Closing Bell: Sensex Falls 350 Points, Nifty 50 Slips Below 22,700 as IT Stocks Drag Markets

Market Update at 04:00 PM: Indian benchmark equity indices, the Sensex and Nifty 50, traded lower on Wednesday, October 28, 2026, as selling pressure in information technology stocks, rising crude oil prices and caution ahead of the U.S. Federal Reserve's monetary policy announcement weighed on investor sentiment. The Sensex declined 352.64 points, or 0.48 per cent, to close at 72,246.03. The Nifty 50 slipped below 22,700, closing at 22,698.85, down 50.90 points, or 0.22 per cent, extending its losses for the second consecutive trading session. The Sensex touched an Intraday low of 72,603.57.

Brent crude oil prices increased approximately 1.36 per cent to USD 115.40 per barrel amid fresh concerns over supply disruptions in the Middle East. An attack on a Saudi Arabian refinery intensified concerns about energy supplies. Higher crude oil prices remain a concern for India because of its dependence on oil imports, as rising energy costs can increase inflationary pressures and affect corporate margins.

Investors also remained cautious ahead of the U.S. Federal Reserve's monetary policy announcement scheduled for October 28. The central Bank's commentary on inflation and the outlook for future interest rates could influence global investment flows, including foreign institutional investments in Indian equities.

The broader market showed relative resilience compared with the benchmark indices. The Nifty Smallcap 100 gained 0.90 per cent, while the Nifty Midcap index advanced 0.43 per cent on Wednesday, despite weakness in Large-Cap stocks.

Information technology stocks witnessed heavy selling pressure, with the Nifty IT index declining 1.98 per cent at the close. Infosys fell more than 3 per cent, while Tata Consultancy Services (TCS), Tech Mahindra and HCL Technologies also recorded sharp declines. The FMCG and oil and gas sectors remained under pressure. Meanwhile, buying interest in automobile stocks helped limit market losses. The Nifty Auto index emerged as the top sectoral gainer, rising 1.45 per cent. Bosch Ltd surged over 4 per cent, while TVS Motor Company gained over 3 per cent following their Quarterly Results.

Among individual stocks, Larsen & Toubro gained 3.72 per cent after reporting a 32.5 per cent increase in consolidated net profit to Rs 5,202.10 crore for the September quarter. Jio Platforms also attracted investor attention following its stock market debut at a 21.4 per cent premium to its issue price.

The key contributors to the Nifty 50's gains included Larsen & Toubro, which added 34.89 points, HDFC Bank, which contributed 17.11 points, and State Bank of India (SBI), which added 10.58 points. On the other hand, Reliance Industries was the biggest drag, subtracting 55.86 points, followed by Infosys, which reduced the index by 30.80 points, and Bharti Airtel, which contributed a negative 20.93 points.

Market breadth remained positive on Wednesday, October 28, 2026, with advancing stocks outnumbering declining stocks. Of the 3,678 stocks traded, 1,930 advanced, 1,628 declined and 120 remained unchanged. A total of 149 stocks touched their 52-week lows, compared with 39 stocks hitting 52-week highs. Additionally, 134 stocks hit their Upper Circuit limits, while 99 stocks hit their Lower Circuit limits during the session.

Market Update at 02:30 PM: Indian equity benchmark indices traded in negative territory on Wednesday, October 28, 2026, amid selling pressure in IT, energy and FMCG stocks. At 2:23 PM, the Nifty 50 was down 65.60 points, or 0.29 per cent, at 22,684.15, while the BSE Sensex declined 356.38 points, or 0.48 per cent, to 73,242.30.

Sectoral performance remained mixed, with the Nifty IT emerging as the biggest laggard, falling 2.46 per cent. The Nifty FMCG and Nifty Energy indices also witnessed selling pressure, declining 0.97 per cent and 0.91 per cent, respectively. On the positive side, the Nifty Media index led the gains with a rise of 1.21 per cent, followed by the Nifty Auto and Nifty Pharma indices, which advanced 1.05 per cent and 0.96 per cent, respectively. Banking stocks also provided some support, with the Nifty Bank gaining 0.53 per cent.

Among Nifty 50 constituents, Larsen & Toubro emerged as the top gainer, rising 3.94 per cent. Apollo Hospitals and SBI Life Insurance followed, advancing 3.66 per cent and 2.68 per cent, respectively. On the other hand, Infosys was the biggest loser, declining 4.43 per cent, followed by Reliance Industries and ONGC, which fell 2.98 per cent and 2.57 per cent, respectively. Other IT heavyweights, including HCL Technologies and TCS, also faced selling pressure, declining 2.04 per cent and 1.98 per cent, respectively.

Overall, the market witnessed divergent sectoral trends, with gains in auto, pharma and banking stocks outweighed by weakness in index heavyweights, particularly across the IT and energy sectors.

Market Update at 11:45 PM: Indian equity markets remained under selling pressure during Wednesday's trading session on October 28, 2026. The BSE Sensex declined 601.57 points, or 0.82 per cent, to 72,997.10 as of 11:29 AM. Meanwhile, the Nifty 50 slipped 136.40 points, or 0.60 per cent, to 22,613.35 as of 11:30 AM. Selling pressure was concentrated in IT, FMCG and energy stocks, while selective buying in pharma, auto and banking stocks provided some support to the broader market.

On the sectoral front, Nifty IT emerged as the worst-performing index, declining 3.35 per cent, followed by Nifty FMCG, which fell 1.68 per cent. Nifty Energy slipped 0.85 per cent, while Nifty Metal and Nifty Realty declined 0.41 per cent and 0.34 per cent, respectively. Among IT heavyweights, Infosys fell 4.89 per cent, TCS declined 3.26 per cent and Tech Mahindra slipped 3.25 per cent, reflecting broad-based selling pressure across the information technology sector.

On the positive side, Nifty Pharma and Nifty Auto gained 0.89 per cent each, emerging as the top-performing sectoral indices. Nifty Mid Select advanced 0.36 per cent, while Nifty Bank and Nifty Financial Services rose 0.23 per cent and 0.10 per cent, respectively. Among individual stocks, Larsen & Toubro gained 3.96 per cent, Apollo Hospitals advanced 3.33 per cent and SBI Life Insurance rose 2 per cent, indicating selective buying interest despite the broader market weakness.

Market Update at 09:30 AM: The Sensex and Nifty 50 began Wednesday's trading session in the red and extended their losses in early trade. The Sensex opened at 73,253.44, while the Nifty 50 started 0.31 per cent lower at 22,678. Both benchmark indices subsequently declined nearly 1 per cent.

Sectorally, the Nifty IT, FMCG and Oil & Gas indices were the top laggards, exerting pressure on the broader market. In contrast, the Nifty Auto index was the only sector trading in positive territory. Broader markets traded mixed, with the Nifty Midcap 100 declining 0.41 per cent, while the Nifty Smallcap 100 gained 0.6 per cent.

Market participants are also tracking the U.S. Federal Reserve's Federal Open Market Committee (FOMC) meeting, which is being held over October 27–28, 2026. The official interest rate decision and policy statement are scheduled for release on Wednesday, October 28, making the outcome a key event for global financial markets.

Meanwhile, the stock market will witness the debut of Jio Platforms Ltd and Paras Healthcare Ltd on Wednesday. Both companies' initial public offerings (IPOs) closed on October 23, and investors will monitor their listing performance.

Pre-Market Update at 7:40 AM: GIFT Nifty indicated a weak opening for domestic equities, trading at 22,655.50, down 94.25 points, or 0.41 per cent, from the previous Nifty 50 close as of 3:29 PM IST on October 27, 2026. The indication follows a largely flat domestic session, while elevated crude oil prices, the U.S. Federal Reserve policy meeting and mixed Asian markets could influence sentiment. The Nifty 50 ended October 27 marginally lower, while the Sensex also closed nearly unchanged.

The U.S. Federal Reserve began its two-day policy meeting on October 27, with markets expecting interest rates to remain unchanged. Investors will closely monitor its policy guidance for signals on global risk appetite, the dollar, bond yields and foreign portfolio flows into emerging markets. The outcome could influence rate-sensitive financial stocks, IT exporters and metals, alongside broader overseas fund-flow trends.

Crude oil prices remained elevated, with Brent crude trading at USD 110.91 a barrel, up 1.08 per cent, and WTI crude at USD 102.44 a barrel, up 0.82 per cent, as of 7:02 AM IST on October 28. Higher oil prices remain an important consideration for India, a major crude oil importer.

Jio Platforms is scheduled to list on the NSE and BSE on October 28 following its Rs 30,200-crore IPO, which closed on October 23. The listing of the telecom and digital-platform company could draw attention to the primary market, telecom-sector valuations and listed peers.

Hindustan Unilever's board is scheduled to consider its standalone and consolidated Q2FY27 results on October 28, along with a possible interim Dividend. The company's commentary on demand, pricing and input costs will be closely watched for indications about the broader FMCG sector.

Wall Street ended higher in the previous session, supported by technology shares amid renewed optimism around AI-linked companies. The Nasdaq rose 1.18 per cent to 26,477.81, while the S&P 500 gained 0.60 per cent to 7,722.60. The Dow Jones Industrial Average ended almost flat, rising 0.03 per cent to 52,377.57.

Asian markets were mixed in early trade on October 28. Japan's Nikkei gained 1.09 per cent, while Hong Kong's Hang Seng declined 0.73 per cent and the Shanghai Composite fell 1.33 per cent. European markets also ended on a mixed note in the previous session, with Germany's DAX rising 0.71 per cent and France's CAC 40 advancing 0.51 per cent, while the UK's FTSE 100 declined 0.75 per cent.

In commodities, gold traded at USD 4,054.62, down 0.14 per cent, while silver declined 0.17 per cent to USD 54.32. The Dollar Index stood at 102.37, up 0.05 per cent, while the rupee traded around Rs 95.11 per U.S. dollar. The U.S. 10-year Treasury yield stood at 5.01 per cent, up 0.007 percentage points. Movements in bond yields could influence global equity valuations and overseas risk appetite ahead of the Federal Reserve's policy decision.

Foreign institutional investors (FIIs) were net buyers of Indian equities worth Rs 4,240.39 crore in the latest available data, while domestic institutional investors (DIIs) were net sellers worth Rs 1,250.03 crore. The divergence between foreign buying and domestic selling reflects the latest session's flows, although a single session does not establish a sustained trend.

In the previous session on October 27, the Nifty 50 closed at 22,749.75, down 3.45 points, or 0.02 per cent. The index moved between 22,636.85 and 22,829.75 during the session. The BSE Sensex ended at 73,598.67, declining 8.08 points, or 0.01 per cent, after moving between 73,179.41 and 73,762.98. India VIX declined 4.43 per cent to 16.40, indicating easing expectations of near-term market volatility.

Among stocks to watch, Larsen & Toubro reported a 33 per cent year-on-year (YoY) increase in Q2FY27 net profit to Rs 5,202 crore, while revenue rose 16 per cent. The earnings update puts the capital-goods and infrastructure major in focus.

Maruti Suzuki India reported a 26 per cent YoY decline in Q2FY27 net profit to Rs 2,466 crore, despite a 26 per cent increase in revenue. The contrasting revenue and profit performance will be watched across the automobile sector.

Bajaj Auto posted a 35 per cent YoY rise in Q2FY27 net profit to Rs 3,354 crore, while revenue increased 34 per cent. The results provide a fresh earnings trigger for the two-wheeler and export-oriented automobile segment.

Waaree Energies reported a 14.7 per cent YoY decline in Q2FY27 net profit to Rs 718.68 crore, despite a 23.9 per cent increase in revenue to Rs 7,518 crore. EBITDA declined 5 per cent to Rs 1,336 crore, while the EBITDA margin contracted to 18 per cent from 23 per cent. The company also announced the acquisition of 100 per cent of Waaree Green Data Centers and its two subsidiaries for a cash consideration of Rs 1 lakh.

SBI Life Insurance reported an 11 per cent YoY increase in Q2FY27 net profit to Rs 549 crore. Net premium income rose 8.17 per cent to Rs 26,877 crore from Rs 24,848 crore.

Steel Authority of India reported a nearly four-fold YoY increase in Q2FY27 net profit to Rs 1,750 crore, supported by higher revenue. The earnings update could keep the state-run steel producer and the broader metals sector in focus.

Reliance Industries announced that its board will consider raising funds through listed, secured or unsecured, redeemable non-convertible debentures via private placement on October 30. The board will also consider the company's Q2FY27 results at the same meeting.

Disclaimer: The article is for informational purposes only and not investment advice.

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