First Pass

51 stories from 3 sources

Oil shock and foreign selling tighten India’s market conditions

Day’s Recap

Supporting Articles

10:42 PMEconomic Times

Oversold markets may stage near-term rebound, say analysts

Summary

Indian equities ended lower on Friday, with the Nifty and Sensex posting their fifth consecutive weekly declines as rising crude prices and US bond yields weighed on sentiment. Broader indices also fell, while the VIX climbed despite a late market recovery.

The fifth straight weekly decline shows that investors are treating higher oil prices and US

Unlock the full First Pass Analysis to get a better understanding of why this story matters

Why it matters

Persistent external pressure is eroding risk appetite and could prolong the correction across Indian equities.

Link to Story
8:13 AMEconomic Times

India 10-year yield tops 7% as oil rout extends losses into fourth week

Summary

Indian government bonds extended their decline as higher oil prices and a global selloff in debt markets pushed the benchmark 10-year yield above 7%. Uncertainty over the Reserve Bank of India's liquidity stance is adding to pressure ahead of inflation data and signals on future policy.

The decisive shift is the 10-year yield moving above 7%, raising the government's borrowing cost

Unlock the full First Pass Analysis to get a better understanding of why this story matters

Why it matters

A sustained yield above 7% could increase public borrowing costs, pressure corporate funding, and constrain monetary-policy flexibility.

Link to Story
7:22 AMEconomic Times

Market wrap: HDFC Bank, Dr Reddys, Hindalco, JSW Steel top gainers and losers on Nifty and Sensex on Friday

Summary

Indian equities ended Friday mixed as higher crude prices and global interest-rate concerns weighed on sentiment. The Nifty fell 0.34%, while the Sensex gained 0.16%; midcaps and smallcaps declined, volatility rose, and metals and realty stocks led losses.

Oil and bond yields are imposing a broad macroeconomic constraint, with pressure falling most heavily

Unlock the full First Pass Analysis to get a better understanding of why this story matters

Why it matters

Rising energy costs and global yields are driving a defensive shift beneath a relatively stable headline market.

Link to Story
6:25 AMEconomic Times

10 Nifty stocks that fell up to 40% from their yearly peaks

Summary

Several Nifty 50 stocks have dropped sharply from their 52-week highs, with Infosys, ITC and Wipro among the biggest decliners. The declines have reached as much as 40% amid heightened market volatility.

The selloff has weakened some of the market's largest and most widely held stocks, not

Unlock the full First Pass Analysis to get a better understanding of why this story matters

Why it matters

The scale of the declines signals that volatility is affecting core index holdings and could keep pressure on benchmark returns.

Link to Story
5:45 AMEconomic Times

Explained: Why did market bounce back? Sensex recovers 620 points from day’s low, Nifty closes near 23,400

Summary

Indian equities recovered sharply from an initially weak session, with the Sensex rebounding 620 points from its intraday low and the Nifty closing near 23,400. Falling oil prices and bond yields, along with hopes for a Gulf-Iran agreement on Strait of Hormuz shipping, improved market sentiment.

The rebound reflected a repricing of immediate geopolitical and inflation risks rather than a durable

Unlock the full First Pass Analysis to get a better understanding of why this story matters

Why it matters

India's market direction is increasingly tied to oil and geopolitical headlines that can quickly alter inflation and earnings expectations.

Link to Story
10:45 PMEconomic Times

Indian rupee weakens to 95.55 amid rising crude oil prices and Strait of Hormuz tensions

Summary

The rupee fell 11 paise to close at 95.55 against the dollar as crude oil rose to $105 a barrel amid tensions around the Strait of Hormuz. Oil companies increased dollar demand, while state-run banks sold dollars and the Reserve Bank of India appears to have intervened to limit further depreciation.

Higher oil prices are tightening India's external balance and increasing demand for dollars from importers.

Unlock the full First Pass Analysis to get a better understanding of why this story matters

Why it matters

A weaker rupee and costlier oil could push up domestic inflation while increasing pressure on India's external finances.

Link to Story
6:48 AMEconomic Times

Rupee sees sharpest weekly drop in four months on oil worries

Summary

The rupee fell more than 1% against the dollar this week, its sharpest weekly decline in four months, as oil prices and global bond yields rose. RBI intervention limited the currency’s losses while markets awaited signals from US monetary policy and India’s liquidity operations.

Higher oil prices worsen India’s trade and inflation outlook at the same time that elevated

Unlock the full First Pass Analysis to get a better understanding of why this story matters

Why it matters

The rupee’s drop raises the risk of imported inflation and tighter domestic financial conditions.

Link to Story
10:20 AMEconomic Times

RBI to drain Rs 1 lakh crore as VRRR auctions fail to absorb liquidity

Summary

The RBI plans to drain Rs 1 lakh crore from the banking system through bond sales after variable rate reverse repo auctions failed to absorb excess liquidity. The surplus has been supported by dollar inflows, and Governor Sanjay Malhotra has indicated that the central bank may use multiple tools.

The failed VRRR response has pushed the RBI toward a larger and more durable liquidity

Unlock the full First Pass Analysis to get a better understanding of why this story matters

Why it matters

Banks and debt-market investors will need to adjust to less surplus liquidity and potentially higher short-term borrowing costs.

Link to Story
9:29 AMEconomic Times

RBI opts for sharp liquidity drain through $10.5 billion debt sale

Summary

The RBI will sell bonds worth about Rs 1 lakh crore, or $10.5 billion, to absorb surplus banking-system liquidity. The decision follows weak demand at earlier liquidity-absorption operations, while the central bank keeps other tools available amid inflationary pressure linked to high oil prices.

The bond sale marks a sharper shift from temporary liquidity operations to a large-scale withdrawal

Unlock the full First Pass Analysis to get a better understanding of why this story matters

Why it matters

The operation signals that liquidity management is becoming a central part of the RBI's inflation-control strategy.

Link to Story
5:22 AMBloomberg Markets

RBI Has Enough Tools to Mop Liquidity Surge, Malhotra Says

Summary

RBI Governor Sanjay Malhotra said the central bank has sufficient tools to absorb a record increase in banking-system liquidity after its foreign-currency deposit drive. Policymakers want to prevent excess cash from pushing borrowing costs down and adding to inflationary pressure.

The immediate policy challenge is managing surplus liquidity without reversing the support that brought foreign

Unlock the full First Pass Analysis to get a better understanding of why this story matters

Why it matters

The RBI must now balance currency stability, inflation control and credit conditions as liquidity rises sharply.

Link to Story
11:05 PMEconomic Times

Global funds sour on India stocks as some cut allocation to zero

Summary

Foreign investors are reducing their exposure to Indian equities, citing a shortage of compelling artificial-intelligence investment themes, and foreign portfolio ownership has fallen to a 17-year low. India ranks as Asia's least-favored market in a recent survey, although domestic institutions continue to support prices and investors are seeking more durable foreign direct investment for manufacturing.

The shift puts greater pressure on domestic institutions to sustain valuations and reduces the marginal

Unlock the full First Pass Analysis to get a better understanding of why this story matters

Why it matters

India's market support is becoming more domestically driven, making foreign selling and valuation resets harder to absorb.

Link to Story
10:34 PMEconomic Times

NSE IPO set to open for public on September 17; price band at Rs 1,700-1,785

Summary

The National Stock Exchange of India's IPO will open on September 17 and close on September 21, with a price band of Rs 1,700 to Rs 1,785 per share. The offer for sale will raise Rs 22,561.5 crore for existing shareholders, with allotment expected on September 22 and listing on September 24.

The issue will give existing NSE shareholders a large liquidity event without raising fresh capital

Unlock the full First Pass Analysis to get a better understanding of why this story matters

Why it matters

The IPO will test investor appetite for a landmark market-infrastructure business and create a new valuation reference for the sector.

Link to Story
10:50 AMEconomic Times

NSE's IPO to be second biggest till now as offer size cut, price band lowered

Summary

NSE will launch its IPO from September 17 to 21, with listing scheduled for September 24. Existing shareholders will sell shares at a revised price band, targeting proceeds of Rs 21,494 crore to Rs 22,569 crore.

NSE has reduced both the offer size and pricing from earlier expectations, lowering the valuation

Unlock the full First Pass Analysis to get a better understanding of why this story matters

Why it matters

The pricing will test investor appetite for India's dominant exchange amid a crowded IPO market.

Link to Story
9:00 AMEconomic Times

NSE diversification could weigh on weekly options' revenue, CEO says

Summary

NSE expects weekly options to account for a smaller share of revenue as other businesses grow, although transaction charges remain central to its earnings. The exchange has also cut its IPO size by more than 15%, as its offering coincides with major issues from Reliance Jio and Hyundai Motor India.

Revenue diversification could reduce NSE's dependence on weekly options, but it also makes the exchange's

Unlock the full First Pass Analysis to get a better understanding of why this story matters

Why it matters

Investors will assess whether NSE can sustain growth beyond options while defending its transaction-based business model.

Link to Story
8:17 AMEconomic Times

NSE IPO: Exchange didn't move an application to trade on its own platform, says CEO Ashish Chauhan

Summary

NSE CEO Ashish Chauhan said the exchange has not applied to Sebi to list or trade its own shares on the NSE platform. The IPO will be entirely an offer for sale of about 12.64 crore shares, with an expected size of Rs 22,500 crore to Rs 23,500 crore.

NSE's decision not to seek trading approval on its own platform removes a potential conflict

Unlock the full First Pass Analysis to get a better understanding of why this story matters

Why it matters

The structure keeps the listing process separate from NSE's operations while limiting the IPO's direct balance-sheet benefit to the exchange.

Link to Story
11:29 AMEconomic Times

Bank deposits grow 17.8% in August, fastest in decade as FCNR-B inflows mask local mobilisation woes

Summary

Bank deposits grew 17.8% year on year at the end of August, the fastest pace in a decade, after a surge in FCNR-B deposits following the Reserve Bank of India's special window for dollar inflows. Credit growth eased to 19.1%, while banks continued to struggle to attract domestic savings.

The headline deposit surge overstates the improvement in banks' core funding because FCNR-B inflows, rather

Unlock the full First Pass Analysis to get a better understanding of why this story matters

Why it matters

Banks have gained short-term liquidity, but their underlying ability to fund lending from domestic savings remains weak.

Link to Story
3:04 AMCNBC

Fintechs conquered payments in India. Now they're eyeing credit

Summary

Indian fintechs that helped drive mass adoption of digital payments are expanding into credit, targeting underserved consumers and businesses.

The shift moves fintech competition from transaction volume to lending economics, where underwriting, funding costs

Unlock the full First Pass Analysis to get a better understanding of why this story matters

Why it matters

India's next fintech growth cycle will depend on turning payment data into responsible lending at scale.

Link to Story
10:52 AMEconomic Times

NSEL settlement scheme: Sebi settles proceedings against 91 commodity brokers

Summary

Sebi has concluded proceedings against 91 commodity brokers linked to the NSEL crisis, enabling them to join a settlement scheme. Several brokers accepted temporary restrictions on proprietary trading and new client onboarding, while some paid settlement fees of up to Rs 36 lakh.

The settlement clears a regulatory barrier for dozens of brokers and moves the NSEL episode

Unlock the full First Pass Analysis to get a better understanding of why this story matters

Why it matters

The decision reduces uncertainty for affected brokers and clients while setting compliance conditions for re-entry into normal business.

Link to Story

Other Developments

A curated list of other prominent stories from this day.

12:03 PMEconomic Times

Granules India promoter sells 1.72 crore shares worth Rs 1,500 crore; Goldman Sachs, BNP Paribas among investors

Summary

Granules India promoter Krishna Prasad Chigurupati sold 1.72 crore shares worth about Rs 1,500 crore through block and open-market transactions. The sale will fund the second tranche of a preferential issue and reduces his holding to 31.08%.

The promoter's stake has fallen, but the transaction redirects capital into Granules India's preferential issue

Unlock the full First Pass Analysis to get a better understanding of why this story matters

Why it matters

The deal brings fresh institutional participation while reducing promoter control and increasing the market's focus on how the preferential-issue proceeds are deployed.

Link to Story
10:49 AMEconomic Times

SME IPO: Vama Wovenfab issue to open on Sep 15; sets price band at Rs 324-341/ share

Summary

Vama Wovenfab's IPO will open on September 15 with a price band of Rs 324 to Rs 341 per share and aims to raise Rs 49.5 crore. The company plans to use the proceeds for working capital, machinery and construction of a new shed before listing on the BSE SME platform.

The issue will give Vama Wovenfab capital to expand production capacity and support day-to-day operations.

Unlock the full First Pass Analysis to get a better understanding of why this story matters

Why it matters

The IPO reflects continued investor access to smaller companies, but the funding case depends on execution and liquidity after listing.

Link to Story
8:34 AMEconomic Times

Sebi imposes Rs 2 lakh penalty on Emami Realty for regulatory lapses

Summary

Sebi fined Emami Realty Rs 2 lakh for failing to obtain prior audit committee approval for a Rs 25 lakh related-party loan and for incorrectly classifying Rs 49.94 crore of investments in its standalone financial statements.

The penalty targets weaknesses in governance and financial reporting rather than a large financial loss.

Unlock the full First Pass Analysis to get a better understanding of why this story matters

Why it matters

The case shows that procedural failures in approvals and accounting classification can trigger regulatory action even when the monetary penalty is modest.

Link to Story
8:15 AMEconomic Times

Mann Fleet Partners gets Sebi nod to raise funds via IPO

Summary

Sebi has approved Mann Fleet Partners' IPO, which will combine a fresh issue with an offer for sale. The company, which provides car and coach rental services across 86 cities globally, plans to use proceeds for debt repayment and general corporate purposes before listing on the NSE and BSE.

Regulatory approval clears the next hurdle for Mann Fleet Partners to access public capital, with

Unlock the full First Pass Analysis to get a better understanding of why this story matters

Why it matters

The IPO will test public-market demand for a fleet-services business seeking to reduce leverage while funding broader corporate needs.

Link to Story
7:36 AMEconomic Times

How NSE helped Zerodha start when it had little money: Nithin Kamath recalls ahead of IPO

Summary

Zerodha founder Nithin Kamath said the NSE's free NSE NOW trading platform and waived membership fee helped the brokerage launch in 2010 when it had limited funds. He also expressed confidence in the exchange's planned IPO.

Zerodha's early dependence on shared market infrastructure shows how exchanges can lower entry barriers for

Unlock the full First Pass Analysis to get a better understanding of why this story matters

Why it matters

The story links exchange infrastructure to fintech competition and frames the NSE IPO as a market-structure event, not merely a fundraising exercise.

Link to Story
7:29 AMEconomic Times

IRCTC among 8 midcap stocks hitting 52-week low; slipped up to 18% in a month

Summary

Nine BSE 150 midcap stocks hit fresh 52-week lows on Friday, led by PI Industries, Havells India and IRCTC. The weakest performers had fallen as much as 18% over the previous month.

The breadth of new lows points to pressure extending beyond a handful of speculative names,

Unlock the full First Pass Analysis to get a better understanding of why this story matters

Why it matters

The new lows signal that midcap weakness is broadening and may challenge elevated valuations.

Link to Story
7:25 AMEconomic Times

Counting Rs 4 lakh crore loss in RIL? Dangote refinery listing in Nigeria could trigger a 30% rally

Summary

YES Securities said the planned listing of Nigeria’s Dangote Petroleum Refinery could create a global valuation benchmark for Reliance Industries’ oil-to-chemicals business. It estimates up to Rs 1 lakh crore of potential valuation uplift for Reliance and maintains a Buy rating with a Rs 1,660 target price.

The potential re-rating depends on investors accepting Dangote as a comparable asset and applying its

Unlock the full First Pass Analysis to get a better understanding of why this story matters

Why it matters

A credible external benchmark could unlock value in Reliance’s most heavily discounted business segment.

Link to Story
6:54 AMEconomic Times

LG Electronics India in Jefferies’ ‘pole position’; bull case points to 21% upside

Summary

Jefferies retained its Buy rating on LG Electronics India with a Rs 1,895 target and a Rs 2,000 bull-case estimate. It expects growth from premium products, exports, B2B sales, greater in-house production and the expansion of the Sri City facility.

The investment case rests on LG moving beyond consumer-electronics volume growth toward higher-margin products and

Unlock the full First Pass Analysis to get a better understanding of why this story matters

Why it matters

LG India’s upside depends on converting brand strength into higher margins and a more diversified revenue base.

Link to Story
6:29 AMEconomic Times

ET Alpha Wealth Summit 2.0: How are India's family offices investing in 2026?

Summary

The ET Alpha Wealth Summit 2.0 will examine how Indian family offices are adapting their investment strategies for 2026. Discussions will cover private credit, venture debt, co-investments, global assets, liquidity, capital preservation and multigenerational wealth creation.

Family offices are broadening beyond traditional public markets as they seek differentiated returns and greater

Unlock the full First Pass Analysis to get a better understanding of why this story matters

Why it matters

India’s family capital is becoming a larger and more sophisticated source of funding for private markets.

Link to Story
4:53 AMEconomic Times

Sri Lotus Developers shares jump 3% to fresh 52-week high after Capital Group buys nearly 2% stake

Summary

Sri Lotus Developers shares reached a fresh 52-week high after a Capital Group fund bought nearly 2% of the company for more than Rs 195 crore. The promoter sale helped meet minimum public shareholding requirements, while the company's Q1 FY27 profit rose 77% year on year.

The institutional purchase adds credibility and liquidity after the stock more than doubled from its

Unlock the full First Pass Analysis to get a better understanding of why this story matters

Why it matters

Institutional participation and rapid earnings growth could broaden investor interest, but the stock now carries elevated expectations.

Link to Story
4:51 AMEconomic Times

Jefferies' 25% CAGR club: Paytm, Groww among 5 financial stocks that can deliver up to 25% returns

Summary

Jefferies named Paytm, Groww, PB Fintech, AU Small Finance Bank and Poonawalla Fincorp as financial stocks capable of delivering up to 25% compound annual returns through FY29. It expects earnings and revenue growth from greater scale, new business initiatives and operating leverage, and retained Buy ratings on all five.

The thesis depends on these companies converting expansion and new offerings into sustained operating leverage.

Unlock the full First Pass Analysis to get a better understanding of why this story matters

Why it matters

The picks show where analysts expect India's financial sector to shift from growth investment toward stronger earnings conversion.

Link to Story
4:47 AMEconomic Times

Jefferies cuts KEI Industries target price by 11%. Will UltraTech’s entry put the company at risk?

Summary

Jefferies cut its target price for KEI Industries by 11% to Rs 6,150 after UltraTech Cement entered the wires and cables market. It expects pressure on KEI's retail market share but believes power transmission cables and exports can offset some of the impact, while maintaining a Buy rating.

UltraTech's entry raises the competitive threat in KEI's core retail channel and could pressure pricing

Unlock the full First Pass Analysis to get a better understanding of why this story matters

Why it matters

A major industrial group's entry could reshape competition in cables, forcing established players to defend margins and diversify growth.

Link to Story

Make it yours

Build Your First Pass.

Pick your topics, set your cadence, and receive your personalized First Pass in your inbox. It’s that simple!