# Sensex, Nifty fall as IT stocks slide, rising oil prices weigh — retained record

> Retained news record from news:india-et-markets.

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source: [news](https://highsignal.app/data/news) (news:india-et-markets)  published 2026-10-29 00:21 ingested 2026-10-29 03:04

[original source ↗](https://economictimes.indiatimes.com/markets/stocks/news/indian-equity-benchmarks-decline-as-it-stocks-rising-crude-oil-prices-weigh-on-market-sentiment/articleshow/135284084.cms)

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The Sensex fell 352.6 points, or 0.48%, to close at 73,246 after plunging as much as 995 points, or 1.35%, to 72,603.5 during the session. The Nifty declined 50.90 points, or 0.22%, to settle at 22,699. Both indices had fallen as much as 1% earlier in the day.
Investor sentiment remained cautious as Brent crude prices climbed following an attack on a Saudi Arabian refinery. The global oil benchmark rose 1% to $114.50 a barrel, adding to concerns over inflation and its potential impact on India's economy and corporate earnings. Markets also awaited the outcome of the US Federal Reserve's policy decision.
IT stocks plunged amid global optimism around AI-linked stocks. South Korean chipmakers led a broader recovery in AI-related stocks after SK Hynix reported a sevenfold jump in profit and announced an additional $45 billion in shareholder returns. Among Asian markets, South Korea's Kospi was up 6.6%, Japan's Nikkei 225 was up 1.08%, Shanghai's SSE Composite and Hong Kong's Hang Seng indices also traded in positive territory.
Read more: Diwali 2026: Sensex plunged 10,000 points, Nifty dropped 12% since last Diwali. Will Samvat 2083 bring some relief?
Back home, the broader market outperformed the benchmarks, with the Nifty Midcap 150 index rising around 0.3% and the Nifty Smallcap 250 index gaining about 0.3%. Among sectors, the Nifty Auto index advanced 1.4%, while consumer durables, media and pharma stocks gained around 1% each.
In contrast, the Nifty IT and Oil & Gas indices fell around 2% each, while Realty and FMCG stocks declined about 0.5%.
In currency markets, the rupee weakened 11 paise to close at 95.23 against the US dollar, compared with Tuesday's close of 95.12. "Recent market corrections reflect global macro pressures and forced liquidity selling, not invalidated investment theses," said Radhika Gupta, MD & CEO, Edelweiss Mutual Fund. "Large caps offer relative stability, while mid and small caps present selective opportunities," she said.
Read more: These 7 private and public banking stocks have an upside of up to 27% in one year, according to analysts
FPIs net bought shares worth ₹871 crore on Wednesday. Domestic institutions were net buyers of ₹643 crore. Technical analysts said the Nifty 50 faces immediate resistance around 22,780-22,800, while support is placed near 22,500-22,400.
"A sustained move above resistance could open the way toward 23000-23100, whereas a breakdown below support may drag the index toward 22,200," said Gaurav Garg, head - research, Lemonn.
(What's moving Sensex and Nifty Track latest market news, stock tips, Budget 2025, Share Market on Budget 2025 and expert advice, on ETMarkets. Also, ETMarkets.com is now on Telegram. For fastest news alerts on financial markets, investment strategies and stocks alerts, subscribe to our Telegram feeds .)
Subscribe to ET Prime and read the Economic Times ePaper Online.and Sensex Today.
Top Trending Stocks: SBI Share Price, Axis Bank Share Price, HDFC Bank Share Price, Infosys Share Price, Wipro Share Price, NTPC Share Price
(What's moving Sensex and Nifty Track latest market news, stock tips, Budget 2025, Share Market on Budget 2025 and expert advice, on ETMarkets. Also, ETMarkets.com is now on Telegram. For fastest news alerts on financial markets, investment strategies and stocks alerts, subscribe to our Telegram feeds .)
Subscribe to ET Prime and read the Economic Times ePaper Online.and Sensex Today.
Top Trending Stocks: SBI Share Price, Axis Bank Share Price, HDFC Bank Share Price, Infosys Share Price, Wipro Share Price, NTPC Share Price
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