Sensex Hits 74,971 as Brent Crude Falls 2.27%
Indian benchmarks posted fresh intraday highs on easing oil prices, while metal stocks reversed a three-day gain amid profit booking.
Key points
- Sensex rose 0.91% to 74,971.31 as Brent crude dropped 2.27% to $101.51 per barrel.
- Nifty Metal index fell 0.4% to 13,000.95, ending a three-day winning streak.
- Rupee strengthened to 95.80 against the dollar while the 10-year bond yield eased to 7.065%.
Indian equity benchmarks climbed to fresh intraday levels during afternoon trade, driven by a sharp decline in crude oil prices and supportive global cues. The S&P BSE Sensex gained 676.35 points, or 0.91%, to reach 74,971.31, while the Nifty 50 added 110 points, or 0.47%, to 23,456.40. This upward movement came as Brent crude for November 2026 settlement dropped 2.27% to $101.51 per barrel, reducing input cost pressures for the broader market.
Despite the broad market strength, the metal sector snapped its three-day winning streak as investors booked profits. The Nifty Metal index fell 51.65 points, or 0.4%, to 13,000.95, reversing the 3.03% gain recorded over the previous three sessions. Top decliners included APL Apollo Tubes, down 3.41%, and Vedanta, down 2.52%, while Tata Steel and SAIL also traded in negative territory. The sector's underperformance contrasted with the midcap and smallcap indices, which posted modest gains of 0.19% and 0.18%, respectively.
Corporate updates drive specific movers
Individual stock movements were influenced by distinct corporate announcements. Welspun Enterprises fell 5.29% despite its subsidiary securing sewer rehabilitation projects worth Rs 351.24 crore from the Ahmedabad Municipal Corporation. Conversely, Kothari Industrial Corporation rose 1.25% after receiving a letter of acceptance for a Rs 24.93 crore food service contract in Tiruppur. These company-specific news flows created divergence within the broader market, with some stocks gaining while peers sold off.
Market breadth remained balanced, with 2,183 shares advancing and 2,201 declining on the BSE. The NSE reported that its ongoing IPO was subscribed 3.85 times, with bids for 34.14 million shares against 8.86 million on offer. This steady subscription indicated continued investor appetite for new issues, even as existing holdings in cyclical sectors like metals faced selling pressure.
Currency and bond markets steady
The Indian rupee strengthened marginally against the US dollar, trading at 95.80 compared to the previous close of 95.96. This appreciation occurred as the US Dollar Index edged up 0.05% to 100.27. In the debt markets, the yield on India's 10-year benchmark federal paper slipped 0.03% to 7.065%, reflecting a slight softening in bond prices. The US 10-year bond yield also declined 0.72% to 4.960%, contributing to the neutral global fixed-income environment.
Gold prices tracked the broader risk sentiment, with MCX futures for October 2026 settlement falling 0.49% to Rs 1,53,625. The decline in precious metals coincided with the equity market's rally, suggesting a slight shift in preference toward growth assets. Overall, the session was characterized by a divergence between equity benchmarks and commodity-linked stocks, with oil prices serving as the primary macroeconomic driver.
