On Friday, October 9, the NIFTY Oil & Gas index fell to a 52‑week low of 10,286.70, despite an overall positive market sentiment. The decline came a day after the broader market recorded its biggest drop of 2026, and the oil and gas stocks hit new lows. Of the 15 constituents, 11 were trading in red, underscoring the sector’s weakness. The slide reflected a broader sell‑off that saw many energy names retreating from recent gains.

Crude oil prices retreated from the previous day’s high of $105 per barrel on Friday. According to Investing.com, benchmark Brent crude slipped 1.5 % to a low of $102.71 per barrel in the afternoon session, compared with $104.28 per barrel at the prior commodity market close. The decline followed a week of volatility as Middle Eastern shipping attacks and a hurricane threatened U.S. offshore production, prompting concerns over supply that had earlier pushed prices higher.

The Reserve Bank of India (RBI) warned that inflation risks were no longer as benign as a year earlier, citing higher food and fuel prices, deficient monsoon rains, El Niño conditions and renewed volatility in international oil prices. The RBI noted that the Indian crude basket averaged $116.1 a barrel in September, up sharply from $82 in July. ICRA, in a note, said that elevated crude oil prices and other inflationary pressures would dent corporate margins and dampen private consumption.

U.S. President Donald Trump said on Thursday that he would not order a resumption of military strikes on Iran before the November 3 mid‑term elections. While campaigning for Republicans, Trump hinted that an endgame to the war could emerge in the days before or after the election, yet he remained open to full‑scale military operations against Iran. For weeks, Trump has threatened that a post‑midterm escalation in the seven‑month‑old war remains a viable option, despite earlier promises of a brief campaign.

Other market highlights included KEC International shares rising 5 % after bagging orders worth ₹1,030 crore across various businesses. Sun Pharma, Dr Reddy’s and Max Healthcare stocks also rose up to 6 % amid an anti‑cancer drug margin cap on MRP. The article was sourced from the National Stock Exchange. These movements illustrate the sector‑specific volatility that accompanied the broader oil‑sector decline. Earlier this week, oil prices had surged amid concerns over Middle East supply disruptions following attacks on shipping in the Gulf and the Strait of Hormuz, and a hurricane threatening U.S. offshore production.