Sensex, Nifty erase early gains as Reliance Industries, crude-sensitive stocks slip

The stock market gave up early gains to end largely flat on Wednesday as weakness in index heavyweights offset advances in information technology (IT) stocks.

The NSE Nifty 50 index ended 23 points higher at 25,891 after slipping more than 200 points from the day’s high, while the S&P BSE Sensex rose 130 points to close at 84,556. The Nifty Bank index added 71 points to finish at 58,078, while the broader Nifty Midcap index fell 38 points to 59,371.

Reliance Industries Ltd (RIL) slipped about 3% from intraday highs after reports suggesting potential curbs on Russian oil imports weighed on sentiment. The fall in RIL, which carries significant index weight, capped overall market gains.

IT stocks provided support, with Infosys, HCLTech and Tech Mahindra among the top gainers, tracking global tech strength and easing US bond yields.

Crude-sensitive stocks such as oil marketing companies and airlines declined as Brent prices rose. InterGlobe Aviation (IndiGo) and Hindustan Petroleum Corp Ltd (HPCL) each dropped 2–3%.

Eternal Technologies extended losses to close 3% lower, ending as the top laggard on the Nifty 50. Hindustan Unilever Ltd (HUL) ended marginally higher after reporting quarterly earnings broadly in line with estimates.

Among notable movers, Vodafone Idea gained 6% ahead of the Supreme Court hearing on the adjusted gross revenue (AGR) case scheduled for Monday. Bharat Forge jumped 5% after winning an order from the Indian Army for carbine supply.

Indian Energy Exchange (IEX) rose more than 4% ahead of an Oct. 30 market coupling hearing, while Laurus Labs gained 2% after beating earnings expectations. Info Edge rose in line with IT peers, finishing among top midcap gainers.

Buying interest was seen in textile stocks on reports of progress in trade negotiations, with several counters up 5–10%. Gold financiers weakened as bullion prices slipped for the third straight day, with Muthoot Finance down 3%.

Market breadth turned negative, with the advance-decline ratio at 2:3, indicating broader weakness despite select stock gains.Read about our editorial guidelines and ethics policy