Daily Market News Update — 27th-28th September 2026

Midnight News Update: 27-28 Sep 2026

The government of India has pegged its second half (H2FY27) borrowing at ₹7,86,000 crore. As a result, the full year borrowings will now be ₹16 lakh crore, against the budget estimate of ₹17.20 lakh crore. The reduction in borrowing by ₹1.20 trillion is a hint that the fiscal deficit as a share of GDP for FY27 may even inch below the budgeted 4.3%. The actual net borrowings will be much lower as there will be about ₹5.50 trillion of loan repayments done during FY27. This will cap the spike in bond yields, which is essential with 10-year bond yields at above 7.15%.

With the US imposing sanctions on Russia, it is likely to spike India’s cost of importing oil, if India fully agrees to abide by the US conditions. Currently, India imports about 1.90 million barrels per day (bpd) of oil from Russia. The additional cost to replace 1 million bpd of Russian crude will be around $3.50 billion. So, total replacement will cost India $7.0-$7.5 billion a month. That is a cost that India cannot afford, and does not need to bear. Normally, India’s peak fuel demand season is from October to March, so the additional bill may be even higher for India.

The sharp contraction in domestic fertilizers output (as manifested in core sector basket), means that India has to rely more on fertilizer imports. Higher fertilizer imports at higher prices means higher subsidy bill for the government. That is evident from the fact that India has already exhausted 65% of its full-year fertilizer subsidy budget in the first 6 months itself. That means, the full year fertilizer subsidy could be sharply higher than the budgeted amount of ₹2.17 trillion. The spike in crude and LNG have resulted in a sharp spike in urea prices in last 6 months.

Housing sales across 9 major cities fell 6% to 1.03 lakh units in September 2026 quarter. It was a mix of weak demand and lower supply of new homes. With the global uncertainty elevated, most buyers are putting off plans to buy a home. Home sales tend to slow down in the September quarter due to monsoons, but this year it has been much slower than the previous years. It remains to be seen if the festive demand from October to December results in a bounce in housing demand in the December quarter. Only Hyderabad and Navi Mumbai saw robust growth.

According to a Jefferies report, quick commerce companies are showing signs of pricing discipline with a clear moderation in discounts. Quick commerce plays like Amazon Now and Zepto have raised the threshold order level to be eligible for discounts. After focusing on top-line for nearly 3 years, most quick commerce outfits are starting to focus more on profitability and ROI. Divergence was wide across categories. Personal care had average discounts of 29%, packaged foods had 17% average discounts, while for dairy products average discounts were as low as 3%.

Fortis Healthcare has underscored that it had no clue on the dispute between the Singh Brothers and Dai-Ichi Kangyo of Japan. In fact, Fortis Healthcare had challenged a forensic audit ordered into its books, but the appeal was turned down by the Supreme Court. While the issue pertains to transfer of shares of Fortis Healthcare, the company has stated that it had little control, being a public listed company. Fortis Healthcare had seen a sharp turnaround in performance, after a unit of IHH Healthcare Berhad group had taken control of Fortis Healthcare Ltd.

JSW One has filed DRHP with SEBI for its ₹3,054 crore IPO. This will include a fresh issue of ₹1,300 crore and an offer for sale (OFS) of ₹1,754 crore. There will only be 3 sellers in the OFS viz; JSW Steel, JSW Cement, and Mitsui & Company of Japan. It is also looking at a pre-IPO placement of around ₹260 crore. Fresh proceeds will be used for investment in its finance subsidiary. Another IPO candidate, Cars 24, plans to file its DRHP by April next year after it completes shifting its headquarters from Singapore to India (reverse flip). It was last valued at $3.3 billion.

Debt of Indian households may be rising, but the upcoming festive sales is likely to see more of EMI purchases happening. Flipkart expects that nearly one-third of its festive sales of electronics and mobiles will happen through the EMI route. Today, there are auto-EMI options based on mapping of the customer to credit card data and to Aadhar data. They can just swipe their credit card or debit card and spread the amount through EMIs. In India, while people prefer UPI for low value purchases, they still preferred debit cards or credit cards for higher value purchases.