Indian Equity Benchmarks Stage Intraday Recovery as Pharma and Realty Stocks Rally

Indian equity benchmarks staged a sharp intraday recovery on Monday, October 26, 2026, reversing early losses to trade firmly in positive territory by afternoon. The Sensex, which opened at 72,990.04 against a previous close of 73,123.83 and dropped to 72,650.62 at the open, recovered to 73,443.56, registering a gain of 319.73 points, or 0.44 per cent, by 2:31 pm.

Similarly, the Nifty 50 opened at 22,524.40 and slipped to 22,438.70 in early trade before turning positive to reach 22,698.85, up 98.85 points or 0.44 per cent, at the same time. The market turnaround was supported by fresh buying and short covering across pharmaceuticals, metals, realty, private-sector banking, and oil and gas sectors.

Broader markets also participated in the recovery. The Nifty Midcap 100 gained 0.42 per cent and the Nifty Smallcap 100 rose 0.59 per cent, attempting to snap back from steep declines recorded last week of 5.6 per cent and over 7 per cent, respectively. On the BSE, 2,324 stocks advanced against 2,023 declines, with 52 stocks hitting 52-week highs and 492 touching 52-week lows.

Among individual movers, Dr. Reddy’s Laboratories led the Nifty 50 gainers with a jump of 7.08 per cent to ₹1,316.60, touching an intraday high of ₹1,318.00. JSW Steel rose 4.27 per cent to ₹1,236.10, while BSE advanced 4.22 per cent to ₹3,367.00. Max Healthcare gained 2.85 per cent to ₹838.25, and Eternal added 2.38 per cent to ₹324.95. Nifty Capital Markets emerged as the best-performing sectoral index.

Conversely, Shriram Finance was the worst performer on the Nifty 50, falling 4.47 per cent to ₹826.35. Tata Consumer Products shed 3.64 per cent to ₹928.85, HDFC Life declined 1.31 per cent to ₹516.90, Bajaj Finance slipped 1.09 per cent to ₹918.85, and Nestle India edged lower by 0.86 per cent to ₹1,164.90. PSU banks formed the worst-performing sectoral index.

On the options front, meaningful call writing was observed at the 22,600 and 22,700 strikes, alongside substantial put open interest at 22,500 and 22,400. The Nifty’s Advance Decline Ratio stood at 16:34. Market analysts noted that the 22,380–22,400 zone would act as crucial support for the index, while resistance lies between 22,690 and 22,710.

A pullback in global crude oil prices provided macroeconomic relief during the session. MCX crude fell 2.24 per cent to ₹9,580 per barrel, WTI crude slipped 2.64 per cent to around $100.70, and Brent crude eased to around $114.80. Profit-taking emerged in energy markets despite renewed supply concerns following reported attacks on a Saudi airport and oil facilities over the weekend.

In commodities, COMEX gold rose 0.53 per cent to around $4,030, recovering from a brief dip below $4,000, while COMEX silver gained 0.86 per cent to $54.40. Meanwhile, the Indian rupee held near ₹94.935 against the US dollar, consolidating in the 94.90–95.00 range as investors monitored energy costs and impending global macroeconomic catalysts.

"The intraday recovery in Indian equity benchmarks reflects underlying market resilience and selective buying in heavyweights after recent corrections. While sectors like pharmaceuticals and realty have provided immediate support, business leaders and investors must continue to monitor macroeconomic indicators such as crude oil price fluctuations and currency stability. Managing operational costs against energy price volatility remains critical for corporate profitability in the near term." — Dr. Shishir Gupta, Founder & CEO, StartupLanes