Daily Market News Update — 22nd-23rd September 2026

Midnight News Update: 22-23 Sep 2026

As the tussle between the Tata Trusts and Tata Sons intensifies, Sharad Pawar has called for a dialogue to protect the legacy of the Tata group. He has also called for adherence to the Articles of Association, which is the stand taken by Noel Tata too. Pawar also added that the Tata Trusts had a history of serving society and their structure, therefore, should be respected. He also added that weakening the current structure, could also weaken some of the institutions funded by the Tatas. Pawar’s views still carry a lot of weightage among the Indian business community.

As the HDFC Bank CEO race hots up, there are 4 possibilities now emerging. A final word is expected from the RBI. The first option is to promote Kaizad Bharucha as MD & CEO to ensure that continuity is maintained. The second, oft discussed, option is of bringing in Anup Bagchi from ICICI Prudential to head HDFC Bank. He would bring a new approach, but has been off banking for some time. The third option is to appoint Kaizad Bharucha as the MD & CEO and Bagchi as DMD, to ensure a mix of continuity and future planning. Lastly, RBI could ask HDFC Bank to submit more names.

After a long gap, Brent Crude went back to double-digits, slipping below $98/bbl. The trigger for the sharp fall in crude prises was Saudi Arabia restoring functioning of its East-West pipeline, which offers an alternate route through the Red Sea. That had to be shut down recently due to drone attacks by the Houthi rebels. The Houthi rebels, who are backed by Iran, have been fighting the current Yemeni government. The Saudi Arabia backed Yemen government has also been globally recognized. This is likely to test the future importance of the Straits of Hormuz.

At any point, some Indian airline is sailing close to the wind. The DGCA has placed SpiceJet under operational and financial scrutiny to ensure that the airline remains solvent and liquid enough to continue flying. There are larger systemic risks of allowing an airline to default. In the past, Indian banks had to bear immense losses due to loan defaults by Kingfisher Airlines, Jet Airways, and Go First. Civil Aviation minister, Ram Mohan Naidu, confirmed that the government was also keeping a tab on the case. The Middle East crisis has aggravated cash flow problems for SpiceJet.

As India again comes under US tariff cloud, there is a new trade equation that India is starting to build with China. In the first 5 months of FY27, Indian exports to China grew by 40% yoy; triggered by growth in electronics and engineering exports. Both used to be big import items for India. The demand has been created by a massive AI and data centre rollout by China. India has become the new source of intermediate electronics for China. The signals were there in FY26, when India’s exports of printed circuit board assemblies (PCBA) to China saw a surge of 40% yoy.

As the revenues from MDR on UPI start to kick in, the government may gradually do away with the subsidies. The government still subsidizes small UPI transactions. In the new dispensation, P2P transfers and P2M payments up to ₹2,000 will still remain outside the purview of MDR. However, the MDR that is collected by banks from larger transactions will be used to fund the cost of smaller participants. Even the incentives for RuPay transactions will be gradually phased out. Effective from 15-October, an MDR of up to 0.4% on P2M transactions above ₹2,000 was permitted.

Garden Reach Shipbuilders (GRSE) has approved a ₹2,896 crore greenfield shipyard in Raichak in West Bengal. GRSE is a government owned defence and shipbuilding company. This will enhance Indias’ shipbuilding capacity in Naval and Commercial segments. This project will enable GRSE to build warships up to 200 metres and commercial vessels up to 60,000 DWT (dead weight tonnage). At the same time, GRSE is also upgrading its repair and maintenance facilities for ships. For Q1FY27, GRSE reported net profits of ₹173 crore, a rise of 44% yoy, with revenues up 38%.

Advanced Micro Devices (AMD), one of the pioneers in the global chip industry, became the fourth US company to touch $1 trillion in market cap. While Broadcom and Micron are already above $1 trillion in market cap, NVIDIA is the world’s most valuable company with market cap in excess of $5 trillion. Ironically, Intel continues to struggle in the value creation race. While Intel had once ruled the computer chips business with its Pentium range; it did not adapt to changing trends. Intel missed out on riding the massive demand for mobile chips, and later AI chips.