Sensex drops 445 points as oil climbs; Nifty at 22,657 before Fed decision

New Delhi: Indian equities opened under pressure on Wednesday, October 28, 2026, as a fresh rise in crude oil and caution ahead of the US Federal Reserve decision outweighed the excitement around Jio Platforms' debut. According to a Reuters market snapshot at 9:55 am IST, the Nifty 50 was down 0.41% at 22,657.35 and the Sensex was 0.61%, or about 445 points, lower at 73,153.60. These are timestamped intraday levels, not closing values.

IT stocks led the decline, while Larsen & Toubro and Bajaj Auto advanced. Jio Platforms' first day of trading remained the other major focus for investors.

Oil above $115 adds to India's risk

Brent crude rose 1.4% to about $115.4 a barrel, Reuters reported, as renewed supply concerns in West Asia supported prices. Since India imports most of its crude requirements, a sustained increase can widen the import bill, weigh on the rupee and raise inflation and corporate input costs.

A one-day move does not establish a lasting trend. Traders will continue to track supply disruptions, geopolitical developments and the rupee before drawing conclusions about the broader impact.

Fed outcome was still pending

The Federal Reserve's official calendar lists an FOMC meeting for October 27-28. The decision had not been released at the time of the Indian-market snapshot. Reuters said investors expected rates to remain unchanged, but the accompanying guidance could still move the dollar, US Treasury yields and foreign flows into emerging markets.

Jio opens at ₹1,358, not ₹1,359

Jio Platforms began trading at ₹1,358 a share, ₹239 or 21.36% above its ₹1,119 IPO price. The ₹1,359 figure circulating before the debut was an estimate, not the actual opening quote. NewsDarpan's verified Jio listing report explains the distinction using the BSE notice and Reuters reporting.

At up to ₹30,213 crore, the offering became India's largest IPO. The opening premium does not guarantee future performance.

Reliance and other stocks in focus

A stocks-to-watch report for October 28 said Reliance Industries' board would meet on October 30 to consider September-quarter results and a proposal to raise funds through non-convertible debentures.

• Infosys: The company said in an official release that it completed a global SAP S/4HANA transformation for Syngenta's crop-protection business. The IT index was down 3.1% in morning trade, with Infosys about 4.4% lower.
• Larsen & Toubro: Consolidated net profit increased 33.2% to ₹5,202 crore, according to a report based on the results. The figure included a one-time gain of ₹1,118 crore from the L&T IDPL divestment. The stock was up about 4.2% in the morning.
• Tata Capital: Consolidated quarterly net profit rose 51% year on year to ₹1,660 crore.
• Waaree Energies: Net profit fell 14.7% to ₹718.68 crore, even as revenue from operations grew 58.6% to ₹7,619.52 crore.

What investors will watch next

Oil, the Fed statement, the rupee and foreign portfolio flows will remain important for the next sessions. When assessing company results, investors should look beyond headline profit to one-off gains, revenue, margins and management guidance.

Investment risk: This report is for information only and is not investment advice. Stock-market investments are subject to market risk.