Indian equity benchmarks inch lower as oil climbs; Jio makes strong debut

Indian shares ended Wednesday lower as expensive crude weighed on sentiment, although losses narrowed from steeper intraday declines. The Nifty 50 finished down 0.22% at 22,698.85, while the Sensex retreated 0.48% to 73,246.03; smaller-company indices advanced.

Jio Platforms rose about 27% to 1,417.5 rupees in its market debut, reaching a reported value of $137.31 billion and becoming India’s second-largest listed company by market value, behind Reliance Industries. Business Recorder reported that oil gained 0.5% to roughly $115 a barrel after damage at a Saudi refinery intensified supply and inflation concerns. Seven of 16 major sectors declined, and technology shares fell 2%; Reliance dropped 3.2% despite Jio’s performance. Investors were also watching the US Federal Reserve’s expected rate decision, while Larsen & Toubro and SBI Life Insurance advanced after quarterly earnings.