Weekly Capsule for the week ending on 23rd October 2026

Research Desk23 October 20266 min read

Key news of the week of 19–23 October 2026 and its likely market impact, starting with the Jio Platforms IPO closing at 22.19 times subscription.

Weekly Capsule (Oct 19 – Oct 23) and Impact Analysis

News Announcement	Impact Analysis
Jio Platforms IPO closed on Friday, with 22.19 times subscription (ex-anchors)	While QIB portion was subscribed 70.55X times, HNI / NII was subscribed 14.00X and Retail portion was subscribed 2.72X. Including the anchor allotment on 19-October, the IPO got total investor interest of ₹4,98,525 crore at a macro level
Brent Crude spiked to above $114/bbl as Middle East uncertainty took its toll	Houthis have continued to target key installations in Saudi Arabia, like the International Airport and the Aramco premises. While oil is moving out of the Strait of Hormuz via STS (ship to ship) transfers, the risks are now inordinately high for oil
Losses continued at Swiggy, with Q2FY27 losses coming in at ₹922 crore	While the losses are lower on a yoy basis, Swiggy has now incurred cumulative losses of over ₹25,000 crore till date. With Instamart demanding lot of cash-burn and competition hitting margins; profits may be still some time away
RBI sees forex reserve depletion of $60 billion in 4 weeks; defending the Rupee	During the week, the USDINR strengthened to ₹94.46/$, but weakened beyond the ₹95/$ levels in Friday trading. While the FCNR(B) caused forex reserve accretion of $90 billion, nearly 67% of that was spent defending the rupee
India September 2026 core sector growth flattered the street at 7.94%	This was the best core sector performance in the last 30 months, despite pressure from crude oil, gas, and fertilizers. Electricity and Refinery Products, with combined weight of over 53%, saw robust double-digit growth in September 2026
MPC minutes show consensus on rate hike; votes 4:2 in favour of stance shift	The general view was that inflation control and managing inflation expectations should now take priority for the RBI. A rate hike and changing stance to “Calibrated Tightening” sends the right signal to the market about the RBI’s intentions
Sector analysis of first fortnight of October, shows FPI buying in IT sector	While FPIs were net sellers in equities to the tune of $5.04 billion in H1-Oct-2026, IT sector saw buying after TCS results. Heavy selling was seen in sectors like BFSI, FMCG, and automobiles on rate hike concerns and weak rural demand
NBFCs like Bajaj Finance and Piramal have flagged early stress in gold loans	This is ironical as gold loans have been the biggest driver of growth in consumer loans in the last few quarters in India. With a rise in overdue loans of over 30 days, the RBI limits on revolving credit has only compounded that risk for financials
Sir Dorabji Tata Trust (SDTT) files reply to allegations by Srinivasan and Singh	Srinivasan and Singh had alleged irregularities in appointment of trustees; questioning lifetime trusteeship to Noel Tata. They also had objected to the induction of Neville Tata into the Trusts and about not being consulted on crucial decisions
Straits of Hormuz could slowly become redundant over the next five years	This was disclosed by HSBC at a logistics conference in Dubai, where they expect alternate routes to take over the oil trade. The Middle East has alternate access to Yanbu in the West as well as road access to most of Europe and Asia to move oil
Fairfax to rope in veterans of banking to give a fresh thrust to IDBI Bank	Former ICICI Bank veteran, N S Kannan, is likely to take over as the chairman of IDBI Bank; with CSB merged into IDBI Bank. In addition, Fairfax also plans to rope in Deepak Parekh and former HDFC Bank veteran, Paresh Sukhthankar as advisors
Government calls for a halt to diversion of sugarcane for ethanol applications	This was necessitated after retail sugar prices, being a very politically sensitive issue, witnessed a sharp spike this year. The ban is valid for FY27 and is applicable to ethanol derived from sugarcane juice, sugar syrup, and B-Heavy Molasses
India API (active pharma ingredients) to touch $22.18 billion by year 2031	This growth is essential as India still relies on China for procuring nearly 74% of its API requirements today. The API opportunity in India will be spread across Integrated API Manufacturing, CDMO, and Custom Synthesis
Spot Gold fell sharply to $4,017/oz; Spot silver trended lower to $53.93/oz	Gold and silver have been on a consistent downtrend amid rising oil prices, combined with rate hikes by central banks. While brokers remain positive on gold and silver in the long run, the short damage since January has been substantial
Infosys PAT for Q2FY27 flat at ₹7,823 crore; sales up 2.1% at ₹49,244 crore	However, on the downside, Infosys revised its revenue guidance for FY27 lower to 1-2%; EBIT margins lower at 21% Large deals during the quarter had TCV of $5.2 billion with 62% from new deals; Interim dividend was ₹26 per share
US Secretary of State, Marco Rubio, visits India to sell Venezuelan oil	Rubio came with an American request that Reliance buy more of Venezuelan crude and refine it to fill global supply gaps. While Venezuelan crude is relatively heavier; it will be a good start for India to get better terms on the Indo-US trade deal
Premji Finvest and Norwest have backed Vegafin with ₹1,000 crore	Vegafin is a tech-driven lending platform for MSMEs to enhance credit flows through AI and digital workflows. MSMEs in India face a massive credit gap of ₹30 trillion; and this will help build secured credit across business cycles
UBS has acquired a 4.8% stake in 360-One WAM for a sum of ₹2,112 crore	This stake purchase was done by converting the 20.5 million warrants issued to UBS as part of strategic equity partnership. The allotment of shares against warrants happened at a price of ₹1,030 per share; with UBS paying the balance 75%
Himadri Specialty Chemicals will invest ₹1,613 crore for capacity expansion	The investment will be spread across; Lithium Iron Phosphate, Specialty Chemicals, Carbon Nano Tubes, and carbon block. It will be a mix of greenfield and brownfield expansion and will be completed by the fourth quarter of the next fiscal year
India’s copper demand spiked by 12% to 2,100 Kilo Tonnes (KT) in FY26	The growth was driven by robust demand from infrastructure, automobile, and construction sectors, as per data from ICA. The 12% growth is quicker than the 9.3% growth in FY25, but India’s refined copper capacity can only meet 33% of demand
Government has set the rules for the ₹84,084 Samudra Manthan scheme	The idea is to encourage investments in deepwater oil and gas drilling in India with government support for part of the cost. India produces 10% of annual oil needs, and it needs domestic production to expand its strategic petroleum reserves (SPR)

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