: 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.