Benchmark Sensex fell 352.64 points on Wednesday, dragged down by selling in Reliance Industries and IT stocks amid rising crude oil prices and caution ahead of the US Federal Reserve’s policy decision. Meanwhile, Jio Platforms made a strong market debut, gaining nearly 27 per cent over its issue price.
The 30-share BSE Sensex plunged 995 points to an intraday low of 72,603.57 before recovering some losses to close at 73,246.03, down 0.48 per cent. The NSE Nifty declined 50.90 points, or 0.22 per cent, to settle at 22,698.85.
Reliance Industries fell 3.46 per cent, while Infosys dropped 3.34 per cent. Tech Mahindra, TCS and Bharti Airtel also declined.
Jio Platforms closed nearly 27 per cent above its issue price of Rs 1,119, commanding a market capitalisation of Rs 13 lakh crore and becoming India’s second-most valuable domestic firm after Reliance Industries.
Brent crude rose 0.99 per cent to USD 114.50 per barrel amid concerns over supply disruptions following Houthi attacks on Saudi Arabia.
Larsen & Toubro gained nearly 4 per cent after reporting a 32.5 per cent rise in quarterly consolidated net profit to Rs 5,202.10 crore.
Broader markets advanced, with the BSE SmallCap Select and MidCap Select indices rising 0.85 per cent and 0.66 per cent, respectively.