Markets Rally Near 23,000, Jio Platforms Files Mega IPO, Draft BS VII Rollout
Indian equity markets witnessed strong bullish momentum with the Sensex advancing over 1,300 points and the Nifty closing near the 23,000 mark, driven by IT and private banking stocks despite global tech softness. Market analyst Sharad Awasthi shared a positive outlook, assigning high probability to an ongoing recovery and targeting Nifty levels of 29,000 to 30,000 over 12 to 15 months. In major corporate developments, Reliance Industries filed the red herring prospectus for the Rs 30,213 crore Jio Platforms initial public offering, scheduled for subscription between October 21 and 23. Meanwhile, the Supreme Court set aside Yes Bank's AT1 bond write-off, and the central government proposed a phased rollout of Bharat Stage VII vehicle emission norms starting from 2029 through 2032. Additionally, Commerce Minister Piyush Goyal confirmed the finalisation of the first tranche of the India-US trade agreement, while the IMF endorsed India's revised GDP methodology.