On October 28, 2026, Jio Platforms made a strong stock market debut, boosting investor confidence as the Sensex recovered more than 700 points from its intraday low. Despite initial losses caused by rising crude oil prices, several key stocks showed notable gains, reflecting mixed but optimistic market sentiment.
- Jio Platforms debuted at ₹1,358 per share, a 21.36% premium over its IPO price.
- Larsen & Toubro (L&T) shares rose 6.24% after reporting a 32.5% profit increase.
- Piramal Pharma shares surged 17.9% to a 52-week high following a return to profitability.
- Sensex fell 1.35% to 72,603.57 before recovering to 73,335.90.
- Nifty50 dropped to 22,497.70 but later rose to 22,718.15.
Why Did the Sensex and Nifty50 Fall and Then Recover?
The Indian stock market indices, Sensex and Nifty50, initially declined due to a 2% surge in crude oil prices, which rose above $116 per barrel after an attack on Saudi Arabia's largest refinery. This geopolitical event increased market uncertainty and led to a sell-off.
However, by early afternoon, the indices recovered some losses as investors focused on strong corporate earnings and positive market debuts. The Sensex climbed back from its intraday low of 72,603.57 to close at 73,335.90, while the Nifty50 rose from 22,497.70 to 22,718.15.
Which Stocks Led the Market Gains?
Larsen & Toubro (L&T) was a top gainer, with shares rising 6.24% to ₹3,894. The company reported a 32.5% increase in consolidated net profit to ₹5,202.10 crore for the quarter ending September 2026, driven by a 16% rise in revenue to ₹78,750 crore.
Jio Platforms, the digital services arm of Reliance Industries, debuted strongly at ₹1,358 per share, marking a 21.36% premium over its IPO price of ₹1,119. This debut made Jio Platforms the second most valuable Indian company by market valuation.
Piramal Pharma shares surged 17.9% to ₹234.30, reaching a 52-week high after the company swung to a net profit of ₹6 crore in Q2 FY27 from a loss of ₹99 crore the previous year. Revenue grew 28% to ₹2,617 crore, supported by strong performance across domestic and international operations.
Other gainers included Apollo Hospitals Enterprise, SBI Life Insurance, BSE, and Trent.
Which Stocks Faced Losses During the Session?
Some major stocks declined during the trading session. Infosys, Reliance Industries Ltd (RIL), Oil and Natural Gas Corporation (ONGC), Bajaj Finserv, and Tata Consultancy Services (TCS) were among the top losers in the Nifty50 index.
Vedanta Iron and Steel shares dropped 5% to ₹26.56, hitting the lower circuit limit due to a revenue contraction caused by seasonal disruptions and increased costs. The company reported a net loss of ₹324 crore in Q2 FY27, an improvement from ₹477 crore the previous year, but revenue declined 2.4% year-on-year to ₹2,788 crore.
AWL Agri Business shares fell 9.5% to a 52-week low of ₹159.65 after reporting a 2.3% decline in net profit to ₹239 crore, impacted by higher expenses and one-time tax charges.
Waaree Energies saw a 4.98% drop before recovering, following a 14.7% decline in net profit to ₹718.68 crore despite a 23.9% increase in revenue to ₹7,517 crore.
How Did Other Companies Perform in Q2 FY27?
United Breweries posted a strong quarter with a 190% increase in standalone net profit to ₹136 crore and a 24% rise in revenue to ₹4,621 crore. Its shares climbed 15% to ₹1,317.
PG Electroplast reported a 42.5% increase in consolidated revenue to ₹933.88 crore and a multi-fold rise in net profit to ₹13.67 crore. Its shares gained 8.5% to ₹543.
Paras Healthcare debuted at ₹720 per share, a 3.90% premium over its IPO price of ₹693. Investors who received allotments saw gains on their investment.
What Caused the Market Volatility on October 28?
The main cause of market volatility was the attack on Saudi Arabia's largest refinery by Houthis, which pushed crude oil prices higher. Rising oil prices often increase costs for many industries, leading to cautious investor behavior.
Despite this, strong corporate earnings and successful IPO listings helped the market recover from early losses.
