The Sensex and Nifty fell about 1% intraday as investors awaited the US Federal Reserve’s policy decision, while elevated oil prices and geopolitical tensions weighed on sentiment despite Jio Platforms’ strong market debut.
Indian equities slipped on Wednesday as investors opened the session with a cautious tone ahead of the US Federal Reserve’s policy decision, while elevated crude prices and global geopolitical tension kept risk appetite in check. The Sensex started at 73,253.44, while the Nifty 50 opened 0.31% lower at 22,678, before both benchmarks fell about 1% intraday, according to Business Standard’s market live coverage. Jio Platforms also made its market debut and listed at a 21% premium, adding a notable company-specific event to an otherwise subdued session.
The weakness was broad-based, with technology, fast-moving consumer goods and oil-and-gas shares among the day’s biggest drags. Auto stocks were the only major sector holding in positive territory, while the wider market showed a split picture: the Nifty Midcap 100 slipped 0.41%, but the Nifty Smallcap 100 gained 0.6%, suggesting some selective buying outside the largest names. That uneven performance fits a pattern seen through recent sessions, as traders have rotated between profit-taking in heavyweight sectors and support for pockets of the broader market.
Market watchers were also focused on the Federal Reserve, which was due to conclude its two-day meeting on Wednesday, October 28, 2026. Independent market calendars show the Fed was scheduled to announce its rate decision and policy statement later in the day, with investors widely watching for any shift in the central bank’s tone on inflation and borrowing costs. The timing helped keep sentiment restrained in Indian trading, especially as overseas signals remained mixed despite some support from Wall Street and Asian markets.
Brent crude’s strength added another layer of pressure. NDTV reported that benchmark oil prices were holding firm near $115 a barrel, while West Texas Intermediate was around $110, keeping fuel-cost concerns alive for investors. At the same time, traders were weighing the effects of a flat October expiry and recent profit-taking in IT and private banks, which had already pulled the Nifty lower in the previous session. Against that backdrop, the day’s early moves reflected a market waiting for clarity from both Washington and global commodity markets before taking a firmer direction.
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