The BSE Sensex recovered over 700 points from its intraday low on October 28. At 1:20 pm, the Sensex traded at 73,313.29, down 285.38 points. While IT and oil stocks fell, gains in auto and banking sectors supported the market. Larsen & Toubro got the top spot, rising 4.01 per cent.

Among the Sensex and Nifty stocks, Larsen & Toubro (L&T) was the top gainer, rising 4.01 per cent to Rs 3,812.10. Image: Canva

Stock Market Update: The Indian stock market is trying to recover from the day's lows, but both benchmark indices are still trading below their previous closing levels. Selling in IT and oil stocks is weighing on the market, while gains in auto, banking, media and pharma stocks are supporting the recovery.

At 1:20 pm on October 28, the BSE Sensex was trading at 73,313.29, down 285.38 points, or 0.39 per cent. It had fallen to an intraday low of 72,603.57 before recovering. The Nifty 50 was trading at 22,709.45, down 40.25 points, or 0.18 per cent. It had recovered from its intraday low of 22,497.70.

Top gainers and losers

Among the Sensex and Nifty stocks, Larsen & Toubro (L&T) was the top gainer, rising 4.01 per cent to Rs 3,812.10. Apollo Hospitals gained 3.39 per cent to Rs 8,056, while SBI Life Insurance rose 2.35 per cent to Rs 1,671.40.

Trent advanced 1.93 per cent to Rs 2,875, while BSE gained 1.80 per cent to Rs 3,503.

On the losing side, Infosys fell 3.76 per cent to Rs 1,119.25. Reliance Industries declined 2.78 per cent to Rs 1,162.90, while ONGC dropped 2.50 per cent to Rs 224.11. Bajaj Finserv lost 1.88 per cent to Rs 1,645.50, and TCS fell 1.81 per cent to Rs 2,451.60.

IT and oil stocks drag the market

The Nifty IT index was down 1.94 per cent, making it one of the key sectoral drags. The Nifty Oil and Gas index fell 2.14 per cent. The FMCG index declined 0.71 per cent, while the Realty index lost 0.45 per cent.

However, several sectoral indices were trading higher. The Nifty Consumer Durables index gained 1.88 per cent, while the Media index rose 1.39 per cent. The Auto index advanced 1.06 per cent, and the Pharma index gained 1.01 per cent. The Healthcare index also rose 1 per cent.

The Bank Nifty was up 0.53 per cent, while the Financial Services index gained 0.37 per cent.

Crude oil prices and rupee movement

Crude oil prices remain a key factor for the market. At the time of writing, WTI crude was trading at $101.95 per barrel, up 2.05 per cent. Brent crude was at $115.51 per barrel, up 1.43 per cent. Brent had touched $117 in the previous session, according to the supplied market data.

The rupee was trading at 95.15 against the US dollar. The dollar index had remained above the 102 mark for four consecutive days, while Morningstar data showed it was down 0.03 per cent on the day.

FII activity in spotlight

Foreign institutional investors (FIIs) bought shares worth Rs 4,240 crore in the cash market. This was their biggest cash-market buying since September 2, according to the supplied data.

FIIs also recorded buying across cash, index futures and stock futures for the third consecutive day, with total purchases of Rs 4,552 crore. However, their long positions in index futures declined from 12.57 per cent to 11.65 per cent.

Fed policy decision in focus

Investors are also cautious ahead of the US Federal Reserve's policy announcement due later today. Market participants will watch for signals on the future direction of US interest rates. The outcome could influence global markets, the dollar and investor sentiment.