Stock Market Opens Deep In The Red As Sensex Sinks Over 700 Points, Nifty Nears 22,600 Amid IT Stock Rout And Fresh Crude Oil Price Surge

Mumbai: Indian stock markets opened sharply lower on Wednesday as selling in information technology (IT) shares, rising crude oil prices and uncertainty ahead of the US Federal Reserve's interest rate decision weighed on investor sentiment. The BSE Sensex plunged over 700 points to 72,822, while the NSE Nifty 50 declined 146 points to 22,604.80.

IT Stocks Drag

IT stocks led the market decline, with Infosys, HCL Technologies, Tech Mahindra and Tata Consultancy Services (TCS) among the major Sensex losers. ITC and Asian Paints also faced selling pressure.

However, Larsen & Toubro (L&T) gained over 4% after reporting a 32.5% increase in consolidated net profit to ₹5,202.10 crore for the September quarter. State Bank of India (SBI) and Axis Bank were among the other gainers.

Jio Listing Today

The much-awaited Jio Platforms IPO listing remained a major market event on Wednesday. Shares of Reliance Industries-backed Jio Platforms debuted on the BSE and NSE following India's largest IPO, worth approximately Rs 30,213 crore. The issue price was fixed at Rs 1,119 per share, while grey market indications suggested a potential listing premium of around 22%. The grey market indication turned out to be accurate as Jio Platforms' share made a perfect debut on the D-Street with Rs 239 per share gain, up 21.36 per cent.

What Akash Ambani Said

Ahead of the listing, Akash Ambani, Chairman of Reliance Jio Infocomm, described the IPO as a significant responsibility towards shareholders. Speaking earlier, Ambani said, "It is the start of the journey," emphasising the company's commitment to delivering long-term shareholder growth and value. He also highlighted Jio's plans to expand beyond telecommunications into artificial intelligence, cloud services and digital technology.

Crude Prices Rise

Brent crude oil climbed 1.36% to $115.40 per barrel, raising concerns over inflation and India's import costs. V K Vijayakumar, Chief Investment Strategist at Geojit Investments, said renewed geopolitical tensions involving the US and Iran could keep crude prices elevated. He added that investors would closely monitor the Jio Platforms stock market listing on Wednesday.

Fed Decision Awaited

Investors remained cautious ahead of the US Federal Reserve's monetary policy announcement. Ponmudi R, CEO of Enrich Money, said WTI crude trading around $100–101 per barrel continued to raise concerns about economic pressures.

Global Markets Mixed

Asian markets traded higher, with South Korea's Kospi surging 6.11%. Japan, China and Hong Kong also recorded gains. US stock markets closed higher on Tuesday.

Meanwhile, foreign institutional investors (FIIs) purchased Indian equities worth Rs 4,240.39 crore on Tuesday. The previous session saw the Sensex close almost unchanged at 73,598.67, while the Nifty settled at 22,749.75.

Investors will now track crude oil prices, the Federal Reserve's policy announcement and corporate earnings for further market direction.