Sensex and Nifty set for positive start as GIFT Nifty points to early gains

Indian stock market indices are heading for a positive opening on Friday, 23 October 2026, as GIFT Nifty signals an early upswing after three straight sessions of losses. GIFT Nifty traded near the 22,800 level, rising nearly 165 points or 0.73 percent from the previous close of Nifty futures. This comes after domestic benchmark indices extended their losing streak on Thursday due to climbing crude oil prices and rising West Asia tensions.

Market Decline

The BSE Sensex dropped 460.30 points, or 0.62 percent, to settle at 73,249.39 on Thursday, after dipping as low as 73,005.11 during the session. The NSE Nifty 50 fell 123.70 points, or 0.54 percent, to finish at 22,687.65, touching an intraday low of 22,554.85. Ajit Mishra of Religare Broking noted that markets stayed under pressure with volatile trading and limited relief from buying at lower levels. Sachin Gupta of Choice Equity Broking stated that the Sensex outlook remains sideways with a cautious undertone, noting that holding above the 73,000 mark is vital for near-term stability. Vatsal Bhuva of LKP Securities added that the Nifty 50 closed above its 200-WMA but faced strong selling pressure near its 20-DMA resistance zone.

Global Markets

Wall Street technology indices suffered steep single-day losses on Thursday, 22 October, driven by weak earnings reports from Meta Platforms and Tesla, worries over heavy AI spending, and high crude oil prices. The Nasdaq Composite plunged 2.6 percent and the Nasdaq 100 dropped 2.9 percent, marking their biggest single-day drops since June. The S&P 500 declined 1.21 percent to 7,663.43, while the Dow Jones Industrial Average edged up slightly by 11.89 points to 52,867.98. Across Asia, South Korea's KOSPI index fell 3.27 percent to 5,352.61, Japan's Nikkei 225 dropped 1.68 percent to around 61,830, and Taiwan's Taiex index lost over two percent.

Context

Stock markets often react strongly to changes in crude oil prices because higher fuel costs drive up inflation and business expenses, which weighs on corporate profits. Geopolitical tensions in West Asia routinely trigger fears of oil supply disruptions, causing immediate nervousness among investors globally. Meanwhile, tech sector sell-offs in major markets like the United States frequently ripple across international exchanges as foreign institutional investors adjust their portfolios.