Indian Shares Slip as Oil Climbs; Jio Platforms Debuts With 27% Premium

An end-of-day recap of all that transpired in the Indian markets, highlighting the major price movements and the factors driving them

India stocks fall, rupee fall

By Dehuti Jani

October 28, 2026 at 12:48 PM IST

Indian equities ended lower on Wednesday as rising crude oil prices weighed on risk appetite, while Jio Platforms drew attention with a strong stock market debut.

The Nifty50 fell 0.22% to 22,698.85, while the Sensex shed 0.48% to 73,246.03. Both indices recovered from intraday losses of more than 1% as buying in auto and select banking stocks helped limit the decline.

Jio Platforms jumped about 27% to 1,417.50 rupees on the NSE, giving the company a market valuation of $137.31 billion and making it India's second-largest listed company by market capitalisation after parent Reliance Industries. Larsen & Toubro, Apollo Hospitals, Trent and SBI Life Insurance were among the major Nifty 50 gainers, while Infosys, Reliance Industries and ONGC led losses.

Broader markets outperformed the benchmarks, with the Nifty MidCap index rising 0.4% and the SmallCap index gaining 0.9%. The Nifty Auto index advanced 1.5%, while Bank Nifty rose 0.5%. IT and Oil & Gas stocks fell around 2% each, and FMCG declined 0.6%. Brent crude rose about 0.5% to around $115 per barrel after an attack on a Saudi refinery renewed concerns over supply disruptions and inflation. Investors also awaited the US Federal Reserve’s policy decision later on Wednesday.

The rupee weakened to 95.2200 per US dollar from 95.1150 on Tuesday as elevated oil prices continued to pressure the currency. Suspected intervention by the Reserve Bank of India likely helped contain its losses.

Government bond yields recovered from intraday highs as traders covered short positions, while lower crude prices and US Treasury yields offered some relief. The benchmark 6.94%, 2036 bond yield ended at 7.4400%, below the day's high of 7.4859%, compared with Tuesday's close of 7.4360%.

Top Movers of the Day

Larsen & Toubro climbed 3.72% to close at ₹3,801.30, leading the gainers on the BSE Sensex. The infrastructure major surged after reporting a robust 33% rise in its second-quarter net profit and a 28% jump in order inflows, handily beating Street estimates.

Trent advanced 3.31% to settle at ₹2,913.90, showcasing strong resilience in a volatile market session. The retail stock attracted steady buying interest, driven by investor positioning and anticipation ahead of its scheduled July-September quarter financial results announcement on October 29, 2026.

SBI rose 1.24% to end at ₹956.80, finding traction as investors rotated into public sector banks. Shares of the largest Indian bank moved up following positive sentiment from group subsidiary SBI Life Insurance reporting growth and strong institutional broker ratings.

Axis Bank gained 1.19% to reach ₹1,220, drawing selective buying support within the private banking space. The stock moved higher as market participants positioned themselves favourably following recent quarterly updates.

InterGlobe Aviation (IndiGo) added 2.03% to close at ₹4,690, benefiting from defensive buying in the aviation sector. The airline operator found support as investors anticipated steady domestic travel demand and market share retention.

Reliance Industries plunged 3.19% to close at ₹1,158, emerging as the top laggard and dragging the broader benchmark indices lower. The conglomerate faced significant institutional profit-booking amidst a broadly weak market environment.

Infosys dropped 3.43% to ₹1,123.15 as information technology stocks faced intense selling pressure across the board. The tech heavyweight was dragged down by cautious investor sentiment and broad-based unwinding in the software export space.

Tech Mahindra fell 1.92% to settle at ₹1,776.60, declining alongside its IT peers due to sector-wide weakness. Concerns over global tech valuations and localised profit-booking prompted investors to trim their positions.

TCS slipped 1.48% to ₹2,460, tracking the cautious trading that dominated the technology sector. The software giant struggled to find buying support during a generally weak session for IT stocks.

Bharti Airtel declined 1.55% to close at ₹1,948.10 as investors opted to book profits in the telecommunications sector. The stock retreated after recent strong gains, weighed down by the overarching negative breadth of the market.

Futures & Options
The Nifty November 2026 futures contract closed at 22,775.30, a premium of 76.45 points to the Nifty 50 cash market close of 22,698.85. The benchmark index fell 50.90 points, or 0.22%, on Wednesday.

India VIX, a gauge of expected near-term market volatility, eased 0.28% to 16.36. Reliance Industries, HDFC Bank and Infosys were the most-traded individual stock futures contracts on the NSE. The November 2026 F&O contracts expire on November 23.

Bonds
Indian government bond yields ended marginally higher on Wednesday as rising crude oil prices and US Treasury yields weighed on sentiment ahead of the Federal Reserve’s policy decision. The benchmark 6.94%, 2036 bond yield closed at 7.4400%, compared with 7.4360% on Tuesday.

The January Brent crude futures contract rose nearly 2%, renewing concerns over imported inflation and the prospect of further monetary tightening by the Reserve Bank of India. The US 10-year Treasury yield climbed to 5.02%, narrowing the yield differential between Indian and US government bonds and adding to pressure on domestic gilts.

At Wednesday’s auction, the RBI set cut-off yields at 5.9337% for the 91-day Treasury bill, 6.5493% for the 182-day bill and 6.6900% for the 364-day bill. The cut-offs were higher than expected, reflecting pressure at the shorter end amid tighter liquidity conditions. The 6.36%, 2031 bond yield rose to 7.1926% from 7.1656% at previous close.

Forex
The Indian rupee weakened on Wednesday as elevated crude oil prices weighed on local assets, while suspected Reserve Bank of India intervention likely helped contain the currency’s losses. The rupee closed at 95.2200 per US dollar, compared with 95.1150 on Tuesday.

Brent crude rose more than 1% to $115.30 per barrel after an attack on a refinery in Saudi Arabia renewed concerns over supply risks. Markets widely expect the US Federal Reserve to keep interest rates unchanged at its policy decision on Wednesday. Traders are pricing in an 84% probability of a rate hike in December.

Crypto
The cryptocurrency market remained cautious on Wednesday as investors positioned ahead of the Federal Reserve’s interest rate decision. Bitcoin traded near $80,850, while Ethereum recovered slightly to around $2,350. Bitcoin remained on track for its weakest October performance in six years.

US spot Bitcoin ETFs recorded $286 million in net inflows, providing some support amid broader macroeconomic uncertainty. Ethereum continued to defend the $2,310-$2,320 support zone, with buying by large holders offsetting persistent outflows from spot Ether ETFs.

US Stock Futures
US stock futures were mixed early Wednesday as investors awaited the Federal Reserve’s interest rate decision and earnings reports from major technology companies. S&P 500 futures rose 0.12%, while Nasdaq-100 futures gained 0.40%. Dow Jones Industrial Average futures fell 93 points, or 0.18%.

US chipmakers advanced in premarket trading after South Korea’s SK Hynix reported record quarterly profit. Micron Technology rose 3.48%, ARM Holdings gained 1.84%, Intel added 1.37%, Marvell climbed 1.21%, and Advanced Micro Devices advanced 1.17%.

US Treasury Notes
US Treasury yields rose on Wednesday as investors positioned ahead of the Federal Reserve’s monetary policy decision. The 10-year Treasury yield climbed to around 5.013%, moving back above the 5% threshold, while the two-year yield edged up to around 4.749%. The 30-year yield rose above 5.317%.

Markets widely expect the Fed to keep interest rates unchanged, with investors focused on policymakers’ commentary for signals on the outlook for monetary policy amid persistent inflation and a resilient US economy. Selling pressure across sovereign debt markets added to the rise in yields.

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Indian Shares Slip as Oil Climbs; Jio Platforms Debuts With 27% Premium