Sensex, Nifty Rise as Reliance Industries and IT Stocks Gain; Crude Oil Limits Upside

29 Oct 2026 , 12:35 PM

The Indian benchmark indices rose on October 29, 2026, buoyed by gains in Reliance Industries and the information technology sector amid unchanged interest rates by the US Federal Reserve. But high crude prices restricted upside.

Around 12.24 PM IST, the Nifty 50 index gained 0.74% to 22,865 while the BSE Sensex index surged 0.82% to 73,847. Overall, market breadth was positive with 15 out of 16 sectoral indices ending in the green.

Stock Market Developments

• Nifty 50 Index increased by 0.74% to 22865 while Sensex Index gained 0.82% to 73847.
• Reliance Industries jumped 1.7% on buying activity following Jio Platforms’ listing in the stock market.
• Jio Platforms added 3.5%.
• While information technology sector rose 0.5% after US Fed decided to hold interest rates unchanged.
• Brent crude futures dropped 1% to trade at around $114/barrel.
• Adani Ports gained 3.4% after posting higher profits for the quarter and raising operating profit guidance.
• Hyundai Motor India rose 4.1% amid positive comments by analysts.

Market Buoyed by Reliance and IT Sector

Reliance Industries rose 1.7%, pushing benchmark indices higher, as it plays a major role in the Indian equity market. The company is still in focus after Jio Platforms was listed.

Jio Platforms saw gains of 3.5% after its strong debut.

Information technology stocks rose 0.5% after US Fed decided to hold interest rates unchanged. Overall the market rose as small-cap and mid-cap indices added 0.4% respectively.

US Fed Holds Interest Rates Unchanged

The US Federal Reserve decided to hold interest rates as it wants to wait for more inflation data. It said that inflation remains high as there continues to be some uncertainty.

This was seen as slightly bullish for equities. However, higher US interest rates can boost the demand for US Treasuries and therefore increase the value of the dollar.

Crude Prices Restrict Stock Market Upside

Brent crude futures dropped 1% to trade at $114/barrel as traders considered the impact of the conflict in the Middle East.

However, crude prices remain high which means there is limited upside potential for Indian equities. India heavily depends on oil imports so any change in crude prices will have an impact.

Top Movers Include Adani Ports and Hyundai Motor India

Adani Ports and Special Economic Zone gained 3.4%, making it the best performing Nifty stock. The company saw gains as it posted higher profits for the quarter after strong cargo volumes and raised operating profit guidance.

Hyundai Motor India gained 4.1% as analysts made positive comments.

What is Impacting the Stock Market?

Overall, the domestic stock market has seen gains as there were buying opportunities across several sectors. This has been seen in large stocks, information technology and individual earnings.

As we are in the middle of the quarterly earnings period, investors are tracking financial results. Although the decision by the Federal Reserve has been bullish, the higher crude oil prices still remain a concerning factor.

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