Stock Market Today (20 October 2026): Jio IPO opens tomorrow, Yes Bank, Bajaj Finance

Indian equities saw a busy session on 20 October 2026, with several large-cap and mid-cap stocks reacting to earnings, analyst calls, fresh orders and corporate announcements. The biggest talking points included the upcoming ₹30,213 crore Jio IPO, a sharp fall in Yes Bank, Bajaj Finance raising its FY27 AUM growth target, strong numbers from HDB Financial Services and a ₹185 crore data-centre order for Venus Pipes. Defence, infrastructure, banking, consumer and technology stocks also remained active.

Today's Key Market Highlights

Jio's ₹30,213 Crore IPO Opens on October 21

Reliance Industries' Jio business is set for a major capital-market event, with the ₹30,213 crore IPO scheduled to open on 21 October. The issue is expected to attract significant attention from institutional and retail investors given Jio's scale and its position in India's telecom and digital ecosystem.

LIC has reportedly committed ₹500 crore as an anchor investor, adding another notable institutional participation signal ahead of the issue opening.

Yes Bank Slides Sharply Amid AT1 Concerns

Yes Bank was one of the day's biggest movers, with the stock falling sharply amid concerns surrounding its AT1 securities. Reports indicated a decline of around 27% during the session.

The bank said the recent Supreme Court order would not affect its growth plans, while Moody's affirmed its rating. Yes Bank also clarified points raised around its auditor's report.

Investors are now watching capital adequacy, regulatory developments, deposit growth and the potential impact of AT1-related issues on the bank's capital position. The market reaction suggests that sentiment remains sensitive despite the bank's reassurance on future growth.

Bajaj Finance Raises FY27 AUM Growth Target to 27%

Bajaj Finance raised its FY27 assets-under-management growth target to approximately 27%, providing a positive signal on its lending growth ambitions.

The company is also seeing strong traction in gold loans, with gold-loan balances reported to have doubled. Brokerage commentary suggested potential upside of up to 23% following the company's latest quarterly developments.

For investors, the focus will remain on credit growth, asset quality, margins and whether faster AUM expansion can be achieved without putting pressure on underwriting standards.

HDB Financial Services Reports Strong Q2 Performance

HDB Financial Services reported a strong second-quarter performance, with disbursements rising 18% year on year and profit after tax increasing 34%.

Management also remained positive about the second half of the financial year, pointing to stronger festive-season demand. The performance keeps HDB Financial Services in focus as investors assess the growth outlook for India's consumer and retail credit market.

Venus Pipes Gets ₹185 Crore Data-Centre Order

Venus Pipes & Tubes received a letter of intent worth approximately ₹185 crore from a data-centre client. The company has already started pipe-spooling work earlier than originally planned.

The faster start is expected to support quicker completion and shipment once the order progresses. The development adds to the company's exposure to the rapidly expanding data-centre infrastructure ecosystem.

Prestige Estates Eyes ₹40,000 Crore Launch Pipeline

Prestige Estates Developers is targeting property launches worth around ₹40,000 crore, highlighting the company's ambitious growth plans in the real-estate market.

Investors will be watching launch schedules, pre-sales, collections and project execution as the company works to convert its development pipeline into revenue and cash flows.

Hindustan Zinc Plans Recycling Unit

Hindustan Zinc is planning to establish a recycling unit as it looks to strengthen its resource-efficiency and circular-economy strategy.

The move could become strategically relevant as metal producers increasingly focus on secondary raw materials, cost efficiency and long-term resource security.

Good Corporate and Credit Updates Across the Market

TVS Motor retained its CARE AAA rating, while Uflex received a reaffirmation of its AA- rating from CRISIL. PTC India also received a strong ESG rating.

Sudarshan Chemical received an improved outlook from India Ratings, while Firstsource Solutions was recognised as a CX market leader. These developments provide additional company-specific signals across industrial, technology and services businesses.

Defence and Infrastructure Stocks in Focus

RailTel won a ₹47.4 crore Haryana network installation contract, with completion scheduled by April 2028. Quality Power Electrical Equipments also started production at its new Sangli facility, focused on high-voltage air-core dry-type reactors and customised coil products.

Zen Technologies agreed to acquire Cogknit for approximately ₹135 crore, adding another defence-technology transaction to the sector's growing consolidation and expansion theme.

Sun Pharma's Cancer Drug Gets Key Recognition

Sun Pharma's Unloxcyt received Category 2A status in NCCN Guidelines for Patients for advanced skin cancer patients who are not suitable for surgery or radiation.

The development could improve the drug's visibility among relevant patients and healthcare professionals. Investors will track adoption, sales contribution and the commercial opportunity for the therapy.

Other Important Corporate Updates

• Mahindra & Mahindra: Q2 revenue increased 26%, while margins remained a key area of investor attention.
• Hindustan Unilever: Q2 sales growth was seen at around 7%, with dividend expectations also in focus.
• Bajaj Auto: Q2 profit was expected to rise around 27% based on market estimates.
• UltraTech Cement: Profit was reported to have jumped 25%, although the stock remained near its 52-week low.
• IndiGo: Jefferies sees the stock at ₹6,800.
• Dixon Technologies: JPMorgan maintained an Overweight view on Dixon and Amber Enterprises.
• ICICI Prudential Life: Received a tax rectification order involving tax and interest demands; the company said operations remain unaffected.
• NTPC: Denied reports of a proposed share buyback.
• Schaeffler India: Its plant came under investigation and its managing director was reportedly taken into custody.

Market Outlook

Today's market action was driven by a mix of earnings, capital-market events, regulatory developments and company-specific announcements. The Jio IPO will be the biggest near-term event for the broader market, with subscription data likely to influence sentiment around India's primary market.

Banking remained a key area of volatility, particularly after the sharp move in Yes Bank. In contrast, Bajaj Finance's higher AUM target and HDB Financial Services' strong Q2 numbers point to continued strength in parts of the consumer-credit segment.

Infrastructure and industrial names also continue to build momentum through fresh orders and capacity additions. Venus Pipes' data-centre order, RailTel's Haryana contract and Quality Power's new production facility highlight the continued investment cycle around digital infrastructure and power equipment.

Overall, investors should expect a stock-specific market as the earnings season gathers pace, with quarterly results, management commentary and large corporate actions likely to remain the main drivers.

Stocks to Watch