IT stocks drag Sensex, Nifty lower at open; Jio Platforms debut, Fed decision in focus

Equity benchmarks opened sharply lower on Wednesday, October 28, weighed down by a broad-based selloff in technology stocks, even as Asian markets traded with a positive bias. The Sensex, which closed at 73,598.67 on Tuesday, opened at 73,253.44 and was trading at 72,928.12, down 670.55 points or 0.91 per cent, at 9.19 am. The Nifty 50, which ended the previous session at 22,749.75, opened at 22,678.00 and slipped further to 22,591.85, down 157.90 points or 0.69 per cent, at the same time.

The decline came despite a positive overnight session on Wall Street, where the S&P 500 rose 0.6 per cent to close at 7,722, the Dow Jones Industrial Average added 0.03 per cent to finish at 52,377, and the Nasdaq Composite gained 1.18 per cent to settle at 26,477. Chip stocks led the advance after Broadcom announced that a consortium of banks would provide $63 billion in financing for its AI chips and networking solutions to be leased to Anthropic. Broadcom rose 4 per cent, Advanced Micro Devices climbed 5.5 per cent, and Micron Technology gained 2.8 per cent.

..."The market has turned decisively weak with indications of about 250 points cut in Nifty implied open. Brent crude has again firmed up to above $115, which is bad news for the Indian economy and markets,"... said Dr. V K Vijayakumar, Chief Investment Strategist at Geojit Investments Limited. Brent crude edged up 1.5 per cent following an attack on a Saudi Arabian refinery, reigniting supply-side concerns. WTI crude was trading around $100–101 a barrel.

The information technology sector bore the heaviest selling pressure on the Nifty 50. Infosys fell 4.53 per cent, opening at ₹1,130.00 and last trading at ₹1,110.35 against a previous close of ₹1,163.00. Tech Mahindra dropped 3.88 per cent, from a previous close of ₹1,811.40 to a last traded price of ₹1,741.20. HCL Technologies shed 3.82 per cent, sliding from ₹1,420.00 to ₹1,365.70. Tata Consultancy Services declined 3.17 per cent, moving from a previous close of ₹2,496.90 to ₹2,417.80. ..."There are reports of possible renewed strikes by the US on Iran after the mid-term elections. For the Indian market to revive, crude prices have to decline and FPIs have to stop their relentless selling — FPI outflows have been $19 billion in 2025 and $31 billion so far this year,"... Vijayakumar added.

On the gainers' side, Larsen & Toubro was the top Nifty 50 performer, rising 5.67 per cent from a previous close of ₹3,665.10 to a last traded price of ₹3,873.00. Bajaj Auto advanced 2.14 per cent from ₹10,390.00 to ₹10,612.00. SBI Life Insurance gained 1.12 per cent, moving from ₹1,633.00 to ₹1,651.30. Hindalco rose 0.63 per cent from ₹891.20 to ₹896.85, while Maruti Suzuki edged up 0.60 per cent from ₹11,450.00 to ₹11,519.00, lending support to the auto and infrastructure sectors.

..."Indian equities are likely to open sharply lower, with GIFT Nifty down 196 points at 22,616. Despite overnight gains on Wall Street and strength across Asian markets, sentiment remains cautious amid ongoing West Asian tensions,"... said Hitesh Tailor, Technical Research Analyst at Choice Broking. ..."Investors will track the US Federal Reserve's policy decision, quarterly earnings and Jio Platforms' market debut, which could influence market direction and volatility through the session,"... he added.

All eyes are on today's US Federal Reserve policy decision, where the central bank is widely expected to hold its benchmark interest rate unchanged at 3.75 per cent–4.00 per cent. The Fed funds futures market is pricing in a roughly 92 per cent probability of a hold, according to the CME FedWatch Tool. At its September meeting, the Fed raised rates by 25 basis points. ..."A hawkish signal could lift yields and restrain emerging-market flows, while balanced guidance may allow the overnight improvement in global risk appetite to continue,"... said Hariselvan Radhakrishnan, Founder and CEO of HST Wealth. The US 10-year Treasury yield remains close to 5 per cent, keeping dollar assets relatively attractive to global investors.

Asian markets traded broadly higher, tracking Wall Street's AI-driven gains. South Korea's Kospi rose 6 per cent, Japan's Nikkei 225 gained 1.4 per cent, and Hong Kong's Hang Seng traded with marginal gains. ..."Asian markets are trading broadly positive supported by semiconductor stocks; GIFT Nifty indicates a weak start for Indian markets,"... SSL Research noted in its morning update.

Market focus also turns to the listing of Jio Platforms, the telecom and digital services arm of Reliance Industries, making its debut on Indian stock exchanges today following India's largest-ever IPO. The issue was subscribed 22.19 times overall, with the qualified institutional buyer portion subscribed 70.55 times and the retail category subscribed 2.72 times. ..."With the QIB portion of the IPO oversubscribed by 70.5 times, there will be huge appetite for the stock at fair valuations,"... Vijayakumar said. Three Nifty constituents — Adani Enterprises, Adani Ports, and Hindustan Unilever — are also scheduled to report quarterly results today, adding another layer of stock-specific volatility.

On the institutional flows front, Foreign Institutional Investors turned net buyers on Tuesday, recording equity purchases of ₹4,240 crore, while Domestic Institutional Investors emerged as net sellers with outflows of ₹1,250 crore, snapping a five-session buying streak. The Indian rupee, however, snapped a three-day losing streak on Tuesday, appreciating 8 paise to close at 95.11, though currency volatility is expected to remain elevated with three major central bank decisions due this week.

..."The near-term direction of Indian equities is likely to hinge on the Fed's policy signals, movements in crude oil prices and foreign portfolio investor flows,"... said Ponmudi R, CEO of Enrich Money. ..."The principal concern is how long oil stays elevated — a prolonged shock could sustain pressure on inflation-sensitive consumption, energy-intensive businesses, the rupee and the external balance,"... said Radhakrishnan of HST Wealth. Nandish Shah, Deputy Vice President at HDFC Securities, noted that Nifty's immediate resistance lies at 22,825, the 20-day exponential moving average, and a sustained move above that level could open the way toward 23,175, while the 22,350–22,400 zone remains key support on the downside.

Published on October 28, 2026