Nifty 50 opens from 22,811.35 after a 0.34% decline

The session

Where the market stands

Key drivers

Market breadth

Currency, commodities & rates

Currency, commodities and rates

• USD/INR: 94.45, rupee firmer by 0.57% on the session
• India VIX: 15.68 (+6.2%)
• Gold (rupee terms): -1.42% on the session, -2.4% over five sessions

Key drivers

Markets

• Stocks in news: Reliance Industries, Eternal, IREDA, Yes Bank, Trent and Hindustan Zinc. Indian equity benchmarks experienced a decline as profit-booking occurred amid rising crude oil prices. The Nifty 50 dropped significantly, closing at 22,889 after disappointing corporate earnings. (Economic Times Markets)
• IT stocks on fire, rally up to 15% today; check performance of TCS, L&T Technology, Wipro, Infosys | Jefferies bullish. The Nifty IT index rose as investors welcomed strong results from L&T Technology Services and renewed hopes for traditional technology spending. (LiveMint Markets)
• IT Stocks Rally: Wipro, Infosys, Birlasoft Shares Jump Over 3%; Jefferies Sees IT Re-Rating Potential. Wipro, Infosys and Birlasoft lead IT stock gains, while Jefferies sees selective upside in large- and mid-cap stocks and raises large-cap target prices by 1418%. (NDTV Profit)
• Market wrap: Infosys, HCL Tech, Bajaj Finance, BSE top gainers and losers on Nifty and Sensex on Wednesday. Indian markets extended losses for a second session on Wednesday, with the Nifty falling 0.34% to 22,811 and the Sensex slipping 0.19% to 73,710. (Economic Times Markets)

Read more Stocks in news: Reliance Industries, Eternal, IREDA, Yes Bank, Trent and Hindustan Zinc · IT stocks on fire, rally up to 15% today; check performance of TCS, L&T Technology, Wipro, Infosys | Jefferies bullish · IT Stocks Rally: Wipro, Infosys, Birlasoft Shares Jump Over 3%; Jefferies Sees IT Re-Rating Potential · Market wrap: Infosys, HCL Tech, Bajaj Finance, BSE top gainers and losers on Nifty and Sensex on Wednesday

Economy & policy

Economy and policy

• Indian bonds sell off on oil shock ahead of RBI policy minutes. Indian government bonds experienced a significant decline due to rising oil prices, raising concerns about inflation among investors. The benchmark bond yield has reached its highest point since March, leading to a more cautious trading environment. (Economic Times Markets)
• RBI flags widening inflation risks, puts rate cuts on ice. RBI's Monetary Policy Committee raised the benchmark repo rate by 25 basis points to address rising inflation concerns. Governor Sanjay Malhotra indicated a generalisation of inflation, with many commodities exceeding 4% inflation. (ET Stocks)
• RBI rejects all bids at Treasury bill auction as short-term yields surge. The RBI rejected all bids at the Rs 23,000 crore Treasury bill auction as short-term yields climbed, while the benchmark 10-year government bond yield rose to 7.44%. (Business Standard Mkts)
• Not A One-Off: RBI MPC Minutes Point To A Rate-Hike Cycle As Inflation Heads To 6% Ceiling. "At some point, a larger pass-through of input costs to output prices may materialise. Under these circumstances, it is conceivable that a further increase in the policy rate might be needed," RBI Deputy Governor Poonam Gupta said. (NDTV Profit)

Read more Indian bonds sell off on oil shock ahead of RBI policy minutes · RBI flags widening inflation risks, puts rate cuts on ice · RBI rejects all bids at Treasury bill auction as short-term yields surge · Not A One-Off: RBI MPC Minutes Point To A Rate-Hike Cycle As Inflation Heads To 6% Ceiling

Companies

• Why RBI is draining excess liquidity but also injecting funds. Reserve Bank of India has significantly reduced banking system liquidity from a peak surplus in a short time. Liquidity surged after banks received funds from overseas Indians under the FCNR(B) scheme. (Economic Times Markets)
• Indian banks open cheque books for ₹10,000 crore-plus in M&A funding after RBI rule change. Indian banks have recently engaged in significant M&A deals after the central bank eased financing rules. State Bank of India and other lenders are now financing up to 75% of deal values. (Economic Times Markets)
• IT mid-caps vs large-caps: TCS, Infosys, Wipro vs Persistent, Coforge, Tata Tech - Who leads the Q2 results 2026 race?. Large-cap IT stocks powered the sector’s rally, outpacing Persistent Systems, Coforge and Mphasis. Though mid-caps led quarterly growth, large-caps beat expectations after a low bar, with resilient margins and improved guidance helping drive investor interest. (LiveMint Markets)
• Mahindra Finance Q2 net profit surges 55% to Rs 882 crore on volumes, lower credit cost. Business assets under management grew 15% year on year to Rs 1.47 lakh crore. Non-vehicle finance disbursements, including SME loans, personal loans and housing finance, increased 52%. (Economic Times Markets)

Read more Why RBI is draining excess liquidity but also injecting funds · Indian banks open cheque books for ₹10,000 crore-plus in M&A funding after RBI rule change · IT mid-caps vs large-caps: TCS, Infosys, Wipro vs Persistent, Coforge, Tata Tech - Who leads the Q2 results 2026 race? · Mahindra Finance Q2 net profit surges 55% to Rs 882 crore on volumes, lower credit cost

Companies

New issues

• Rupee soars to 6-week high on Jio IPO flows, weaker dollar. On Wednesday, the Indian rupee closed at a six-week high of 94.46, gaining 46 paise from its previous close. This increase was driven by strong foreign portfolio inflows linked to the Jio Platforms' IPO. (Economic Times Markets)
• Jio Platforms' IPO-linked inflows boost rupee; elevated oil prices spur caution. The Indian rupee experienced a notable increase as Jio Platforms' IPO attracted significant foreign investments. Despite this strength, rising oil prices raised concerns among traders about the rupee's sustainability. (Economic Times Markets)
• Jio IPO: Nithin Kamath explains how Jio played an important role in making what Zerodha is today. Zerodha CEO Nithin Kamath has credited Reliance Jio and Airtel with helping build India’s digital ecosystem and expand capital markets. (Economic Times Markets)
• Carlsberg said to near public filing for $700 million India IPO. Carlsberg is preparing to publicly file for a potential $700 million IPO of its Indian business, with investor roadshows expected next week and a possible December launch. (Economic Times Markets)

Read more Rupee soars to 6-week high on Jio IPO flows, weaker dollar · Jio Platforms' IPO-linked inflows boost rupee; elevated oil prices spur caution · Jio IPO: Nithin Kamath explains how Jio played an important role in making what Zerodha is today · Carlsberg said to near public filing for $700 million India IPO

Currency, commodities & rates

World

• Global Market Today: Asian shares, US futures rise on AI-trade revival. The MSCI Asia Pacific Index climbed 0.6% with shares gaining in South Korea and Japan. The Kospi Index rose 1.9%, rebounding after one of the country’s worst IPO debuts on record. (Economic Times Markets)
• BT Explainer: China’s critical mineral refining edge - What India must do to catch up. China’s dominance in critical mineral refining leaves India vulnerable to supply disruptions even as it steps up overseas mining investments. (Business Today Mkts)
• Marco Rubio Welcomes India's Peace Plan To End Russia-Ukraine War, Highlights Black Sea Challenges. Rubio also admitted that a Black Sea ceasefire has proved hard to achieve because the strikes there have strategic value for both combatants. (NDTV Profit)
• Trump Says US Trade Deal With India Is 'Pretty Close'. The president said it "could be a much different kind of deal," without elaborating. (NDTV Profit)

Read more Global Market Today: Asian shares, US futures rise on AI-trade revival · BT Explainer: China’s critical mineral refining edge - What India must do to catch up · Marco Rubio Welcomes India's Peace Plan To End Russia-Ukraine War, Highlights Black Sea Challenges · Trump Says US Trade Deal With India Is 'Pretty Close'

What matters next