Sensex falls over 600 points as IT stocks slide, crude prices rise

• Sensex fell 601.14 points in early trade, while Nifty declined 146 points

• IT stocks weighed on the benchmarks as higher crude prices and caution ahead of the US Federal Reserve’s decision dampened sentiment

• Larsen & Toubro gained more than 4 per cent after reporting a 32.5 per cent rise in quarterly profit

Indian equity benchmarks fell sharply in early trade on Wednesday as losses in information technology stocks, rising crude oil prices and caution ahead of the US Federal Reserve’s monetary policy decision weighed on sentiment.

The 30-share BSE Sensex dropped 601.14 points to 72,997.55, while the NSE Nifty declined 146 points to 22,604.80.

Infosys, HCL Technologies, Tech Mahindra and Tata Consultancy Services were among the major laggards in the Sensex pack. ITC and Asian Paints also traded lower.

Larsen & Toubro moved against the broader trend, climbing more than 4 per cent after the engineering company reported a 32.5 per cent increase in consolidated net profit to Rs 5,202.10 crore for the quarter ended September 2026. Higher revenue supported the earnings growth.

State Bank of India and Axis Bank were also among the gainers.

Brent crude rose 1.36 per cent to USD 115.40 a barrel, adding to concerns over the impact of elevated energy costs on India’s economy.

V.K. Vijayakumar, chief investment strategist at Geojit Investments, said reports of possible renewed US strikes on Iran after the American midterm elections had pushed crude prices higher. He described Brent’s rise above USD 115 as an adverse development for the Indian economy and markets, adding that investors would also closely watch the Jio Platforms listing.

Ponmudi R, chief executive of Enrich Money, said investors were likely to remain cautious ahead of the Fed’s policy announcement while tracking global equities and energy prices. With WTI crude trading around USD 100–101 a barrel, persistent cost pressures remained a concern, he added.

The domestic decline came despite gains across major Asian markets. South Korea’s Kospi surged 6.11 per cent, while Japan’s Nikkei 225, China’s Shanghai Composite and Hong Kong’s Hang Seng also traded higher. US markets had closed higher on Tuesday.

Foreign institutional investors bought Indian equities worth Rs 4,240.39 crore on Tuesday, according to exchange data.

In the previous session, the Sensex slipped 8.08 points, or 0.01 per cent, to close at 73,598.67. The Nifty edged down 3.45 points, or 0.02 per cent, to settle at 22,749.75.

With PTI inputs