Reliance and HDFC Bank sell-off weighs on Nifty; Jio IPO seen as potential catalyst
Nifty’s 2026 decline has been amplified by sharp falls in Reliance Industries and HDFC Bank. Analysts see a potential Jio Platforms IPO around Dussehra as a catalyst for Reliance, while market recovery remains tied to crude prices, rates, geopolitics and foreign inflows.
What happened
Nifty’s decline is attributed partly to sharp falls in Reliance Industries and HDFC Bank. Analysts expect a Jio Platforms IPO around Dussehra to support
Key facts
- Nifty 50 down around 10.50% YTD
- BSE Sensex down over 12%
- Bank Nifty down around 5.20%
- Reliance shares down around 20% in 2026
- HDFC Bank shares down nearly 30% YTD
What changed
Nifty’s decline is attributed partly to sharp falls in Reliance Industries and HDFC Bank. Analysts expect a Jio Platforms IPO around Dussehra to support Reliance shares, while broader market recovery remains dependent on crude, rates, geopolitics and foreign inflows.
Why this matters
With Reliance down about 20% and HDFC Bank nearly 30% YTD, a prospective Jio Platforms IPO could be a key Reliance catalyst, though crude, rates, geopolitics and foreign flows remain decisive market risks.
What to watch
- Formal Jio Platforms IPO filing, merchant banker appointments, valuation guidance or Dussehra launch confirmation
- Brent crude direction and any India-specific energy-import cost pressure
- Foreign portfolio investor flow reversal or continuation of heavyweight selling
- RBI rate guidance, system liquidity and retail/consumer loan growth data
- HDFC Bank deposit growth, net interest margin commentary and credit-cost trends