Sensex, Nifty Today 28 Oct: IT Sell-Off Sinks Markets Despite Jio's 21% Debut
Indian equity benchmarks fell sharply on Wednesday, 28 October 2026, as a broad sell-off in IT stocks overwhelmed the cheer around Jio Platforms' strong stock-market debut. Brent crude above $115 a barrel and caution ahead of the US Federal Reserve's policy decision later tonight kept buyers on the sidelines, even as Asian markets traded with a positive bias.
By 10:52 am, the Sensex was down 770.37 points (1.05%) at 72,828.30 and the Nifty 50 was down 191.80 points (0.84%) at 22,557.95. The figures in this article are morning-trade levels; the market was still trading at the time of writing.
Morning numbers: Sensex, Nifty today 28 October 2026
| Index / asset | Previous close (27 Oct) | Open (28 Oct) | Morning level | Change |
|---|---|---|---|---|
| BSE Sensex | 73,598.67 | 73,253.44 | 72,828.30 (10:52 am) | -770.37 (-1.05%) |
| NSE Nifty 50 | 22,749.75 | 22,678.00 | 22,557.95 (10:52 am) | -191.80 (-0.84%) |
| Brent crude | — | — | ~$115.70 a barrel | Up ~1.6% |
| Rupee vs US dollar | ~95.07 | 95.03 | 95.03 (early trade) | Up 4 paise |
| Spot gold | — | — | $4,045.29 an ounce | Down 0.3% |
At 9:19 am the Sensex was already down 670.55 points at 72,928.12 and the Nifty down 157.90 points at 22,591.85, so the selling deepened through the morning rather than fading after the open.
Why did the market fall today?
1. IT stocks led the sell-off
The Nifty IT index was the biggest sectoral loser, down about 3.77% in early trade. Infosys fell 4.3–4.6%, Tech Mahindra 3.8–3.9%, HCL Technologies 3.5–3.9% and TCS about 3.3%, with Mphasis down nearly 5.9%. The sell-off came despite a strong overnight session on Wall Street, where the Nasdaq rose 1.18% on AI-chip optimism — Indian IT simply did not follow the global tech rally.
2. Brent crude above $115
Oil prices climbed about 1.6% to $115.70 a barrel after an attack on a refinery in Saudi Arabia, the world's top exporter, renewed worries about energy supply disruptions and inflation. India imports a large share of its crude, so dearer oil is a direct headwind for the trade deficit, the rupee and inflation expectations.
3. Fed decision tonight
Investors stayed cautious ahead of the US Federal Reserve's policy outcome, due later tonight India time. The decision will shape expectations for US interest rates and the dollar, both of which feed into foreign-investor flows and gold prices. Gold eased 0.3% to $4,045.29 an ounce as higher oil stoked inflation fears ahead of the announcement.
4. Broad weakness, one exception
Most sectoral indices traded lower — FMCG fell about 1.5%, and financial services, media, metal, pharma and PSU banks were also in the red. The Nifty Auto index bucked the trend, rising about 0.17% in early trade. Analysts flagged the 22,500–22,600 zone as important near-term support for the Nifty; a technical view cited by The Hindu BusinessLine noted a bearish bias with Nifty futures slipping below support.
Jio Platforms lists 21% higher — but cannot lift the market
Jio Platforms, India's largest-ever IPO at ₹30,213 crore, listed at ₹1,358 on both BSE and NSE — a 21.36% premium to its ₹1,119 issue price, valuing the company at roughly ₹12.5 lakh crore and making it India's second-most valuable listed firm behind parent Reliance Industries. The listing gain worked out to about ₹2,868 for a retail lot of 12 shares. The debut landed just below grey-market hints of ₹1,365–1,370, so there was little surprise in either direction — and the wider market fell anyway. For the IPO-side detail, see our Jio listing preview and this morning's GMP roundup.
Stock-specific action: L&T jumps, Maruti and Bajaj Auto in focus
Results announced after market hours on Tuesday drove sharp stock-specific moves:
| Company | Q2 FY27 headline | Stock reaction (28 Oct morning) |
|---|---|---|
| Larsen & Toubro (L&T) | Consolidated PAT up 33% YoY to ₹5,202 crore; revenue up 16% to ₹78,750 crore; order inflow up 28% to ~₹1.47 lakh crore; EBITDA margin fell to 8.7% from 10% | Jumped over 6% to ₹3,894, then traded at ₹3,808 at 10:18 am |
| Maruti Suzuki | Consolidated PAT down 26.4% YoY to ₹2,466.1 crore despite revenue up 26% to ₹53,355.5 crore; commodity costs and adverse forex hit margins | In focus; brokerages kept Buy ratings but cut earnings estimates |
| Bajaj Auto | Consolidated net profit up 62% YoY to ₹3,436.1 crore | Among the morning gainers, up about 2.3% in early trade |
| SBI Life | Q2 net profit up 11.05% YoY to ₹549.23 crore | Traded flat at ~₹1,645 after touching ₹1,667.70 |
| United Breweries | Standalone net profit more than doubled to ₹135.93 crore | Up 8% at ₹1,237.30 at 10:34 am |
| Indus Towers | Q2 net profit down 2.5% to ₹1,793 crore despite 4% revenue growth | Under pressure with the broader market |
L&T retained its FY27 guidance of 10–12% growth in new orders and execution, and its order book stood at ₹8,53,514 crore at 30 September 2026. Maruti guided for 10% domestic volume growth in the second half of FY27, with a 270,000-unit order book at the end of Dussehra — but brokerages trimmed FY27–29 earnings estimates by 4–9% on margin pressure.
What to watch next
- US Fed decision tonight: the single biggest trigger for Thursday's open, via the dollar, bond yields and FII flows.
- Q2 results today: HUL, Adani Enterprises, Adani Ports, TVS Motor, Hyundai Motor India, Vedanta, Hero MotoCorp and Pidilite are among the companies reporting their September-quarter numbers today.
- Crude and the rupee: Brent above $115 keeps pressure on; the rupee edged up 4 paise to 95.03 in early trade despite the strong dollar and high oil.
- Nifty levels: support at 22,500–22,600; a break below could extend the slide, while holding it keeps the consolidation phase intact.
Yesterday's session had already been weak — the Sensex closed at 73,598.67 and the Nifty at 22,749.75 after IT dragged on monthly expiry day, as covered in our 27 October market update. With the RBI's repo rate now at 5.50% after the 7 October hike, rate-sensitive stocks will also take their cue from the Fed tonight.
FAQs
Why did Sensex fall today, 28 October 2026?
Mainly a sharp sell-off in IT stocks, Brent crude above $115 a barrel after a refinery attack in Saudi Arabia, and caution ahead of the US Federal Reserve's policy decision tonight. Jio Platforms' strong listing could not offset the broad weakness.
How much did Sensex and Nifty fall?
By 10:52 am the Sensex was down 770.37 points (1.05%) at 72,828.30 and the Nifty down 191.80 points (0.84%) at 22,557.95, from previous closes of 73,598.67 and 22,749.75.
Which stocks fell the most?
IT stocks: Infosys fell over 4%, Tech Mahindra and HCL Technologies about 3.5–3.9%, and TCS about 3.3%. Mphasis fell nearly 5.9%.
Which stocks rose despite the fall?
L&T jumped over 6% after a 33% jump in Q2 profit and record order inflows; Bajaj Auto rose about 2.3% after a 62% profit jump; United Breweries rose 8% after profits more than doubled.
What should investors watch next?
The Fed decision tonight, today's Q2 results (HUL, Adani Enterprises, Adani Ports, TVS Motor, Hyundai, Vedanta, Hero MotoCorp), crude prices, and whether the Nifty holds the 22,500–22,600 support zone.
Conclusion
28 October was a stock-pickers' day inside a weak market: Jio's 21% listing pop and L&T's earnings beat stood out, but the IT sell-off, $115-plus crude and pre-Fed caution dragged both benchmarks about 1% lower by late morning. Until the Fed's signal and the crude spike clear, the near-term setup stays cautious, with 22,500–22,600 the line to watch on the Nifty.
Disclaimer: This article is for information only and is not investment advice. Market levels quoted are intraday morning-trade figures and change through the session. Consult a qualified financial adviser before investing.