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The week in Indian Business and Markets
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The new closing-auction system produced sharp index swings during its first weekly expiries, then operated with limited disruption on the Sensex expiry. SEBI defended the mechanism, but traders and high-frequency firms continued to question participation, liquidity and the reliability of closing prices.
The government expanded LIC’s offering to about $3.3 billion after strong demand and completed the sale at roughly a 10% discount. The transaction reduced government ownership and increased public float, but institutional demand outweighed retail participation and left supply pressure in the market.
The week brought new price bands, planned offerings and regulatory approval for nine additional IPOs. Subscription and grey-market signals ranged from extraordinary SME demand to muted expected debuts and a slow start for a premium issue, showing that investor appetite was broad but selective.
Foreign investors first rotated away from large banks toward smaller private lenders, then directed July capital toward consumer services, healthcare and consumer durables. The shift challenged the earlier capex-led leadership and could widen valuation differences across sectors.
Expectations of weaker SBI profit from tighter margins gave way to a 10% earnings increase that exceeded estimates, helped by loan growth, stronger net interest income, better asset quality and lower provisions. Investors now must test whether the margin improvement can persist.
Titan’s quarterly profit and income surged on strong jewellery demand, helping the company add substantial market value after a period of muted returns. The next test is whether sustained earnings growth can support the higher valuation, particularly after demand-driven gains.
Indian IT moved from months of foreign selling toward renewed global-fund interest, with smaller companies outperforming larger peers. Coforge and LTIMindtree led the rebound on deal and AI progress, while LIC’s purchases added to gains in major IT names.
Hindalco reported record quarterly profit as stronger aluminium and copper operations, higher metal prices and a Novelis recovery lifted earnings. The result supports its large investment pipeline, while commodity exposure remains the main constraint on durability.
Day’s Recap