Indian Market Live Update at 02:00 PM IST

Sensex and Nifty closed higher on Friday, with major banks like HDFC Bank and ICICI Bank set to announce Q2 FY27 earnings today, October 17, 2026. Macroeconomic concerns persist as crude oil prices surge past $110 per barrel, though a US waiver on Russian oil sanctions offers some relief for India's import bill. The Nifty IT index also recorded its biggest weekly rally since 2008, while SEBI cleared IPO plans for several companies, and the upcoming Jio IPO remains in focus amid potential tariff hikes.

Key highlights

• Q2 FY27 Earnings: HDFC Bank, ICICI Bank, Axis Bank, and several other major companies are scheduled to announce their quarterly results today, October 17.
• Crude Oil Prices: Brent crude has topped $110 per barrel, with the Indian crude basket averaging $122 in October, raising concerns about India's import bill and inflation.
• US Sanctions Waiver: US President Donald Trump waived sanctions on major buyers of Russian energy, a move that could provide economic relief to countries like India.
• Nifty IT Rally: The Nifty IT index surged 11.7% this week, marking its biggest weekly gain since 2008, driven by strong earnings and renewed investor interest.
• IPO Approvals: SEBI has cleared the initial public offering plans for four companies, including fitness platform Cult.fit and Indian Gas Exchange.

Major Banks Announce Q2 FY27 Earnings Today

Today, October 17, 2026, marks a significant day for the Indian banking sector as several prominent lenders, including HDFC Bank, ICICI Bank, and Axis Bank, are slated to announce their financial results for the second quarter of Fiscal Year 2027 (Q2 FY27). This wave of earnings reports will provide crucial insights into the health and performance of India's banking giants amidst evolving economic conditions.

HDFC Bank, a heavyweight in the Indian financial landscape, is expected to report low single-digit profit growth for Q2 FY27. Analysts anticipate strong deposit growth, partly driven by FCNR(B) inflows, though this might be offset by some margin pressure. This quarter's results will be particularly watched as they are the last under the tenure of current MD and CEO Sashidhar Jagdishan, who is set to conclude his term on October 26, with Anup Bagchi poised to succeed him.

Similarly, ICICI Bank and Axis Bank are also on the roster to declare their Q2 FY27 performance. Axis Bank is projected to show robust year-on-year growth in net profit, potentially between 37-43%, supported by a healthy loan growth of 20-22%. However, like HDFC Bank, it may experience a slight sequential decline in net interest margins due to elevated FCNR(B) deposit mobilization. Asset quality for both banks is largely expected to remain stable.

Beyond these private sector leaders, public sector banks such as IDBI Bank, Central Bank of India, and Punjab & Sind Bank, along with other firms like India Cements and Le Travenues Technology (Ixigo), are also scheduled to release their July-September earnings today. The market will closely scrutinize these results for indications of credit growth, asset quality trends, and management commentary on the economic outlook, which will collectively shape investor sentiment for the broader financial sector.

Crude Oil Surges Amid Geopolitical Tensions; US Waiver Offers India Relief

Global crude oil prices have witnessed a significant surge, with Brent crude topping the $110 per barrel mark, driven by escalating geopolitical tensions and supply uncertainties. This rally has pushed the Indian crude oil basket to an average of $122.01 per barrel in October, up from $116.09 in September, raising substantial concerns for India's import bill, trade balance, and inflation outlook. As a major importer, India's economy is highly sensitive to these fluctuations, with higher costs potentially straining the current account and the rupee.

Adding a layer of complexity, the surge is attributed to intensified war risks, including attacks on energy infrastructure in the Middle East and the ongoing Russia-Ukraine conflict. Traders are factoring in potential disruptions to shipping routes, even as crude shipments through the Strait of Hormuz have reportedly recovered towards pre-war levels.

However, a significant development emerged with US President Donald Trump issuing an executive order waiving key sanctions under the recently enacted Lindsey O. Graham Sanctioning Russia and Iran Act of 2026. This decision suspends penalties that could have included tariffs of up to 100% on major buyers of Russian energy. This move is expected to provide considerable economic relief to countries like India and China, which continue to import Russian crude oil and natural gas. The waiver, invoked under a national interest provision, aims to ease pressure on global energy markets and contain fuel costs, particularly ahead of the November midterm elections in the US. While domestic fuel prices in India have remained unchanged despite the international surge, the sustained high crude prices could still pressure the margins of state-run oil marketing companies and eventually impact consumers if the trend persists.

More stocks and market news

Nifty IT Index Records Strongest Weekly Rally Since 2008

The Nifty IT index has demonstrated a remarkable performance this week, surging by 11.7% and marking its biggest weekly rally since April 2008. This significant rebound comes as investors reassess the outlook for traditional software services companies. The rally is primarily attributed to better-than-expected September-quarter earnings from several IT firms, improving business prospects, and attractive valuations. Major players like Tech Mahindra, Tata Consultancy Services (TCS), HCLTech, Infosys, and Wipro were among the beneficiaries, with Tech Mahindra being a strong performer. The shift in sentiment also reflects a move away from global AI-linked semiconductor stocks, which have faced pressure.

SEBI Clears IPO Plans for Four Companies

The Securities and Exchange Board of India (SEBI) has given its nod to the initial public offering (IPO) plans of four companies, signaling a busy period ahead for the primary market. The companies that received regulatory observations include fitness platform Cult.fit, Indian Gas Exchange (IGX), Sohan Lal Commodity Management, and Eswari Global Metal Industries. Cult.fit, co-founded by Myntra founder Mukesh Bansal, plans to raise ₹950 crore through a fresh issue of shares, alongside an offer for sale by existing investors. These approvals allow the companies to proceed with their proposed public listings, typically within 12 to 18 months from the date of SEBI's observations.

Jio IPO in Focus Amidst Analyst Expectations of Tariff Hike

Reliance Jio's upcoming Initial Public Offering (IPO), scheduled to open on October 21, 2026, is drawing significant attention from investors and analysts. The IPO is expected to raise approximately $3.2 billion. Analysts are closely watching Jio's revenue growth prospects, with some anticipating a mobile tariff hike of 12% to 15% over the next three to four months. This potential increase is seen as a strategy to boost Average Revenue Per User (ARPU) and enhance earnings ahead of the public listing. While there is no official confirmation of a tariff hike, the market is factoring in such possibilities as Jio aims to demonstrate strong financial performance to investors.

Market context

On Friday, October 16, 2026, Indian equity benchmarks closed higher for the second consecutive session. The Nifty 50 advanced 0.65% to settle at 23,146.15, while the Sensex gained 0.56% to close at 74,729.27. The Nifty Bank index also saw a marginal gain of 0.06% to 55,844, while the BSE Bankex declined 0.20% to 62,769.43. The Nifty IT index was a strong performer, rising 3.92% on Friday to 31,924.10. Early indications from Gift Nifty for Saturday's trading suggest a slight dip, trading 0.09% lower at 23,085.00. The USD to INR exchange rate is currently around 95.01, showing a slight appreciation of the rupee today. Brent crude oil prices are hovering above $110 per barrel.

Why these stories matter

The slew of Q2 FY27 earnings from major banks today is critical for assessing the financial health of the Indian economy, influencing overall market sentiment and sector-specific valuations. The surge in crude oil prices, a significant macroeconomic headwind, directly impacts India's inflation trajectory and current account deficit, making the US sanctions waiver on Russian oil a crucial, albeit partial, counter-development. The robust rally in the Nifty IT index signals a potential shift in investor confidence towards the sector, possibly driven by improved earnings visibility. Meanwhile, SEBI's clearance of multiple IPOs indicates a vibrant primary market, and the impending Jio IPO, coupled with potential tariff hikes, holds substantial implications for the telecom sector's competitive landscape and future profitability.

What to watch next

• Q2 FY27 Earnings: Monitor the actual results and management commentary from HDFC Bank, ICICI Bank, Axis Bank, and other companies throughout the day.
• Jio IPO: Watch for further details and investor interest as the Jio Platforms IPO opens on October 21, 2026.
• Global Oil Markets: Continue to track crude oil price movements and geopolitical developments that could impact supply.
• RBI's Stance: Any further statements or actions from the Reserve Bank of India regarding inflation and monetary policy in response to crude oil prices.

Sources

• Kotak Neo: SEBI Approves IPO Plans Of Four Companies, Including Indian Gas Exchange And Sohan Lal Commodity Management
• Kotak Neo: Nifty IT Surges 11.7% In Biggest Weekly Rally Since 2008 As Earnings Recovery Boosts Investor Sentiment
• NDTV Profit: Q2FY27 Results Live Updates: HDFC Bank, ICICI Bank, Axis Bank, IDBI Bank, Yes Bank and India Cements are scheduled to announce their September-quarter earnings today, October 17
• Times Now News: Oil On Boil: Crude Hits $110, Indian Basket Climbs To $122 As War Risks Threaten India's Import Bill
• New Indian Express: US President Donald Trump waives sanctions on Russian oil buyers, providing relief to India and China

FAQ

1. What are the key Q2 FY27 earnings being announced today?

HDFC Bank, ICICI Bank, Axis Bank, IDBI Bank, Yes Bank, India Cements, and Le Travenues Technology (Ixigo) are among the major companies scheduled to announce their Q2 FY27 results today, October 17, 2026.

2. How is the surge in crude oil prices affecting India?

The surge in crude oil prices, with Brent topping $110 and the Indian basket averaging $122 in October, is a significant concern for India. It threatens to increase the country's import bill, potentially widening the trade deficit and fueling inflation.

3. What is the latest on the Jio Platforms IPO?

The Jio Platforms IPO is set to open on October 21, 2026, aiming to raise approximately $3.2 billion. Analysts are closely watching the IPO, with some expecting a 12-15% mobile tariff hike in the coming months to boost revenue per user.

4. Which companies received SEBI approval for IPOs today?

SEBI has approved the IPO plans for four companies: Cult.fit, Indian Gas Exchange (IGX), Sohan Lal Commodity Management, and Eswari Global Metal Industries. Cult.fit, for instance, plans a ₹950 crore fresh issue.

5. Why did the Nifty IT index rally this week?

The Nifty IT index surged 11.7% this week, its biggest rally since 2008, primarily due to better-than-expected Q2 earnings from several IT companies, improving business prospects, and attractive valuations. This also reflects a shift in investor interest from global AI-linked semiconductor stocks.

6. What was the impact of the US sanctions waiver on Russian oil?

US President Donald Trump's waiver of sanctions on major buyers of Russian energy is expected to provide economic relief to countries like India and China, which import Russian crude oil. This move aims to ease pressure on global energy markets and help contain fuel costs.

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.