IT, energy stocks drag markets further down
In Short
Broader indices, however, advanced on select buying by investors. The BSE SmallCap Select index climbed 0.85 per cent and the MidCap Select index by 0.66 per cent.
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IT, energy stocks drag markets further down
Mumbai: Benchmark stock index Sensex fell by 352 points and Nifty closed below 22,700 on Wednesday, dragged down by selling in IT shares and blue-chip Reliance Industries amid rising crude oil prices and caution ahead of the US Federal Reserve's policy decision.
The 30-share BSE Sensex opened lower and tanked 995 points to the day's low of 72,603.57 in morning deals. The barometer later recovered some of the losses to settle at 73,246.03, down by 352.64 points, or 0.48 per cent. The 50-share NSE Nifty dropped 50.90 points, or 0.22 per cent, to close at 22,698.85.
Broader indices, however, advanced on select buying by investors. The BSE SmallCap Select index climbed 0.85 per cent and the MidCap Select index by 0.66 per cent.
Meanwhile, shares of Jio Platforms, the Reliance Industries-backed digital services company, made a blockbuster debut on Wednesday. The stock ended nearly 27 per cent higher against the issue price of Rs 1,119, becoming the second most valuable domestic firm after Reliance Industries by market capitalisation. Jio Platforms commanded a market valuation of Rs 13 lakh crore.
From the 30 Sensex firms, Reliance Industries dropped 3.46 per cent, Infosys 3.34 per cent, Tech Mahindra 1.83 per cent, Tata Consultancy Services 1.68 per cent, Bharti Airtel 1.42 per cent and Tata Steel 1.37 per cent. Larsen & Toubro jumped nearly 4 per cent after the engineering major reported a 32.5 per cent rise in consolidated net profit to Rs 5,202.10 crore for the quarter ended September 2026, driven by higher revenue. Trent, State Bank of India, Axis Bank and InterGlobe Aviation were also the winners from the blue-chip pack.
"Domestic equities remained volatile and traded lower as a fresh spike in crude oil prices and sharp selling in IT stocks weighed on investor sentiment. Oil prices rebounded amid renewed concerns over supply disruptions following Houthi attacks on Saudi Arabia, overshadowing ongoing diplomatic efforts. Investors will now turn their attention to the US Fed's policy guidance, particularly signals around the interest-rate trajectory into December," Vinod Nair, Head of Research, Geojit Investments Limited, said.
Foreign Institutional Investors (FIIs) bought equities worth Rs 4,240.39 crore on Tuesday, according to exchange data. "Elevated crude oil prices remained a key headwind, with WTI trading above USD 101 a barrel, fuelling concerns over the broader economic implications of sustained high energy costs.
