Sensex drops over 600 points dragged by IT stocks, rising crude oil prices

New Delhi: Stock market benchmark indices Sensex and Nifty tumbled in early trade on Wednesday, dragged by IT companies, rising crude oil prices and caution ahead of the US Federal Reserve's policy decision.

The 30-share BSE Sensex tumbled 601.14 points to 72,997.55 in early trade. The 50-share NSE Nifty tanked 146 points to 22,604.80.

Follow The PSUWatch Channel on WhatsApp

From the 30 Sensex firms, Infosys, HCL Tech, Tech Mahindra, Tata Consultancy Services, Tata Consultancy Services, ITC and Asian Paints were among the biggest laggards.

Larsen & Toubro jumped over 4 percent after the engineering major reported a 32.5 percent rise in consolidated net profit to Rs 5,202.10 crore for the quarter ended September 2026, driven by higher revenue.

State Bank of India and Axis Bank were also the winners from the blue-chip pack.

Brent crude, the global oil benchmark, traded 1.36 percent higher at USD 115.4 per barrel.

"There are reports of possible renewed strikes by the US on Iran after the midterm elections in the US. Brent crude has again firmed up to above USD 115, which is bad news for the Indian economy and markets. Today’s market action will be focussed on the Jio Platforms listing," V K Vijayakumar, Chief Investment Strategist, Geojit Investments Limited, said.

Foreign Institutional Investors (FIIs) bought equities worth Rs 4,240.39 crore on Tuesday, according to exchange data.

In Asian markets, South Korea's Kospi, Japan's 225 index, Shanghai's SSE Composite index and Hong Kong's Hang Seng index were trading higher. The Kospi surged 6.11 percent.

The US markets ended higher on Tuesday.

Follow PSU Watch on LinkedIN

"Indian equities are likely to remain cautious ahead of the US Federal Reserve's policy decision, with investors also tracking movements in global markets and energy prices. WTI crude continues to trade around USD 100–101 a barrel, keeping concerns over sustained cost pressures and the broader economic outlook in focus," Ponmudi R, CEO of Enrich Money, an online trading and wealth-tech firm, said.

On Tuesday, the Sensex dipped 8.08 points, or 0.01 percent, to settle at 73,598.67. The Nifty skidded 3.45 points, or 0.02 percent, to end at 22,749.75.

(PSU Watch is India's Business News centre that places the spotlight on PSUs, Bureaucracy, Defence and Public Policy. 👉 Click to join our channel now: PSUWatch WhatsApp Channel. Prefer LinkedIn? Follow PSU Watch on LinkedIN. Click to stay connected on Twitter here and stay updated)