Indian indexes climb as IT shares lead and Jio Platforms IPO draws attention

what happened

Indian equity benchmarks opened Wednesday higher, with IT companies leading on hopes for solid earnings. According to Reuters, by 9:57 a.m. IST the Nifty 50 had added 0.57% to 23,019.2, while the Sensex gained 0.7% to 74,370.91. Eleven of the 16 major sectors were in positive territory.

The IT index climbed 2.3%, with L&T Technology Services surging 11% after reporting higher revenue and profit for the September quarter. TCS, HCLTech and Wipro advanced between 1.9% and 3.6%. Jefferies argues that steady results, combined with gloomier global sentiment about AI spending, could lead to a revaluation of the sector's shares.

Reliance Industries rose 1.7% as subscriptions opened for the $3.2 billion Jio Platforms IPO, with bids accepted through October 23 and trading expected to start October 28. Brent crude, meanwhile, gained 1.5% to above $110 a barrel amid concern over Red Sea shipping problems and threats to Saudi oil facilities. ICICI Bank added 1.5%, recovering from a 1.2% drop the previous day.

why it matters

Higher oil prices weigh on India, which imports most of its crude, by widening the import bill, straining the fiscal deficit and cutting into corporate profits. That makes Brent's moves relevant for the local market alongside the Jio Platforms listing, which is a record IPO for the country.

market impact

Indian market: IT stocks and Reliance supported, while costlier oil pressures oil-importing India

tags

instruments