Sectoral Snapshot Today, October 28, 2026: IT, Oil & Gas Stocks Drag; Auto, Pharma Shares Gain

Mumbai, October 28: Information technology and oil and gas stocks led sectoral losses on Wednesday as rising crude oil prices weighed on investor sentiment. IT stocks fell ahead of the US Federal Reserve’s monetary policy decision, with investors cautious about the outlook for interest rates and global technology spending. Gains in automobile, pharmaceutical and consumer durable shares offered some support, while Jio Platforms’ strong market debut remained in focus. 

IT Stocks Fall Ahead of Fed Decision 

The Nifty IT index fell 2%, making it one of the biggest sectoral laggards. Infosys and HCL Technologies were among the key drags on the benchmark, declining 3.4% and 1.4%, respectively. 

Investors remained cautious ahead of the Federal Reserve’s policy announcement, looking for signals on the future path of interest rates. The Fed’s guidance is closely watched by IT companies because it can influence US economic growth, technology spending and demand for Indian software services. 

Oil & Gas Stocks Fall as Crude Tops $115 

Oil and gas stocks also came under pressure as Brent crude prices climbed above $115 per barrel following an attack on a refinery in Saudi Arabia, raising concerns about potential supply disruptions. 

Higher crude prices pose a risk to India’s inflation outlook and can increase the country’s import bill, put pressure on the rupee and squeeze margins for businesses exposed to fuel and raw-material costs. 

Refining giant Reliance Industries fell 3.2%, weighing on the broader market despite a strong debut by its telecom and digital services arm, Jio Platforms. Upstream energy players ONGC and Oil India fell 2.16% and 2.15%, respectively while downstream players HPCL, BPCL and IOC declined 1.9%, 2.9% and 1.2%, respectively. 

Realty and FMCG stocks also ended lower, with their respective indices declining around 0.5% each. 

Auto, Pharma Stocks Buck Weakness 

Automobile stocks outperformed, with the Nifty Auto index gaining 1.4%. Maruti Suzuki India gained 1.13% as automaker expects stronger sales volumes and additional price increases to improve profitability in the second half of FY27, after higher costs pushed its September-quarter profit below market expectations.  

Bajaj Auto rose 0.9% as two-wheeler maker reported better-than-expected quarterly earnings, supported by robust export demand and favourable currency movements. Auto parts maker Sona BLW Precision Forgings rose 3.2%, extending its rally from yesterday after reporting a rise in profit. 

Consumer durable and media stocks also advanced around 1% each, bucking the broader market weakness. 

Pharmaceutical stocks rose around 1%, with buying in the sector helping cushion losses in IT and energy shares. Piramal Pharma rose 17% after swinging to profit, posting the biggest rise on the Nifty Pharma index. 

Apollo Hospitals, Larsen & Toubro (L&T), Trent, SBI Life Insurance and InterGlobe Aviation featured among the top Nifty 50 gainers. 

L&T advanced 3.7% after reporting strong quarterly results, while SBI Life Insurance also rose 2.1% after good report card. Stock-specific moves following earnings announcements remained a key driver of trading activity. 

Broader markets outperformed the frontline indices. The Nifty Midcap index rose 0.4%, while the Nifty Smallcap index gained 0.9%, indicating relative resilience among mid- and small-cap stocks. 

Fed Decision, Crude Prices in Focus 

Investors will track the Federal Reserve’s policy decision, movements in crude oil prices and foreign investor flows for cues on the market’s near-term direction. Persistent energy price pressures remain a risk to inflation and corporate earnings, while quarterly results and stock-specific developments are likely to influence sectoral performance. 

Source

•  NSE