{
  "id": 16853692,
  "title": "Indian shares fall as oil rise weighs; Jio lists at 21.4% premium",
  "url": "https://urgent.news/2026/10/28/indian-shares-fall-as-oil-rise-weighs-jio-lists-at-21-4-premium",
  "topic": "business",
  "section": "Business",
  "published": "2026-10-28T04:42:23.000Z",
  "source": {
    "name": "Business Recorder",
    "slug": "business-recorder",
    "url": "https://www.brecorder.com/news/40446274/indian-shares-fall-as-oil-rise-weighs-jio-lists-at-214-premium"
  },
  "original_language": "en",
  "account": "India's stock market declined on Wednesday amid a spike in oil prices and uncertainty surrounding the US Federal Reserve's upcoming policy decision. The Nifty 50 index dropped 0.41% to 22,657.35, while the Sensex fell 0.61% to 73,153.6. This decline primarily affected large-cap stocks, with the benchmark Nifty 50 and Sensex both losing ground. However, small- and mid-cap stocks bucked the trend, posting gains of 0.7% and 0.1%, respectively. This rebuke of the broader market came as eleven of the 16 major sectors suffered losses, with IT shares being the hardest hit, falling 3.1%. IT companies like Infosys and Wipro were among the biggest losers, shedding 4.4% and 4.2% of their value, respectively.\n\nOil prices surged 1.4% to $115.4 a barrel after an attack on a Saudi refinery heightened concerns about potential energy supply disruptions and inflation. This price surge weighed on investor sentiment and contributed to the overall market downturn. Despite the broader market slide, a few companies managed to post gains. Bajaj Auto rose 3%, while Larsen & Toubro climbed 4.2%. These gains provided some relief to the overall market sentiment.\n\nVK Vijayakumar, chief investment strategist at Geojit Investments, noted that for the Indian market to recover, crude prices would need to decline, and foreign portfolio investors (FPIs) would have to shift from selling to buying. This shift in investor behavior is crucial to stabilize the market, Vijayakumar stated. Additionally, changes in long-term capital gains tax may become inevitable due to the massive outflows of FPIs, which have started adversely affecting the country's macroeconomic fundamentals.\n\nNoteworthy performances included Max Financial, which declined 2.2% following its quarterly earnings report, and Raymond, which surged 3.5% after reporting a staggering 97% year-on-year increase in its second-quarter profit. Similarly, Subros saw a 2.6% rise after securing a sizable contract worth 12.25 billion rupees ($128.79 million) from Maruti Suzuki.",
  "summary": "Indian shares fell on Wednesday as rising oil prices weighed on risk appetite ahead of the US Federal Reserve’s policy decision later in the day. Meanwhile, Jio Platforms listed at a 21.4% premium over its issue price, making it the second-largest publicly traded firm in the country by market value. The benchmark Nifty 50 fell 0.41% to 22,657.35, and the Sensex shed 0.61% to 73,153.6, as of 9:55…",
  "key_points": [],
  "editors_take": null,
  "illustration": null,
  "coverage": {
    "outlets": 1,
    "also_reported_by": []
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}