India-US Trade Deal, Jio IPO, IT Giants Turn To Mid-Sized Clients
- PhonePe Invest
- 8 min read
- 21 Oct 2026
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Indian equity benchmarks closed lower on Wednesday, October 21, though they recovered from their intraday lows. Broader markets underperformed, with midcap and banking indices declining and market breadth strongly favouring decliners amid widespread selling. IT was the only sector to end in positive territory, while auto stocks came under pressure following October vehicle registration data, and gold financing stocks also saw sharp selling.
Brent Crude climbed above $110 a barrel, renewing concerns over India’s oil import bill and the potential impact of elevated energy costs on inflation and corporate profitability.
Key Indices
Today’s Top News
L&T Technology Services
LTTSThe company’s consolidated revenue rose 12.1% year-on-year (YoY) to ₹3,040 crore for the July-September quarter of FY27, from ₹2,713 crore posted in the year-ago period. The net income came in at Rs 548.2 crore, up 66.8 percent YoY. Net income margin was at 18 percent in Q2 FY27, which includes one-time gain of Rs 165 crore from the disinvestment of the SWC business.
Fractal Analytics
FRACTALFractal Analytics announced that Shilpa Kedia has joined as Chief Financial Officer (CFO), effective immediately. Shilpa will lead Fractal’s global finance organization, supporting profitable growth and disciplined capital allocation. Her priorities will include directing capital toward Fractal’s research, platforms and products, building a commercial model that prices for the value Fractal’s AI creates, and helping investors understand how the company’s financial strategy supports earnings growth.
WIPROWipro
TCS and Wipro are turning to mid-sized clients as AI erodes demand from their fortune 500 customers, setting the stage for a margin-sapping price war with mid-tier rivals that have long focused on clients with annual revenue of less than $5 billion.
Piramal Finance
PIRAMALFINThe company reported a 67% year-on-year increase in its Q2 profit to ₹545 crore, compared with ₹327 crore in the year-ago period. Net interest income (NII) rose 35% YoY to ₹1,530 crore, from ₹1,132 in the same quarter last year. Assets Under Management (AUM) increased 24% yoy to ₹1.13 lakh crore, driven by 30% yoy increase in growth AUM, which excludes the discontinued legacy business.
Sobha
SOBHARealty firm Sobha Ltd on Monday reported a 55% decline in its consolidated net profit ₹32.95 crore for the quarter ended September, impacted by lower income. Its net profit stood at ₹72.52 crore in the year-ago period. Total income fell to ₹1,017.21 crore in the second quarter of the current fiscal from ₹1,469.32 crore in the corresponding period of the preceding financial year.
Broader Market Performance
INDIA VIXToday’s Top Gainers & Losers
*Prices shown may have delay up-to 15 minutes
FII DII Activity (₹ Cr)
| Date | FII (Net Value) | DII (Net Value) |
| 19 Oct 2026 | -1,148.64 | 3,201.19 |
| 16 Oct 2026 | 1,165.92 | -3,661.28 |
| 15 Oct 2026 | -5,285.37 | 3,319.39 |
| 14 Oct 2026 | -1,857.44 | 2,670.44 |
| 13 Oct 2026 | -1,305.13 | 2,439.24 |
| Month-to-Date | -49,917.65 | 51,369.32 |
Macro View
- US President Donald Trump said that India and the US are “pretty close” to reaching a trade deal, which will be much different than the earlier pacts.
- India’s infrastructure output jumped 7.9% in September on a year-on-year basis, government data showed on Wednesday, reflecting strong growth in coal, refinery products, steel and iron ore.
- U.S. Secretary of State Marco Rubio is visiting Jamnagar, India, to discuss energy cooperation with Reliance Industries. His discussions will focus on processing Venezuelan oil amid ongoing international energy challenges. The Jamnagar refinery has significant capacity and could help stabilize global supply chains. Rubio’s meeting with Mukesh Ambani highlights the strategic energy ties between the U.S. and India.
- Drought conditions have caused a significant decrease in maize supply, leading to competition among industries for access. Poultry producers, starch manufacturers, and ethanol plants are all vying for limited maize resources, exacerbating the situation.
Active & Upcoming IPOs
| Company | Date | Total Issue Size | Price Band | Minimum Investment |
| Paras Healthcare Ltd. | 21 Oct to 23 Oct, 2026 | ₹1,450 Cr | ₹660 to ₹693 | ₹13,860 |
| Jio Platforms Ltd. | 21 Oct to 23 Oct, 2026 | ₹30,213 Cr | ₹1065 to ₹1119 | ₹12,780 |
| EAAA India Alternatives Ltd. | 26 to 28 Oct, 2026 | ₹1,200 Cr | ₹1585 to ₹1665 | ₹14,265 |
| BLS Polymers Ltd. | 27 Oct to 29 Oct, 2026 | ₹255 Cr | ₹142 to ₹150 | ₹14,200 |
| SFC Environmental Technologies Ltd. | 27 to 29 Oct, 2026. | ₹668 Cr | ₹313 to ₹330 | ₹14,085 |
Jio Platforms IPO Review: Apply or Avoid?
