RBI Liquidity Push, Precious Metals Rally & Key Corporate Moves: India Weekly Market Capsule (Dec 22–26)

Research Desk22 January 20266 min read

A crisp weekly snapshot of India’s macro and market landscape—covering RBI’s liquidity measures, bond yields, gold and silver rally, rupee movement, corporate deals, infrastructure monetization, and policy signals shaping 2026.

Weekly Capsule (Dec 22 – Dec 26) and Impact Analysis

News Announcement	Impact Analysis
RBI plans a mega infusion of $32 billion into money markets in January 2026	This will include $22 billion of buying in government bonds plus an additional $10 billion buy/sell dollar rupee swaps Both these infusions will be completed in four equal tranches; starting the last week of December; and into January 2026
Adani to merge its multiple cement franchises into one single entity	Under Adani group; Ambuja Cements, ACC, and Orient Cement will be merged under the Ambuja Cement banner The consolidated cement capacity will stand at 107 MTPA and will result in cost and logistical efficiencies for the group
Kotak Bank emerges as a likely front-runner for the IDBI Bank stake sale	Between the central government and LIC; a total of 60.7% stake in IDBI Bank will be divested to the successful bidder While the successful bidder gets management control, the Government/LIC combine can still block special resolutions
India core sector growth for November 2025 came in at a relatively tepid 1.76%	However, this core sector growth is better than the marginal contraction of 6 bps seen in the month of October 2025 Four out of the eight core sectors contracted in November, with most of the pressure coming from fossil fuels segment
Spot gold rallies to $4,521/oz gaining over 4.2% during the recent week	Gold has gained this week amid rising political uncertainty in Venezuela; with the US trying to block their oil shipments In addition, gold is also rallying on the back of expectations of a rate cut in January 2026, after 4.6% unemployment data
Spot silver rallies a whopping 152% during the calendar year 2025	Year 2025 is not just the best rally for gold since 1979, but also the finest rally for Silver from $29.57/oz to $74.65/oz However, the rally in 2025 is only the second best for silver, as the metal had rallied an incredible 415% in the year 1979
RBI intervention and guidance keeps USDINR under ₹90/$ this week	After the sharp rally on the previous Friday, the rupee closed under ₹90/$ on all trading days during the current week Apart from the RBI’s continuous selling of dollars, its plan to sell nearly $10 billion of dollar/rupee swaps holds the key
Coforge acquires US-based Encora for $2.35 billion in an all-stock swap deal	Encora operates in the digital engineering space creating a major player in AI-led engineering, cloud, and data services Post the deal, while Encora will get absorbed into Coforge, the shareholders of Encora will hold 21.25% of Coforge shares
With Indo-US trade deal elusive, 2026 will focus on diversification and FTAs	In FY27, the merchandise imports are likely to grow at 5.6%, still about 150 bps higher than the 4.1% growth in exports US tariffs are hitting India where it hurts, so 2026 will focus on non-US geographies and strategic free trade agreements (FTA)
OYO shareholders approve proposed ₹6,650 crore fresh issue IPO	The timing of the issue appears to be right for OYO Rooms with EBITDA for FY26 expected to double to ₹2,496 crore The parent of Oyo Rooms, PRISM, recently saw its corporate family ratings affirmed by Moody’s with stable outlook
Amazon and Flipkart disrupting Blinkit quick commerce model with discounts	With generous discounts of nearly 23%, Amazon and Flipkart are again proving that cost matters more in India than speed Over the last few months, Swiggy, Blinkit, and Zepto had loaded a variety of charges, making quick commerce costly
NHAI has just secured another ₹3,087 crore via asset monetization	IRB Infra has emerged as the front-runner in acquiring road assets of NHAI paying ₹34,000 crore upfront to government NHAI is targeting to achieve asset monetization of ₹40,000 crore in FY26 against the budget target of ₹30,000 crore
Big expectation is a 20% tax holiday on AI data centres from Budget 2026	India has just started setting up gigawatt scale AI data centres in India and this tax holiday will help in rapid scaling up The key stakeholders are not only seeking fiscal tax holidays, but also want full GST input tax credits ((ITC) on such assets
Bharti Enterprises acquired 49% in Haier India, a Chinese consumer brand	The remaining 49% stake will be with Haier while the top management will continue to hold about 2% in the company Deal value is not known, but considering Haier’s valuation of ₹15,000 crore; this will be close to ₹7,500 crore in value
Benchmark bond yield fell sharply by 15 basis points from 6.69% to 6.54%	The sharp fall in yields came after the RBI announced the ₹2 trillion open market operations (OMO) to infuse liquidity Bond yields had also risen on expectations of end of the rate cut cycle, but it looks like there may be another 25-bps cut
Year 2025 saw 14% fall in home sales volumes but 6% higher sales value	While just 3.96 lakh units were sold across the 7 major cities, the value of sales increased from ₹5.7 trillion to ₹6.0 trillion According to Anarock, this was because the average sale price of residential homes in these cities was up by 8% yoy
Nearly 4 crore Indian homes have quit paid TV over the last six years	This is because nearly 15% of the 31.3 crore people in the 15+ age group are digital only viewers; and they are substantial Despite the deep reach of paid TV, the viewership has been falling, and that has led to contraction in ad revenues
IBBI notifies new rules to curb re-entry of promoters in distressed companies	Going ahead, any restructuring plan will require details of the eventual beneficial owners to avoid back-door entry In addition, the prospective bidders must also file an affidavit about the eligibility to bid for the distressed companies
India to shortly start chip exports under the India Semiconductor Mission	The idea of the mission is to ensure that India becomes self-reliant in semiconductors, and also exports the same The advent of AI has led to substantial creation of technology infrastructure globally, and India sees big opportunities here
Ajanta Pharma ties up with Biocon to market Semaglutide in 26 countries	Out of these 26, countries, Ajanta Pharma will be an exclusive marketer in 23 countries, and semi-exclusive in 3 countries Semaglutide is used to improve glycaemic control in adults with product patent set to expire in March 2026
RBI postponed Phase 2 of rapid cheque clearance system launched in Oct-25	Phase 2 was scheduled for rollout on 03-Jan-2026, and was likely to be very stringent with 3-hour clearing deadline The idea behind the postponement is to give the Indian banks more time to adjust and adapt their systems to the shift

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