India's BSE Sensex and Nifty 50 fell on Wednesday as crude prices rose and investors waited for the U.S. Federal Open Market Committee's decision. Brent crude climbed after a Houthi attack on a Saudi refinery.
The BSE Sensex fell 1.04%, down 764 points, to 72,834.67 at 10.58 a.m. on Wednesday, October 28, 2026. The Nifty 50 declined 0.8%, down 187.55 points, to 22,550 in the same session.
Crude jumps after attack on Saudi refinery
Rising crude was one weight on the market. Brent crude rose after a Houthi attack on an oil refinery in Saudi Arabia, which renewed fears of escalating geopolitical tensions in West Asia.
Brent futures surged nearly 1.5% to $115.36 a barrel, while West Texas Intermediate rose 1.2% to $101.12 per barrel. Brent had declined nearly $2 on Tuesday amid hopes of a conflict resolution.
Dr. VK Vijayakumar, chief investment strategist at Geojit Investments Limited, said in a note that there are reports of possible renewed U.S. strikes on Iran after the U.S. mid-term elections. He added that Brent crude has again firmed up to above $115, which is bad news for the Indian economy and markets.
Fed decision looms over sentiment
Global investors also stayed cautious ahead of the FOMC decision due later in the day. The Fed is widely expected to keep the Fed Funds target range unchanged at 3.75%-4.00%.
Fed Chairman Kevin Warsh hiked the benchmark rate by 25 basis points in September, the first rate hike since 2023, to address sticky inflation driven by rising energy and oil prices. The consumer price index rose to 3.7% last month from 3.4% in August.
Sticky inflation, higher interest rates and rising household costs are adding to the mounting pressure on the Trump administration, which faces midterm elections on November 3.
Source: The Hindu
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