Jio IPO Listing at ₹1,358, Nifty IT Falls 4%: October 28 News

Published: October 28, 2026 | Category: Business | By Mahesh

Wednesday, October 28, 2026 brings a mix of the debut of India's largest IPO, an IT sector selloff, an IPO bidding race, a services merger and a compliance-testing deal. Here is what is happening across IT and the wider technology world.

Jio Platforms lists at ₹1,358, a 21.36 percent premium, and ranks second in India by market value

Jio Platforms listed on the NSE and BSE on Wednesday at ₹1,358, a 21.36 percent premium to the ₹1,119 issue price, and traded about 0.6 percent higher at ₹1,365.90 soon after [1]. In early deals on the BSE its market value was ₹12,50,586.39 crore, which made it India's second most valuable listed company behind Reliance Industries at ₹15.89 lakh crore and ahead of Bharti Airtel at ₹12.05 lakh crore, HDFC Bank at ₹10.42 lakh crore and ICICI Bank at ₹9.80 lakh crore, according to PTI [2]. TCS slipped out of the top five, and the combined value of Jio and Reliance is ₹28.40 lakh crore [3]. Reliance holds 66.4 percent of Jio, so much of Jio's value is also reflected in Reliance's own market value, which is my reading rather than a claim from the sources [4].

The IPO closed at 22.19 times subscription, with demand across the public issue and anchor placement above ₹7.4 lakh crore and applications near 1.39 crore, PTI reported [2]. CNBC-TV18, as relayed by Upstox, reported that Reliance became India's most valuable conglomerate, overtaking the Tata Group [1].

Sensex touches 72,604 and Nifty IT falls 4 percent after Infosys downgrades and a Brent spike

The Sensex closed at 73,598.67 on Tuesday and fell to an intraday low of 72,604 on Wednesday, about 995 points lower by my arithmetic, while the Nifty touched 22,498 against a previous close of 22,749.75 [5][6]. Both indices recovered much of the loss, with the Sensex about 300 points down near 73,300 and the Nifty near 22,700 in Business Standard's live blog [6]. IT shares led the fall: the Nifty IT index slipped 4 percent to 30,928.10 on profit booking after Infosys drew four broker downgrades on its weaker annual sales outlook, Infosys fell 5 percent to ₹1,103.40, and Mphasis and Coforge fell 5 to 6 percent [7]. Tech Mahindra, TCS, HCLTech, Persistent Systems and LTM slipped 3 to 4 percent [7].

Brent crude rose about 1.5 percent to above $115 a barrel after an attack on a Saudi refinery, and Geojit's V K Vijayakumar called that bad news for the Indian economy and markets, while WTI traded near $100 to $101 [8]. Investors were also cautious ahead of the US Federal Reserve decision, since the FOMC is meeting on October 27 and 28 [6][8]. Asian markets were positive, helped by AI enthusiasm after gains on Wall Street [9]. The Sensex and Nifty figures above are early and midday readings, and closing levels will differ.

BLS Polymers draws 11.85 times on Day 2 as EAAA closes and Paras Healthcare lists at a 3.9 percent premium

BLS Polymers' ₹255 crore IPO was subscribed 11.85 times by 10:15 am on Day 2, with qualified institutional buyers at 12.04 times, non-institutional investors at 18.76 times and retail at 8.78 times, according to Groww [10]. It closed Day 1 at 9.62 times at 5:06 pm on Tuesday, according to IPOji [11]. Bidding runs until October 29, allotment is expected on October 30 and listing on November 3 [10]. The unofficial grey market premium was about ₹40, or 26.7 percent over the ₹150 upper band, on Tuesday, which is not a forecast [12].

EAAA India Alternatives' ₹1,200 crore IPO closes today at ₹1,585 to ₹1,665 and stood at 0.35 times at 5:06 pm on Tuesday, while SFC Environmental Technologies was at 0.10 times at the same time [11]. EAAA's grey market premium was ₹10 to ₹15 [12]. M.K. Sons Fine Jewels opened bidding today at ₹153 to ₹162 a share with a lot of 91 shares and closes on October 30 [12][13]. Paras Healthcare shares listed at a 3.9 percent premium on the NSE and BSE, which is about ₹720 by my arithmetic from the ₹693 upper band [10][12].

Hitachi unveils Hitachi Digital, merging GlobalLogic and Hitachi Digital Services from April 1, 2027

Hitachi, Ltd. (TSE: 6501) announced on October 27 in Santa Clara and October 28 in Tokyo that it will launch Hitachi Digital Inc. on April 1, 2027, uniting its US subsidiaries GlobalLogic Inc. and Hitachi Digital Services LLC under one company with the Hitachi brand, and a brand campaign started on Wednesday [14]. The company will have about 35,000 professionals in 27 countries and more than 880 active clients [14][15]. Jun Abe, executive vice president and head of Hitachi's Digital Systems and Services Sector, said Hitachi will evolve into a global digital services company able to provide solutions from enterprise AI to Physical AI, meaning AI embedded in physical systems such as energy and transport infrastructure [14].

The company's service areas will be Physical AI, data and intelligence, cloud and site reliability engineering, and enterprise applications [15]. The merger follows an integration plan Hitachi announced on January 29, 2026, so today's news is the launch date, the name and the brand campaign, and the formal launch is still months away [14].

Covalent Equity Partners invests in AML Analytics, a financial crime defence testing firm

Covalent Equity Partners, a private equity firm headquartered in Miami with a hub in San Francisco, announced a growth investment in AML Analytics on October 28, and the parts of the release I could read give no deal terms [16][17]. AML Analytics, founded in 2010, provides independent testing, validation and risk analytics for financial crime defences, and says more than 50 supervisory authorities and over 1,450 financial institutions in nearly 60 countries use it [16]. The investment is meant to accelerate AI-powered testing, scale global operations and extend its proprietary data to tier-one banks and regulators [17]. Covalent co-founder Quinlan Fang said AI is expanding the surface area of financial crime faster than the defences built to contain it [16]. FT Partners advised AML Analytics and Mills and Reeve was its legal counsel [16].

What to Watch Next

Four things to follow. First, Jio's trading range and market value after its debut [1][2]. Second, the Fed decision from the October 27 and 28 meeting and whether Brent holds above $115 [6][8]. Third, EAAA's final figures today and BLS Polymers' close on October 29 [10][11]. Fourth, any further IT downgrades after Infosys's guidance cut [7].

Disclosure: Analysis tools assisted in reviewing documents for this report. All facts, figures and quotations were verified against primary public records.

Sources

1. Upstox. "Jio Platforms IPO Listing, Share Price Live Updates," October 28, 2026. upstox.com
2. Press Trust of India via ThePrint. "Jio Platforms becomes 2nd most valuable Indian firm by market cap after strong debut," October 28, 2026. theprint.in
3. Upstox. "Jio Platforms reshuffles India's market-cap rankings: Check the revised top 5 list," October 28, 2026. upstox.com
4. Free Press Journal. "Jio Platforms Becomes India's Second Most Valuable Firm, Market Cap Hits ₹12.50 Lakh Crore After Strong Listing," October 28, 2026. freepressjournal.in
5. HDFC Sky. "Stock Market Open Report Today: Sensex, Nifty Crash After Lower Open as Oil, IT Drag and Jio, Fed Loom," October 28, 2026. hdfcsky.com
6. Business Standard. "Stock Market LIVE: Sensex off lows, down 300 pts; Nifty near 22,700; L&T, BSE, SBI Life shine," October 28, 2026. business-standard.com
7. Business Standard. "Nifty IT index slips 4%; Infosys, TCS, Coforge tank up to 5%; here's why," October 28, 2026. business-standard.com
8. TradingView News. "IT stocks drag Sensex, Nifty lower at open; Jio Platforms debut, Fed decision in focus," October 28, 2026. tradingview.com
9. India TV News. "28 October, 2026 Stock Market Updates: Sensex down 345 points, Nifty below 22,700, IT shares drag," October 28, 2026. indiatvnews.com
10. Groww. "BLS Polymers IPO Day 2: Subscription Status, Timeline and Key Issue Details," October 28, 2026. groww.in
11. IPOji. "BLS Polymers IPO Subscription Status Live," updated October 27, 2026, 5:06 pm. ipoji.com
12. IPO Track. "Live IPO GMP Today (27 Oct)." ipotrack.in
13. News Karnataka. "Four IPOs This Week: EAAA, BLS Polymers and More," October 25, 2026. newskarnataka.com
14. Hitachi Digital. "Hitachi unveils a new global digital services company turning cloud, data and AI into measurable business outcomes: Hitachi Digital," October 27 and 28, 2026. hitachidigital.com
15. Highways Today. "Hitachi Digital Unites 35,000 Specialists to Expand Industrial AI," October 28, 2026. highways.today
16. PR Newswire. "Covalent Equity Partners Invests in AML Analytics, the Global Benchmark in Financial Crime Defense Testing," October 28, 2026. prnewswire.com
17. Middletown Life Magazine, carrying the same release. "Covalent Equity Partners Invests in AML Analytics," October 28, 2026. middletownlifemagazine.com

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Article by Mahesh | Depth Grid