The Indian equity markets posted sharp losses early on Wednesday as elevated crude prices and the upcoming US Fed’s policy decision kept investors cautious.

As of 9.23 am, Sensex declined 684 points, or 0.93 per cent, to reach 72,914 and Nifty lost 167 points, or 0.74 per cent, to reach 22,581.

Main broad-cap indices showed divergence with the benchmark indices, as the Nifty Midcap 100 declined 0.39 per cent, and the Nifty Smallcap 100 gained 0.06 per cent.

All sectoral indices on NSE traded in red, except Nifty auto, which rose 0.36 per cent. Nifty IT and FMCG were among top losers, down 3.2 per cent and 1.63 per cent, respectively.

Investors will track the US Federal Reserve’s policy decision and quarterly earnings, which could influence market direction and volatility through the session, analysts said.

In the previous session, Nifty closed at 22,749, down 0.02 per cent, after an early recovery was capped by profit booking. Immediate support is placed at 22,500–22,550, while resistance is seen at 22,850–22,900.

In the previous session, Bank Nifty closed at 53,974, down 0.72 per cent. Immediate support is placed at 53,800–54,000, while resistance is seen at 54,600–54,800.

In the Asian markets, China’s Shanghai index added 0.87 per cent, and Shenzhen gained 2.19 per cent, Japan’s Nikkei added 1.26 per cent, and Hong Kong’s Hang Seng Index advanced 0.38 per cent. South Korea’s Kospi added 6.2 per cent.

The US markets ended in green overnight as Nasdaq added 1.18 per cent, S&P 500 gained 0.6 per cent, and the Dow Jones inched up 0.03 per cent.

On October 27, foreign institutional investors (FIIs) net bought equities worth Rs 4,240 crore, while domestic institutional investors (DIIs) sold equities worth Rs 1,250 crore.

Global oil prices rose on Wednesday after Saudi Arabia’s largest oil refinery was reportedly hit with a missile by Yemen’s Iran-aligned Houthis.

Brent crude futures for December delivery gained $1.55, or 1.36 per cent, to $115.43 a barrel, while US West Texas Intermediate crude rose 1.43 per cent to $101.32 a barrel.

Houthis said they targeted the oil refinery reviving concerns over crude supply risks in the Middle East despite recent diplomatic efforts that had eased market worries.

Saudi authorities did not confirm the strike on the 5.5 lakh barrel per day facility. The price surge reversed part of the previous session’s losses, when oil fell nearly $2 a barrel as talks in the Middle East helped calm concerns about potential supply disruptions despite expectations of a rise in US crude inventories.

A diplomatic meeting in Tehran saw representatives from Saudi Arabia, Turkey and Pakistan in talks with Iranian officials to defuse regional tensions, according to reports.

All four countries reportedly agreed to continue dialogue to strengthen cooperation on peace and security.

Meanwhile, OPEC+ producers are expected to leave December output targets unchanged at a meeting on Sunday, according to multiple reports. Output from most of the group’s seven core producers, including Saudi Arabia, Russia and Iraq, remains below their output targets.

Saudi Arabia is the world’s second-largest crude producer and biggest oil exporter.

The West Asian conflict has placed pressure on the Strait of Hormuz which is a vital maritime bottleneck that handled about 20 per cent of global energy shipments prior to hostilities in February.

Energy markets remained on edge after Iranian attacks on oil tankers near the strait pushed Brent past $117 a barrel last week, its highest since April. Brent briefly retested $117 on Monday before settling lower.

Prime Minister Narendra Modi on Tuesday said that the true success of science is achieved when innovations move beyond laboratories and create a tangible impact in people’s lives, asserting that India views science and technology as tools for serving humanity rather than instruments of power or conflict.

Addressing the Emerging Science, Technology and Innovation Conclave (ESTIC) 2026 in the national capital, the Prime Minister said that while the requirements of various technology-driven sectors differ, they all reflect a common message that India is rapidly building its technological strength and self-reliance.

“There has been a persistent challenge in how science and technology are viewed, often seen merely as tools of power or conflict. However, India firmly believes that science and technology are instruments for serving humanity,” PM Modi noted.

“The true success of science is realised when it moves from the lab to the land, directly improving the lives of ordinary citizens,” the Prime Minister stated.

Emphasising the societal role of innovation, PM Modi said science and technology should be judged not merely by their sophistication but by their ability to solve real-world problems and improve people’s lives.

The Prime Minister noted that science and technology have often been viewed globally through the lens of power and conflict, but India believes they should be harnessed for the welfare of humanity.

“The success of a technology is not determined solely by how advanced it is. Its true strength lies in how effectively it solves major problems and how many people’s lives it transforms,” PM Modi noted.

Highlighting India’s long scientific tradition, the Prime Minister said the country’s culture has been rooted in knowledge and discovery, citing contributions ranging from the discovery of zero and the development of the number system to advances in astronomy.

“India is moving forward by evaluating itself against this very benchmark. We all know that a country’s technology and its ability to create technology depend on its research. Research is the force that enables a country to find solutions to its problems and become self-reliant in critical technologies,” PM Modi mentioned.