Indian equity markets ended lower on Wednesday, October 28, as a sharp selloff in information technology and oil and gas stocks, coupled with a surge in crude oil prices, weighed on benchmark indices. The BSE Sensex fell 352.64 points, or 0.48%, to close at 73,246.03, while the NSE Nifty 50 declined 50.90 points, or 0.22%, to settle at 22,698.85.
Brent crude climbed above $115 per barrel amid renewed concerns over supply disruptions following reports of Houthi attacks on Saudi Arabia. Selling in heavyweight stocks, including Infosys, Reliance Industries and ONGC, limited the market's recovery from intraday lows. However, buying in banking, automobile, pharmaceutical and consumer durable stocks helped mid- and small-cap indices outperform the benchmarks.
The Nifty IT index dropped 2.35%, while the Nifty Oil & Gas index fell 2.26%. In contrast, the Nifty Auto gained 1.51%, Consumer Durables rose 1.58%, and Pharma advanced 1.10%. The Nifty Midcap 150 added around 0.4%, while the small-cap index gained nearly 1%.
Key Stock Market Highlights
Jio Platforms listing: Shares debuted at ₹1,358, a premium of 21.36% over the issue price of ₹1,119, and extended gains above ₹1,400 during the session.
L&T Q2 results: Larsen & Toubro reported a 33% year-on-year increase in consolidated profit to ₹5,202 crore, revenue growth of 16% to ₹78,750 crore and a 28% rise in order inflows to ₹1.47 lakh crore.
JSW Energy earnings: The company reported a 49.8% year-on-year increase in quarterly net profit to ₹1,056.4 crore, while revenue grew 23% to ₹6,368.5 crore.
Vedanta results: Consolidated net profit increased 17% quarter-on-quarter to ₹6,202 crore, while revenue rose 8.9% to ₹26,356 crore.
Vedanta Aluminium: Net profit declined 6.2% year-on-year to ₹6,187 crore despite a 4.4% rise in revenue to ₹22,324 crore.
Rupee: The Indian currency weakened 11 paise to close at ₹95.23 against the US dollar.
IPO activity: BLS Polymers' IPO was subscribed 28.40 times by 3:15 PM on Day 2, while EAAA India Alternatives' issue was subscribed 3.96 times on Day 3. M. K. Sons Fine Jewels' IPO was subscribed 0.57 times on Day 1, and SFC Environmental Technologies' issue was subscribed 0.23 times on Day 2.
Top Gainers and Losers
Nifty 50 stocks
| Top gainers | Change | Top losers | Change |
|---|---|---|---|
| Larsen & Toubro | +4.03% | Infosys | -4.39% |
| Apollo Hospitals | +3.82% | Reliance Industries | -3.19% |
| SBI Life Insurance | +3.18% | ONGC | -2.52% |
| Trent | +2.13% | HCL Technologies | -2.04% |
| InterGlobe Aviation | +2.10% | TCS | -1.84% |
Midcap stocks
| Top gainers | Change | Top losers | Change |
|---|---|---|---|
| Voltas | +7.00% | AWL Agri | -6.27% |
| Blue Star | +5.49% | SAIL | -5.34% |
| KPR Mill | +5.05% | Mphasis | -4.24% |
| NALCO | +5.03% | Petronet LNG | -3.97% |
| Biocon | +4.83% | Jindal Stainless | -3.59% |
Other Stocks in Focus
TVS Motor: Shares gained around 2.5% amid strong trading volumes.
Dr. Reddy's Laboratories: Shares advanced 2.08%.
Hyundai Motor India: Shares rose 1.68%.
Ashok Leyland: Shares closed 2.01% higher.
Patanjali Foods: Shares touched their lower circuit limit during the session before the stock was reported to have closed 0.88% higher in a later update. The source contains inconsistent intraday and closing figures.
Steel Authority of India: Shares fell sharply amid a surge in trading volumes.
Jyoti Structures: The company received a ₹648.91 crore order from Power Grid Corporation of India for an 800 kV HVDC transmission line project in Gujarat.
IndiaMART: Nomura revised its rating to neutral with a target price of ₹1,840, citing weak paying-subscriber additions and the need for improved business growth.
Indus Towers: CLSA maintained its outperform rating and a ₹565 target price, citing revenue growth, higher tenancy additions and improving free cash flow.
IPO Subscription Update
| IPO | Subscription status | Session |
|---|---|---|
| BLS Polymers | 28.40 times | Day 2 |
| EAAA India Alternatives | 3.96 times | Day 3 |
| M. K. Sons Fine Jewels | 0.57 times | Day 1 |
| SFC Environmental Technologies | 0.23 times | Day 2 |
Subscription figures reflect the source's intraday updates and are not necessarily final figures.
What to Watch Next
Market direction will depend on crude oil prices, developments in West Asia, foreign investor flows, the US Federal Reserve's policy guidance and corporate earnings. Technically, analysts identified 22,500 as a key Nifty support level and 22,800 as resistance. A decisive move beyond this range could determine the next directional trend.
Source: Market updates supplied for October 28, 2026. Figures are based on the provided material; intraday stock prices and subscription levels may differ from final closing or allotment data.
