EL7.AI
StocksMedium•24 October 2026•
3 min read

Brent Crude Rises 3.1% to $116.72, Pressuring Indian Stock Markets

Key Facts

1Brent crude rose 3.1% to $116.72 a barrel on October 23.
2Foreign investors recorded net share sales worth 4,158.34 crore rupees on October 16.
3The HSBC Flash India Composite PMI rose to 56.7 points in October from 55.9 in September.
4The data calendar forecast India’s September industrial production growth at 7.4% year on year, after 8.0% in August.

Brent crude rose 3.1% in the October 23 session to $116.72 a barrel, its highest level since June 2022, while the S&P 500 fell 0.5% to 7,623.68 points. In India, depository data showed foreign investors were net sellers of shares worth 4,158.34 crore rupees on October 16. Domestic mutual funds recorded net purchases of 4,761.82 crore rupees on the same day. These developments put oil price pressures and foreign flows in the context of Indian equities, but they do not establish the extent of market losses over any specific period. The yield on the 10-year U.S. Treasury also rose to 4.99% in the October 23 session.

The impact of higher crude prices on India depends in part on its heavy reliance on external supplies. The Press Information Bureau of India said imports meet about 88% of the country’s crude oil needs, as well as 51% of its gas needs. This makes global crude prices an important factor in India’s import bill and energy security. In the October 23 session, Brent rose to its highest level since June 2022, according to market data cited by the Associated Press. The U.S. index fell in the same session, while the yield on the 10-year U.S. Treasury rose to 4.99%.

By contrast, the HSBC Flash India Composite PMI survey showed private-sector activity accelerated in October, with the index rising to 56.7 points from 55.9 in September, its fastest expansion in four months. HSBC attributed the improvement to increases in new orders and services activity. The services index rose to 56.2 points from 55.2, while the manufacturing index fell to 54.9 points from 55.1. The company said the decline in the manufacturing index was linked to slower job creation. Export orders also expanded at their fastest pace in six months in the October survey. These readings offer a mixed picture, with services and new orders improving while the manufacturing index edged lower.

Markets are awaiting India’s September year-on-year industrial production reading on October 28. The published forecast is 7.4%, compared with the previous August reading of 8.0%. The forecast is an estimate for the upcoming reading, not an announced result. The data will provide another indicator of industrial production after the October survey showed faster expansion in private-sector activity, while the manufacturing index declined from the previous month. The release is scheduled after the October 23 session, which saw a sharp rise in oil prices and the 10-year U.S. Treasury yield climb to 4.99%.