Indian markets fell for a fourth consecutive session on Friday, 23 October, as Brent crude near a six-month high and escalating Middle East tensions drove selling far beyond the headline indices. The BSE Sensex shed 125.56 points, or 0.17%, to close at 73,123.83, while the NSE Nifty 50 fell 87.65 points, or 0.39%, to 22,600.

Small caps bore the brunt

The damage was much worse below the surface: the Nifty SmallCap 100 shed nearly 3%, the MidCap 100 fell 2.21%, and 460 of the 500 most-tracked stocks closed in the red. The Nifty slipped to an intraday low of 22,372 before buyers stepped in, and the Sensex lost 2.15% over the week. Shriram Finance and JSW Steel were among the biggest decliners, while metal, realty and public-sector bank stocks ranked among the worst sectors. Information technology stocks showed relative resilience.

Why crude mattered

Brent had hit a nearly six-month high near $114 a barrel early on Friday, pushing the rupee closer to 95 to the dollar; it closed at 94.93. Foreign funds were net buyers of Rs 888 crore and domestic institutions bought Rs 3,235 crore, yet that support could not offset the broader sell-off. Analysts cited valuation concerns, unwinding of leveraged positions, surging crude and weak global cues, with the India VIX signalling more near-term volatility.

A heavy week ahead

Traders now face a packed week: the US Federal Reserve announces its rate decision, nearly 250 companies report results, and both indices face monthly expiry. For the Nifty, holding 22,500–22,400 is the key test for buyers, while 22,800 may continue to see selling pressure.