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Sensex Recovers From Midday Crash to Close Down 125 Points, Midcaps and Smallcaps Still Fall Sharply

Indian benchmarks clawed back most of their midday losses on Friday, October 23, closing a fourth straight session in the red, with the Sensex down 0.17 percent at 73,123.83 and the Nifty down 0.39 percent at 22,600, while midcap and smallcap indices still closed down about 3 percent.

By Orbit Post · Updated October 23, 2026 11:19 UTC4 min read
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Sensex Recovers From Midday Crash to Close Down 125 Points, Midcaps and Smallcaps Still Fall Sharply

Key points

  • Indian shares recovered much of their midday fall into the close on Friday.
  • The broader market did not recover.
  • Indian shares gave up early gains and fell sharply by midday on Friday, October 23, extending their losing run to a fourth session as crude oil above 114 dollars a barrel and heavy selling in…

Updated 11:19 UTC: benchmarks recover into the close

Indian shares recovered much of their midday fall into the close on Friday. The Sensex settled at 73,123.83, down 125.56 points or 0.17 percent, and the Nifty 50 closed at 22,600, down 87.65 points or 0.39 percent, according to The Hindu BusinessLine closing figures, which ChiniMandi also reported. The close extended the losing run to a fourth straight session and left the Sensex down 2.2 percent and the Nifty down 2.4 percent for the week.

The broader market did not recover. The Nifty Midcap index closed down 2.6 percent and the smallcap index fell 3 percent, ChiniMandi reported, and The Hindu BusinessLine said smallcaps lost 7.3 percent and midcaps 5.6 percent over the week, their worst week in 20 months. All sectoral indices closed in the red, with realty and consumer durables down 3 percent each. The midday report below stands as the record of the intraday low.

Indian shares gave up early gains and fell sharply by midday on Friday, October 23, extending their losing run to a fourth session as crude oil above 114 dollars a barrel and heavy selling in broader shares hit sentiment in Mumbai.

The Sensex, which opened at 73,665.64 against a previous close of 73,249.39, was trading at 72,523.94 at 12:50 p.m., down 725.45 points or 0.99 percent, according to The Hindu BusinessLine. The Nifty 50 opened at 22,742.20 against a previous close of 22,687.65 and fell to 22,393.80, down 293.85 points or 1.30 percent, below the 22,400 mark.

Broader market takes the hardest hit

The selling was much deeper away from the large caps. The Nifty Midcap 100 tumbled 2.9 percent and the Nifty Smallcap 100 fell 3.5 percent by midday, The Hindu BusinessLine reported. LiveMint put the BSE 150 Midcap index down 3.2 percent and the BSE 250 SmallCap index down 3.6 percent, while Upstox reported intraday falls of 3 percent for the Nifty Midcap 100 and 4 percent for the Nifty Smallcap 100. Over the last week, the Midcap 100 has fallen 6.3 percent and the Smallcap 100 has slipped 7.8 percent, according to Upstox.

Market breadth on the BSE showed the scale of the rout. Of 4,379 stocks traded, 3,598 declined against just 580 advances, with 201 unchanged. As many as 645 stocks hit 52-week lows, compared with 52 at 52-week highs. The Nifty advance-decline ratio stood at 4 to 46.

"Frontline indices posted a lower intraday low compared to their previous session for the fourth consecutive trading session. Intensive selling pressure is being witnessed in the broader market," SBI Securities said in its mid-market update, quoted by The Hindu BusinessLine.

Metals and finance lead the fall

Metals were the worst-hit sector. Tata Steel led Nifty 50 losses, falling 4.97 percent to 163.76 rupees from a previous close of 172.33 rupees. TMPV fell 3.65 percent and Adani Ports dropped 3.30 percent. In finance, Jio Financial Services slid 3.55 percent and Shriram Finance fell 3.38 percent ahead of its quarterly results due on Friday.

Swiggy was the biggest faller on the Nifty Midcap 100, down 15.07 percent to a fresh 52-week low after its second quarter results late on Thursday, according to Upstox. On the smallcap index, Urban Company fell 7.86 percent, Netweb Technologies fell 7.42 percent and Ola Electric Mobility fell 7.23 percent.

Only four Nifty 50 stocks were in the green. Eternal led the gainers, up 2.38 percent, TCS rose 0.84 percent, Infosys edged up 0.13 percent and ONGC rose 0.04 percent. IT was the only Nifty sector index in positive territory for the session.

Oil above 114 dollars drives the mood

Crude kept pressure on an oil-importing economy. Brent crude futures rose as much as 1.35 percent to a fresh five-month high of 114.7 dollars a barrel on concern over energy supply disruption after Houthi attacks on Saudi Arabia, according to Upstox. The Hindu BusinessLine reported Brent hovering above 113 dollars after settling at 113.17 dollars on Thursday, its highest close since May, with WTI crude around 100.10 dollars.

SBI Securities put Nifty support at 22,300 to 22,320, with a breach opening downside to 22,130 to 22,150, and Sensex support at 72,300. The rupee traded around 94.80 to the dollar.

Timeline

  1. Oct 22, 2026Brent crude settles at 113.17 dollars a barrel, its highest close since May, as Houthi attacks on Saudi Arabia raise supply fears.
  2. Oct 23, 2026The Sensex opens higher at 73,665.64 and the Nifty at 22,742.20 in Mumbai, then both reverse as selling spreads across sectors.
  3. Oct 23, 2026By 12:50 p.m. in Mumbai the Sensex is down 725.45 points at 72,523.94 and the Nifty is down 1.30 percent at 22,393.80, with the Midcap 100 down 2.9 percent, the Smallcap 100 down 3.5 percent and 645 stocks at 52-week lows.
  4. Oct 23, 2026At the close the Sensex settles at 73,123.83, down 125.56 points or 0.17 percent, and the Nifty at 22,600, down 0.39 percent, while the midcap index falls 2.6 percent and the smallcap index 3 percent.

Sources