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Indian financial markets, including the National Stock Exchange (NSE) and BSE, are closed today, October 2, 2026, on account of Gandhi Jayanti, a national holiday. This comes as global crude oil prices surged, with Brent crude nearing $103 a barrel due to escalating US-Iran tensions and supply concerns. Meanwhile, HDFC Bank announced the RBI's approval for Anup Bagchi as its new MD & CEO, effective later this month, with his board appointment effective today.

Key highlights

• Indian Markets: BSE and NSE are closed today, October 2, 2026, for Gandhi Jayanti, with trading resuming on Monday.
• Crude Oil: Brent crude oil prices are hovering near $103 a barrel, extending gains amid renewed US-Iran tensions and Middle East supply disruption fears.
• HDFC Bank: The Reserve Bank of India (RBI) has approved Anup Bagchi as the new MD & CEO for a three-year term, effective October 27, 2026, with his appointment as Additional Director to the board effective today.
• RBI MPC Meeting: The Monetary Policy Committee (MPC) is scheduled to meet from October 5-7, with economists anticipating a potential 25-basis-point repo rate hike.
• IT Sector Sentiment: Infosys ADRs rallied by approximately 8% in US pre-market trading yesterday, following Accenture's strong revenue outlook, boosting sentiment for Indian IT exporters.

Crude Oil Surges Towards $103 Amid Escalating Geopolitical Tensions

Global crude oil prices have seen a significant uptick, with Brent crude hovering near $103 a barrel on Friday morning, extending gains from the previous session. This surge is primarily attributed to escalating geopolitical tensions between the US and Iran, coupled with growing concerns over potential disruptions to Middle East energy supplies. Reports indicate that the US is deploying additional military assets, including a third aircraft carrier strike group and up to 10,000 troops, to the Middle East, intensifying fears of a wider conflict.

The international benchmark, Brent crude, jumped 4.4% to settle at $102.31 a barrel on October 1, and continued to trade higher this morning, reaching $102.76 a barrel at last check. Similarly, US West Texas Intermediate (WTI) futures climbed 2.7% to $92.87 a barrel yesterday. Beyond the US-Iran dynamics, fresh restrictions on Chinese fuel exports have further heightened concerns about global fuel shortages, contributing to the upward pressure on prices.

For India, a major oil importer, elevated crude prices pose a significant macroeconomic challenge. Higher oil prices can lead to increased import bills, potentially widening the trade deficit, exerting pressure on the Indian Rupee, and fueling domestic inflation. This development comes after a period where Brent crude had already gained 14% overall in September, and its continued rise could prompt the Reserve Bank of India (RBI) to consider further monetary policy tightening to manage inflationary pressures. Investors will be closely watching the evolving situation in the Middle East and its implications for global energy markets and India's economic stability.

HDFC Bank Appoints Anup Bagchi as New MD & CEO

HDFC Bank, India's largest private sector lender, has announced the appointment of Anup Bagchi as its new Managing Director and Chief Executive Officer (MD & CEO). The Reserve Bank of India (RBI) granted its approval for Bagchi's three-year term, which will commence on October 27, 2026. This key leadership transition follows the decision by the incumbent MD & CEO, Sashidhar Jagdishan, not to seek reappointment after his current tenure concludes on October 26.

Bagchi, who currently serves as the MD & CEO of ICICI Prudential Life Insurance, brings extensive experience in banking and insurance to his new role. His appointment as an Additional Director to HDFC Bank's board is effective today, October 2, 2026, subject to shareholder approval. The announcement, made yesterday evening after market hours, resolves the succession question for the banking giant, a development closely watched by investors and the financial community. The transition is expected to ensure continuity in leadership for HDFC Bank, which has been reshaping its senior management team in anticipation of this change.

More stocks and market news

RBI MPC Meeting to Address Inflationary Concerns

The Reserve Bank of India's Monetary Policy Committee (MPC) is scheduled to convene from October 5 to 7, 2026, to review interest rates and the prevailing economic conditions. Economists widely anticipate a potential 25-basis-point hike in the repo rate, which would take it to 5.5%. This expectation stems from persistent inflationary pressures, particularly from elevated crude oil prices, and the ongoing global trend of central banks tightening monetary policy. The RBI has maintained the repo rate at 5.25% in its last four policy reviews, but rising energy costs and inflation data could prompt a shift in its stance.

Infosys ADRs Rally on Positive IT Sector Outlook

Infosys American Depository Receipts (ADRs) experienced a significant rally, gaining approximately 8% in US pre-market trading yesterday. This positive movement was triggered by an upbeat revenue outlook from Accenture, a global consulting major, which forecast stronger-than-expected annual revenue growth. Accenture's commentary, often seen as a bellwether for global technology spending, eased concerns about demand weakness in the IT services sector. The improved sentiment is expected to positively influence Indian IT exporters like Infosys, Wipro, TCS, and HCLTech, which are heavily reliant on client spending in the US and Europe.

Market context

Indian equity markets are closed today, October 2, 2026, for Gandhi Jayanti. On Thursday, October 1, both the Sensex and Nifty extended their losing streak. The BSE Sensex declined by 570.59 points (0.79%) to close at 71,909.70, while the NSE Nifty 50 fell by 198.50 points (0.88%) to end at 22,421.95. This downturn was largely driven by rising global bond yields, elevated crude oil prices, and sustained selling pressure from foreign institutional investors. The Indian Rupee also depreciated, trading around ₹96.48 against the US Dollar.

Why these stories matter

The market holiday today provides a pause after a challenging week for Indian equities, which saw benchmarks decline due to global headwinds. The surge in crude oil prices is a critical macro concern, directly impacting India's economy through inflation and currency depreciation, and will be a key factor for the upcoming RBI MPC meeting. The appointment of a new CEO at HDFC Bank is a significant corporate development for a systemically important financial institution, ensuring leadership stability. The positive sentiment in the IT sector, as indicated by Infosys ADRs, offers a glimmer of hope amidst broader market concerns, highlighting the resilience of India's services exports.

What to watch next

• RBI MPC Meeting (October 5-7): Investors will keenly await the outcome of the Monetary Policy Committee meeting for cues on interest rate trajectory and inflation outlook.
• Global Geopolitical Developments: The evolving situation in the Middle East and its impact on crude oil prices will remain a critical monitorable.
• HDFC Bank Leadership Transition: The formal commencement of Anup Bagchi's MD & CEO tenure on October 27, 2026, will be a key event for the banking sector.
• Q2 FY27 Earnings Season: The upcoming earnings season, with Infosys scheduled for October 23, 2026, will provide insights into corporate performance amidst current economic conditions.

Sources

• Mint: Stock market holiday: BSE, NSE closed today | Gandhi Jayanti, 2nd October 2026; how Sensex, Nifty fared on Thursday
• NDTV Profit: Oil Prices Near $103: Brent Crude Extends Gains As US-Iran Tensions Escalate
• Mint: HDFC Bank shares: Will stock finally reward its investors after Anup Bagchi as new MD-CEO?
• Business Standard: RBI MPC meet from Oct 5-7: Will RBI hike the repo rate this time?
• Economic Times: Infosys, Wipro ADRs soar up to 8% as strong Accenture earnings forecast lifts mood

FAQ

1. Why are Indian stock markets closed today, October 2, 2026?

Indian stock markets, including the BSE and NSE, are closed today, October 2, 2026, due to Gandhi Jayanti, a national holiday observed across India. Trading will resume on Monday, October 5, 2026.

2. What is causing the recent surge in crude oil prices?

The recent surge in crude oil prices, pushing Brent crude near $103 a barrel, is primarily driven by escalating US-Iran tensions and concerns over potential supply disruptions from the Middle East. Reports of increased US military deployments and fresh restrictions on Chinese fuel exports are also contributing factors.

3. Who is the new MD & CEO of HDFC Bank?

Anup Bagchi has been approved by the RBI as the new Managing Director and Chief Executive Officer (MD & CEO) of HDFC Bank. His three-year term will begin on October 27, 2026, and he joins the bank's board as an Additional Director today, October 2, 2026.

4. What is the outlook for the upcoming RBI MPC meeting?

The RBI's Monetary Policy Committee (MPC) is scheduled to meet from October 5-7, 2026. Economists widely expect a 25-basis-point repo rate hike to 5.5%, influenced by rising inflation, particularly from crude oil, and global monetary tightening trends.

5. Why did Infosys ADRs rally yesterday?

Infosys ADRs rallied approximately 8% in US pre-market trading yesterday following Accenture's strong revenue outlook. Accenture's forecast of better-than-expected annual revenue growth boosted sentiment for the global IT services sector, positively impacting Indian IT exporters like Infosys.

6. How does rising crude oil impact the Indian economy?

As a major oil importer, India is significantly affected by rising crude oil prices. Higher prices increase the country's import bill, potentially widening the trade deficit, weakening the Indian Rupee, and fueling domestic inflation, which can lead to higher interest rates.

Disclaimer: This article is for educational purposes only. It does not constitute investment advice. Please consult a SEBI-registered financial advisor before making investment decisions.