By Ruchir SankhlaNifty 50 closed lower on October 19 as disappointing Q2FY27 earnings from major private banks and elevated crude oil prices weighed on sentiment. HDFC Bank and Axis Bank fell after their results missed profit estimates, with weaker margins and higher expenses raising concerns over banking sector earnings.
The decline followed a strong previous week, when the Nifty 50 gained 2.8%, its biggest weekly rise since April. The recovery was led by IT stocks following encouraging Q2 results and positive management commentary.
Meanwhile, Brent crude fell over 2% after US President Donald Trump temporarily waived sanctions and tariffs on Russia. Back home, India's retail inflation rose to 5.5% in September, while wholesale inflation climbed to 11.4%, raising concerns over further RBI rate hikes.
Looking ahead, investors will track Q2 earnings, India's flash PMI readings, crude oil prices and foreign investor activity. Markets will be closed on October 20 for Dussehra. Siddhartha Khemka, Head of Research, Wealth Management at Motilal Oswal Financial Services, said, “The market is expected to consolidate with a gradual recovery, although intermittent volatility may persist in broader markets.”
IPO activity picks up this week, with nine companies set to make their market debut and four new issues opening for subscription. This follows a quiet week for listings, with no IPOs making their market debut last week.
From defence to healthcare: Nine IPOs head for listing
HD Fire Protect, a manufacturer of fire protection equipment and systems, opened its Rs 712.3 crore IPO for subscription on October 13 and closed the issue on October 15. The IPO saw exceptional investor demand, with an overall subscription of 131.7x. The offering consists entirely of an offer for sale by existing shareholders. The shares will list on October 21.
Fusion CX, a customer experience and business process services provider, opened its Rs 702 crore IPO for subscription on October 14 and closed the issue on October 16. It saw healthy investor demand, with an overall subscription of 4.5x. The company plans to use the fresh proceeds to upgrade its IT tools and pursue acquisitions. The stock will list on October 22.
Sahajanand Medical Technologies, a medical devices manufacturer, opened its Rs 475.5 crore IPO for subscription on October 15 and will close on October 19. The issue was subscribed 14.1x. The offering consists entirely of an offer for sale by existing shareholders. The shares will list on October 23.
Tonbo Imaging India, a defence electronics manufacturer, opened its Rs 852.2 crore IPO for subscription on October 15 and will close on October 19. The IPO saw strong investor demand, with an overall subscription of 135.5x. The offering consists entirely of an offer for sale by existing shareholders. The stock will list on October 23.
Bonfiglioli Transmissions, a manufacturer of gearboxes and industrial drive systems, opened its Rs 2,533.8 crore IPO for subscription on October 15 and will close on October 19. The issue was subscribed 45.9x. The offering consists entirely of an offer for sale by its promoter, Bonfiglioli S.p.A. The shares will list on October 23.
Zetwerk Manufacturing Businesses, a technology-led manufacturing platform, opened its Rs 5,012.3 crore IPO for subscription on October 15 and will close on October 19. The issue saw a muted response, with an overall subscription of 3x. The company plans to use the fresh proceeds to fund acquisitions and other strategic initiatives. The stock will list on October 23.
Investors crowd into HD Fire Protect and Tonbo Imaging
Three SME issues are also in focus.
Vaibhav Vyapaar, a digital lending company, opened its Rs 40.5 crore IPO for subscription on October 13 and closed the issue on October 15. It saw a steady response, with an overall subscription of 3.1x. The company plans to use the proceeds to strengthen its capital base and support future lending. The shares will list on October 21.
Ravita Engineering Services, an engineering solutions provider, opened its Rs 116 crore IPO for subscription on October 14 and closed the issue on October 16. The IPO saw healthy investor demand, with an overall subscription of 6.7x. The company plans to use the proceeds to purchase heavy equipment. The shares will list on October 22.
Shellz India, a confectionery and bakery products manufacturer, opened its Rs 60 crore IPO for subscription on October 15 and will close on October 19. The issue was subscribed 50.2x. The shares will list on October 23.
Jio Platforms headlines a four-IPO pipeline
Jio Platforms, Reliance Industries’ digital and telecom subsidiary, will open its Rs 30,213 crore IPO for subscription on October 21 and will close on October 23. The price band is set at Rs 1,065–1,119 per share, and the offering consists entirely of a fresh issue of 27 crore shares. The company plans to use the proceeds to repay debt at its telecom subsidiary, Reliance Jio Infocomm. The shares will list on October 28.
Paras Healthcare, a hospital chain operating under the Paras Health brand, will open its Rs 1,450 crore IPO for subscription on October 21 and will close on October 23. The price band is set at Rs 660–693 per share. The issue comprises a fresh issue of 72.2 lakh shares and an offer for sale of 1.4 crore shares. It will list on October 28.
BLS Polymers, a manufacturer of polymer compounds used in cables and industrial pipelines, will open its Rs 255 crore IPO for subscription on October 27 and will close on October 29. The price band is set at Rs 142–150 per share, and the offering consists entirely of a fresh issue. The company plans to use the proceeds to expand its existing manufacturing facility in Goa. The shares will list on November 3.
Paras leads revenue growth, BLS Polymers tops profit growth
In the SME segment, Core4 Engineers, a Mysuru-based engineering, procurement and construction company, will open its Rs 54.8 crore IPO for subscription on October 23 and will close on October 27. The price band is set at Rs 88–93 per share, and the offering consists entirely of a fresh issue. The company plans to use the proceeds to acquire property for a new manufacturing unit and corporate office. The shares will list on October 30.
