Weekly Market Impact — for the week to 11th September 2026

Weekly Capsule (Sep 07 – Sep 11) and Impact Analysis

NSE trims its IPO size by nearly 15% due to difficult stock market conditions

• NSE has decided to sell just 12.64 crore shares in the OFS, as against the original plan to sell 14.69 crore shares in IPO
• Two major sellers (Morgan Stanley and SBI) have sharply cut their shares offered; as IPO size shrinks to ₹22,652 crore

Bahrain court dismisses all the seven cases against HDFC Bank in ATR-1 issue

• The seven NRI clients had alleged mis-selling of Credit Suisse ATR-1 bonds with improper disclosures and lack of product fit
• The court held that there was no evidence that the NRI clients had produced to irrefutably prove that the bank was guilty

Brent Crude spiked to nearly $110/bbl during the week, before settling lower

• The spike in crude prices was triggered by continuing unrest in the Gulf; plus, Iran and US launching attacks on each other
• With oil shipments impacted across the Strait of Hormuz and Bab-al-Mandeb; oil markets are getting into panic mode

Equity mutual funds witness strong net inflows of ₹29,329 crore in August 2026

• Equity fund flows were led by small cap funds, mid-cap funds, and flexi cap funds; totalling ₹20,000 crore between them
• Amidst the macro risks, large cap funds saw net outflows; while investors preferred to alpha hunt in smaller stocks

Gross SIP flows into MFs in August 2026 touched record level of ₹32,297 crore

• The month also saw net SIP folio accretion of 12.57 lakhs, taking the total SIP folio count as of August to 10.62 crore
• Overall SIP AUM at ₹18.62 trillion is around 21% of overall MF AUM; even as debt funds saw net outflows in August 2026

RBI goes on a massive liquidity soaking spree as it absorbs close to ₹6 trillion

• The $115 billion net flow from FCNR(B) deposits has resulted in a liquidity surplus of nearly ₹11.50 trillion in markets
• This is much higher than the RBI stipulated 1% of net demand and time liabilities (NDTL); forcing aggressive absorption

Indian bond yields crossed above the 7% level due to inflation concerns

• The markets are betting that due to sticky inflation, the RBI MPC may be constrained to front-load rate hike in October
• Combined with the US 10-year bond yields about to cross 5%, there is a genuine near-term risk for global equity valuations

Indian oil refiners touch 105% capacity utilization amid robust global demand

• Indian oil shipments to Europe accounted for more than 60% of all oil shipments traversing the Bab-al-Mandeb straits
• Indian diesel exports have shot up due to its flexible refining model that can accommodate a full range of API gravity

Digital low-cost brokers continue to add clients at fastest pace in August

• August saw nearly 5.12 lakh clients being added; the best show in 6 months as Groww market share touched 29%
• While Groww accounted for 44% of account accretions; Angel added 85,000 clients and Zerodha a modest 35,000 clients

Indian white goods companies are switching from copper to aluminium

• While aluminium has also rallied by 28% in the last 1 year, copper has rallied by 44% to touch an all-time high price
• Copper is also seeing a supply shortfall with heavy demand from AI Infrastructure, Data Centres, and Cloud Computing

USDINR weakened to ₹95.73/$ for the week on rising global macro risks

• Despite the robust FCNR( B) flows, the sharp spike in oil prices and supply chain bottlenecks put pressure on the rupee
• There are also concerns that the narrowing yield spread between the US and India could keep FPI flows under stress

FPIs net sellers of $(1.36) billion in equities in first 10 days of September

• FPIs were also net sellers in debt, resulting in net overall selling by FPIs in India to the tune of $(1.82) billion
• Despite record FCNR(B) flows; oil spike spooked equities, while narrowing yield spreads with US impacted debt flows

Spot Gold falls to $4,350/oz, while Spot silver also fell to $63.95/oz this week

• Both gold and silver fell in the week on expectations that the higher inflation could trigger a rate hike by central banks
• Higher interest rates increase the opportunity cost of holding precious metals, making them less attractive to investors

Fairfax of Canada may exit its stake in IIFL Finance Ltd; abiding by RBI rules

• Fairfax is one of the major contenders to acquire a majority stake in IDBI Bank, but that will entail exiting IIFL Finance
• While there is no confirmation, Blackstone and others are in touch directly with Fairfax of Canada for buying the stake

Private banks cornered the cream of FCNR(B) flows at $61 billion or 49%

• While PSU banks brought in about $37 billion, foreign banks punched above their weight bringing in $32 billion of FCNR
• ICICI Bank, SBI, and HSBC Bank topped the charts in FCNR(B) collections, respectively, in the above 3 banking categories

India’s forex reserves show $45 billion accretion for the week to 04-Sep

• The forex reserves have now touched a record high of $785.70 billion, adding nearly $120 billion in the last 10 weeks
• Full impact of FCNR(B) flows will be known after closure of the swap window on 11-Sep; but looks set to cross $800 billion

Jaguar Land Rover, a unit of TAMO, will cut 4,000 jobs to save £1.70 billion

• With falling sales in China, tariffs in the US, and competition from Chinese EV players; JLR is having a really tough time
• The idea of these job cuts is to bring down the break-even level of JLR by cutting about 10% of its global workforce

A consortium led by SBI to provide $3.5 billion debt funding to Vodafone Idea

• These funds are aimed at helping Vodafone Idea to rebuild its business by investing in its network related expansion plan
• Other lenders in the consortium include Union Bank and NABFID, as government strives to avoid a duopoly in telecom

India-BRICS trade exhibits 100% jump in the last 5 years to $417 billion levels

• India has substantial imports from China and Russia, but aim is to double India’s exports to BRICS to $200 billion by 2030
• While India runs its largest trade deficit with China; Russia has become the largest supplier of crude oil in the last 3 years

Dedicated freight corridors (DFC) run at 91% capacity; freight up 15% yoy

• With 438 trains traversing the two major freight corridors daily, the DFCs are boosting efficiency and reliability of goods
• These DFCs not only reduce the pressure on highway networks, but also rethink the last mile challenge for CVs

Marico plans to premiumize nearly 50% of its product portfolio by year 2030

• The premium portfolio currently stands at 37% of the overall portfolio, so it will be 1300 basis points hike from these levels
• By 2030, nearly 33% of its premium product portfolio will be accounted for by premium food and personal care products