Indian markets slip as IT and oil stocks fall, mid- and small-caps rise

Indian benchmark indices closed lower on October 28, with the Sensex down 352.64 points (0.48%) at 73,246.03 and the Nifty falling 50.90 points (0.22%) to 22,698.85. The decline was led by losses in information technology and oil-and-gas stocks, amid caution ahead of the U.S. Federal Reserve’s policy decision and Brent crude hovering around $115 per barrel after an attack on a Saudi refinery.

In contrast, broader market segments outperformed the main indices: the Nifty mid-cap index rose 0.4% and the small-cap index gained 0.9%. Top losers on the Nifty included Infosys, Reliance Industries, ONGC, HCL Technologies and Bharti Airtel, while gainers featured Apollo Hospitals, L&T, Trent, SBI Life Insurance and Interglobe Aviation.

Sectoral performance showed IT and oil & gas each down 2%, while realty, energy and FMCG fell 0.5% each. Auto, consumer durables, media and pharma each rose about 1%.

Among individual stocks, Jyoti Structures jumped 15% after securing a Rs 649 crore order, and Larsen & Toubro rose 3.7% on a 33% increase in Q2 consolidated profit. JSW Cement fell 1.4% following a profit decline, while Syngene International rose 9% despite a 52% profit drop. Gandhar Oil Refinery India slipped 17% despite a 368.4% profit surge, and Piramal Pharma gained 16% after returning to profitability.

The rupee ended at 95.23 per dollar, 11 paise weaker than the previous close. Approximately 220 stocks touched 52-week lows, including major names such as Nestle India, Britannia Industries, HDFC Bank and SBI Cards.

New listings saw Jio Platforms close at Rs 1,419, up 26.8% from its debut price, and Paras Healthcare end at Rs 730.80, up 5.4%.

Technical analysts noted that the Nifty remains range-bound between 22,400 and 22,800, with key support at 22,500 and resistance at 22,800. They cautioned that elevated crude prices, U.S. 10-year yields above 5% and an India VIX above 15 suggest traders should stay vigilant.