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The week in Indian Business and Markets
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A seven-session selloff gave way to rebounds and then rangebound trading as oil, West Asia tensions, US yields and short covering repeatedly shifted risk appetite. Large-cap weakness persisted even as technology and broader-market stocks provided selective support.
Companies continued to access capital despite weak secondary-market momentum, with August equity issuance approaching $10 billion. Strong demand for Sunshine Pictures, Lalithaa Jewellery, Tempsens, Symbiotec and Skyways showed that IPO enthusiasm remained concentrated in selected issues rather than reflecting broad market confidence.
The early closure of the dollar-deposit window, fading foreign-currency inflows and hawkish RBI minutes pushed short- and long-term yields higher. Oil-driven rupee pressure increased imported-inflation concerns, although surging reserves gave the RBI greater room to manage shocks.
India shifted from Asia's least-preferred market to a target of renewed but selective foreign buying. Strong first-quarter profit growth remained concentrated in metals, banking, financial services and IT, while fading base effects, a weaker rupee and higher costs clouded the second half.
Sebi moved from faster action against alleged auction manipulation to broader proposals on foreign-investor access, retail derivatives losses and online bond advertising. Weak participation in the closing auction added pressure to improve surveillance, disclosures and market design.
NSE targeted a roughly $55 billion valuation for a September IPO, setting a major benchmark for India's exchange sector. Its possible plan to trade its own shares after listing could further redirect volume and create index-related demand.
The government moved from considering lower sugar duties to allowing duty-free raw-sugar imports as domestic prices reached records. The measure may cool consumer inflation but increases pressure on mill realizations, even as sugar stocks rallied.
The government prepared a two-decade review of banking regulation and consolidation as lenders expanded overseas dollar borrowing after the swap facility closed. Analysts continued to favor selected private banks, particularly where loan growth and liquidity could support earnings recovery.
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