On October 28, the Indian stock market experienced a mixed day with major indices closing lower. The SENSEX declined by 352.64 points, or 0.48%, ending at 73,246.03. Similarly, the NIFTY50 index dropped by 50.90 points, or 0.22%, closing at 22,698.85. This decline was influenced by global and domestic factors, including rising crude oil prices and cautious investor sentiment ahead of the US Federal Reserve's policy meeting.
- The SENSEX touched an intraday low of 72,603.57, down 1.35%.
- The NIFTY50 reached a session low of 22,497.70, down 1.11%.
- Infosys shares fell 3.43%, leading losses among major stocks.
- Reliance Industries Ltd (RIL) shares declined by 3.19%.
- Apollo Hospitals and Larsen & Toubro (L&T) shares rose over 3%.
- L&T reported a 32.5% rise in net profit for Q2 FY27.
- Midcap and Smallcap indices showed gains despite large-cap declines.
Why did the SENSEX and NIFTY50 decline on October 28?
The decline in the SENSEX and NIFTY50 was mainly due to subdued investor sentiment. Crude oil prices surged by 2% to over $116 per barrel after an attack on Saudi Arabia's largest refinery by Houthis. This increase in oil prices raised concerns about inflation and economic growth. Additionally, investors were cautious ahead of the US Federal Reserve's upcoming policy meeting, which could impact global markets.
Which stocks were the top losers on October 28?
Among the major losers, Infosys shares fell the most by 3.43%, followed by Reliance Industries Ltd (RIL) which dropped 3.19%. Other notable decliners included Oil and Natural Gas Corporation (ONGC) down 2.16%, Tech Mahindra down 1.92%, and Bharti Airtel down 1.55%. These declines contributed to the overall drop in the NIFTY50 index.
Which stocks gained the most on October 28?
On the positive side, Apollo Hospitals Enterprise led the gainers with a 4.43% rise in its share price. Larsen & Toubro (L&T) shares increased by 3.72%, supported by strong quarterly earnings. Trent rose by 3.31%, SBI Life Insurance Company by 2.06%, and InterGlobe Aviation (IndiGo) by 2.03%. L&T reported a 32.5% increase in consolidated net profit to ₹5,202.10 crore for the quarter ended September 2026, driven by higher revenue compared to the previous year.
How did midcap and smallcap stocks perform?
The NIFTY Midcap 100 index advanced by 244.80 points, or 0.43%, closing at 57,274.70. Top gainers in the midcap segment included Voltas (6.94%), Patanjali Foods (6.22%), Biovon (5.49%), National Aluminium Company (4.96%), and Blue Star (4.72%). However, some midcap stocks declined, such as Steel Authority of India (SAIL) which fell 5.37%, MphasiS down 3.83%, and Radico Khaitan down 3.61%.
The NIFTY Smallcap 100 index also ended higher by 166.20 points, or 0.90%, at 18,634.90. Piramal Pharma was a major contributor with a 16.04% increase, reaching a 52-week high after reporting a return to profit and upgrading its FY27 outlook. Other smallcap gainers included Syngene International (10.60%), PG Electroplast (7.16%), TD Power Systems (4.74%), and Pine Labs (4.69%). On the downside, Mangalore Refinery and Petrochemicals Ltd (MRPL) fell 8.73%, Kaynes Technology India dropped 6.28%, and Sterlite Technologies declined 3.62%.
What factors influenced market performance on October 28?
The market was influenced by several factors. The surge in crude oil prices following the attack on Saudi Arabia’s largest refinery increased uncertainty. Higher oil prices can lead to increased costs for businesses and consumers, affecting economic growth and corporate profits. Additionally, investors awaited the outcome of the US Federal Reserve's policy meeting, which could signal changes in interest rates and monetary policy, impacting global financial markets.
