The BSE Sensex experienced a notable decline on Wednesday, dropping 352.64 points, or 0.48%, to close at 73,246.03. This fall came despite the index recovering from a sharper intraday plunge of 995.1 points, or 1.35%, to 72,603.57. The market was weighed down by losses in Reliance Industries and IT stocks, alongside rising crude oil prices.
Reliance Industries saw its shares fall by 3.46%, contributing significantly to the Sensex's downturn. Other major IT companies also faced declines, with Infosys dropping 3.34%, Tech Mahindra 1.83%, and Tata Consultancy Services 1.68%. Bharti Airtel and Tata Steel were not spared, with their shares decreasing by 1.42% and 1.37%, respectively.
In contrast, Larsen & Toubro provided a bright spot, surging nearly 4% after reporting a 32.5% increase in consolidated net profit to ₹5,202.10 crore for the quarter ending September 2026. This was attributed to higher revenue. Other gainers in the blue-chip pack included Trent, State Bank of India, Axis Bank, and InterGlobe Aviation.
The NSE Nifty also faced a downturn, albeit less severe, dropping 50.90 points, or 0.22%, to settle at 22,698.85. Meanwhile, Jio Platforms, a digital services company backed by Reliance Industries, made a blockbuster debut on the stock market. Its shares soared nearly 27% above the issue price of ₹1,119, positioning it as the second most valuable domestic firm after Reliance Industries, with a market valuation of ₹13 lakh crore.
Brent crude, the global oil benchmark, rose 0.99% to $114.5 per barrel. This increase in oil prices was driven by renewed concerns over supply disruptions following Houthi attacks on Saudi Arabia, overshadowing ongoing diplomatic efforts. The spike in crude prices added to the pressure on domestic equities.
Vinod Nair, Head of Research at Geojit Investments Limited, noted that the volatility in domestic equities was exacerbated by the rise in crude oil prices and significant selling in IT stocks. Investors are now turning their attention to the upcoming U. S. Federal Reserve policy decision, particularly looking for signals regarding the interest-rate trajectory into December.
Foreign Institutional Investors (FIIs) remained active, purchasing equities worth ₹4,240.39 crore on Tuesday. In the broader Asian market, indices such as South Korea's Kospi, Japan's Nikkei 225, Shanghai's SSE Composite, and Hong Kong's Hang Seng ended higher. However, European markets were trading lower, while U. S. markets closed higher on Tuesday.
On the previous day, the Sensex had dipped slightly by 8.08 points, or 0.01%, to settle at 73,598.67, while the Nifty declined by 3.45 points, or 0.02%, to end at 22,749.75.
