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Markets
India's Dollar Swap Window Fixed the Hedge at 1.5 Percent While US Yields Kept Climbing
The US 30-year yield has climbed to 5.56 percent since June. The rupee has lost under 1 percent. The RBI's swap fixed the price of the currency hedge, and NRI deposits, not corporate bonds, took most of it.
September 30, 2026 · 5 min read
Markets
Why the Nifty Looks Calm While a Third of Its Stocks Are in a Bear Market
Eighteen of the Nifty 50's own 50 stocks have fallen over 20 percent from their highs, a Rs 31.35 lakh crore erosion the calm benchmark barely shows. Domestic SIP money is what holds the index up, and reads that same index as the market.
September 28, 2026 · 8 min read
Markets
SEBI's New Entry Ticket Is Half What Its Own Rules Require
SEBI's board halved the price of entry into professional portfolio management, from a Rs 50 lakh regulatory floor to a new Rs 25 lakh route. The same package widens access at the top end too, for accredited investors and foreign funds.
September 26, 2026 · 7 min read
Markets
Why India's Biggest Stock Exchange Took a Decade to List Itself
NSE's Rs 22,562 crore IPO is India's second-largest ever. What got the exchange here, and where its shares are about to trade, both tell a stranger story than the size of the raise.
September 23, 2026 · 7 min read
Markets
Institutions Bid NSE's IPO Nine Times Harder Than Retail Did
NSE's IPO closed 5.69 times oversubscribed, a number that reads like conviction. Split it by investor class and institutions bid 12.68 times their quota while retail barely covered its own.
September 22, 2026 · 7 min read
Markets
Saudi Arabia Exited China's mBridge 16 Months Before Anyone Noticed
Saudi Arabia's central bank quietly finished leaving China's cross-border digital currency bridge in May 2025. The exit surfaced sixteen months later, and the delay says more about the dollar than the news does.
September 20, 2026 · 8 min read
Markets
NSE Paid Rs 1,491 Crore to Settle a Case It Never Admitted To
SEBI's consent mechanism let NSE close a decade-old colocation case for about Rs 1,492 crore without confirming or denying guilt, right as its own IPO opened for bids.
September 19, 2026 · 7 min read
Markets
Saudi Arabia Quadrupled Its Oil Flow Through Hormuz After the Attack
Attackers disabled three pumping stations on Saudi Arabia's main pipeline and Aramco warned European refiners of zero October crude. Brent fell anyway, for a third straight day.
September 19, 2026 · 7 min read
Markets
RBI Held the Repo Rate Steady, Then Pulled Rs 50,000 Crore Out of the Banking System
On September 17, RBI's repo rate stayed put and its growth forecast held at 6.9 percent. The same day, it started pulling Rs 1 lakh crore of liquidity out of the banking system it had just called stable.
September 18, 2026 · 7 min read
Markets
India's Defense Stocks Trade at 58 Times Earnings for a Sector Outside the Top 25 Exporters
Solar Industries' Rs 12,951 crore purchase of South Africa's Omnia Holdings set off a same-day selloff across Indian defense stocks. The reaction suggests the sector's premium was priced for a closed domestic order book, not the export scale the government wants.
September 15, 2026 · 7 min read
Markets
India Now Holds More Foreign Reserves Than Russia Can Spend
India's forex reserves jumped $44.9 billion in a single week to a record $785.7 billion, edging past Russia's total on the same date. But a large share of what Russia counts in that number is frozen under Western sanctions, so the raw crossover overstates how much ground India has actually closed.
September 12, 2026 · 7 min read
Markets
A Houthi Attack on Saudi Arabia Just Raised the Odds of a Fed Rate Hike
Traders now put 70 percent odds on a Fed rate hike after an oil shock, not a cut. India's rate sensitive bank and realty trade is unwinding, and the RBI already had little room to spare.
September 11, 2026 · 7 min read
Markets
NSE Cut Its IPO Price the Same Week India's IPO Market Set a Record
NSE marked down its own IPO price band by 15 percent in the same week six Indian IPOs opened on a single day for the first time since 1996. The exchange running the boom could not get its own asking price.
September 9, 2026 · 7 min read
Markets
The Smelter India Shut in 2018 Left It Exposed to a Record Copper Rally
Copper prices just set a record on the London Metal Exchange. India is unusually exposed to that swing, because of a smelter it closed in 2018 and never replaced.
September 8, 2026 · 7 min read
Markets
India's $740 Billion Reserve Record Followed a $46 Billion Slide First
India's foreign reserves just hit an all-time high. Getting there meant record dollar sales, a ballooning forward book, and a rupee that still touched its weakest level ever this year.
September 7, 2026 · 8 min read
Markets
India Brought Its Gold Home While Europe Just Moves It Between Vaults
The Dutch central bank just moved 86 tonnes of gold from New York and Ottawa to London, citing 'geopolitical unrest.' The Reserve Bank of India answered the same question years ago, and did it by bringing the metal home.
September 5, 2026 · 7 min read
Markets
CCI Found a Debenture Trustee Cartel and Fined No One
The competition regulator held India's debenture-trustee cartel guilty of fixing fees for years. It fined every one of them zero rupees.
September 4, 2026 · 7 min read
Markets
HDFC Bank's Loan Book Is Still Almost Double ICICI's Despite the Stock Slide
ICICI Bank's Nifty 50 weight has closed to within 40 basis points of HDFC Bank's after a brutal year for HDFC Bank's stock. By loan book and profit, HDFC Bank is still nearly twice the bank.
September 4, 2026 · 7 min read
Markets
India's Bond Market Ignored Its Own Credit Rating Upgrade
Japan's JCR lifted India's sovereign rating well clear of speculative grade on September 2, 2026. S&P, Fitch and Moody's, the raters that actually move global bond flows, have not followed, and India's bond yields rose that same day instead of falling.
September 3, 2026 · 7 min read
Markets
India's Closing Auction Is Producing the Volatility It Was Built to Prevent
SEBI's new Closing Auction Session was meant to stop closing-price manipulation. A single trader supplied up to 99.91 percent of the buy orders behind its wildest swings, and the volatility has kept coming.
August 31, 2026 · 7 min read
Markets
Jio's 2020 Backers Are Trailing the Nifty
Facebook, Google and a dozen other investors priced Jio Platforms near Rs 4.6 lakh crore in 2020. The IPO SEBI cleared in August 2026 targets nearly double that, but the Nifty and Nasdaq still did better over the same six years.
August 29, 2026 · 7 min read
Markets
UPI Processed More Transactions in One Month Than the Digital Rupee Ever Has
The RBI wants BRICS partners to link central bank digital currencies to a rail it is building at home. That rail's wholesale segment has processed zero rupees for two straight years running.
August 29, 2026 · 6 min read
Markets
Loss-Making FACT Is Now Worth More Than Profitable Coromandel
A government fertiliser company that lost money last quarter is now worth more, share for share, than the profitable private-sector rival next to it. The market is pricing something other than earnings.
August 25, 2026 · 7 min read
Markets
Why a Rs 40 Lakh Fee Works for BNP Paribas but Not the Adani-Linked FPIs
SEBI settled a comparable FPI disclosure case for under Rs 40 lakh in November 2025. Thirteen Adani-linked funds, under investigation since 2020 over who actually owns them, got no such deal.
August 24, 2026 · 7 min read
Markets
India's Record Forex Reserves Hide a Record Short Dollar Position
Headline reserves are back near their February record. Off that ledger, the RBI's forward dollar book is short a record $106.7 billion, over half of it not due for more than a year.
August 22, 2026 · 7 min read
Markets
India's SIP Base Registered 7.2 Crore Accounts and Lost 6.8 Crore
SEBI's FY2025-26 numbers show a record 10.45 crore SIP accounts and record inflows. They also show 7.2 crore new SIPs opened and 6.8 crore closed in the same year, and a shrinking Rs 501-1,000 bracket sitting underneath the record.
August 20, 2026 · 7 min read
Markets
SEBI Puts a Kill Switch on AI Trading After the Algos Already Won
SEBI's new kill switch and human oversight mandate for AI trading systems arrives after algorithms already reshaped who wins in India's derivatives market. A minority of traders using them took almost all the profit; most individual traders lost money.
August 19, 2026 · 6 min read
Markets
India's Recovering Foreign Flows Depend on a Japanese Miss
Japan's economy just posted the kind of soft number that usually worries markets. In India, it is doing the opposite: delaying a Bank of Japan hike that could interrupt a foreign-investor rebound that is still deep underwater for the year.
August 17, 2026 · 8 min read
Markets
A Decade of Foreign Investment in India's Stock Market Comes to Zero
Foreign investors have sold Indian equities hard through 2025 and 2026. But add up every year back to 2016 and net FII flows come to a rounding error, next to a market domestic money built the entire time.
August 15, 2026 · 7 min read
Markets
Anthropic's Investors Are Also Its Biggest Cloud Suppliers
Google, Amazon, Microsoft and Nvidia are funding Anthropic's growth while selling it the cloud capacity that growth requires. The IPO now being priced off a $190 billion to $200 billion 2028 forecast runs through the same four names twice.
August 15, 2026 · 8 min read
Markets
India's Dollar Deposit Scheme Has Doubled 2013's Entire Haul
Banks have mobilised more foreign-currency deposits under RBI's 2026 swap window than the whole of 2013's rescue raised. The trade gap that made the rescue necessary is widening at the same time.
August 15, 2026 · 7 min read
Markets
Foreign Investors Sold 60 Percent of Their IPO Anchor Stakes in a Year
Anchor allotments are sold to institutions as proof an IPO deserves its price. SEBI finds foreign portfolio investors sold 60 percent of that stake within a year, fastest of any category, and smaller IPOs lose theirs quickest of all.
August 14, 2026 · 7 min read
Markets
Six of Every Ten Rupees in India's IPOs Go to Insiders, Not Companies
Offer for sale made up 61 percent of the Rs 2.3 lakh crore Indian mainboard IPOs raised between January 2025 and August 2026. Most of that money went to promoters and early investors cashing out, not into the companies that listed.
August 11, 2026 · 7 min read
Markets
The F&O Curbs Shrank India's Retail Trader Base, Not the Loss Per Trader
Finance Ministry data show retail F&O traders fell a fifth in FY26 and their combined losses fell too. The trader who stayed is worse off than a year earlier.
August 11, 2026 · 7 min read
Markets
India's Domestic Investors Bought Nearly Five Times What Foreign Investors Sold
Domestic funds now own more of India's stock market than foreign investors do, and they bought nearly five times what foreign investors sold in FY26. The index still fell.
August 10, 2026 · 7 min read
Markets
SEBI Opened a Manipulation Probe Into the Closing Rule It Just Rolled Out
SEBI built its new Closing Auction Session to replace the mechanism Jane Street was found to have exploited for Rs 4,843 crore. Within two trading days, the replacement had opened one of India's widest closing gaps on record, and SEBI is now checking why.
August 10, 2026 · 8 min read
Markets
Only Six of the Original 1991 Sensex Companies Are Still Listed
IndiGo's parent replaced Tata Motors on the Sensex in December 2025, closing out a lineage that traced to the 1991 reforms. The index that keeps reshuffling toward finance has, on its own numbers, gone nowhere since.
August 3, 2026 · 7 min read
Markets
SEBI Replaced India's Closing Price Formula and Nifty Broke from Sensex
SEBI's new closing auction went live on August 3, 2026, and the Nifty and Sensex, which draw on the same large-cap names, closed the day nearly a percentage point apart. The regulator had already flagged mechanical side effects a year before launch.
August 3, 2026 · 7 min read
Markets
NSE's Settlement Clears Its IPO Path for Less Than Half a Quarter's Profit
SEBI has agreed in principle to a Rs 1,491.21 crore settlement that closes NSE's decade-old co-location and dark-fibre cases, the last overhang before its IPO. The bill comes to less than half of what NSE earned in a single quarter this year.
July 31, 2026 · 7 min read
Markets
India Is Winning the Global AI Selloff by Not Having Any AI
Foreign investors reversed four months of selling Indian equities in July 2026, the same stretch in which South Korea's AI-chip rally lost $2.18 trillion in value. The money did not choose India. It fled Korea, and analysts are saying so on the record.
July 31, 2026 · 7 min read
Markets
Zerodha's Founder Is Warning About the Leverage His Own Platform Sells
Nithin Kamath is warning that margin funding could deepen India's next selloff, using fees his own brokerage earns from selling that same leverage. His book is the smallest part of the story.
July 30, 2026 · 7 min read
Markets
SEBI Bars Brokers From Finfluencers, Not Finfluencers From Giving Advice
A 2024 rule stops brokers from working with unregistered stock tipsters, not the tipsters from giving advice. Only 6 percent of India's finfluencers are SEBI-registered, and the licensed-adviser pool meant to fill the gap is still smaller than it was in 2020.
July 29, 2026 · 7 min read
Markets
India's Stock Ownership Is Broadening Even as Foreign Investors Flee at a Record Pace
Domestic funds now own more of India's stock market than foreign investors by the widest gap in a hundred quarters, and foreign investors are selling at a record pace. The ownership data show that money is spreading into more companies, not concentrating into fewer.
July 27, 2026 · 6 min read
Markets
India's New Crypto Self-Regulator Cannot Reach the Traders It Was Built For
A parliamentary panel wants crypto exchanges to police themselves, weeks after the RBI told the same committee virtual digital assets should not be legalised at all. Both proposals arrive years after India's own tax regime pushed most trading beyond either body's reach.
July 25, 2026 · 7 min read
Markets
RBI's Dollar Sales to Defend the Rupee Are Tightening Its Own Banks
Every dollar the RBI sells to defend the rupee pulls a matching sum of rupees out of the banking system. That mechanism is now running into a liquidity surplus already at a three-week low.
July 24, 2026 · 7 min read
Markets
Foreign Banks Are Winning India's Rupee Rescue
RBI reopened a concessional dollar swap to draw NRI deposits and defend the rupee. Foreign banks, not Indian lenders courting the diaspora, are capturing the biggest share of the money.
July 22, 2026 · 7 min read
Markets
Reliance's Promoter Stake Just Crossed the Line That Forces Index Funds to Sell
Reliance's promoters spent an estimated Rs 8,500-9,000 crore this quarter to push their holding past 50 percent, read on the Street as confidence. Nifty and MSCI's free-float formulas read the same filing as a reason to trim the stock.
July 17, 2026 · 7 min read
Markets
RBI Is Asking Banks for Diaspora Deposits After Its Dollar Reserve Cushion Shrank
RBI's fastest, most liquid dollar lever, its US Treasury book, just hit a six year low. Its response has been to lean harder on a slower one: NRI diaspora deposits.
July 14, 2026 · 7 min read
Markets
RBI Defended the Rupee With Dollars It Does Not Yet Have
RBI's headline reserves fell $61.6 billion from their February 2026 peak defending the rupee. Its record forward-dollar book, the bill that has not come due yet, grew larger still.
July 10, 2026 · 7 min read
Markets
SBI Mutual Fund's IPO Rests on a Distribution Edge That Keeps Shrinking
SBI Funds Management is pricing its IPO on the strength of India's biggest bank-branch network. AMFI's own data show direct plans, which bypass exactly that network, have been taking share for years.
July 10, 2026 · 8 min read
Markets
RBI's New Collateral Rule Cut Broker Derivatives Volume Days Before the Iran Shock
A new RBI collateral rule cut MCX derivatives turnover hard in the week before markets needed depth most. Then Iran happened, and India's fear gauge jumped 26 percent in a single day.
July 8, 2026 · 8 min read
Markets
Foreign Investors Now Own the Smallest Share of India's Top Stocks in Twenty Years
Foreign ownership of India's biggest listed companies has slid below its 2008 crisis low, and domestic investors have overtaken foreign ones market-wide for the first time. A single strong month of domestic buying does not explain that.
July 7, 2026 · 7 min read
Markets
NSE's Own IPO Won't Put a Rupee in NSE's Pocket
NSE has filed papers for an estimated Rs 30,000 crore IPO, poised to be India's largest ever. Every rupee of it is existing owners selling shares they already hold; the exchange itself collects none of it.
July 6, 2026 · 7 min read
Markets
India's AI Storm Shelter Rests on Two Days of Foreign Buying
Foreign investors bought a net Rs 634 crore over two days in early July, a fraction of what they pulled from financials and IT alone in June. The calm owes more to the Nifty's low AI exposure than to fresh conviction in India.
July 5, 2026 · 6 min read
Markets
Gold Explains Nearly All of India's Latest Reserves Drop
Reserves fell $5.65 billion in a week and touched a 15-month low. Almost all of that, $5.39 billion, was the gold line, not the currency the RBI would spend defending the rupee.
July 4, 2026 · 7 min read
Markets
India's IT Giants Are Falling Nearly Three Times Faster Than Reliance
Reliance Industries hasn't rallied to close the gap with India's top five IT stocks. Its market cap simply fell far less, at less than half the pace of a sector being repriced for AI disruption.
July 4, 2026 · 7 min read
Markets
India's Registered Investment Advisers Are Vanishing as Retail Trading Hits Records
SEBI's own board papers show the number of licensed investment advisers falling since 2021, even as India's investor base hits records. The people filling the gap are not licensed at all.
July 4, 2026 · 5 min read
Markets
India's Gold Jewellery Demand Fell 19% as Investment Demand Rose 54%
India's gold jewellery demand just hit its second-lowest quarter in 26 years, even as total demand rose. The gap is investment buying, and it is about to collide with a fresh import duty.
July 3, 2026 · 7 min read
Markets
India's IPO Boom Now Rests on Three Companies
India's primary market just posted a record year on paper. What is now reviving the pipeline runs through three giant listings, not a broad base of new companies.
July 3, 2026 · 7 min read
Markets
The Rupee Is Falling Faster Than India's Economy Is Growing
India's economy grew 7.7 percent in FY 2025-26. The rupee fell 11.12 percent against the dollar in the same twelve months, and the RBI just opened a new window to pull dollars back in.
July 3, 2026 · 7 min read
Markets
Adani Hit the Legal Discount Ceiling on a Sale Oversubscribed 3.8 Times
Adani Enterprises' Rs 15,000 crore share sale carried a 9.27 percent discount and drew bids worth 3.8 times what it needed. Only one of those numbers was actually up for negotiation.
July 3, 2026 · 7 min read
Markets
India and Japan's Rupee Trade Push Outruns the Plumbing Built for It
India and Japan renewed a $75 billion currency swap line and want to start settling trade directly in rupees and yen. The plumbing for that shift barely exists, and what does exist wasn't built with Japan in mind.
July 2, 2026 · 7 min read
Markets
Why India Pays Eight Times More for the Same Business
Coca-Cola and Carlsberg are filing to list their India units into one of the market's oddest gaps: subsidiaries in Mumbai trade far richer than the parents that own them.
July 2, 2026 · 7 min read