India’s biggest-ever IPO is due to open this week, while foreign outflows, elevated crude prices and a packed earnings calendar test the market’s recent rebound.
Indian equities are heading into a holiday-shortened week with one story dominating market attention: the long-awaited Jio Platforms initial public offering. According to the company’s filing and market reports, the issue is due to open on 21 October and close on 23 October, with the price band set at ₹1,065 to ₹1,119 a share. At the upper end, the offer is expected to raise about ₹30,213 crore, which would make it the biggest IPO in India by issue size if fully subscribed. The offering will include a fresh issue of up to 27 crore shares, while eligible employees and Reliance Industries shareholders have been given reserved portions.
The scale of the transaction has revived comparisons with the country’s previous headline listings. The proposed fundraising would edge past Hyundai Motor India’s ₹27,870-crore debut in 2024, while veteran banker Uday Kotak said at the IPO press conference that the listing would make the Reliance Industries group India’s largest listed conglomerate by market capitalisation. The issue has also drawn attention because it comes nearly two decades after the group’s last major public-market milestone, giving the float symbolic as well as financial significance.
Beyond the IPO, the primary market will remain busy. Paras Healthcare is also scheduled to open for subscription on 21 October, and six mainboard companies are due to list during the week. Tonbo Imaging India, Zetwerk Manufacturing Business, Bonfiglioli Transmissions and Sahajanand Medical Technologies are set to close for bids on 19 October and list on 23 October, while HD Fire Protect and Fusion CX are due to make their market debuts on 21 October and 22 October respectively. Indian markets will be shut on 20 October for Dussehra, which compresses trading into fewer sessions.
Market direction will also be shaped by foreign and domestic flows. Business Today reported that foreign institutional investors were net sellers of ₹15,440 crore during the week, while domestic institutions bought ₹14,792 crore worth of shares, helping to cushion the market. That tug of war has kept investors focused on whether domestic buying can continue to offset overseas outflows, especially if global risk appetite remains fragile.
The currency is another factor supporting sentiment. The rupee extended gains for a sixth straight session on Friday, with traders attributing the move to Reserve Bank of India measures aimed at limiting spot dollar demand. The currency rose 2% over the week, making it the strongest performer among emerging-market currencies, according to market commentary cited by Business Today. Amit Pabari of CR Forex Advisors said the next important level is around 94.80 to the dollar, and that a decisive break lower could open the door to further gains.
Sector rotation has added another layer to the rally. IT stocks led the rebound as investors returned to what has been described as the reverse artificial intelligence trade, a shift that reflects concern about heavy AI spending by global technology groups and the effect of firmer US inflation on interest-rate expectations. The US Bureau of Labour Statistics said inflation rose to 3.7% in September from 3.4% in August, a reading that has sharpened expectations around Federal Reserve policy. Ajit Mishra of Religare Broking said IT shares had led the market for a fourth straight session, while Nagaraj Shetti of HDFC Securities said Nifty appears close to breaking through the 23,100 to 23,200 zone, with 23,500 to 23,600 seen as the next upside area if momentum holds.
Crude oil remains a key risk as investors look ahead to the coming week’s earnings calendar. Brent has stayed elevated near $110 a barrel, keeping inflation and import-cost worries alive for an economy that depends heavily on foreign oil. Siddhartha Khemka of Motilal Oswal Financial Services said the market is likely to see a gradual recovery, but with bouts of volatility still possible. Quarterly results from Bajaj Finance, UltraTech Cement, Eternal, Adani Green Energy, Infosys, Tata Motors, Kotak Mahindra Bank and several other large companies will now help determine whether the recent rebound can extend beyond the IPO excitement.
Disclaimer: This article is intended to inform and educate, not to recommend or endorse any financial product, investment or strategy. Please consider your own financial circumstances and seek professional advice where appropriate before making financial decisions.
