Indian benchmark indices opened higher on Wednesday, led by gains in IT stocks and Reliance Industries as investor attention shifted to Jio Platforms’ record $3.2 billion IPO.
Mumbai, October 21 — Indian stock markets moved higher in early trade on Wednesday, with IT stocks and Reliance Industries leading gains as investors focused on the launch of Jio Platforms’ $3.2 billion initial public offering.
The Nifty 50 rose 0.57% to 23,019.2, while the Sensex gained 0.7% to 74,370.91 as of 9:57 am IST.
Eleven of the 16 major sectoral indices were trading higher, though broader markets remained weaker.
The Nifty Smallcap 100 declined around 1%, while the mid-cap index fell about 0.5%.
The strongest gains came from the technology sector.
The Nifty IT index jumped 2.3%, supported by an 11% surge in L&T Technology Services after the company reported higher revenue and profit for the September quarter.
Other major IT companies including Tata Consultancy Services, HCLTech and Wipro gained between 1.9% and 3.6% following their recent earnings announcements.
Brokerage Jefferies said steady earnings from Indian IT companies, combined with worsening global sentiment around AI-related capital spending, could lead investors to reassess long-term growth expectations for the sector.
Reliance Industries shares rose 1.7% as Jio Platforms’ IPO opened for public subscription.
The IPO will remain open until October 23, with the shares expected to begin trading on October 28.
Jio’s IPO was fully subscribed within two hours of opening, making it one of the fastest large public issues in Indian market history.
By early Wednesday afternoon, the issue had received bids for more than twice the number of shares available. Institutional investors showed especially strong demand, with their reserved portion subscribed multiple times.
The IPO values Jio Platforms at up to around $108.3 billion.
However, rising crude oil prices remained a key risk for Indian markets.
Brent crude climbed more than 1.5% to above $110 per barrel, with investors concerned about Red Sea shipping disruptions and potential threats to oil infrastructure in Saudi Arabia.
Higher oil prices are a concern for India because the country imports most of its crude requirements, increasing the import bill and putting pressure on corporate margins and the fiscal position.
Among banking stocks, ICICI Bank rose 1.5%, recovering from its decline earlier in the week after reporting stronger-than-expected quarterly profit growth supported by higher lending.
