On Wednesday, October 28, the NIFTY50 and BSE SENSEX closed lower as investors reacted to weak global cues and rising oil prices ahead of the U.S. Federal Reserve’s policy meeting. The NIFTY50 fell 0.2 % or 50 points to 22,698.85 from 22,749.75, while the SENSEX dropped 0.48 % or 352 points to 73,246.03 from 73,598.67. Crude oil prices climbed above $116 per barrel, adding pressure to the market. This movement followed a surge in Brent crude, which rose over 2 % to a high of $116.35 per barrel on the day, compared with $113.88 at the previous close.

Sectoral indices reflected the broader sell‑off, with Nifty Oil and Gas down 2.3 %, Nifty IT falling 2 %, Nifty Energy and Nifty Realty each slipping 0.9 %. In contrast, Nifty Auto gained 1.6 %, Nifty Consumer Durables rose 1.4 %, and Nifty Media added 1.4 %. The decline in IT stocks was led by heavyweights such as Infosys, TCS and HCL Technologies, while Reliance also posted a 3.1 % drop, dragging the benchmark indices lower.

On the upside, Apollo Hospitals shares rose 4.4 %, Larsen & Toubro gained 3.7 %, Trent climbed 3.3 %, SBI Life Insurance increased 2 % and IndiGo added 2 %. Among the top losers on the NIFTY50 were Infosys, which fell 3.4 %, Reliance 3.1 %, ONGC 2.1 %, Tech Mahindra 1.9 % and Bharti Airtel 1.5 %. Overall, 26 of the 50 NIFTY50 constituents finished in positive territory, while 24 closed in the red zone.

Investors remained cautious ahead of the U.S. Federal Reserve’s policy meeting, scheduled to release its decision at 2 pm ET on the same day. Market participants were also watching for potential disruptions in oil supply, as U.S. officials warned WestAsian countries to prepare for military escalations that could affect the Strait of Hormuz, according to recent WSJ reports. The combination of higher oil prices and uncertainty over U.S. monetary policy contributed to the day's downward pressure on Indian equities.

With the NIFTY50 and SENSEX ending in decline, market sentiment remains subdued as global economic signals and commodity prices continue to influence investor behaviour. The day’s performance underscores the sensitivity of Indian indices to international oil price movements and policy expectations from the U.S. Federal Reserve. Traders will watch the Fed’s minutes and subsequent market reactions closely in the coming days. Additionally, the market will assess the impact of the Fed’s stance on future interest rate trajectories, which could further affect borrowing costs and corporate earnings expectations across sectors.