The Indian stock market retreated from its 2026 lows and was trading in green on Friday, October 9, as crude prices eased and IT stocks rallied after TCS reported a healthy quarter. According to reports from Trendlyne, as many as 17 stocks are trading within 5% of their respective 52-week lows. On October 8, the 50-share index had also hit its 52-week low of 22,179.90. Despite the positive buying sentiment, investors remained cautious as foreign institutional investors maintained their selling pressure, offloading ₹12,943 crore worth of capital market assets across the stock exchanges on October 8. The market volatility was evident on Thursday when the benchmark Sensex fell 1,045 points to close at 71,593, with seven stocks from the BSE Sensex Index touching fresh 52-week lows amid the broader market decline.
According to Trendlyne data, the most prominent stocks trading within 5% of their 52-week lows include NTPC at 0.81%, Reliance Industries at 0.9%, ONGC at 0.93%, Tata Consumer Products at 0.94%, and Maruti Suzuki at 1.56%. Other notable names include Hindustan Unilever (1.74%), SBI Life Insurance (1.8%), Max Healthcare (1.95%), Mahindra & Mahindra (2.18%), and Power Grid Corporation (2.37%). The latest data shows that Mahindra & Mahindra has declined 12% in the last month, reaching a new 52-week low of ₹11,220.10, while Maruti Suzuki has fallen 12% to hit a new low of ₹2,743.15. Power Grid Corporation has also touched a fresh 52-week low of ₹245.40, down 8% in the last month.
Since the NIFTY50's previous 52-week low on April 2, 2026, the index has shown a sharp divergence in stock performance with 25 stocks seeing losses while 25 counters gained. The IT sector has emerged as the biggest underperformer, with three of the five most impacted stocks belonging to the sector. ONGC, Infosys, and HCLTech have been among the worst-performing NIFTY50 stocks since April 2, 2026, even as some heavyweight stocks have staged strong recoveries. According to Emkay Global, "commercial constructs continue to reset as clients increasingly underwrite AI-led efficiency into renewals, vendor consolidation, and cost-takeout deals." The weakness in the IT segment is likely to continue as discretionary spending remains restrained, with clients adopting a cautious spending approach amid macro uncertainty.
On the positive side, Adani Enterprises has emerged as the top performer, gaining 41.5%, followed by Eternal (37.7%), the parent of Zomato and Blinkit. Adani Ports has gained 24%, while Kotak Mahindra Bank and Trent have risen 21.5% and 20.9% respectively. BSE has also emerged among the stronger performers, with its shares rising 17% over the period. Bajaj Finance has gained 15.6%, while InterGlobe Aviation, the parent of IndiGo, has climbed 14.8%. Among other major gainers, ITC and Bharat Electronics have dropped 12.9% each, while Reliance Industries has lost 12.8%.
Reliance Industries faces potential catalyst from the proposed IPO of its telecom and digital arm, Jio Platforms, which could be launched later this month and may raise around $3.8 billion. The listing could provide an independent market valuation for Jio, giving investors greater clarity on the value of RIL's stake in the business. The Reserve Bank of India has also approved Anup Bagchi's appointment as MD & CEO for three years from October 27, 2026, for HDFC Bank. Despite the current market challenges, the positive performance of mid and smallcap segments suggests selective buying interest in undervalued opportunities, though recent volatility indicates continued market uncertainty.
