Daily Market News Update — 30th-Sep - 01st Oct 2026

Midnight News Update: 30-01 Oct 2026

The legal battle at the Tata group appears to be getting more intense. This comes after Venu Srinivasan, a trustee of Sir Dorabji Tata Trust, sought an immediate enquiry into the administration and governance of the trust. Venu has also raised questions on lifetime membership for Noel Tata and the induction of Neville Tata. He has also called for an immediate freeze on appointments. In response, Tata Trusts have moved the Charity Commissioner with Caveats. This means, the Charity Commissioner cannot pass any order, without giving Tata Trusts a hearing.

The Controller General of Accounts (CGA) has reported the fiscal deficit update as of end August 2026 at ₹7.10 trillion, or 41.9% of full-year target. With seven more months to go, the government may have a tough task reining in the fiscal deficit at under 4.3% of GDP for FY27. Net tax revenues as of August 2026 were just ₹8.38 trillion or 29.2% of the full year target. Total expenditure as of the end of August was much higher at ₹20.78 trillion, or 38.9% of the budget estimates. India’s full year fiscal deficit for FY27 has been pegged at ₹16.96 trillion. Revenues are lagging!

The Cabinet has cleared a ₹1.86 trillion green energy corridor scheme, with battery storage also part of the ecosystem. This GEC-III scheme, will strengthen inter-state transmission and enable the evacuation of 135 GW of renewable energy across states. The scheme has also provided for 50 GWh of Battery Energy Storage Systems (BESS) at the renewable energy generator end, for grid flexibility. This will avoid congestion and peak-hour curtailment; by meeting demand during non-solar hours. The scheme entails Central Financial Support of ₹54,082 crore.

Aramco Trading of Saudi Arabia has just sold 10 million bbl of Khafji crude oil to 5 Asian buyers. South Korea’s GS Caltex and China’s Sheng Hong Petrochemicals picked up 2 million barrels each; while 3 Indian companies (HPCL, IOCL, and Reliance Industries) picked up the remaining 6 million bbl. The oil is for loading via ship to ship (STS) transfers at Fujairah port in the UAE. Some of the deals were closed at a discount of $8/bbl to the November Dubai benchmark. STS is the other route used by oil exporters, apart from East-West pipeline, due to closure of Straits of Hormuz.

As the RBI gets ready for the 3-day MPC meeting to commence on 05-October; Nomura Research has projected 2 rate hikes of 25 bps each in October and December. This will take the benchmark repo rate to 5.75%. However, Nomura has also noted that the 5.75% level would be the terminal rate, and it does not see any further rate hikes beyond that. Nomura expects that; from February 2027, the inflation pressures should ease in tandem with falling consumer demand. Nomura expects CPI inflation to spike to 6.3% in December quarter, and taper after that.

Hospital stocks came under pressure after the Supreme Court flagged concerns over the wide gap between the price-to-retailer (PTR) and the maximum retail price (MRP) of essential medicines. Big listed names like Apollo Hospitals, Yatharth, Fortis, and Max Healthcare took a hit of up to 7% in the day. The SC has cited the case of a cancer drug, where the MRP was around 10 times the PTR. According to the Supreme Court, retailers should operate on 16% ROI margins in line with DPCO notional retail margins. Pharmacies of corporate hospitals also came under scanner.

As the Flipkart IPO continues to be elusive, it is starting to become an employee morale problem. With big digital names like Groww, Meesho, Zomato, Swiggy, and Snapdeal already listed or about to be listed, the pressure is growing on Flipkart to list. In fact, Flipkart recently saw 10 persons at VP / SVP level resigning due to an inordinate delay in the IPO. Flipkart is not convinced that the timing is right for an IPO. Senior employees of Flipkart have substantial monies locked up in ESOPs, but without an IPO there is no way to monetize it. Digital talent is in heavy demand.

Inox Clean Green filed DRHP with SEBI for its ₹10,000 crore IPO. This includes a fresh issue of ₹8,000 crore and an offer for sale (OFS) of ₹2,000 crore. The OFS will entirely be by the promoter shareholder, Devansh Jain. The IPO is being managed by Nuvama Wealth. It is also planning a pre-IPO placement of ₹1,600 crore, which will be reduced from the IPO size. Fresh funds will be largely used for loan repayments. In another green deal; Simple Energy, a Bengaluru based 2-wheeler manufacturer, raised ₹1,750 crore Series-C funding from Dr Velumani family office and others.