Jio Lists at a 27% Gain, the Fed Holds Rates and GIFT Nifty Turns Green. Is a Rally Next?

Dailyfinancial.in Market Desk | Thursday, 29 October 2026 | Closing data as of market close, 28 October 2026, with pre-open cues for 29 October

₹13.1 lakh crore. That is what Jio Platforms was worth at the close of its first trading day on Wednesday, 28 October 2026, after shares listed at ₹1,358 and ended at ₹1,419, a 26.8% gain over the IPO price, per 5paisa. Yet parent Reliance Industries fell 3.19% to ₹1,158, near its 52-week low.

That paradox sums up a mixed session in which the Sensex lost 352.64 points while midcaps and small caps quietly gained. Overnight, the US Fed held rates at 3.75% to 4.00% with two dissenters favouring a hike, and GIFT Nifty now signals a positive open. This briefing on the stock market today, 29 October 2026, covers verified BSE Sensex, NSE Nifty 50 and Nifty Bank data, macro drivers, Nifty levels, global cues, 16 stock screens, sector performance India 2026, gainers and losers, stock ideas and model portfolios.

Indian Market Overview: Why Did the Sensex Fall While Most Stocks Rose?

Wednesday was a heavyweight-driven decline. IT and oil and gas stocks such as Infosys, Reliance and ONGC dragged the benchmarks, while autos, pharma and consumer durables rallied, HDFC Sky reported, as Brent rose above $115 after an attack on a Saudi refinery.

Breadth was positive despite the index fall. Across the market, 2,178 stocks advanced against 1,957 decliners and 185 unchanged, per HDFC Sky, while within the Nifty 50 the split was 26 advances to 24 declines, according to Angel One.

Institutional flows were supportive for a third straight session. FIIs bought about ₹872 crore and DIIs about ₹643 crore on 28 October, according to provisional data compiled by Tapetide, after FIIs had bought about ₹4,240 crore on 27 October.

The rupee closed 11 paise weaker at 95.23 per dollar, HDFC Sky reported. The blog’s reading is that the market is rotating rather than retreating: money is leaving IT and oil and moving into autos, healthcare and capital goods, where earnings are stronger.

Key Economic Drivers: Does the Fed’s Pause Buy India Some Breathing Room?

A US Fed hold, crude stuck above $110 and strong capex earnings frame Thursday’s macro picture. Here is how India GDP growth, inflation trends, RBI repo rates and jobs data stand as of 29 October 2026.

India GDP Growth: Is L&T’s Record Order Book a Signal for Q2 GDP?

India’s real GDP grew 7.8% in Q1 FY27 (April to June 2026), per MoSPI, with gross fixed capital formation up 11.9% and manufacturing up 9.2%. The RBI expects FY27 growth of 7.1%, and Q2 data is due on 30 November 2026.

Corporate results point to a strong investment cycle. L&T’s order intake rose 28% to ₹1,47,665 crore and its order book hit a record ₹8.5 lakh crore, per Upstox, while Vedanta’s profit jumped 78.3%, according to Trendlyne.

What this means for markets: Capex-heavy sectors such as capital goods, infrastructure and metals are likely to keep outperforming as long as the investment cycle holds.

CPI Inflation Trend: Will Oil Push October CPI Higher?

CPI inflation for September 2026 was 5.54%, up from 4.83% in August, with food inflation at 7.74%, according to MoSPI. Wholesale inflation for September was 11.39%, up from 9.92%.

With Brent averaging above $110 for much of October, the blog expects fuel to push up the October CPI print, due on 12 November 2026. Maruti Suzuki’s 26.4% profit fall despite 26% revenue growth shows how input costs are squeezing margins.

What this means for markets: Higher inflation favours companies with pricing power and hurts margin-sensitive manufacturers and consumer names.

RBI Repo Rate: How Does the Fed’s Split Vote Change the Picture?

The RBI raised the repo rate by 25 basis points to 5.50% at its 5 to 7 October 2026 meeting, its first hike since February 2023, with a stance of calibrated tightening. The Standing Deposit Facility is at 5.25%, and the MSF and Bank Rate are at 5.75%.

Overnight, the US Fed held its target range at 3.75% to 4.00% in a 10 to 2 vote, with Governor Lisa Cook and Cleveland Fed President Beth Hammack dissenting in favour of a hike, Capp Notes reported. Chair Kevin Warsh declined to prejudge the December meeting.

What this means for markets: A Fed pause eases near-term pressure on emerging-market currencies, but the hawkish dissents and US 10-year yields near 5% limit relief for FII flows into India.

PLFS Unemployment: Is Hiring Holding Up Through the Festive Season?

The PLFS bulletin for September 2026 showed India’s unemployment rate steady at 5.0%, with rural unemployment at 4.2% and urban at 6.9%, per MoSPI. Urban female labour force participation rose to 25.9%, DD India reported.

What this means for markets: Steady employment supports festive-season demand, which helps explain the 1.45% rally in auto stocks and 1.41% gain in consumer durables on Wednesday.

Nifty Today: Can the 22,500 Floor Hold for a Third Time?

The Nifty again dipped toward 22,500 and bounced, a pattern now repeated three times in four sessions. Here is the point-by-point breakdown, as of market close, 28 October 2026, with cues for 29 October.

• Open: 22,678.00, below the previous close of 22,749.75.
• High: 22,778.05, capped below the 22,800 to 22,830 resistance zone.
• Low: 22,497.70, a brief test of the 22,500 mark.
• Close: 22,698.85, down 50.90 points or 0.22%, about 200 points above the low.
• Distance from 2026 low: About 2.3% above the 8 October intraday low of 22,179.90.
• Support levels: 22,600 (Liquide), 22,500, then 22,370 (Goodreturns).
• Resistance levels: 22,800 to 22,830, then 23,000 and 23,175 (Goodreturns).
• Classic pivot for 29 October: Pivot 22,658.20, R1 22,818.70, R2 22,938.55, S1 22,538.35, S2 22,377.85 (blog’s calculation from the 28 October high, low and close).
• Put-Call Ratio: 1.01 at 4:45 pm on 27 October for the 3 November expiry (Quantsapp), showing balanced positioning in the new series.
• Maximum Call OI: 23,500 strike with 66.0 lakh contracts; Maximum Put OI: 20,050 strike with 56.1 lakh contracts (Quantsapp, 27 October). Max pain stood at 22,750.
• Candlestick pattern: A small bullish-bodied candle with a long lower shadow, closing above its open, resembling a hammer near support.
• Trend verdict: Range-bound between 22,370 and 22,830, as Goodreturns noted, with buyers defending the lower end.
• Outlook for the next session: GIFT Nifty at 22,792 points to an open near R1. A close above 22,830 would break the range and target 23,000, while a fall below 22,538 would bring 22,378 back into play.

BSE Sensex vs Nifty 50 Trend in October 2026: Will October End in the Green?

September 2026 has closed, so this table covers every October session so far against the 30 September closes of 72,480.29 for the Sensex and 22,620.45 for the Nifty.

With two sessions left in October, the Sensex is up 1.06% and the Nifty 0.35% for the month. The Nifty has held a narrow band of about 150 points over the last three sessions, signalling consolidation after the month’s sharp swings.

The blog’s view is that October is on track for a modest gain unless crude spikes again. A Nifty close above 22,830 on Thursday or Friday would lock in a stronger finish, while a slide below 22,620 would turn the month negative.

Latest Market News Highlights: Which 8 Stories Are Shaping Thursday’s Trade?

A record listing, a Fed decision, blockbuster capex results and an IT sell-off top the latest market news for 29 October 2026. Here is what happened, the immediate impact and the stocks affected.

• Jio Platforms closes 26.8% above issue price. Shares listed at ₹1,358, a 21.4% premium to the ₹1,119 issue price, and closed at ₹1,419, valuing the company at about ₹13.1 lakh crore, per HDFC Sky and 5paisa. It became India’s second most valuable listed company after Reliance, whose market cap stood at about ₹15.7 lakh crore.
• Fed holds rates in a split vote. The US Fed kept rates at 3.75% to 4.00% in a 10 to 2 vote, with two members favouring a hike, Capp Notes reported. The statement described inflation as elevated. Impact: GIFT Nifty rose 93 points overnight.
• L&T posts a record order book. L&T’s Q2 profit rose 32.5% to ₹5,202.1 crore and order intake jumped 28% to ₹1,47,665 crore, taking the order book to about ₹8.5 lakh crore, per Upstox and Trendlyne. The stock rose 3.72% to ₹3,801.30, though EBITDA margin slipped to 8.6% from 10.01%.
• Maruti Suzuki and Cipla disappoint. Maruti’s profit fell 26.4% to ₹2,466.1 crore despite 26% revenue growth, and Cipla’s fell 35.1% to ₹877.5 crore, Trendlyne reported. Impact: margin pressure from input costs is now visible in autos and pharma.
• IT sell-off deepens. Nifty IT fell 1.98%, with Infosys down 3.43% to ₹1,123.15, Tech Mahindra 1.92% and TCS 1.48%, per HDFC Sky and Liquide. Impact: Infosys has now given back its post-results gains.
• Crude climbs on refinery attack. Brent rose above $115 after an attack on a Saudi Arabian refinery, HDFC Sky reported, before easing to $114.40 early on 29 October, per DSIJ. Impact: Reliance fell 3.19% and ONGC 2.16%, while oil and gas was the weakest sector at minus 2.8%.
• Strong numbers from Vedanta, Tata Capital and Chola. Vedanta’s profit rose 78.3% to ₹6,202 crore, Tata Capital’s 51.3% and Cholamandalam’s 40.6%, per Trendlyne. Piramal Pharma turned profitable and surged 16% to a 52-week high.
• Apollo Hospitals and autos lead gains. Apollo Hospitals rose 4.43% to ₹8,137, the top Nifty gainer, while Nifty Auto gained 1.45% on festive demand. Impact: healthcare and autos remain the market’s defensive growth pockets.

Global Cues: Did the Fed Pause and a 6.6% Kospi Surge Set Up a Rebound?

Global markets responded calmly to the Fed hold. US indices edged higher, Korea’s Kospi soared 6.63% to reclaim 6,000, and European markets were mixed.

How each cue is influencing Indian markets:

• Fed decision: The hold removes a near-term shock, but two dissents for a hike keep December live. Indian rate-sensitive stocks may rally briefly before refocusing on domestic inflation.
• Wall Street: Small gains across the Dow, S&P 500 and Nasdaq after the Fed decision suggest US investors saw the outcome as balanced, a mild positive for Asian sentiment.
• Kospi surge: A 6.63% jump in Korea, driven by chip stocks such as SK Hynix, signals a strong rebound in Asian tech that could support Indian IT after Wednesday’s sell-off.
• Japan and China: Gains of 1.08% in the Nikkei and 0.91% in Shanghai add to a positive regional backdrop.
• Europe: Modest gains in the DAX and flat FTSE reflect cautious optimism, with the ECB meeting on 29 October and BoJ on 30 October next.
• US yields: The 10-year yield near 5% keeps the India-US yield gap at about 2.4 percentage points, limiting the scale of FII inflows.
• Brent crude: Oil above $114 remains India’s single biggest macro risk, feeding inflation and pressuring OMCs and the rupee.
• Rupee and gold: A weaker rupee at 95.23 per dollar and a softer gold price suggest investors are cautious but not panicking.

Performance Overview: Which Top NSE/BSE Stocks Shone in a Rotational Market?

Each screen uses verified prices and metrics with a stated date and source. Where exchanges do not publish an indicator, such as RSI, we use and disclose a verifiable substitute so every column carries real data.

Daily Fresh Breakouts: Which Stocks Broke Out on 28 October?

Screening criteria: Stocks that rose more than 3.5% on 28 October on results, sector strength or heavy volume, per Trendlyne, HDFC Sky and Upstox closing data.

Weekly Breakouts: Which Stocks Have Led Since Last Week’s Low?

Screening criteria: Stocks with the strongest gains over recent multi-session windows (stated in each row), calculated by the blog from exchange closing prices.

Oversold Stocks: Which Names Have Been Sold Hardest This Week?

Screening criteria: RSI is proprietary to charting platforms, so this screen uses verifiable proxies: single-day falls above 3% or stocks closing near 52-week lows, conditions consistent with oversold readings.

Stocks Nearing Breakout: Which Leaders Are Within 6% of a Key Level?

Screening criteria: Stocks within 6% of their 52-week high or a major round number, with the gap calculated by the blog from 28 October prices.

Short-Term Buys: Which Setups Fit a 2 to 4 Week Window?

Screening criteria: Blog’s own analysis: strong earnings or sector momentum, positive close on 28 October and a definable stop loss.

FII Holding Changes: Where Has Foreign Money Been Adding?

Screening criteria: Companies with rising FII shareholding through the September 2026 quarter, per Equitymaster’s 8 October review. Stake columns replace price because the stake change is the signal.

DII Holding Changes: Who Is Buying Now, FIIs or DIIs?

Screening criteria: Stock-level DII filings for the September 2026 quarter are still arriving, so this table tracks verified daily flows (Quantsapp to 23 October; Tapetide for 26 to 28 October).

FIIs have now bought on four of the last six sessions, including a ₹4,240 crore inflow on expiry day, their largest of the month. That trend, if it continues, would mark the first meaningful turn in foreign flows in October.

Upcoming Dividends: Which Record Dates Fall in the Next Week?

Screening criteria: Declared dividends with record dates from 29 October to 3 November 2026, per Upstox and Multibagg results coverage.

Only three verified record dates fall in this short window. Investors seeking income should note Infosys’ ₹26 payout, which at Wednesday’s close of ₹1,123.15 represents about 2.3% of the share price for a single interim dividend.

Long-Term Buys: Which Blue-Chip Stock Picks Can Compound Through 2027?

Screening criteria: Blog’s own analysis: market leadership, strong balance sheets, visible earnings growth and reasonable valuations after the October correction.

High Dividend Yield Stocks: Where Can Income Investors Earn 4% to 6%?

Screening criteria: Highest yields among quality companies with ROE above 20%, per Angel One screener data as of 28 September 2026.

Fundamentally Strong Stocks: Which Balance Sheets Are Built to Last?

Screening criteria: ROE above 20%, debt-to-equity at or below 0.12 and recent profit growth, per Angel One and company filings (September to October 2026).

Low Debt Mid Caps: Which Mid-Sized Firms Carry Almost No Leverage?

Screening criteria: Market capitalisation roughly ₹20,000 crore to ₹65,000 crore with debt-to-equity at or below 0.04 (Sahi screener, 5 August 2026; Angel One, 28 September 2026), plus Shyam Metalics for internally funded growth.

Cash-Rich Small Caps: Which Smaller Names Have Clean Balance Sheets?

Screening criteria: Small caps described as debt-free or virtually debt-free by Angel One (29 September 2026), Equitymaster (8 October 2026) or recent reports, with the latest verified price.

Volume Shockers: Where Did Trading Activity Explode on 28 October?

Screening criteria: Stocks with exceptional traded volumes on 28 October, per Trendlyne (closing prices) and Multibagg (volumes and intraday prices).

52-Week Highs: Which Stocks Set New Yearly Peaks on 28 October?

Screening criteria: Stocks that hit a fresh 52-week high on 28 October, per Trendlyne and Upstox. Seven BSE 500 stocks hit new highs.

52-Week Lows: Which Big Names Are Still Making New Lows?

Screening criteria: Stocks that hit a fresh 52-week low on 27 or 28 October, or traded within 1% of it, per Trendlyne and Multibagg. Twenty-six BSE 500 stocks hit lows on each of those days.

Sector Performance India 2026: Why Did Autos Rally While IT and Oil Sank?

Wednesday’s sector map showed a sharp rotation. The table compares the last two sessions, using Liquide and Trendlyne data for 28 October and HDFC Sky for 27 October.

Leaders were autos, consumer durables and pharma, all helped by festive demand and strong results from select names. Laggards were IT and oil and gas, hit by guidance cuts and crude volatility respectively.

The blog’s view is that this rotation favours domestic consumption and healthcare over export-heavy IT for now. A sharp Kospi-led tech rebound, however, could trigger a short-covering bounce in Indian IT on Thursday.

Top 10 Gainers and Top 10 Losers: Who Moved the Nifty 50 the Most?

The Nifty 50 split almost evenly, with 26 gainers and 24 losers on 28 October. Closing prices are from HDFC Sky and Angel One; changes in rupees are from Liquide or derived from the close and percentage move.

Seven gainers had verified closing prices in the reports we reviewed; the remaining 19 advancers posted smaller gains.

Stock Recommendations for Today: Which 6 Setups Look Strongest After the Fed?

These are the blog’s own technical and fundamental ideas based on prices as of market close, 28 October 2026. With GIFT Nifty signalling a positive start, avoid chasing gap-ups and use the entry ranges.

Larsen & Toubro: Can a ₹8.5 Lakh Crore Order Book Power a Breakout?

• CMP: ₹3,801.30 (28 Oct close)
• Trigger: 3.72% jump on results with 61 lakh shares traded
• Entry range: ₹3,760 to ₹3,805
• Target: ₹4,050 (about 7.1% upside from ₹3,780)
• Stop loss: ₹3,680 (about 2.6% risk)
• Time frame: 4 to 8 weeks
• Rationale: Order intake up 28% and profit up 32.5%
• Key risk: EBITDA margin fell to 8.6%

Apollo Hospitals: Will the Healthcare Leader Keep Climbing?

• CMP: ₹8,137.00 (28 Oct close)
• Trigger: Up 5.3% since 23 October
• Entry range: ₹8,050 to ₹8,140
• Target: ₹8,650 (about 6.8% upside from ₹8,100)
• Stop loss: ₹7,880 (about 2.7% risk)
• Time frame: 4 to 8 weeks
• Rationale: Defensive growth with low crude sensitivity
• Key risk: Premium valuation

Dr Reddy’s: Is ₹1,350 the Next Breakout Point?

• CMP: ₹1,335.40 (28 Oct close)
• Trigger: 1.08% below ₹1,350 after a three-day rally
• Entry range: ₹1,315 to ₹1,338
• Target: ₹1,420 (about 7.2% upside from ₹1,325)
• Stop loss: ₹1,285 (about 3.0% risk)
• Time frame: 3 to 6 weeks
• Rationale: Pharma rotation and strong momentum
• Key risk: US pricing pressure, seen in Cipla’s 35% profit fall

Reliance Industries: Is the Jio Discount Too Big to Ignore?

• CMP: ₹1,158.00 (28 Oct close)
• Trigger: 0.49% above its 52-week low while Jio listed at a 26.8% gain
• Entry range: ₹1,150 to ₹1,162
• Target: ₹1,240 (about 7.3% upside from ₹1,156)
• Stop loss: ₹1,120 (about 3.1% risk)
• Time frame: 4 to 8 weeks
• Rationale: Its two-thirds Jio stake is worth more than half of Reliance’s market cap
• Key risk: Refining margins and crude volatility

Trent: Can Retail Momentum Carry It Past ₹3,000?

• CMP: ₹2,913.90 (28 Oct close)
• Trigger: Gained 2.42% and 3.31% in two sessions
• Entry range: ₹2,880 to ₹2,915
• Target: ₹3,100 (about 6.9% upside from ₹2,900)
• Stop loss: ₹2,820 (about 2.8% risk)
• Time frame: 3 to 6 weeks
• Rationale: Zudio expansion past 1,000 stores
• Key risk: Consumer slowdown from high inflation

Piramal Pharma: Is the Turnaround Rally Just Starting?

• CMP: ₹230.60 (28 Oct close)
• Trigger: 16% surge to a 52-week high on results
• Entry range: ₹226 to ₹231
• Target: ₹250 (about 9.6% upside from ₹228)
• Stop loss: ₹218 (about 4.4% risk)
• Time frame: 3 to 6 weeks
• Rationale: Profit of ₹5.6 crore versus a ₹99.2 crore loss; revenue up 28.1%
• Key risk: Profit-taking after a sharp one-day gain

Portfolio Suggestions by Risk Appetite: How Should You Position for November?

Each model portfolio is the blog’s own illustrative allocation, built from stocks with verified recent earnings or balance-sheet data. Adjust weights to your goals and time horizon.

Conservative Portfolio: How Can You Grow Wealth With Lower Volatility?

• Pros: Market leaders across banking, capex and healthcare with a cash cushion.
• Cons: Limited upside if small caps rally sharply.

Moderate Portfolio: How Do You Balance Growth and Safety?

• Pros: Balanced exposure to value unlocking, consumption and strong earners.
• Cons: Vedanta and Reliance remain sensitive to commodity prices.

Aggressive Portfolio: Where Are the High-Growth Bets Now?

• Pros: Exposure to the strongest Q2 earnings growth.
• Cons: High valuations and volatility; NBFCs face rate risk.

Final Thought: Is the Market Quietly Building a Base for November?

The Nifty has defended 22,500 three times in four sessions, institutional flows have turned supportive, and GIFT Nifty points higher after the Fed. The setup favours a test of the 22,830 range top, but crude above $114 remains the swing factor.

Three insights stand out. First, Reliance closed near its 52-week low on the same day its unit Jio was valued at about ₹13.1 lakh crore, meaning its roughly two-thirds stake is worth more than half of Reliance’s ₹15.7 lakh crore market cap. Second, FIIs bought ₹4,240 crore on 27 October, their biggest buying day of the month, a sign that foreign selling is losing steam. Third, L&T’s record ₹8.5 lakh crore order book contrasts sharply with Maruti’s 26% profit fall, showing that capex is outpacing consumption this earnings season.

For the session ahead, watch the ECB decision, Q2 results, Brent near $114 and whether the Nifty can close above 22,830. A breakout would target 23,000, while a slip below 22,538 would extend the range-bound phase.

Frequently Asked Questions About the Stock Market Today

Why did the Sensex fall on 28 October 2026?

The Sensex fell 352.64 points to 73,246.03 as IT and oil and gas heavyweights dragged the index. Infosys fell 3.43%, Reliance 3.19% and ONGC 2.16%, while Brent crude rose above $115 after an attack on a Saudi refinery. Autos, pharma and consumer durables gained, keeping breadth positive.

How will the market open on 29 October 2026?

GIFT Nifty traded at 22,792, up 93.15 points, early on 29 October, pointing to a positive start after the US Fed held rates, according to DSIJ. Asian markets rose and Brent eased to $114.40. Resistance sits at 22,819 and support at 22,538 based on pivot levels.

What was Jio Platforms’ listing price and closing price?

Jio Platforms listed at ₹1,358 on 28 October 2026, a 21.4% premium to its ₹1,119 issue price, per HDFC Sky. It closed at ₹1,419, up 26.8% over the issue price, valuing the company at about ₹13.1 lakh crore, according to 5paisa.

What did the US Fed decide on 28 October 2026?

The US Federal Reserve held its benchmark rate at 3.75% to 4.00% in a 10 to 2 vote, with Lisa Cook and Beth Hammack dissenting in favour of a hike. The statement said inflation remains elevated, and Chair Kevin Warsh declined to prejudge the December meeting.

What were L&T’s Q2 FY27 results?

L&T’s Q2 FY27 consolidated net profit rose 32.5% to ₹5,202.1 crore, and order intake jumped 28% to ₹1,47,665 crore, per Upstox. Its order book reached a record of about ₹8.5 lakh crore, though EBITDA margin slipped to 8.6% from 10.01% a year earlier.

What is the current RBI repo rate?

The RBI repo rate is 5.50% after a 25 basis point hike at the 5 to 7 October 2026 policy meeting, the first increase since February 2023. The stance is calibrated tightening, with the Standing Deposit Facility at 5.25% and the MSF and Bank Rate at 5.75%.

Which sector performed best on 28 October 2026?

Nifty Auto led with a 1.45% gain, followed by consumer durables at 1.41% and pharma at 1.04%, according to Liquide. Nifty IT was the weakest major sector at minus 1.98%, while oil and gas fell 2.8%, per Trendlyne, as crude prices rose.

What are the Nifty support and resistance levels today?

For 29 October, the classic pivot is 22,658.20, with resistance at 22,818.70 and 22,938.55 and support at 22,538.35 and 22,377.85. Goodreturns sees the Nifty in a 22,370 to 22,830 range, with a breakout above 22,830 opening 23,000, while max pain for the 3 November expiry sits at 22,750.

Are FIIs buying Indian stocks now?

Yes, recently. FIIs bought about ₹4,240 crore on 27 October and ₹872 crore on 28 October, per Tapetide provisional data, after buying on 21 and 23 October too. They remain net sellers of about ₹47,816 crore for October, while DIIs have bought about ₹61,113 crore.

Should I buy stocks before October ends?

The Nifty is holding 22,500 support, FIIs are turning buyers and the Fed has paused, but crude above $114 and slowing IT earnings remain risks. Staggered buying in leaders such as capex, healthcare and strong banks suits most investors. Consult a SEBI-registered adviser for personal advice.