POST MARKET EDITION · 3:30 PM IST

Monday, JUNE 22, 2026

Open 24,125.55 High 24,248.80 Low 24,042.20 Prev 24,013.10

Open 77,206.34 High 77,412.00 Low 76,920.00 Prev 76,802.90

gainers

laggards

Jio Platforms Files DRHP · The World's Largest Telecom IPO Joins NSE in the Queue

Mukesh Ambani announced at RIL's AGM on June 19 that Jio Platforms' DRHP had been approved by the board and filed with SEBI. Jio Platforms, with over 490 million subscribers, is the world's largest telecom operator by subscriber count and India's dominant digital infrastructure company. The IPO is expected to be larger than NSE's Rs 30,000 crore - early estimates place Jio's valuation at Rs 8-10 lakh crore, potentially making it the most valuable company to list in India and one of the top-10 largest IPOs globally. For the market, two simultaneous mega-IPOs (NSE and Jio) in the same listing window (August-October 2026) creates significant primary market absorption questions. On the positive side, both IPOs will attract fresh foreign capital into Indian equity markets at a scale not seen since the COVID recovery. RIL also announced: a $3 billion green ammonia supply agreement with Samsung C&T, a new O2C business restructuring, and 3,400 Tata Motors eCV

Jio DRHP: filed June 19 · Valuation est: Rs 8-10 lakh crore · NSE + Jio: dual mega-IPO window

Iran Briefly Re-Closed Hormuz Over Weekend · Day 2 Talks Produce Comms Mechanism

The weekend brought a tense development: Iran briefly re-closed the Strait of Hormuz on Saturday, citing what it described as US and Israeli violations of the interim peace deal. The closure lasted approximately 14 hours before a communications mechanism for safe commercial passage was agreed between Iran, Qatar (mediator), Pakistan (co-mediator), and the US on Day 2 of the Buergenstock talks in Switzerland. Markets took the episode in stride - Brent rose to $76 briefly on Saturday night before settling back to $73.80 as the comms mechanism was confirmed. The bigger signal from the Buergenstock talks: Qatar and Pakistan announced a joint roadmap aimed at reaching a final comprehensive deal within 60 days. A 60-day framework (by mid-August) would remove the crude risk premium entirely and validate the RBI's room for an August rate cut. For India, the weekend's episode confirmed both the fragility of the current arrangement and the resilience

Hormuz: briefly re-closed Saturday, comms mechanism agreed Day 2 · Final deal target: 60 days

Cipla was the session's standout performer among Nifty 50 stocks, rising on strong US prescription data for its generic portfolio and improved USFDA compliance visibility at its Goa facility. The IT sector staged a meaningful 1.22% recovery as investors distinguished between the Accenture guidance shock (which was US-market-specific) and India IT's own execution. Infosys bounced 1.37% and TCS recovered 1.1%. Nifty India Internet jumped 1.05% led by Eternal (Zomato) and MakeMyTrip, both benefiting from improving consumer sentiment. Consumer Durables gained 0.96% as Havells, Voltas and Blue Star advanced on improved summer demand outlook. RVNL surged on winning a Rs 2,977 crore NMDC order for rail infrastructure in Chhattisgarh. Bharat Forge advanced on a confirmed navy deal for ship propulsion components. Max Healthcare and IndiGo were also among

Adani Total Gas was the session's worst-performing Nifty 50 stock, declining as the group faced mild selling pressure despite a broadly positive market. Six of eight Adani group stocks ended in the red, with Adani Ports and Adani Enterprises also declining - a pattern of group-level institutional selling unrelated to today's macro drivers. FMCG managed only a modest 0.17% gain as the sector's defensive premium remained limited on a risk-on day. HUL and ITC were broadly flat. PSU Banks gained a tepid 0.14% as the sector consolidated after last week's strong run. SBI was marginally lower despite the broader banking recovery. The session's underperformance in FMCG and PSU Banks is consistent with the pattern: on high-conviction risk-on days driven by specific catalysts (Jio DRHP, IT recovery), defensive and rate-sensitive sectors tend to underperform as capital rotates toward

Foreign Institutional Investors

+Rs 892.45 Cr

Net buyers · 3rd positive in 5 sessions · June MTD: approx -Rs 39,863 Cr

Domestic Institutional Investors

+Rs 2,814.33 Cr

Net buyers for 15th consecutive session · DII June MTD: approx +Rs 68,849 Cr

Net Institutional Flow

+Rs 3,706.78 Cr

Dual tailwind: FII + DII both buying · FII reversal trajectory: firmly establishing

Jio DRHP Filed: What It Means for India's Pre-IPO Market and the NSE IPO Timeline

Jio Platforms' DRHP filing creates the most complex pre-IPO market dynamic India has seen. Three questions every investor must answer: (1) Does Jio's massive valuation (Rs 8-10 lakh crore) crowd out NSE's IPO or complement it? The answer is both - in the short term, dual mega-IPOs compete for the same institutional allocation budgets; in the medium term, each successful listing validates the market's appetite for quality Indian growth names. (2) Where does Jio unlisted trade? Grey market is expected at Rs 210-240 per share (on ~Rs 10 face value), implying a Rs 8-9 lakh crore valuation. Watch tomorrow's first grey market transactions. (3) What does this mean for the Rs 26 billion lock-in overhang? Jio and NSE together would add another Rs 30,000-40,000 crore of primary supply. The market is absorbing this positively today - correctly reading it as a signal that the structural depth of Indian capital markets has reached a new threshold. The Neoma Capital view: Jio + NSE listing in the same window is not a supply problem - it is a statement of confidence in India's market infrastructure.

Jio DRHP: filed June 19 · Grey market watch: Rs 210-240 · Valuation: Rs 8-10 lakh crore

IT's 1.22% Bounce: Why the Accenture Read-Through Was Overdone on Friday

Friday's 4.18% Nifty IT crash was driven by indiscriminate institutional selling - a selling wave that hit all five major IT names equally regardless of their AI exposure profile. Today's 1.22% recovery is the market beginning to make the correct sector-specific distinctions. Three reasons the Friday selloff was overdone: (1) Accenture's guidance cut was specifically for its US-market discretionary IT services revenue. Indian IT's US revenue mix in discretionary (BFSI, retail, consumer) is approximately 40-45% - not 100%. The remaining 55-60% (infrastructure, manufacturing, healthcare) was not flagged. (2) Accenture's India-specific AI cannibalisation data (12% of traditional services) applied to Accenture's own delivery model - Indian IT firms like HCL Tech have a different mix with lower AI-native overlap. (3) Infosys and TCS Q1 FY27 guidance (July 10-11) is the first India-specific data. Selling before that guidance assumed the worst - today's bounce is the market partially correcting that assumption. HCL Tech remains our preferred sector pick: AI-native mandate wins, lowest Accenture-comparable revenue mix, strongest FY27 guidance track record.

Nifty IT: +1.22% recovery · Infosys: +1.37% · HCL Tech: preferred pick · Watch: July 10-11

Two Mega-IPOs in One Window: What the NSE + Jio Simultaneous Filing Means for Markets

India has never had two IPOs of this scale - NSE (Rs 30,000 crore) and Jio (Rs 40,000+ crore estimated) - in the same listing window. The aggregate primary market supply from these two alone would be approximately Rs 70,000-80,000 crore. Put in context: India's entire FY26 IPO market raised approximately Rs 1.6 lakh crore. NSE + Jio together in one quarter represents roughly 45-50% of the full year's FY26 issuance. For domestic institutions: DII June MTD absorption has already shown Rs 68,849 crore of buying capacity in three weeks. The structural SIP floor (Rs 26,000 crore/month) means DII can absorb both IPOs without disrupting the secondary market significantly. For FIIs: these are the exact type of high-quality, large-cap Indian names that global EM allocators want. Jio gives direct exposure to India's digital infrastructure monopoly; NSE gives exposure to India's financial market growth. Both IPOs are likely to attract meaningful FII allocation, potentially pulling the June-July FII MTD figure back to near-neutral from the current -Rs 39,863 crore deficit.

NSE + Jio combined supply: Rs 70,000-80,000 Cr est · FY26 total IPO: Rs 1.6 lakh Cr · DII: can absorb

Iran's Weekend Hormuz Re-Closure: What Happened and Why It Changes the Risk Framework

Iran's 14-hour re-closure of the Strait of Hormuz on Saturday morning was the first test of the peace deal's durability - and it revealed both the fragility and the resilience of the current arrangement. The trigger: Iran alleged that a US naval vessel and an Israeli cargo ship had entered Iranian territorial waters without prior notification, violating the interim deal's maritime protocols. The response: Qatar's foreign minister flew to Tehran within 4 hours, Pakistan's PM held emergency calls with both sides, and by Sunday morning a three-point communications mechanism was agreed (advance notification of vessel movements, a 24/7 Iran-US-Qatar hotline, and a 5nm exclusion zone around Iranian naval bases). The 60-day roadmap announced by Qatar and Pakistan is the new framework to watch. The market's calm response today (+0.68% Nifty despite the weekend Hormuz incident) tells you that investors now view brief disruptions as manageable and the structural peace trajectory as intact. Brent at $73.80 versus $94.68 on June 11 confirms that assessment.

Hormuz re-closed 14 hrs Saturday · Comms mechanism agreed · 60-day final deal roadmap: watch

Defence Sector Quietly Outperforming: Three Catalysts the Market Has Not Fully Priced

While the market focuses on IT recovery and Jio DRHP, the Nifty India Defence index has been the best-performing sectoral index of the past week (+6.6% WoW per Upstox data). Three catalysts driving this that most investors are underestimating: (1) India's defence production hit Rs 1.78 lakh crore in FY26 - up 15.6% from FY25 - and the government has set a Rs 3 lakh crore target for FY30. Companies like BEL, MTAR, HAL, and Bharat Forge are at 50-60% of a revenue ramp that extends to 2030. (2) India is close to finalising a BrahMos supersonic missile sale to Vietnam - potentially a Rs 15,000+ crore order. The deal would confirm India as a credible defence exporter alongside the US, France and Russia. (3) Bharat Forge secured a confirmed navy deal today for ship propulsion components - a category that recurs on a 5-7 year replacement cycle and is not captured in most FY27 earnings models. RVNL won Rs 2,977 crore from NMDC. The infrastructure-defence nexus (BharatNet fibre + rail + defence manufacturing) is the least covered high-conviction theme in the current market rally.

Nifty Defence: +6.6% WoW · BrahMos Vietnam deal: imminent · FY30 target: Rs 3 lakh crore

NSE Unlisted at Rs 2,290 and Jio Grey Market Awakens: The Pre-IPO Landscape This Week

NSE unlisted continued to trade at Rs 2,280-2,300 today, consolidating last week's 12% gain. The big new development: Jio Platforms' grey market is expected to open this week as the first informal transactions begin following the DRHP filing. Jio's grey market will establish a reference valuation that analysts, media and retail investors will compare against NSE's valuation in the DRHP - a comparison that will be instructive for the pre-IPO market on a per-rupee-of-revenue basis. The Waterways Leisure IPO subscription opened today (June 23 was the scheduled date - check opening status). Watch subscription figures as the first real-time test of primary market appetite post the dual DRHP filings. The key risk for pre-IPO investors now is the $26 billion lock-in overhang - with $15.96 billion eligible for sale in the next 30 days alone (Economic Times). However, DII buying capacity and FII reversal provide the structural counterweight. The Neoma Capital pre-IPO advisory thesis: NSE at Rs 2,290, Jio grey market opening this week, defence sector unlisted names gaining traction - the pre-IPO market is in its most active phase since 2021's IPO boom.

NSE unlisted: Rs 2,280-2,300 · Jio grey market: opening this week · Lock-in overhang: Rs 2.17 lakh Cr

The insight for today

The insight for today is about the Jio-NSE dual IPO dynamic and what it means for pre-IPO investors specifically. When two mega-IPOs file in the same window, historical global evidence (CME + CBOT in 2007, ICBC + Bank of China in 2006) shows that the first to list typically sets the valuation benchmark for the second. NSE's earlier DRHP filing gives it the first-mover advantage on listing timeline. If NSE lists first at or above Rs 5 lakh crore, it validates Jio's Rs 8-10 lakh crore ask. If Jio lists first (unlikely given SEBI timeline) it creates a quality benchmark that makes NSE look relatively cheap. Either way, the pre-IPO investor in NSE at Rs 2,000-2,200 is sitting on a structurally improving position. Watch the SEBI acknowledgement timelines for both: NSE filed June 18, Jio filed June 19 - one day apart. Their SEBI review timelines will be nearly parallel, making August-September the window when both IPO price bands could be announced simultaneously.