Indian Developments
The NIFTY 50 snapped its consecutive weekly gaining streak, retreating 2.36% from last week's close to finish the week at 22,600.00. The broader market benchmarks followed a similarly corrective trajectory; the Nifty 100 fell by 2.77% to end at 23,465.05, while the comprehensive Nifty 500 index gave up 3.78% to close the week at 21,427.60.
Midcap and small cap segments faced steeper selling pressure, with the Nifty Midcap 150 and Nifty Small cap 250 plunging 5.26% and 7.10% respectively.
Reflecting the broad-based market correction, the fear gauge India VIX surged dramatically by 19.20% over the week to settle at 16.76, indicating a sharp contraction in risk appetite.
Sectoral Developments
The Winners: Market defence was narrow, but the technology sector showed immense relative strength to keep indices from a sharper drawdown. The Nifty IT index led the absolute performance chart, holding its ground with a marginal gain of 0.22% over the week. Another relative outlier was the Nifty Services Sector, which cushioned the fall by easing only 1.79%.
The Laggards: High-beta sectors faced massive liquidations. The Nifty Metal index emerged as the week's primary underperformer, tumbling 5.40% to close at 11,478.20. The Nifty FMCG sector continued to experience severe profit-taking, sliding another 4.34%. Similarly, the Nifty Oil & Gas index witnessed extended pressure, dropping 1.67% to finish at 10,380.55.
Global Developments
USA: Leading indices on Wall Street continued to navigate a highly volatile earnings season under mixed conditions. Risk appetite was capped as valuation friction pulled Nasdaq-100 futures lower to settle near 28,958.69, while S&P 500 futures consolidated around key structural support levels near 7,698.25 following a series of sticky macroeconomic numbers.
Asian Markets: Action across regional exchanges remained deeply fragmented. Japan's Nikkei 225 registered steep weekly declines following a tech sector shakeout across Asia, ending the week down 4.0% at 62,693.16. Meanwhile, mainland Chinese exchanges displayed brief defensive spikes, whereas Hong Kong's Hang Seng index experienced dynamic volatility under intense foreign institutional fund outflows, closing with a minor correction at 23,093.37.
Other Markets:
Source: www.nseindices.com; MCX Gold Prices; Economic times, Bloomberg, Investing.
Data for week ended on October 23, 2026.
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