Sensex and Nifty open higher as Jio Platforms IPO opens and trade deal hopes rise

Indian shares rebounded sharply on Wednesday morning, lifted by the opening of the record $3.2 billion initial public offering from Jio Platforms and rising optimism over an impending trade agreement with the United States.

The BSE Sensex rose more than 752 points to trade at 74,605.28 by 9:34 am, while GIFT Nifty futures traded above the 23,000 mark at 23,017 earlier in the morning. Domestic markets had remained shut on Tuesday for Dussehra, after falling more than 1% on Monday when private lenders HDFC Bank and Axis Bank posted narrower net interest margins.

Record Jio Platforms IPO takes centre stage

The primary market milestone comes as Jio Platforms, the digital and telecommunications group, officially opened its public issue for subscription on Wednesday. The offering is poised to be the largest public issue ever conducted in India.

The company had already secured $853.3 million (approximately Rs 8,106.35 crore) from premier anchor institutions ahead of the retail launch. Key participants included global asset managers and sovereign institutions:

Parent company Reliance Industries remained firmly in focus alongside the broader technology and telecom sector as investors tracked initial subscription queues across institutional and retail categories.

Diplomatic momentum and corporate earnings

Investor appetite was further bolstered by signals of deepening strategic and economic cooperation between New Delhi and Washington. US Secretary of State Marco Rubio told CNN-News18 on Tuesday that he expected both countries to conclude a bilateral trade deal within weeks rather than months, reflecting India's growing economic weight on the global stage.

Corporate earnings also offered strong domestic support. Non-bank lender Bajaj Finance gained attention after posting a 28.7% rise in quarterly net profit, underpinned by vigorous growth in its loan book. Several other leading companies, including Adani Green Energy and Indian Hotels Company, are scheduled to report quarterly results later in the day.

Global crude poses external headwind

While domestic fundamentals and market sentiment remained firm, elevated international energy prices checked broader gains across import-sensitive counters. Brent crude futures held near $110 a barrel, pushed up by shipping disruptions across the Red Sea and regional tensions around Middle Eastern supply infrastructure. US crude traded around $98.90 a barrel.

Technical analysts noted that sustaining the opening momentum would hinge on index performance near immediate resistance bands. Pabitro Mukherjee, Deputy Vice President of Research at Bajaj Broking, said the Nifty's ability to cross Monday's high of 23,175 would determine whether the index extends its two-week pullback towards 23,500, or consolidates within a broader 22,500 to 23,175 band.