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The week in Indian Business and Markets
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Higher crude prices and renewed Middle East tensions first pushed the Sensex and Nifty sharply lower, then extended the decline into a third straight week. Positive breadth and resilient smaller companies kept the move from becoming a uniform risk-off collapse, but oil continued to threaten imports, inflation and margins.
N. Chandrasekaran's planned departure from Tata Sons progressed from a leadership dispute into a broader valuation concern, erasing billions from Tata-linked companies. Investors increasingly focused on whether the successor can preserve governance, capital allocation and major bets in semiconductors, iPhone manufacturing, Air India and technology.
Bank of America moved from an initial 26.5% investment plan to an agreement allowing up to 49.9% of Jio Credit for $1.9 billion. The deal gives Jio substantial capital and international lending expertise while confirming global interest in India's digital-credit infrastructure.
Several IPOs attracted exceptional subscription levels and strong grey-market premiums, led by Dhoot Transmission, Milky Mist and Shiprocket. The surge is meeting a crowded calendar of new issues, raising the test of whether primary-market enthusiasm can coexist with healthy listing performance and secondary-market liquidity.
Retail investors still lost enormous sums in equity derivatives even after regulatory curbs, while a new closing auction cut index-options volumes by 27% in its first week. Sebi consultations then gathered pace over the auction's effect on liquidity, trading strategies and benchmark-linked valuations.
The US criminal case against Gautam Adani was dismissed after the Justice Department sought withdrawal, removing an immediate legal overhang without resolving the underlying governance questions. Adani Group then secured about $800 million for data-center expansion, showing continued lender access while legal and governance risks remain relevant to financing terms.
India's reserves rose to a record $707 billion as foreign-currency inflows exceeded expectations, giving the RBI more room to manage external shocks. The central bank then moved to end the FCNR window early, shifting attention toward the effect on bank liquidity, the rupee and bond markets.
AI emerged as a structural challenge to the labor-arbitrage model underpinning India's technology-services industry, with potential pressure on hiring, pricing and margins. The concern broadened from company strategy to the wider impact on jobs, increasing the need for higher-value services and stronger AI capabilities.
Day’s Recap