Indian equity benchmarks ended lower on Wednesday after a volatile session, with stronger-than-expected wholesale inflation and elevated crude oil prices prompting investors to book profits following Tuesday’s sharp rally. The Nifty 50 declined 99 points, or 0.44%, to close at 22,623.
From a technical perspective, the Nifty continues to test the 22,580-22,620 support zone, which has attracted buying interest. However, repeated tests could weaken this support unless the index moves back above the 22,750-22,800 range, said Hariselvan Radhakrishnan, Founder and CEO of HST Wealth. A decisive break below 22,580 could drag the index towards 22,400 and 22,300, while a sustained move above 22,800 could open the way towards 23,000.
Against this backdrop, shares of Reliance Industries, Tata Technologies, HDB Financial Services, Bajaj Consumer Care, IDBI Bank, Punjab National Bank and several other companies are likely to remain in focus on Thursday, October 15, as investors track quarterly earnings, corporate announcements, fundraising plans and acquisition-related developments.
Reliance Industries has filed the red herring prospectus (RHP) for the initial public offering of its subsidiary, Jio Platforms. The company has fixed the price band for the IPO at Rs 1,065-1,119 per share, paving the way for the listing of Mukesh Ambani’s telecom and digital services business in what could be India’s largest-ever IPO.
The issue comprises a fresh sale of up to 27 crore equity shares with a face value of Rs 10 each.
