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The week in Indian Business and Markets
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The new closing-auction mechanism produced increasingly severe price distortions, including a sharp Sensex plunge, exchange divergences and extreme options swings during expiry. The upcoming MSCI-linked trading flow will test whether the mechanism can handle large institutional orders.
US sanctions against Iran first unsettled Indian markets through concerns over energy purchases, trade channels and the rupee. Ukrainian attacks then pushed Indian refiners to reduce Russian crude purchases, threatening higher procurement costs and weaker discounts.
Heavy subscription and grey-market premiums kept demand strong across several IPOs, including Tempsens, ESDS and Lumino. At the same time, a large September pipeline, proposed tougher rules for smaller offerings and the Trafiksol unwind showed rising concern over capacity, valuations and disclosures.
Jio Platforms received repeated regulatory clearance for an IPO of roughly Rs 37,000 crore to Rs 37,700 crore. The potential listing would mark Reliance Industries’ first IPO in nearly two decades and establish a major valuation benchmark for India’s digital economy.
The government’s discounted Hindustan Copper offer attracted enough institutional demand to trigger the full greenshoe option, potentially doubling the stake sold to 6%. The sale advances divestment proceeds and public float but adds supply pressure after a copper-price rally.
NRI deposits drew large inflows into India’s debt market, with banks deploying part of the liquidity into government bonds. Those deposits helped foreign-exchange reserves reach a record and contributed to stronger dollar supply for the rupee.
Concern over CEO Sashidhar Jagdishan’s tenure shifted into an active succession process after he declined reappointment. Investors must now assess whether a new leader can preserve execution and asset-quality momentum.
Strong small-cap earnings growth failed to settle concerns about stretched valuations, narrow breadth and crowded trades. Expectations of a large-cap rotation grew, although foreign investors could still favor mid- and small-cap stocks if global risks persist.
Day’s Recap