The rupee fell 44 paise to close at 94.82 per US dollar on Thursday (provisional), weighed by weak domestic equities and surging crude oil after Yemeni Houthi attacks on Saudi Arabia's energy infrastructure. Brent crude rose 3.23% to $112.33 per barrel in futures trade, while the Sensex dropped 460.30 points to 73,249.39 and the Nifty fell 123.70 points to 22,687.65. Foreign Institutional Investors bought a net Rs 1,022.32 crore on Wednesday. The Jio Platforms IPO was fully subscribed in its retail portion within two hours of the second bidding day and reached 3.47 times overall by 11:00 am. Analysts said near-term dollar liquidity has improved after the Jio IPO, but the rupee's stability remains vulnerable to renewed foreign portfolio outflows or a spike in crude toward USD 120.
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- Lumpy Jio IPO inflows push rupee into overbought zone just as oil renews rise
The Indian rupee edged up to 94.35 per dollar on Thursday from 94.46, entering an 'overbought' zone on technical measures, as strong foreign inflows for the $3.2 billion Jio Platforms IPO offset higher oil prices. Brent rose nearly 2% to $110.6 per barrel on Middle East hostilities concerns after the US ordered some diplomats to leave Saudi Arabia. The pair's 14-day RSI climbed to nearly 74, from about 27 on 9 October. Markets expect the Reserve Bank of India to hike rates further after its first increase in nearly four years earlier this month; October policy minutes signalled more tightening but caution over growth risks. Goldman Sachs said the minutes were more hawkish than the Governor's statement and expects a 25bp hike in December 2026, followed by 50bp more in 1H CY27.
- Stock market next week : Jio Platform Rs 30 , 213 crore IPO , Q2 earnings , and crude oil prices to drive investor sentiment
The Jio Platforms IPO, worth Rs 30,213 crore, opens for subscription on October 21 and closes October 23 at a price band of Rs 1,065 to Rs 1,119 per share, and at the upper end would be India's largest IPO to date. The issue consists entirely of fresh shares, with up to Rs 27,500 crore earmarked for repaying borrowings of Reliance Jio Infocomm. Investors will also watch September-quarter earnings from banks such as ICICI Bank and HDFC Bank, along with crude oil prices, foreign investor outflows and the rupee. The Nifty 50 rose 2.8% to 23,146.15 and the Sensex gained 3.1% to 74,729.27 on October 16, as Indian equities posted their strongest weekly performance in six months, led by IT stocks. The RBI Monetary Policy Committee minutes are scheduled for October 21.
- Rupee hits six-week high, surges 53 paise to 94.38 against dollar on Jio IPO inflows, RBI support
The rupee rose 53 paise to close at 94.38 against the US dollar on Wednesday, its strongest level in six weeks, as foreign currency inflows tied to Reliance Industries' Jio Platforms IPO and RBI intervention offset weak domestic equities and elevated crude oil prices. The Rs 30,213-crore IPO was fully subscribed within 100 minutes of opening and reached 3.16 times subscription overall, with qualified institutional buyers subscribing 9.42 times their reserved portion. Analysts noted that foreign investors typically sell dollars to buy rupees when joining large IPOs, which increases dollar supply, while the RBI acted to curb spot-market dollar demand from oil companies and excessive volatility.
- Nifty 50 Slips Below 22,750 as Midcap and Smallcap Selloff Deepens, Investors Lose Ground for Second Session
The Nifty 50 closed down 150.50 points (0.66%) at 22,738.45, after a strong open gave way to steady selling, while the Sensex fell 0.46%. Losses were heavier in smaller stocks, with the Nifty MidCap 100 down 1.82% and the SmallCap 100 down 2.48%, and private banks weighed on the market. IT stocks led gains, with the Nifty IT index hitting an eight-month high of 32,348 on Infosys and Tata Consultancy Services. Eternal fell about 4.5% ahead of its results, and eMudhra hit its 20% lower circuit. Jio Platforms' IPO opened Wednesday and was subscribed 2.22 times by mid-afternoon, with institutional demand at 6.72 times, while crude near $98 a barrel and hotter-than-expected U.S. inflation kept investors cautious.
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