Indian Markets Shut for Dussehra; Hindustan Zinc Posts Record Q2, Infosys Expands Truist Deal

Indian equity markets are closed today, October 20, 2026, on account of Dussehra, with trading set to resume tomorrow. This holiday follows a challenging session on Monday, where the Nifty 50 fell over 1% to 22,888.95, dragged by financial stocks. Amidst the market closure, Hindustan Zinc announced a record-breaking Q2 FY27 performance, reporting a 142% year-on-year surge in net profit, while IT major Infosys expanded its collaboration with Truist for an AI-first Global Capability Center in Hyderabad, a deal reportedly valued at $500 million.

Key highlights

• Market Holiday: Indian stock exchanges (NSE and BSE) are closed today, October 20, 2026, for Dussehra.
• Hindustan Zinc: Reported record Q2 FY27 net profit of US$671 million, up 142% year-on-year.
• Infosys: Expanded collaboration with Truist for an AI-first Global Capability Center in Hyderabad, a deal reportedly worth $500 million over five years.
• REC-PFC Merger: Received No Objection Letters from BSE and NSE for its proposed merger with Power Finance Corporation Limited.
• Crude Oil: Indian crude basket averaged over $122 per barrel in October, maintaining pressure on India's import bill and inflation.

Hindustan Zinc Reports Record Q2 FY27 Performance Amid Strong Production

Hindustan Zinc Limited, the world's largest integrated zinc producer, announced a stellar second-quarter performance for the financial year 2027, delivering record-high revenue, EBITDA, and net profit. The company reported its highest-ever quarterly revenue from operations at US$1,579 million, marking a substantial 77% year-on-year increase. This robust top-line growth translated into an even more impressive bottom-line, with quarterly net profit soaring by 142% year-on-year to US$671 million.

The strong financial results were underpinned by record operational metrics. Hindustan Zinc achieved its highest-ever second-quarter mined metal production of 271 KT and record refined metal production of 264 KT. The company also managed to maintain a lower quarterly zinc cost of production, excluding royalty, at US$703 per tonne, showcasing operational efficiency. Silver production also contributed significantly to profitability, rising 20% year-on-year to 173 tonnes in the quarter. For the half-year ended September 30, 2026, the company recorded its highest-ever EBITDA of US$1,816 million, up 108% year-on-year, with an industry-leading EBITDA margin of 60%.

Why it matters

Hindustan Zinc's exceptional performance highlights the strong demand for base metals and the company's effective cost management and production capabilities. As a key player in the global zinc market, these results could signal positive trends for the broader metals and mining sector. The company's strategic move to secure the Gundlupet Rare Earth Element and Yttrium Block in Karnataka also indicates its commitment to diversifying its critical minerals portfolio, aligning with global energy transition trends. Investors will be watching how this strong performance translates into sustained growth and shareholder returns in the coming quarters.

Infosys Expands Truist Collaboration, Establishes AI-First Global Capability Center

Infosys, a leading Indian IT services giant, has announced a significant expansion of its strategic collaboration with Truist, one of the largest financial services companies in the United States. The partnership aims to support Truist in building out its AI-first Global Capability Center (GCC) in Hyderabad, India. This expanded engagement is a testament to India's growing role as a hub for innovation, talent, and digital capabilities in the global financial technology landscape.

Under this collaboration, Infosys will leverage its extensive financial services expertise and AI-first capabilities to accelerate scalable transformation and drive enterprise-wide value creation for Truist. The deal involves consolidating capabilities previously delivered through multiple supplier relationships in India into a more unified and integrated operating model. Reports suggest this contract is valued at over $500 million over a five-year period and will involve the onboarding of more than 1,000 employees later this month, marking a significant milestone in the GCC's growth and expansion. The GCC is designed to enhance client experiences, empower employees, and deliver a more digitally enabled banking experience. Infosys will facilitate the build, scale, and transition of a self-sustaining center of excellence, integrating AI, technology, data, and operations into a cohesive delivery framework.

Why it matters

This multi-year, multi-million dollar deal underscores the continued demand for digital transformation and AI integration within the financial services sector. For Infosys, it represents a substantial new deal win, providing revenue visibility and reinforcing its position as a preferred partner for large-scale digital initiatives. The focus on an "AI-first" GCC also highlights the increasing importance of artificial intelligence in modernizing banking operations and creating efficiencies. This development could positively impact investor sentiment towards Infosys and the broader Indian IT sector, especially given the current global economic uncertainties.

More stocks and market news

REC-PFC Merger: Exchanges Grant No Objection Letters

REC Limited has received crucial No Objection Letters from both the BSE Limited and the National Stock Exchange of India Limited for its proposed scheme of merger with Power Finance Corporation Limited (PFC). The boards of both public sector undertakings (PSUs) had initially approved the merger scheme in June 2026, subject to various regulatory and other approvals. The receipt of these observation letters from the stock exchanges is a significant step forward in the merger process. The scheme now awaits further approvals from shareholders and creditors of both companies, the Reserve Bank of India (RBI), and the sanction by the National Company Law Tribunal (NCLT). The observation letters are valid for six months from October 19, 2026, within which the scheme must be filed with the NCLT. This merger, if completed, would create a larger, more integrated entity in India's power financing sector.

Elevated Crude Oil Prices Continue to Pressure Indian Economy

Crude oil prices remain a significant concern for the Indian economy, with the Indian crude basket averaging over $122 per barrel in October 2026. This sustained elevation in prices is largely attributed to ongoing geopolitical tensions and supply concerns. For India, a major importer of crude oil, these high prices directly impact the country's import bill, trade balance, and overall inflation outlook. Reports indicate that India's crude import bill surged 46% year-on-year in September, even as import volumes rose only 7%, highlighting the impact of higher prices. The Reserve Bank of India (RBI) has previously noted that crude oil prices above $100 a barrel pose a significant risk to India. The continued volatility and upward pressure on crude prices could lead to higher domestic fuel costs and potentially influence future monetary policy decisions.

Market context

Indian equity markets are closed today, October 20, 2026, for the Dussehra festival. On Monday, October 19, the Nifty 50 declined by 1.11% to close at 22,888.95, while the Sensex fell 1.17% to 73,852.90. The broader market witnessed a sell-off, with 37 out of 38 sectors declining, led by financials. PSU banks were the only segment to post gains. The India VIX, a measure of market volatility, closed at 13.68 on Monday, indicating some investor anxiety. Globally, crude oil prices remain elevated, with the Indian crude basket averaging over $122 per barrel in October, driven by geopolitical concerns. The RBI had earlier in October raised the repo rate by 25 basis points to 5.50% and increased the daily cash reserve requirement for banks to manage liquidity.

Why these stories matter

The market closure today provides a pause after Monday's broad-based decline, allowing investors to digest recent corporate and macro developments. Hindustan Zinc's strong Q2 results demonstrate resilience in the metals sector and could provide a positive sentiment boost when markets reopen. Infosys's significant deal win with Truist reinforces the robust demand for digital and AI services, which is crucial for the Indian IT sector's growth trajectory. The progress in the REC-PFC merger signifies ongoing consolidation and strategic restructuring within public sector enterprises. Meanwhile, persistently high crude oil prices remain a critical macro headwind, impacting inflation and India's trade balance, a factor that will continue to influence investor sentiment and RBI policy decisions.

What to watch next

• Market Reopening: Indian equity markets will resume trading on Wednesday, October 21, 2026, with investors reacting to global cues and any overnight developments.
• Q2 Earnings Season: The ongoing Q2 FY27 earnings season will continue to be a key driver, with results from major companies across various sectors expected in the coming days.
• RBI Policy Stance: Investors will closely monitor any further statements or actions from the Reserve Bank of India regarding liquidity management and inflation control, especially in light of elevated crude prices.
• Global Developments: Geopolitical events and global commodity price movements, particularly crude oil, will remain crucial factors influencing market sentiment.

Sources

• Macaubusiness.com: Hindustan Zinc Limited Delivers Record Second-Quarter Performance in FY27
• Stockhouse.com: Infosys Expands Collaboration with Truist to Build AI-First Global Capability Center in Hyderabad
• PSUConnect.in: REC-PFC Merger: BSE, NSE Grant No Objection Letters
• Timesnownews.com: Indian Crude Basket: October Average Climbs Above $122
• ETnownews.com: Stock Market Holiday Today: Indian stock markets remain shut on October 20 for Dussehra

FAQ

1. Why are Indian stock markets closed today, October 20, 2026?

Indian stock markets, including the National Stock Exchange (NSE) and Bombay Stock Exchange (BSE), are closed today, October 20, 2026, for the festival of Dussehra (Vijayadashami). Trading will resume on Wednesday, October 21, 2026.

2. What were Hindustan Zinc's key financial highlights for Q2 FY27?

Hindustan Zinc reported record Q2 FY27 performance with revenue from operations of US$1,579 million (up 77% YoY), EBITDA of US$972 million (up 108% YoY), and a net profit of US$671 million (up 142% YoY). The company also achieved its highest-ever quarterly mined metal and refined metal production.

3. What is the significance of Infosys's expanded collaboration with Truist?

Infosys has expanded its partnership with Truist to build an AI-first Global Capability Center in Hyderabad. This deal, reportedly worth $500 million over five years, signifies a major win for Infosys and highlights the growing demand for AI and digital transformation services in the financial sector. It also reinforces India's position as a key hub for global IT capabilities.

4. What is the latest update on the REC-PFC merger?

REC Limited has received No Objection Letters from both BSE and NSE for its proposed merger with Power Finance Corporation Limited (PFC). This is a crucial regulatory step, and the merger now awaits approvals from shareholders, RBI, and the NCLT.

5. How are elevated crude oil prices impacting India?

Elevated crude oil prices, with the Indian basket averaging over $122 per barrel in October, are putting significant pressure on India's import bill, trade balance, and inflation outlook. This macro factor remains a key concern for the Indian economy and could influence future monetary policy decisions by the RBI.

Disclaimer

Disclaimer: This article is for educational purposes only. It does not constitute investment advice. Please consult a SEBI-registered financial advisor before making investment decisions.