Jio Platforms’ blockbuster stock market debut has reshuffled India’s corporate rankings, pushing Tata Consultancy Services (TCS) out of the country’s five most valuable companies for the first time in decades. While Jio Platforms surged 21.36% above its IPO price on October 28, TCS shares tumbled nearly 3.5% amid a broader sell-off in information technology stocks and concerns over global economic uncertainty.
Jio Platforms’ market capitalisation soared to around ₹12.5 lakh crore, making it India’s second-most valuable company. Meanwhile, TCS slipped to sixth place, with its market capitalisation falling to ₹8.76 lakh crore as its shares declined to ₹2,411.70.
Reliance Industries remained the most valuable firm with ₹16.20 lakh crore market cap. Bharti Airtel, HDFC Bank, and ICICI Bank were shifted to 3rd,4th and 5th spots with market capitalisation of ₹12.07 lakh crore, ₹10.44 lakh crore, and ₹9.83 lakh crore, respectively.
The listing also strengthened the Reliance Group’s position in India’s corporate hierarchy. Its combined market capitalisation crossed ₹28 lakh crore, overtaking the Tata Group’s approximately ₹26 lakh crore to become the country’s most valuable business house.
For the first time in decades, neither the Tata Group nor the Adani Group had a company among India’s five most valuable listed companies. The rankings were instead dominated by the Reliance Group, telecom companies and private-sector banking heavyweights.
Jio Platforms IPO listingThe ₹30,213-crore IPO of Reliance-backed Jio Platforms made a blockbuster debut on the BSE and NSE. The shares opened at ₹1,358 against the upper issue price of ₹1,119, delivering a listing gain of around 21% to investors. Addressing the listing ceremony, Akash Ambani, Chairman of Reliance Jio Infocomm, said investor demand had exceeded expectations, with applications worth more than ₹7.5 lakh crore and over 1.3 crore applications received.“The response surpassed our imagination, breaking records in every investor category.
We were fully subscribed for India's largest IPO within 95 minutes of launch, the fastest ever India has seen,” he said. Ambani also described the listing as the beginning of a new phase for the company and its shareholders.“Today's listing, as Isha said, is not a finish line, but a starting line.
We will communicate openly, honor our commitments and earn your trust through our actions,” he said. Stock Market TodayWhile Jio Platforms celebrated its market debut, Indian equities came under pressure on Wednesday as rising crude oil prices and caution ahead of the US Federal Reserve’s policy decision weighed on investor sentiment.
The benchmark indices fell more than 1%, while the IT sector declined around 3.3%. Infosys plunged 4.4%, while TCS and HCLTech lost around 3% each. Oil prices climbed 1.4% to $115.40 a barrel after an attack on a refinery in Saudi Arabia, a major oil exporter, revived concerns about potential supply disruptions and inflationary pressures.
V K Vijayakumar, Chief Investment Strategist at Geojit Investments Limited, said the market had turned decisively weak amid growing geopolitical and macroeconomic concerns. He added that the Jio Platforms listing would remain a key focus for investors, given the strong demand for the IPO.
The qualified institutional buyers’ portion was subscribed 70.5 times, signalling substantial institutional interest. However, he cautioned that a sustained recovery in Indian equities would depend on two key developments: a decline in crude oil prices and a reversal in foreign portfolio investor (FPI) selling.
Despite Jio Platforms’ strong debut, the wider market’s direction will depend on oil price movements, foreign investor sentiment and the US Federal Reserve’s policy signals. Should you still buy TCS? According to Hitesh Tailor, Technical Research Analyst at Choice Broking, Tata Consultancy Services (TCS) is currently trading around ₹2,416 after staging a pullback from lower demand levels.
The recent recovery faced immediate overhead supply near the 50-weekly EMA ₹2,470, causing price action to retreat slightly."Key structural resistance is firmly established in the ₹2,470– ₹2,600 band, where the 50-weekly EMA converges with a prior breakdown support zone and a wider falling trendline.
On the downside, primary structural support resides in the ₹2,000– ₹2,200 demand zone, where robust historical buying interest previously emerged," he said. The weekly RSI sits at 54.22, having recently signaled a classic bullish divergence by forming higher lows while price tested multi-month troughs.
This indicator setup confirms underlying momentum recovery, though a decisive weekly closing breakout above ₹2,600 is required to confirm a complete trend reversal, advised the expert. Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint.
We advise investors to check with certified experts before making any investment decisions.