Benchmark indices Sensex and Nifty were trading in deep red (up to 1.25% lower) on October 28 due to various reasons, including rising crude prices.
At 10:18 am, the Sensex was down 919.10 points or 1.25% at 72,679.57, and the Nifty was down 231 points or 1.02% at 22,518.75. About 1,529 shares advanced, 1,850 shares declined, and 187 shares were unchanged.
Oil prices climbed 1.6% to $115.7 a barrel after an attack on a refinery in top exporter Saudi Arabia renewed concerns about energy supply disruptions and inflation.
While the Fed is widely expected to leave interest rates unchanged later in the day, its commentary on mounting price pressures from higher oil prices and the future path of monetary policy will be crucial for global markets.
Nifty needs to trade above 22,700 for bullishness to return to the market, said analysts.