Indian equity benchmark indices kicked off the week on a mildly positive note on Monday, October 19, 2026, defying subdued Asian sentiment driven by tech-spending concerns and volatile crude oil movements. The 30-share BSE Sensex advanced 120.03 points, or 0.16 percent, to open at 74,849.30, building on its prior close of 74,729.27. Meanwhile, the NSE Nifty 50 opened virtually flat with a slight gain of 4.70 points at 23,150.85 against the previous session’s 23,146.15. Broader markets displayed initial resilience with the BSE Midcap Select Index rising 7.21 points and the BSE Smallcap Select Index climbing 14.05 points, or 0.16 percent, to trade at 8,877, even as early market breadth remained tilted in favor of declines.
Axis Bank Slides Over 3% While Adani Ports and ICICI Bank Anchor Early Gains
Early trading across frontline blue-chip counters saw divergent sector movements:
Adani Ports Leads the Gainers: Adani Ports emerged as the top gainer on the BSE Sensex in early deals, advancing 0.83 percent, supported by firm volumes across infrastructure and construction majors like Larsen & Toubro (L&T) and UltraTech Cement.
Large-Cap Tech and Banking Support: Information technology heavyweight Tata Consultancy Services (TCS) and private lender ICICI Bank also traded in the green, providing crucial index support against downward drag from peer stocks.
Axis Bank Tumbles 3.35%: In sharp contrast, Axis Bank witnessed aggressive early selling pressure, dropping 3.35 percent despite reporting a surge in quarterly net profit, leading the losers’ chart alongside Infosys, Bajaj Finserv, and FMCG major Hindustan Unilever.
Declines Outpace Advances on NSE: Market breadth tilted negative in opening minutes across the National Stock Exchange, where 1,405 stocks registered declines compared to 990 advancing counters, while 209 shares remained unchanged.
Gift Nifty Cues and FII Inflows: Key Technical Resistance at 23,150
Derivatives indicators and institutional cash flows signaled a tug-of-war between foreign and domestic market participants:
Gift Nifty Signals Early Green: The early trend indicator Gift Nifty pointed to a strong gap-up opening, climbing 80 points to start at 23,174.50 against the previous session close of 23,094.50.
Institutional Liquidity Split: Foreign Institutional Investors (FIIs) turned net buyers in the cash market during Friday’s session on October 16, purchasing equities worth ₹1,165.92 crore, while Domestic Institutional Investors (DIIs) offloaded shares totaling ₹3,661.28 crore.
Technical Levels for Nifty and Bank Nifty: Commenting on chart setups, Hariselvan Radhakrishnan, Founder & CEO of HST Wealth, noted that the Nifty faces immediate resistance at 23,150. A decisive breakout above this ceiling could propel the benchmark toward 23,300–23,500, with downside safety cushions positioned at 23,000 and 22,800. He added that the Bank Nifty must decisively surpass 56,000 to confirm a broad-based recovery beyond IT counters.
Mixed Asian Markets: AI Capex Anxieties and Crude Pressure Drag Tokyo
Broader Asian markets navigated crosscurrents during morning deals, tracking Wall Street cues and regional economic indicators:
Nikkei Slides on AI Capex Concerns: Tokyo’s benchmark Nikkei 225 fell sharply, shedding 479.29 points, or 0.73 percent, to 64,845 as investors grew cautious over massive artificial intelligence capital expenditures and geopolitical friction impacting oil markets.
Hong Kong and Seoul Rebound: Offsetting regional weakness, Hong Kong’s Hang Seng index gained 124.11 points, or 0.51 percent, while South Korea’s Kospi added 25.57 points, or 0.45 percent.
Modest Uptick in Shanghai: Mainland Chinese shares inched upward, with the SSE Composite Index advancing 5.92 points, or 0.16 percent, as domestic traders parsed policy stimulus expectations.