Metal shares witnessed selling pressure for second consecutive trading sessions.

At 12:25 IST, the barometer index, the S&P BSE Sensex declined 763.32 points or 1.05% to 71,880.12. The Nifty 50 index dropped 277.45 points or 1.23% to 22,326.80.

The broader market underperformed the frontline indices. The Nifty MidCap 150 Index fell 1.64% and the Nifty SmallCap 250 Index declined 1.97%.

The market breadth was weak. On the NSE, 633 shares rose and 2,808 shares fell. A total of 111 shares were unchanged.

Brent crude futures rallied 3.05% to $103.26 a barrel.

Derivatives:

The NSE's India VIX, a gauge of the market's expectation of volatility over the near term jumped 6.28% to 14.76. The Nifty 27 October 2026 futures were trading at 22,388.90 at a premium of 62.10 points as compared with the spot at 22,326.80.

The Nifty option chain for the 27 October 2026 expiry showed a maximum call OI of 90.6 lakh contracts at the 23,500 strike price. A maximum put OI of 50.3 lakh contracts was seen at the 22,000 strike price.

Buzzing Index:

The Nifty Metal index tumbled 3% to 11,938.10. The index declined 5.25% in the two consecutive trading sessions.

Adani Enterprises (down 5.7%), Jindal Steel (down 4.29%), JSW Steel (down 3.97%), Vedanta Aluminium Metal (down 3.26%), Steel Authority of India (down 3.22%), Jindal Stainless (down 2.75%), Hindustan Zinc (down 2.7%), Vedanta (down 2.6%), APL Apollo Tubes (down 2.54%) and Hindalco Industries (down 2.17%).