Jio Financial Shares Surge Over 5% to Become Nifty’s Top Day Gainer
By Shivendra Kumar, ETMarkets.com | Last Updated: March 18, 2026, 4:40 PM IST
Shares of Jio Financial Services witnessed a significant surge in trading today, climbing 5.4% intraday to reach a high of Rs 250.50 on the National Stock Exchange (NSE). This strong price movement was supported by robust trading volumes, with more than 1.5 crore shares exchanging hands and total traded value crossing Rs 374 crore. The rise extended gains for the stock to a second consecutive session, resulting in a cumulative gain of nearly 7% over two days and securing its position as the top gainer on the Nifty index.
Positive Market Sentiment and IPO Buzz Drive Rally
The bullish momentum in Jio Financial shares was largely driven by positive market sentiment coupled with encouraging news from its parent company, Jio Platforms. Reports from ETNow revealed that Jio Platforms, the telecom and digital arm of Reliance Industries, has appointed 17 investment banks to manage its highly anticipated initial public offering (IPO). This move marks the formal commencement of preparations for what is expected to be India’s largest-ever IPO, generating significant investor interest.
The consortium of bankers includes global giants such as Goldman Sachs, Morgan Stanley, Citigroup, and JPMorgan, alongside prominent domestic financial institutions like Kotak Mahindra Capital, Axis Capital, JM Financial, and SBI Capital Markets. Additionally, international names like HSBC have been enlisted, underscoring the size and global investor appeal anticipated for the offering.
Following the announcement on the IPO front, Reliance Industries Limited (RIL) shares also experienced an uptick, rising about 1%.
Recent Underperformance Prior to Rally
Despite today’s gains, Jio Financial Services shares have underperformed the broader market in recent months. Over the past six months, the stock has declined by more than 20%, in contrast to the Nifty’s 6% dip and the BSE Sensex’s 7% drop during the same period. Additionally, the shares are currently trading below their key technical moving averages, with the 50-day and 200-day simple moving averages (SMAs) standing at Rs 261 and Rs 297 respectively, according to Trendlyne data.
Financial Performance Highlights
Jio Financial recently reported mixed financial results for the December quarter. While the company demonstrated strong growth in core operating income, profitability saw a decline. The net profit stood at Rs 269 crore, representing a 9% year-on-year decline from Rs 295 crore in the corresponding quarter last year.
Revenue from operations more than doubled, rising 106% year-on-year to Rs 901 crore from Rs 438 crore a year ago. However, sequentially, profit fell 61% from Rs 695 crore in the previous quarter (September 2025), and total income slipped 10% from Rs 1,002 crore registered in Q2FY26. Operating revenue also declined by 8% sequentially in this period.
Outlook
The robust trade volumes and improved investor sentiment amid the IPO preparations have given Jio Financial shares a fresh boost, reversing some of the downward trends witnessed in recent months. Market watchers will be keenly observing how the progress of the Jio Platforms IPO influences the stock performance of its subsidiary and the parent company moving forward.
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Disclaimer: The views and opinions expressed in this article are based on information available as of the publication date and do not constitute investment advice. Investors should conduct their own research or consult financial advisors before making investment decisions.