India-US Trade Deal Close, SBI Confirms Data Loss, Jio Platforms IPO Opens
The Indian rupee opened stronger at 94.78 per dollar, while benchmark indices held near the 23,000 mark despite high global crude oil prices. Sentiment received a boost following statements from the United States indicating that a bilateral trade agreement with India is close to finalisation. US Secretary of State Marco Rubio also commended India's refining capacity, noting domestic capabilities to process heavy crude from Venezuela. In domestic corporate developments, State Bank of India confirmed a data breach affecting 3.75 lakh records found on the dark web, identifying 3,897 customer accounts with personal data exposure, though noting no material financial impact. Meanwhile, the mega initial public offering of Jio Platforms opened for public subscription with strong demand following heavy anchor book oversubscription. IT and banking stocks showed positive momentum in early trade, with market experts noting that equity earnings downgrades appear near a bottom.