The Sensex shed 319 points, or 0.39%, to settle at 81,501.36, while the Nifty 50 fell by 86 points, or 0.34%, ending the day at 24,971.30.

Despite the overall decline, the BSE Smallcap index performed slightly better, ending with a gain of 0.31%, offering a glimmer of hope to investors.

Despite the overall market weakness, 262 stocks—such as HCL Tech, Page Industries, and Oberoi Realty—hit fresh 52-week highs, offering some positive notes on an otherwise bearish day.

Impact on the stock market

Most sectoral indices ended in the red. Notably, Nifty Auto and IT saw declines of 1.27% and 1.17%, respectively, with shares of Infosys, Mahindra and Mahindra, and ICICI Bank being some of the biggest drags on the Sensex.

Other sectors such as Nifty Media (down 0.48%), Pharma (down 0.38%), and FMCG (down 0.37%) also ended in the negative. Even Bank Nifty fell 0.20%, and the Private Bank index dropped by 0.43%.

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Top gainers today

Top losers today

Market aftermath: Impact on stocks

Godrej Properties Emerges as a Bright Spot

Godrej Properties was an exception. The real estate developer saw its shares rise after it emerged as the top bidder for a 6.54-acre plot in Kharghar, Mumbai. The stock gained 0.21%, closing at ₹3,153.35 on the National Stock Exchange.

This land acquisition, with an estimated revenue potential of ₹3,500 crore, provided optimism for investors, signaling the company’s growth potential in a strategic location with excellent connectivity to key transport hubs.

You may also read: Why did Godrej Properties shares surge by more than 7.5%?

Reliance Industries Struggles Despite Resilient Segments

Reliance Industries Limited (RIL) had a rough day after reporting a 5% year-on-year decline in its net profit for Q2FY25 to ₹16,563 crore. The drop was largely attributed to its oil-to-chemicals (O2C) segment, which struggled due to unfavorable global demand-supply dynamics.

Despite this, RIL’s digital services and upstream businesses showed strong growth, signaling resilience in the face of broader industry challenges. Following the earnings report, RIL’s stock initially dropped 1.1%, hitting a low of ₹2,713.55 before stabilising. Investors remain cautiously optimistic, with many brokerages predicting a potential upside of up to 26%.

ASML shockwaves hit tech stocks

It wasn’t just Indian markets facing headwinds—global cues also contributed to today’s decline. ASML, a major player in the semiconductor industry, released an early Q3 earnings report that sent shockwaves through the market. Shares tumbled more than 16%, which in turn impacted tech stocks worldwide, including in India.

The drop in ASML’s stock came after the company revealed lower-than-expected net sales for 2025, triggering widespread concerns about the semiconductor industry’s growth. The tech sector in India wasn’t spared, with the Nifty IT index declining 1.17%, as local traders reacted cautiously to global cues.

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Crude oil recovers after a sharp fall

Crude oil prices experienced a slight recovery after dropping more than 4% on Tuesday. On October 16, crude oil futures on the Multi Commodity Exchange (MCX) showed gains, with October futures trading at ₹5,953, up by 0.51%, and November futures trading at ₹5,931, up by 0.58%.

The recovery was influenced by reports that Israel may avoid targeting Iran’s nuclear and oil facilities, alleviating fears of a significant disruption in global oil supplies. However, the situation remains tense, with uncertainty around possible retaliatory actions by Israel still looming.

In contrast, the International Energy Agency (IEA) released a report forecasting a slower growth in global oil demand, predicting an increase of just 900,000 barrels per day in 2024, down sharply from the post-pandemic demand surge. This weak demand outlook contributed to Tuesday’s price drop but had less impact on Wednesday’s session as market sentiment improved slightly.

Conclusion

Today’s session in the Indian stock market was another tough one for investors, with losses mounting due to weak global cues, disappointing Q2 earnings, and inflation concerns. Both Sensex and Nifty 50 extended their losing streak, with key sectors like IT, auto, and banking pulling down the indices.

Despite the broader market weakness, stocks like Godrej Properties provided some relief with promising growth opportunities, while Reliance Industries and ASML faced challenges but still hold potential for a future rebound. On the commodities front, crude oil prices showed signs of stabilisation after a sharp drop, though the long-term outlook remains uncertain.

For investors, caution remains the key word, especially with the market showing signs of bearish sentiment in the short term. Keeping an eye on global factors and sectoral earnings will be crucial as we head deeper into the earnings season.

For more stock market insights, check out the StockGro blog.