Indian Markets Sink 600 Points as Crude Surges Past $106 While US Pre-Market Eyes Bank Earnings and Inflation Data

Indian equity markets took a sharp hit on October 14, 2026, with the BSE Sensex dropping more than 600 points from its intraday high of 73,195 to a low of 72,578, while the Nifty 50 fell nearly 199 points below the 22,600 level to touch 22,558. The selloff was broad, with financials, pharma, and healthcare indices each declining more than 1%, and the India VIX volatility gauge jumping over 5%.

Selling pressure came from multiple directions. Foreign institutional investors pulled out a net 16,904.96 crore rupees across eight trading sessions from October 1 through October 13, maintaining sustained outflow momentum. Brent crude surging past $106 per barrel on escalating Middle Eastern hostilities added an inflation dimension particularly painful for India as a major crude importer. Weakness across Asian peers, including Japan's Nikkei 225, Australia's S&P/ASX 200, and South Korea's Kospi, compounded the negative sentiment.

In the United States, pre-market trading on the same date pointed to modest gains, with S&P 500 futures up 0.18% to 7,870, Nasdaq 100 futures rising 0.27% to 30,876, and Dow Jones futures adding 0.10% to 51,986. Bank earnings and an upcoming inflation print dominated the agenda. JPMorgan traded lower after its results showed weaker fixed-income trading revenues and higher expense projections that overshadowed improved net interest income forecasts. Citigroup dropped more than 5.5% to $124.53 despite beating quarterly revenue and earnings estimates. Goldman Sachs rose 3.42% in pre-market trade on resilient investment banking revenues, while JPMorgan gained 1.56% before pulling back after the open.

ASML weighed on semiconductor sentiment after the Dutch chipmaker reported record Q3 net sales of 11.66 billion euros and raised its full-year guidance floor, but warned that lithography supply for 2027 and 2028 would fall short of AI-driven demand. Applied Materials fell more than 6.7% to lead semiconductor equipment decliners, and Micron also faced pre-market headwinds following memory sector adjustments. Apple held near all-time highs, closing slightly positive around $341.32. Morgan Stanley was scheduled to report Q3 results before the bell, with consensus targeting earnings per share of $2.92 to $2.93 on net revenues of roughly $19.93 billion to $20.11 billion.