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The month in Indian Business and Markets
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Foreign selling, high crude prices, global yields and rupee weakness drove a marketwide correction, while RBI intervention and domestic buying eased but did not remove the pressure. The market eventually recovered in bursts, but poor breadth and liquidity stress kept the advance concentrated in large and liquid stocks.
Jio moved from roadshows and pricing resistance to a roughly Rs 30,200 crore offering that drew heavy institutional and retail demand and became fully subscribed almost immediately. Its 21% debut and second-largest-company valuation shifted the focus from launch appetite to subscriber growth, 5G adoption and monetisation.
The IPO pipeline expanded from a September fundraising boom into a crowded October slate featuring large issues, SME offerings and competing fundraisings. Strong subscriptions and fresh listings contrasted with weak secondary markets, making valuation, dilution, proceeds and post-listing support increasingly important.
Banks and non-bank lenders continued expanding credit, and quarterly results showed strong profits, loan growth and asset improvement at several institutions. Funding costs, deposit mobilisation, margins, underwriting and emerging asset-quality pressure increasingly limited how far that growth could run.
Technology stocks regained momentum after stronger earnings and HCL Technologies' return to revenue growth, producing a sharp rotation into established software companies. The recovery remained conditional because muted client spending, immigration restrictions, AI-driven demand changes and weaker guidance still challenged durable growth.
Higher fuel, power, logistics and other input costs weakened profitability across cement, autos, airlines, paints and consumer-facing businesses. Strong revenue or volume growth often failed to protect margins, forcing companies to consider price increases and tighter cost controls.
The Supreme Court ordered Yes Bank to restore Rs 8,415 crore of AT1 bonds, converting a legal reversal into a capital and growth problem. Bondholder claims for overdue and future coupons then increased uncertainty around the bank's financial burden and distributions.
Defence procurement, infrastructure orders, ports, power capacity and gas restructuring pointed to a wider investment push across sectors. The opportunity improved order and growth visibility, but execution, financing and sustainable returns remained the main constraints.
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