Sensex Falls 353 Points as IT Stocks and Reliance Drag; Jio Platforms Ends Debut Nearly 27% Above Issue Price

Indian equity benchmarks closed lower on Wednesday, October 28, 2026, as selling in information technology and oil and gas shares, higher crude prices and caution ahead of the U.S. Federal Reserve's policy decision outweighed gains in autos and banks. The day was also marked by the stock market debut of Jio Platforms, which listed at a 21.36% premium to its issue price and finished the session nearly 27% above it.

The 30-share BSE Sensex fell 352.64 points, or 0.48%, to 73,246.03, and the NSE Nifty 50 lost 50.90 points, or 0.22%, to 22,698.85, BusinessLine reported. Both indices recovered most of their intraday losses: the Sensex had dropped as low as 72,603.57 and the Nifty to 22,497.70, according to India Today.

A volatile session

The Sensex opened at 73,253.44 against the previous close of 73,598.67 and traded 633.22 points lower at 72,965.45 at 9:17 a.m., according to BusinessLine's live coverage. By noon it was down 530.32 points at 73,068.35. Moneycontrol reported that at 11:23 a.m. the Sensex had been down 642 points and the Nifty 143 points, before buying in banking and auto stocks narrowed the losses in the afternoon.

By 2:27 p.m., market breadth had improved to 1,969 advancing shares against 1,940 declining, with 153 unchanged, Moneycontrol said. India VIX, a measure of expected volatility, slipped 0.25% to 16.36 at the close, according to India Today.

IT and energy lead declines

Among the 30 Sensex companies, Reliance Industries fell 3.46%, Infosys 3.34%, Tech Mahindra 1.83%, Tata Consultancy Services 1.68%, Bharti Airtel 1.42% and Tata Steel 1.37%, according to BusinessLine. The Nifty IT index fell 1.98%, and India Today reported that IT shares were under pressure as investors weighed the outlook for U.S. interest rates and technology spending in the United States, a key market for Indian IT companies. Infosys had cut its fiscal 2027 revenue outlook on Tuesday, according to BusinessLine.

The oil and gas index declined 2.27%. India Today said Brent crude traded at $114.45 a barrel, up 0.50%, and WTI rose 1.21% to $101.11, after Houthi attacks on Saudi Arabia renewed concerns about supply. Upstox, citing Investing.com data, reported that Brent hit a high of $116.35 during the day. The Nifty FMCG index fell 0.56%, and metal and realty stocks also ended lower.

L&T, autos and banks provide support

Larsen & Toubro rose 3.68% on the BSE after reporting a 33% increase in second-quarter net profit to Rs 5,202 crore from Rs 3,926 crore a year earlier, along with what BusinessLine described as its highest-ever quarterly order inflow of Rs 1.47 lakh crore. Moneycontrol reported that L&T's revenue rose 16% to Rs 78,750 crore, while its EBITDA margin narrowed to 8.7% from 10%.

Trent gained 2.79%, State Bank of India 1.23%, Axis Bank 1.14%, InterGlobe Aviation 1.13% and HDFC Bank 0.87%, India Today reported. The Nifty Auto index climbed 1.45% and the Nifty Pharma index rose 1.04%. In the broader market, the Nifty Midcap 100 gained 0.43% and the Nifty Smallcap 100 rose 0.90%. Apollo Hospitals and SBI Life Insurance were among the top Nifty gainers in afternoon trade, according to Moneycontrol.

Jio Platforms lists

Jio Platforms, the Reliance Industries-backed digital services company, listed at Rs 1,358 a share on both the BSE and NSE, a premium of 21.36% over its IPO price of Rs 1,119, BusinessLine reported. More than 96.6 crore shares changed hands in the first hour, generating turnover of Rs 13,132 crore. At listing, the company's market capitalisation was about Rs 12.5 lakh crore.

The shares extended gains through the day. At 2:55 p.m. the stock was quoted at Rs 1,417, up 26.63%, with market capitalisation above Rs 13 lakh crore, according to Moneycontrol, and BusinessLine reported that it ended nearly 27% above the issue price, becoming the second most valuable domestic company after Reliance Industries.

The offering, India's biggest IPO at Rs 30,187.65 crore, was an entirely fresh issue of 27 crore shares and was subscribed 22.19 times when it closed on October 23, ET Now reported. BusinessLine said the free float stands at less than 3%.

Flows and currency

Foreign institutional investors bought equities worth Rs 4,240.39 crore on Tuesday, according to exchange data cited by BusinessLine, while domestic institutional investors were net sellers of Rs 1,250 crore on a provisional basis. The rupee opened at 95.01 against the dollar, touched an intraday low of 95.29 and settled at a provisional 95.28, down 21 paise from its previous close.

Investors also remained cautious ahead of the U.S. Federal Reserve's policy decision, scheduled for 2 p.m. ET on Wednesday, Upstox reported. Business Standard's live coverage recorded the benchmarks' intraday lows near 72,604 for the Sensex and 22,498 for the Nifty before the afternoon recovery.