The weakness in the market came even as brent crude prices held on to the $108 per barrel mark after falling from the five-month high of $110 per barrel.
IT stocks fall
Profit-booking in IT stocks led to weak sentiment in the market. The sector was among the top gainers last week and helped Nifty50 to post a second consecutive weekly advance after an eight-week losing streak — its longest such run in 25 years. In the current session
Weakness in banking stocks
BSE bankex index too tanked 431 points to 62,338 after HDFC Bank shares declined over 2 percent post Q2 earnings. Axis Bank, ICICI Bank and YES Bank also led to losses post their Q2 earnings during the weekend.
FIIs-led selloff
The Rs 1,166 crore buying activity by the FIIs in the cash market on October 16 last week was not enough to stall the selling pressure in the market. From September 24 to October 15, 2026, FIIs have been net sellers in all trading sessions in the cash market.
Global markets
Asian markets were in the selloff mode today with Japan's Nikkei plunging 414 pts to 64,910. The Taiwan Weighted Index too slipped 290 points to 46.822 with Indonesia's Jakarta Composite plunging 201 points. European markets too were trading in the red with FTSE slipping 101 points, CAC and DAX falling 112 pts and 290 points, respectively.
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