Indian stock markets fell around 1% during trading on October 28, 2026, with the Sensex dropping more than 900 points to 72,672 and the Nifty 50 losing 236 points to fall below 22,515. The decline came despite a strong debut for Jio Platforms and as oil prices rose.

Key Takeaways

  • The Nifty IT index fell more than 3%, leading sectoral losses.
  • Brent crude traded above $115 a barrel after the Houthis said they had struck a Saudi refinery; Saudi authorities had not immediately confirmed the claim.
  • Jio Platforms debuted at a 21% premium to its IPO price while the broader benchmarks declined.

Indian stock markets led lower by IT shares

Infosys, HCL Tech, Tech Mahindra and TCS fell 2% to 4%, leading losses on the Sensex. The Nifty FMCG and Nifty Oil & Gas indices each fell more than 1%.

Broader indices held up better: the Nifty Midcap 100 and Nifty Smallcap 250 fell by up to 0.5%. On the National Stock Exchange, 1,740 stocks declined, 1,023 advanced and 99 were unchanged. India VIX, a measure of market volatility, rose more than 4% to cross 17.

L&T shares rose 4% after its second-quarter results. Jio Platforms listed with a market capitalization above ₹12.5 lakh crore, becoming India's second-most valuable listed company.

Oil and Fed meeting in focus

Brent crude futures rose above $115 a barrel and West Texas Intermediate futures rose above $101. The Houthis said they had struck a Saudi refinery with a missile, a claim Saudi authorities had not immediately confirmed.

US Treasury yields were also higher, with the 10-year yield back above 5%. Investors were watching the Federal Reserve's policy meeting; the Federal Reserve's October meeting calendar lists the two-day meeting for October 27–28, rather than beginning on October 28.

Next milestone

The next scheduled event to watch was the Federal Reserve's meeting outcome on October 28.

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