Nifty slips to 22,698.85 as Reliance and Infosys fall, even as Jio Platforms closes 27% above its IPO price

Wednesday was Jio Platforms' first day on the stock exchanges, and the new listing did well. Its parent, Reliance Industries, did not. Reliance's fall, together with a slide in IT stocks, pulled the benchmarks lower for a second straight day.

• Nifty 5022,698.85, −50.90 pts (−0.22%). Intraday low 22,497.70.
• Sensex73,246.03, −352.64 pts (−0.48%).
• Bank Nifty54,267.40, up 0.54%.
• Midcap / SmallcapNifty Midcap 100 +0.43%; Nifty Smallcap 100 +0.90%.
• Breadth1,930 stocks advanced, 1,628 declined and 120 were unchanged, per DSIJ.

Once again, the indices hid a calmer market underneath: more stocks rose than fell. New to the indices? See how the Sensex and Nifty work.

Where the market moved

Autos led, helped by TVS Motor's quarterly results. Banks also held up. Oil and gas, IT and FMCG were the weak spots.

Jio's debut, Reliance's slide

Jio Platforms listed at ₹1,358 on both NSE and BSE, 21.36% above its IPO price of ₹1,119. It climbed to a high of ₹1,423.80 and closed at ₹1,419, 26.81% above the issue price, per Business Today. The ₹30,000-crore-plus IPO had been subscribed 16.36 times. For background, read our Jio Platforms IPO explainer and who bid for it.

Reliance, which owns a large stake in Jio, fell 3.19% to ₹1,158 on NSE. The reports we read did not give one clear reason. Once a subsidiary lists separately, investors can buy it directly instead of through the parent, which sometimes weighs on the parent's shares. Reliance reports its own September-quarter results on 30 October.

Who moved the Nifty

Reliance alone took almost 56 points off the Nifty, more than the index's entire 50.90-point fall. L&T did the most to offset it.

• Top gainersApollo Hospitals +4.43%, Larsen & Toubro +3.72%, Trent +3.31% (Nifty 50, per Angel One).
• Top losersInfosys −3.43%, Reliance −3.19%, ONGC −2.16%.
• Outside the NiftyPiramal Pharma jumped over 17% after its quarterly results.

Why it happened

• L&T's record ordersSeptember-quarter net profit rose 33% to ₹5,202 crore. Order inflows hit a quarterly record of ₹1,47,665 crore.
• IT sellingInfosys cut its full-year revenue growth guidance to 1–2% in constant currency, from 1.5–3%. Global money is also moving into AI hardware and chip stocks rather than IT services. TCS, Tech Mahindra and HCL Tech also fell.
• OilBrent rose 1.06% to $115.08 a barrel after reports of an attack on a Saudi refinery. India imports most of its crude; see what $100+ oil does to India.
• The FedInvestors waited for the US Federal Reserve's decision, due on 28 October US time (late night in India).

Rupee and flows

The rupee fell 21 paise to close at ₹95.28 to the dollar (provisional), per PTI. Dealers cited high oil prices, a firmer dollar and high US bond yields.

Foreign institutional investors were net buyers of ₹4,240.39 crore on Tuesday, 27 October, while domestic institutions sold a net ₹1,250.03 crore, according to exchange data reported by India TV. Read why these two groups often move in opposite directions.

What to watch

• US FedThe rate decision and press conference come overnight. The current target range is 3.75% to 4%.
• ResultsReliance Industries reports on 30 October. More September-quarter results continue through the week.
• Jio PlatformsHow the new listing trades in its first full week, and how Reliance's shares respond.
• Oil and the rupeeMiddle East supply news is still driving crude, and crude is driving the rupee.

Yesterday's session: Nifty ends flat as small caps jump 2.7%.

Educational content only, not investment advice.