Sensex drops over 600 points dragged by IT stocks, rising crude oil prices

Stock market benchmark indices Sensex and Nifty tumbled in early trade on Wednesday (October 28, 2026), dragged by IT companies, rising crude oil prices and caution ahead of the U.S. Federal Reserve’s policy decision.

The 30-share BSE Sensex tumbled 601.14 points to 72,997.55 in early trade. The 50-share NSE Nifty tanked 146 points to 22,604.80.

From the 30 Sensex firms, Infosys, HCL Tech, Tech Mahindra, Tata Consultancy Services, Tata Consultancy Services, ITC and Asian Paints were among the biggest laggards.

Larsen & Toubro jumped over 4% after the engineering major reported a 32.5% rise in consolidated net profit to ₹5,202.10 crore for the quarter ended September 2026, driven by higher revenue.

State Bank of India and Axis Bank were also the winners from the blue-chip pack.

Brent crude, the global oil benchmark, traded 1.36% higher at 115.4 per barrel.

“There are reports of possible renewed strikes by the U.S. on Iran after the midterm elections in the U.S. Brent crude has again firmed up to above $115, which is bad news for the Indian economy and markets. Today’s market action will be focused on the Jio Platforms listing,” V K Vijayakumar, Chief Investment Strategist, Geojit Investments Limited, said.

Foreign Institutional Investors (FIIs) bought equities worth ₹4,240.39 crore on Tuesday (October 27, 2026), according to exchange data.

In Asian markets, South Korea’s Kospi, Japan’s 225 index, Shanghai’s SSE Composite index and Hong Kong’s Hang Seng index were trading higher. The Kospi surged 6.11%.

The U.S. markets ended higher on Tuesday (October 27, 2026).

“Indian equities are likely to remain cautious ahead of the U.S. Federal Reserve’s policy decision, with investors also tracking movements in global markets and energy prices. WTI crude continues to trade around $100–101 a barrel, keeping concerns over sustained cost pressures and the broader economic outlook in focus,” Ponmudi. R, CEO of Enrich Money, an online trading and wealth-tech firm, said.

On Tuesday (October 27, 2026), the Sensex dipped 8.08 points, or 0.01%, to settle at 73,598.67. The Nifty skidded 3.45 points, or 0.02%, to end at 22,749.75.