Market Commentary - Quick Review
The key equity benchmarks ended with moderate losses on Wednesday, extending their losing streak for second consecutive trading session, weighed down by concerns over elevated crude oil prices, weakness in heavyweight stocks and mixed corporate earnings. Investor sentiment remained cautious ahead of the US Federal Reserve's monetary policy decision later today, with market participants awaiting clarity on the central bank's interest rate outlook and its implications for global financial markets. The Nifty settled below the 22,700 mark.
Oil & gas, IT and realty shares declined while auto, consumer durables and media shares advanced.
As per provisional closing data, the S&P BSE Sensex declined 352.64 points or 0.48% to 73,246.03. The Nifty 50 index fell 50.90 points or 0.22% to 22,698.85. In the two consecutive trading session, the Sensex and the Nifty dropped 0.49% and 0.24%, respectively.
The broader market outperformed the frontline indices. The BSE 150 MidCap Index rose 0.51% and the BSE 250 SmallCap Index added 0.37%.
The market breadth was positive. On the BSE, 2,261 shares rose and 2,063 shares fell. A total of 241 shares were unchanged.
Brent crude for the December 2026 settlement advanced $1.80 or 1.65% to $111.21 a barrel.
New Listing:
Shares of Jio Platforms were at Rs 1,419 on the BSE, a premium of 26.81% compared with the issue price of Rs 1,119.
The scrip was listed at 1,358, at a premium of 21.36% compared with the initial public offer (IPO) price.
The counter hit a high of Rs 1,423.80 and a low of Rs 1,356.40. About 1.67 crore shares of the company changed hands at the counter.
Shares of Paras Healthcare were at Rs 730.30 on the BSE, a premium of 5.38% compared with the issue price of Rs 693.
The scrip was listed at 720, at a premium of 3.9% compared with the initial public offer (IPO) price.
The counter hit a high of Rs 748 and a low of Rs 705.75. About 7.88 lakh shares of the company changed hands at the counter.
Initial Public Offer (IPO)
EAAA India Alternatives received bids for 2,30,97,501 shares as against 52,99,684 shares on offer, according to stock exchange data at 15:30 IST on 28 October 2026. The issue was subscribed 4.36 times.
The issue opened for bidding on 26 October 2026 and will close on 28 October 2026. The price band of the IPO is fixed between Rs 1,585 and 1,665 per share. An investor can bid for a minimum of 9 equity shares and multiples thereof.
BLS Polymers received bids for 35,09,61,600 shares as against 1,19,00,000 shares on offer, according to stock exchange data at 15:30 IST on 28 October 2026. The issue was subscribed 29.49 times.
The issue opened for bidding on 27 October 2026 and will close on 29 October 2026. The price band of the IPO is fixed between Rs 142 and 150 per share. An investor can bid for a minimum of 100 equity shares and multiples thereof.
SFC Environmental Technologies received bids for 33,03,900 shares as against 1,41,59,744 shares on offer, according to stock exchange data at 15:30 IST on 28 October 2026. The issue was subscribed 0.23 times.
The issue opened for bidding on 27 October 2026 and will close on 29 October 2026. The price band of the IPO is fixed between Rs 313 and 330 per share. An investor can bid for a minimum of 45 equity shares and multiples thereof.
M. K. Sons Fine Jewels received bids for 68,96,617 shares as against 1,19,00,000 crore shares on offer, according to stock exchange data at 15:30 IST on 28 October 2026. The issue was subscribed 0.58 times.
The issue opened for bidding on 28 October 2026 and will close on 30 October 2026. The price band of the IPO is fixed between Rs 153 and 162 per share. An investor can bid for a minimum of 91 equity shares and multiples thereof.
Buzzing Index:
The Nifty Oil & Gas index declined 2.27% to 10,296.60. The index rose 0.14% in the past two consecutive trading sessions.
Petronet LNG (down 3.97%), Chennai Petroleum Corporation (down 3.79%), Reliance Industries (down 3%), Bharat Petroleum Corporation (down 2.81%), Hindustan Petroleum Corporation (down 2.4%), Oil & Natural Gas Corpn (down 2.39%), Oil India (down 2.28%), Indian Oil Corporation (down 1.65%), Aegis Logistics (down 1.54%) and Aegis Vopak Terminals (down 1.38%) plunged.
Stocks in Spotlight:
Hindustan Unilever declined 0.38%, The company reported healthy revenue growth and improved profitability for the September quarter of FY27. The company reported a 3.91% jump in consolidated net profit to Rs 2,790 crore in Q2 FY27 compared with Rs 2,685 crore in Q2 FY26. Revenue from operations climbed 14.78% YoY to Rs 18,037 crore in Q2 FY27.
The company's underlying sales growth (USG) stood at 15%, while underlying volume growth (UVG) came in at 7%. The company's board declared a interim dividend of Rs 19 per share for FY27. The record date has been fixed as 12 November 2026.
Bajaj Auto advanced 0.99%. The company reported a 35.25% increase in standalone net profit to Rs 3,353.76 crore in Q2 FY27 as compared with Rs 2,479.74 crore in Q2 FY26. Revenue from operations rose 34.05% to Rs 20,003.43 crore in Q2 FY27 from Rs 14,922.05 crore in Q2 FY26.
PG Electroplast shares surged 7.28% after the company reported a 395.2% year-on-year increase in consolidated net income to Rs 13.67 crore in Q2 FY27. Sales increased 42.5% year on year to Rs 933.88 crore from Rs 655.37 crore in Q2 FY26.
United Breweries shares jumped 3.19% after the company reported a 190% year-on-year increase in standalone net profit to Rs 136 crore in Q2 FY27. Standalone net sales rose 24% year on year to Rs 2,536 crore from Rs 2,051 crore. Growth was supported by higher sales volumes, premiumisation, pricing actions and a favourable product and geographic mix.
Global Market:
Dow futures fell 120 points, signalling a lower opening for US stocks.
European shares declined on Wednesday as investors assessed corporate earnings, elevated oil prices and awaited the US Federal Reserve's interest rate decision.
European investors are also awaiting the European Central Bank's policy decision on Thursday, 29 October 2026.
Most Asian indices ended higher on Wednesday, as renewed optimism over artificial intelligence demand lifted technology stocks ahead of earnings from major US technology companies and the Federal Reserve's policy decision.
South Korean chipmaker SK Hynix's record quarterly results strengthened sentiment towards semiconductor stocks. The company reported a sharp increase in revenue and operating profit, driven by demand for high-bandwidth memory chips used in AI infrastructure.
US stocks advanced on Tuesday, 27 October 2026, as AI-related shares rallied and investors assessed corporate earnings ahead of the Federal Reserve's policy announcement. The Dow Jones Industrial Average edged up 15.99 points, or 0.03%, to 52,377.57. The S&P 500 gained 45.83 points, or 0.60%, to 7,722.60, while the Nasdaq Composite rose 308.43 points, or 1.18%, to 26,477.81.
Broadcom gained after announcing a $63 billion financing arrangement involving Bank of America, Blackstone, Citigroup and Morgan Stanley to fund AI computing capacity for Anthropic. The deal highlights the scale of financing now supporting AI infrastructure investment.
SK Hynix reported preliminary third-quarter revenue of 104.62 trillion won, up 327.9% year on year, while operating profit surged 557.2% to 83.33 trillion won. Net profit rose 215.7% to 39.78 trillion won. Revenue and operating profit reached record levels as demand for high-bandwidth memory and other AI-related products lifted chip prices.
Investors are now awaiting third-quarter results from Alphabet and Microsoft, due after the US market closes on Wednesday.
The Conference Board's US Consumer Confidence Index rose 7.5 points to 91.7 in October from a revised 84.2 in September, exceeding the Reuters poll forecast of 81. The improvement reflected better assessments of current business conditions and the near-term outlook, although concerns about living costs persisted.
US durable goods orders increased 1.8% in September, below the 2.0% forecast in one market calendar but above August's 0.1% increase. Excluding transportation, orders rose 0.5%. New single-family home sales declined 0.6% to an annualised rate of 676,000 units, exceeding the 650,000 forecast. The data pointed to resilience in parts of the economy, although durable goods orders missed the cited consensus estimate.
The Federal Reserve is due to announce its policy decision on Wednesday. Markets widely expect interest rates to remain unchanged, with investors looking for guidance on the future rate path amid inflation concerns and higher energy prices.
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