Thursday, 15 October 2026

IT Stocks Power a Broad-Based Rally as Jio IPO Band Set and Earnings Season Heats Up

IT Leads a Furious Rebound

The Nifty IT index surged 6.42% to 30,171, dragging the broader market higher with the Nifty 50 up 1.16% to 22,622.7 and the Sensex gaining 1.19% to 72,781.89. The move looks disconnected from a soft US Nasdaq close of 26,692.87 (-1.88%), suggesting domestic positioning and value-hunting after a prolonged IT underperformance phase rather than a global tech revival. Bank Nifty's more modest 0.72% gain to 55,316 indicates the rally is not uniformly distributed across heavyweight sectors.

Jio Platforms Sets the Stage for India's Biggest IPO

Jio Platforms has fixed its price band at ₹1,065-1,119 per share for an issue aiming to raise approximately ₹30,213 crore, with bidding opening October 21 and anchor investor allocation on October 19, according to the red herring prospectus. The band came in below some street estimates, and grey market premium has reportedly moved to around ₹218, signalling healthy but not euphoric demand ahead of listing. Reliance Industries, which retains a near-unanimous 30-of-31 analyst

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Sector Intelligence

Information Technology

Nifty IT jumped 6.42% to 30,171 in a sharp relief rally even as US Nasdaq fell 1.88%, pointing to domestic re-rating rather than global tailwinds.

Banking & Financial Services

Canara Bank (+8.4% in earlier reaction) and HDB Financial posted strong Q2 profit growth of 8% and 34% respectively, while IDBI Bank's ₹52,878-crore sale to Fairfax was cleared by the CCEA, a landmark privatisation.

Capital Goods & PSU Manufacturing

BHEL reported a 120% YoY jump in Q2 net profit to ₹810 crore on 24% revenue growth, reflecting strength in the power and infrastructure capex cycle.

Insurance

ICICI Life Insurance posted 25% growth in Q2 net profit to ₹374 crore, driven by a better product mix skewed toward protection and retirement.

Auto & Manufacturing

Hyundai Motor India's ₹11,000 crore investment to expand Pune capacity to 3.2 lakh units by 2030 signals continued confidence in India's auto demand and export potential.

Data Centres & Digital Infrastructure

Hillhouse's new TeraNova DC platform eyeing $12-15 billion in India deployment by 2032, alongside a government data centre policy in the works, underscores a structural capex theme.

What To Watch

1Jio Platforms anchor investor bidding on October 19 and subscription figures when the IPO opens October 21
2Further Q2 earnings from major banks, insurers and industrials as results season progresses through the week
3Movement in the US dollar index and any follow-through in Fed rate-hike pricing after the hot CPI print
4Nikkei's sharp 3.91% fall and whether similar risk-off pressure spreads to other Asian markets including India
5Zetwerk's IPO subscription when it opens October 15 following its strong ₹2,251 crore anchor round
6Any further regulatory action from Sebi on Rajesh Exports following the interim curbs imposed on the company and its promoter

INFORMATIONAL PURPOSES ONLY. NOT INVESTMENT ADVICE. CONSULT A SEBI-REGISTERED ADVISER BEFORE INVESTING.

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