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Friday, September 11, 2026
Thursday, September 10, 2026
10/09/26, PostMarket REPORT
The domestic equity market traded on a subdued note by midday on September 10, with the Nifty 50 hovering around 23,460 and the BSE Sensex above 74,850. Crude oil prices moving above $100 a barrel remained a key concern for the market, while several stocks gained on company-specific orders, business updates and product developments.
Here are the top movers and shakers at this hour –
Infrastructure
Enviro Infra Engineers share price was trading 1.88% higher by midday after its step-down subsidiary Suyog Urja received a Rs224.19 crore letter of intent from Tata Power Renewable Energy for EPC turnkey work on a 180 MW NTPC wind power project at Parli, Maharashtra. The project includes foundations for 58 wind turbine generators, balance-of-plant work, a storage yard, access roads and a 33 kV transmission line, with execution scheduled by March 31, 2027.
IRB Infrastructure Developers share price was up 2.83% by midday after the company reported a 25% year-on-year rise in toll revenue to Rs807 crore in August, compared with Rs646 crore a year earlier. IRB MP Expressway contributed Rs172 crore, while IRB Golconda Expressway and IRB Ahmedabad Vadodara Super Express Tollway contributed Rs88 crore and Rs80 crore, respectively.
Shakti Pumps
Shakti Pumps (India) Ltd. share price gained 9.43% by midday after the company disclosed a Rs235.92 crore order from Maharashtra State Electricity Distribution Company for 10,000 off-grid solar photovoltaic water pumping systems.
The order covers 3 HP, 5 HP and 7.5 HP pumps under the Magel Tyala Saur Krushi Pump Yojana and includes supply, transportation, installation, testing and commissioning, with execution expected within 60 days. The order is equivalent to about 27% of the company’s consolidated revenue of Rs858.67 crore reported for the April-June quarter of FY27.
Ather Energy
Ather Energy Ltd. share price gained 4.3% by midday as market attention remained focused on its new Konarc electric scooter and the company’s growth prospects. The model, launched in August, is built on Ather’s new EL platform and fifth-generation Bedrock battery pack, which comes with a 10-year or 1,00,000-km warranty. The company also reduced its Q1 FY27 net loss to Rs51.09 crore from Rs178.23 crore a year earlier, while revenue grew nearly 89%.
Oil Producers
Oil And Natural Gas Corporation Ltd. share price gained over 2% by midday, while Oil India share price also advanced over 2% as Brent crude moved above $100 a barrel following rising concerns over supply disruptions in the Middle East. Higher crude prices can support realisations for upstream producers, although the impact also depends on production levels and other operating factors.
Oil Marketing Companies
Indian Oil Corporation share price was nearly flat by midday, while Bharat Petroleum Corporation Ltd. gained 0.26% and Hindustan Petroleum rose 1% as the market assessed the impact of crude prices above $100 a barrel. Higher crude costs can pressure refining and marketing margins if fuel prices are not adjusted quickly enough to pass through the increase.
Paint stocks
Asian Paints Ltd. share price declined 0.55% by midday, while Indigo Paints fell 1.28% as higher crude prices raised concerns over input costs for paints and related petroleum-based raw materials. The effect on margins will depend on the ability of companies to manage costs and pass higher expenses through pricing.
Tyre stocks
Apollo Tyres Ltd. share price declined 1.22% by midday, while MRF share price gained 0.32% as the tyre sector reacted to crude prices above $100 a barrel. Higher oil prices can raise the cost of synthetic rubber and other petroleum-linked inputs, putting pressure on margins if the increase is not offset through pricing or cost management.
Aviation stocks
InterGlobe Aviation Ltd. share price declined 0.74% by midday, while Spicejet Ltd. fell 0.64% as crude oil prices crossed the $100-a-barrel mark. Aviation turbine fuel is a major operating expense for airlines, making a sustained increase in crude prices a potential pressure on operating costs and profitability.
Reliance Industries
Reliance Industries Ltd. share price was affected by the mixed impact of higher crude prices on its integrated business. Its upstream oil operations can benefit from stronger crude realisations, while higher feedstock costs can weigh on petrochemicals, leaving the overall impact dependent on refining and petrochemical margins.
ESDS Software Solution
ESDS Software Solution share price gained 10% by midday, extending its post-listing rally and hitting the upper circuit for the second consecutive session at the revised 10% limit. The stock has risen sharply from its Rs429 IPO issue price since listing, with the company attracting strong market interest following its debut and subsequent upper-circuit sessions.
Written by Siwangini Gupta
Source: Financial Express
10/09/26, Chinese President in India
Chinese President Xi Jinping will visit New Delhi on September 12 and 13 for the BRICS Summit, making this his first trip to India in seven years. The visit comes as India-China ties enter a more cautious phase after years of tensions following the 2020 border crisis.
Narender Modi and Xi are expected to hold a bilateral meeting on the sidelines of the summit. The talks could focus on the border situation, trade, investment, technology, business ties and the wider relationship between the two countries.
India is hosting the 18th BRICS Leaders’ Summit this year. The official programme includes discussions on multilateralism, inclusive global growth, resilience, innovation, cooperation and sustainability, as well as food and energy security, health, disaster resilience and critical supply chains.
PM Modi and Xi bilateral meeting, however, is expected be the most closely watched part of the visit.
What’s on agenda for Modi-Xi’s meeting?
Border and security are likely to remain central to the discussions. India and China have taken steps to reduce tensions along the Line of Actual Control since the 2020 border crisis, but the relationship continues to carry a significant trust deficit.
Harsh Pant, vice president at New Delhi-based Observer Research Foundation, told Reuters that the “trust deficit” between the two countries remained high. China also wants to see how far India is prepared to take the recent improvement in relations.
Lin Minwang, a South Asia expert at Shanghai’s Fudan University and a former diplomat at the Chinese Embassy in New Delhi, told Reuters that China wanted better relations but was waiting to see how far India was willing to go. “China certainly wants to improve ties, but we are waiting to see to what extent India is actually willing to improve them,” Lin said.
Trade and investment are another major part of the agenda. India has eased some restrictions on Chinese investment, particularly in areas such as electronics, capital goods and solar cells. New Delhi has also considered faster approvals for some joint ventures involving Indian and Chinese companies.
India has already approved a manufacturing partnership between Dixon Technologies and Chinese smartphone maker Vivo.
But Chinese investment has not returned to pre-2020 levels, and security concerns continue to influence investment decisions.
The meeting could therefore provide an opportunity for both sides to discuss whether more economic engagement is possible while protecting India’s strategic and national security interests.
Technology and supply chains are also likely to matter. Chinese companies remain important suppliers of components, machinery and technology for several Indian industries, including electronics and solar energy. At the same time, India wants to reduce excessive dependence on China in sensitive sectors.
Some Chinese-made equipment and components required for Indian solar, electronics and infrastructure projects have faced delays at Chinese customs. According to Reuters, Chinese authorities had asked companies to restrict the sale of some critical technology and infrastructure equipment to India.
These issues could make technology access and supply-chain reliability an important part of the economic conversation between PM Modi and Xi.
Business and people-to-people ties could form another part of the discussions.
India and China have resumed direct flights, while India has also eased visa procedures for Chinese business professionals. However, some Indian business people with interests in China have recently faced difficulties obtaining visas, reported Reuters.
Why does BRICS summit matter?
Xi’s visit comes as India hosts the 18th BRICS Leaders’ Summit, giving the two countries a broader platform for discussions beyond their bilateral relationship.
India’s BRICS agenda includes multilateralism, global growth, resilience, innovation, cooperation and sustainability. Food and energy security, health, disaster resilience and critical supply chains are also part of the programme.
West Asia could be another issue requiring careful discussion. The Indian Express Digital reported that BRICS negotiators were working on a joint declaration amid the continuing conflict in West Asia. The grouping includes countries with different positions on the conflict, including Iran, Saudi Arabia and the UAE.
India and China may not agree on every geopolitical issue, but both have an interest in keeping BRICS focused on cooperation among emerging economies and reforms to global institutions.
The BRICS platform could therefore provide PM Modi and Xi with an opportunity to discuss wider geopolitical issues while their bilateral meeting focuses on India-China relations.
India-China relations: What changed after 2020?
The two countries fought a brief war in 1962, after which their relationship remained cautious for decades. The biggest recent setback came in 2020, when troops from the two countries clashed in eastern Ladakh. Twenty Indian soldiers and four Chinese soldiers were killed in the confrontation.
Relations remained strained for several years as the two sides worked to manage the military standoff along the Line of Actual Control.
A gradual diplomatic thaw began later. PM Modi and Xi met in Kazan, Russia, in October 2024 after the two countries reached an understanding aimed at easing the military standoff along the Line of Actual Control. The leaders also met briefly at a regional forum in Kyrgyzstan this month, although they did not hold a formal bilateral meeting, Reuters reported.
Xi’s September visit will therefore be a more significant opportunity for the two leaders to assess whether that thaw can develop into a broader improvement in relations.
Written by Dimple Singh
Source: Financial Express
10/09/26, Public Sector on sale by Central Government
The Centre is on course to exceed its Budget estimate for disinvestment and asset monetisation for the first time in eight years, having already raised nearly 78 percent of its Rs 80,000-crore target for 2026-27 with more than half the financial year still remaining.
The government has mobilised Rs 62,124 crore from stake sales and asset monetisation so far in FY27, leaving it just Rs 17,876 crore short of the full-year Budget estimate.Wednesday, September 9, 2026
Tuesday, September 8, 2026
08/09/26, Copper Prices
Copper surged to its highest-ever price on the London Metal Exchange after a weeks-long rally fueled by anticipation that President Donald Trump will expand US tariffs to imports of refined metal.
Benchmark three-month futures on the LME gained as much as 0.8% to reach $14,533 a ton, beating the previous record set in January, before paring some of those advances.Copper's 17% advance this year — and 47% over the past 12 months — has been underpinned by a long-term mismatch in supply and demand. The world's ageing fleet of big mines is struggling to keep pace with usage from data centers, renewable energy and power grids — a backdrop trumpeted by copper bulls for years.But shorter-term factors have come to the fore — especially the hundreds of thousands of tons shipped to the US this year by traders seeking to profit from higher prices there. The market is still pricing in the possibility of tariffs on primary copper imports, some two months after the Department of Commerce was due to issue a report to the White House advising on whether the levies are necessary.While total global stockpiles are relatively high, they're now heavily concentrated in the US, as metal in the LME's sprawling global network has dwindled. That's sapped short-term availability, put pressure on holders of short positions and helped send prices to a record even in a tepid environment for demand.
“This is driven more by the relocation of metal due to tariffs than by excess final demand,” said Cristián Cifuentes, senior analyst at Chilean copper industry think tank, Cesco. “It's a case of localized shortages rather than a global demand surplus.”Monday's gains in London came despite subdued trading conditions, with the closure of US exchanges for the Labor Day holiday sapping risk appetite across financial markets.The rally has also come despite growing macroeconomic and geopolitical headwinds, from the war in Iran to a surge in US borrowing costs that will heap pressure on capital-intensive manufacturing businesses globally. High prices themselves could also pose a threat to usage as buyers seek alternatives, but so far such demand-side pressures have done little to slow copper's ascent.The record-breaking imports to the US have been fueled by a persistent premium for copper futures traded on New York's Comex. That's opened a huge arbitrage opportunity for traders since President Trump first formally proposed levies on copper in February last year.The tariff trade has had a draining effect on global inventories, culminating in a major squeeze on the LME last month as the stockpiles that underpin trading in its copper contracts declined to critically low levels. While fresh deliveries have eased some of the strain, spot prices continue to trade at a steep premium to three-month futures on the LME, in a condition known as backwardation that signals demand is exceeding supply.Higher copper prices have been a major boon for the world's biggest miners, which have long touted their desire to get more exposure to a metal that's heading for a long demand boom. Rio Tinto Group, BHP Group, Glencore Plc and Zijin Mining Group Co. all posted big profit increases in their latest earnings reports, helped by the performance of their copper units.Still, several major miners have been beset by operational challenges this year. Data released Monday showed copper export revenue from top producer Chile sank to the lowest in more than a year in August. Unless the industry stages a second-half recovery, global mined supply will register its first annual decline since 2017.The combination of strong demand growth and supply challenges “should bring about a tighter future market balance supporting higher prices,” wrote Michael Cuoco, head of metals at StoneX Financial Inc.
Source: Bloomberg
08/09/26, Share Market Strategy
The Nifty 50 fell half a percent on September 7, marking a negative start to the week. Bearish sentiment strengthened further as the index fell below the previous week's low, while the short-term moving averages remained below the 50- and 100-day EMAs, and momentum indicators weakened further. Hence, experts see a high possibility of the Nifty 50 breaking below 23,606 (July low) in the short term, followed by 23,500, which are the immediate key support levels. On the higher side, the 23,900–24,000 zone is likely to act as resistance.
Resistance based on pivot points: 23,860, 23,896, and 23,954
Support based on pivot points: 23,744, 23,708, and 23,650
Special Formation: The Nifty 50 formed a bearish candle on the daily chart, indicating weakness. The 10-, 20-, 50- and 100-day EMAs sloped downward, while the 10- and 20-day EMAs remained below the 50- and 100-day EMAs. The RSI fell to 34.72, while the MACD declined further and remained below both the zero line and the signal line, with the red histogram bars expanding. All these factors indicate that the underlying momentum remains weak and the bearish trend is strengthening.
Nifty Call Options Data
According to the weekly options data, the 24,000 strike holds the maximum Call open interest (with 2.11 crore contracts). This level can act as a key resistance level for the Nifty in the short term. It was followed by the 23,800 strike (1.71 crore contracts) and 23,900 strike (1.69 crore contracts).
Maximum Call writing was observed at the 23,800 strike, which saw an addition of 1.51 crore contracts, followed by the 23,900 and 23,850 strikes, which added 1.19 crore and 1.07 crore contracts, respectively. There was hardly any Call unwinding seen in the 23,400-24,300 strike band.
Nifty Put Options Data
On the Put side, the maximum Put open interest was seen at the 23,500 strike (with 1.1 crore contracts), which can act as a key support level for the Nifty in the short term. It was followed by the 23,600 strike (1 crore contracts) and the 23,700 strike (94.69 lakh contracts).
The maximum Put writing was placed at the 23,750 strike, which saw an addition of 29.65 lakh contracts, followed by the 23,650 and 23,450 strikes, which added 27.02 lakh and 18.46 lakh contracts, respectively. The maximum Put unwinding was seen at the 23,900 strike, which shed 75.84 lakh contracts, followed by the 23,950 and 24,000 strikes, which shed 40.9 lakh and 26.49 lakh contracts, respectively.
Levels For BankNifty (57,088)
Resistance based on pivot points: 57,335, 57,435, and 57,597
Support based on pivot points: 57,011, 56,911, and 56,749
Resistance based on Fibonacci retracement: 57,367, 57,684
Support based on Fibonacci retracement: 56,870, 56,493
Special Formation: The Bank Nifty formed a long red candle on the daily timeframe and slipped below its 50-day EMA, indicating mounting selling pressure. With this, the index is now trading below its short- and medium-term moving averages, signalling weakness in the near term. The RSI declined to 44.56, while the MACD remained below the zero line, with the red histogram bars expanding for the fifth consecutive session. All these factors indicate that the bearish momentum is strengthening and the near-term outlook remains weak.
Bank Nifty Call Options Data
According to the monthly options data, the 57,500 strike holds the maximum Call open interest, with 20.22 lakh contracts. This can act as a key level for the index in the short term. It was followed by the 58,000 strike (13.58 lakh contracts) and the 57,000 strike (4.9 lakh contracts).
Maximum Call writing was observed at the 57,000 strike (with the addition of 1.88 lakh contracts), followed by the 57,200 strike (1.07 lakh contracts) and 57,500 strike (74,130 contracts). The maximum Call unwinding was seen at the 56,700 strike, which shed 58,680 contracts, followed by the 56,400 and 58,300 strikes, which shed 420 and 300 contracts, respectively.
Bank Nifty Put Options Data
On the Put side, the maximum Put open interest was concentrated at the 57,500 strike (with 19.33 lakh contracts), which can act as a key level for the index in the short term. This was followed by the 58,000 strike (9.56 lakh contracts) and the 57,000 strike (8.61 lakh contracts).
The maximum Put writing was placed at the 57,000 strike (which added 31,440 contracts), followed by the 57,100 strike (25,770 contracts) and 57,200 strike (18,240 contracts). The maximum Put unwinding was seen at the 58,000 strike, which shed 90,150 contracts, followed by the 57,400 and 57,800 strikes which shed 57,570 and 52,650 contracts, respectively.
Report by Sunil Sankar Matkar
Source: Network18
Monday, September 7, 2026
07/09/26, Commodities & Currency
US Treasury yields move higher
US Treasury yields moved higher on Friday, with the 10-year yield rising over 2 basis points to 4.784%. The 2-year yield climbed more than 4 basis points to 4.377%, while the 30-year yield was little changed at 5.245%.
Crude oil
Crude Oil prices were trading higher in early Monday trade, with Brent crude up 0.29% at $96.56 a barrel, while US crude gained 0.53% to $91.97 a barrel.
Gold rate today
In the latest trading session, COMEX gold fell 0.11% to 4,471.60.
The rate for 24-carat gold today is Rs 1,54,790 per 10 grams. The 24 kt gold rate today in Delhi is Rs 1,54,940 per 10 grams. The 18-carat gold price today in India is Rs 1,16,090. The 24-carat gold rate in Dubai today is Rs 1,53,040.
Silver rate today
In the latest trading session, COMEX silver up 0.17% to 66.86.
Silver prices in India stood at Rs 249.90 per gram, while the price was Rs 2,49,900 per kilogram.
FII, DII data
On September 4, Foreign institutional investors (FII) sold Rs 3,111.94 crore worth of Indian equities, turning net sellers during Friday’s session. Domestic Institutional Investors (DIIs), meanwhile, remained buyers and invested Rs 8,930.12 crore in the market, according to National Stock Exchange (NSE) data.
US dollar
The US Dollar Index (DXY), which measures the dollar’s value against a basket of six foreign currencies, was trading 0.08% lower at 99.10. The index evaluates the strength or weakness of the US dollar in comparison to major currencies.
The basket contains currencies such as the British Pound, Euro, Swedish Krona, Japanese Yen, Swiss Franc, etc. On September 4, the Indian Rupee gained 2 paise to settle at 94.49 (provisional) against the US dollar, compared with the previous close
Written by Olivia Kunjumon
Source: FinancialExpress
07/09/26, Markets Information
Asian markets are trading higher today, 7/9/26, but GIFT Nifty is in the red signalling a cautious start for Indian equities. Crude oil prices remained elevated, with Brent above $96 a barrel. Here are the top global and domestic cues investors need to watch today.
Indian equity benchmarks ended Friday in positive territory. The Nifty 50 gained 24 points, or 0.10%, to close at 23,897.70, while the Sensex rose 362.57 points, or 0.48%, to 76,515.43.
Key global and domestic cues for 7/9/2026
Asian Markets
Asian markets started Monday on a positive note, with Japan’s Nikkei 225 gaining nearly 1% and the Topix rising 0.55%. South Korea saw stronger gains, as the Kospi climbed 3.09% and the Kosdaq advanced 1.33% at the open. Australia’s S&P/ASX 200 remained largely unchanged.
US markets
US stock markets will remain closed on Monday due to a public holiday, with regular trading set to resume on Tuesday.
US stocks ended lower on Friday. The Dow Jones Industrial Average fell 271.86 points, or 0.51%, to 53,414.25. The S&P 500 declined 0.38% to 7,718.60, while the Nasdaq Composite slipped 0.29% to 26,506.99.
written by Olivia Kunjumon
Source: FinancialExpress
Sunday, September 6, 2026
06/09/26, STOCKS TO BUY
The domestic equity markets ended Friday session on positive note, snapping a four-day losing streak. The Nifty 50 closed 0.10% higher at 23,897.70, while the BSE Sensex gained 0.48% to end at 76,515.43.
Several leading brokerages, including Jefferies, Macquarie, JM Financial, JPMorgan, Morgan Stanley and Motilal Oswal, have issued fresh recommendations on key stocks. Based on their latest calls, we have shortlisted 10 stocks across sectors for investors to watch.
CLSA on PVR INOX
CLSA has retained its ‘Outperform’ rating on PVR INOX with a target price of Rs 2,135, implying around 78% upside from current levels. The brokerage’s view is based on improving cinema attendance, higher customer spending and the potential for better margins as operating leverage improves.
PVR INOX had a stronger first quarter, with admissions rising 8% year-on-year. Revenue from movie tickets increased 15%, while food and beverages (F&B) sales rose 13%. Reported Earnings Before Interest, Tax, Depreciation and Amortisation (EBITDA) also grew 33%.
CLSA believes the rise in both attendance and per-customer spending points to improving demand. The brokerage called PVR INOX “a compelling play on discretionary consumption in India” and said multiplexes remain a key form of outdoor entertainment.
Margin improvement is another focus area. The company has been working to control utilities, manpower, rental and F&B costs, while improving its food offerings to encourage higher customer spending. CLSA expects these measures, along with better occupancy, to support a recovery in profitability.
CLSA on ONGC
CLSA has assigned a ‘High-Conviction Outperform’ rating to ONGC with a target price of Rs 405, implying around 71% upside from current levels.
The brokerage believes ONGC is already factoring in a Brent crude price below current levels, which could limit the downside even if supply from the Organisation of the Petroleum Exporting Countries (OPEC) increases.
Motilal Oswal on PhysicsWallah
Motilal Oswal has initiated coverage on PhysicsWallah (PW) with a ‘Buy’ rating and a Rs 200 target price, implying around 66% upside from current market levels. The brokerage expects the online business to remain the main growth driver, with revenue projected to grow at around 28% CAGR from FY26 to FY30. It said, “The online business is PW’s primary value driver.”
The brokerage also expects PhysicsWallah’s margins to improve, with pre-Ind AS EBITDA margin rising from around 26% in FY26 to 30% by FY28. Its offline business, which has 353 centres, is expected to grow at around 20% CAGR through FY30.
Jefferies on Siemens Energy India
Jefferies’ Siemens Energy India target price stands at Rs 4,800. This implies around 48.5% upside. The brokerage expects the company to deliver 43% annualised earnings per share (EPS) growth through FY28, supported by operating leverage and rising power-sector capital expenditure in India.
The June-quarter order book for Siemens Energy increased 16% year-on-year to Rs 19,100 crore, equivalent to around 2.5 times FY25 sales. Jefferies expects operating leverage to drive a 475-basis-point improvement in margins to 24% by FY28, as fixed costs decline as a share of revenue as the business expands.
Macquarie on Bharat Electronics
Macquarie has assigned an ‘Outperform’ rating to Bharat Electronics with a target price of Rs 550, indicating around 35% upside from current levels. This is the highest potential upside among the stocks in its India Industrials coverage. However, Bharat Electronics does not feature in Macquarie’s list of Indian companies supplying the specific bulk-power equipment categories to the US.
Jefferies on HDFC Bank, Axis Bank and SBI
Jefferies expects large banks to deliver around 13% profit CAGR, with valuations appearing more reasonable after their recent underperformance. Jefferies prefers HDFC Bank, Axis Bank and State Bank of India among large lenders.
Within the sector, Jefferies has set a target price of Rs 1,700 for Axis Bank, implying around 35% upside, while its HDFC Bank target of Rs 880 suggests 24% upside. For ICICI Bank, the brokerage has a Rs 1,750 target price, indicating around 22% upside.
Jefferies on Welspun Corp
Jefferies has given a ‘Buy’ rating on Welspun Corp with a Rs 3,250 target price, implying around 27% upside. The brokerage sees strong demand from the US energy infrastructure cycle, supported by rising liquefied natural gas (LNG) exports, data-centre power demand and higher gas production.
It said, “US energy infrastructure is in a multi-year investment phase.” Welspun has around 30% share of the US market and is expanding its local manufacturing capacity.
Jefferies expects Welspun Corp to post 17% volume growth and around 32-33% annual compound growth in EBITDA and EPS between FY26-29.
Macquarie on CG Power and Industrial Solutions
Macquarie has given CG Power an ‘Outperform’ rating with a Rs 1,090 target price, indicating a potential 22% total shareholder return. The brokerage said management is assessing the economics of India Semiconductor Mission (ISM) 2.0 before deciding on further expansion of its semiconductor facilities. For now, the focus remains on scaling the existing operations, with the main plant already in production.
Macquarie sees scope for further expansion if the economics under the new semiconductor framework are favourable for CG Power. However, it flagged risks including weaker or delayed orders, a slowdown in artificial intelligence-related capital expenditure, higher commodity costs and rising competition that could pressure margins.
Jefferies on Allied Blenders
Jefferies has retained ‘Buy’ on Allied Blenders with a target price of Rs 780, implying around 28% upside from the current market price. According to the brokerage report, sustained growth in ICONiQ White, the revival of legacy brands and greater backward integration could support earnings in the coming years.
Jefferies expects margin improvement to become more visible from FY28, as backward integration and operating leverage start contributing.
The brokerage noted, “After delivering ~650bps of EBITDA margin expansion over FY24-26 through premiumisation, refinancing and cost optimisation, Allied Blenders management expects further improvement from a richer product mix, continued premiumisation and the benefits of backward integration.”
Jefferies on Adani Energy, Torrent Power, JSW Energy and more
Jefferies continues to prefer the power sector, with rising electricity demand and fresh capacity additions expected to support earnings growth. The brokerage expects private-sector power generation to grow at around 9% CAGR between FY26 and FY30, compared with 4% for public-sector generation.
Among utilities, Adani Energy Solutions has the highest target-based upside of 49%, with a target price of Rs 2,060. Jefferies has set a Rs 1,780 target for Torrent Power, implying 46% upside, and a Rs 720 target for JSW Energy, suggesting 39% upside. Adani Green Energy has a target of Rs 1,695, implying 35% upside, while Adani Power has a Rs 270 target, pointing to 33% upside.
Report by Olivia Kunjumon
Source: FinancialExpress
06/09/26, PostMarket REPORT
After investing in Indian equities for two consecutive months, foreign investors turned net sellers in the first week of September, pulling out Rs 7,443 crore as a rebound in crude oil prices, rising US bond yields, and a firm dollar dented risk appetite.
The outflow came after foreign portfolio investors (FPIs) infused Rs 30,919 crore in August and Rs 20,200 crore in July. Before that, they remained net sellers for four straight months from March to June.
With the latest withdrawal, total outflow by foreign portfolio investors from Indian equities has climbed to Rs 2.32 lakh crore so far in 2026, surpassing the Rs 1.66 lakh crore withdrawn in 2025.
Rajkumar Rathi, Chief Investment Officer at YES Securities, said the recent selling was driven by a rebound in crude oil prices, raising concerns over India's inflation and current account outlook.
"Further strengthening US bond yields and a firm dollar index have reduced foreign risk appetite for emerging markets," he said.
Rathi also pointed to India's premium equity valuations, particularly in growth sectors and the mid- and small-cap segments, as factors prompting foreign funds to book profits and rebalance portfolios.
However, he said foreign investor appetite for India's primary market has remained "structurally resilient".
Looking ahead, global bond yields are likely to remain a key driver of FPI flows, VK Vijayakumar, Chief Investment Strategist at Geojit Investments, said.
Brent crude prices, evolving US-Iran geopolitical tensions and upcoming US inflation data ahead of the Federal Reserve's mid-September policy meeting will also influence foreign fund flows, said Pabitro Mukherjee, Deputy Vice President-Research at Bajaj Broking.
Foreign investors also extended their selling to the debt market. They withdrew Rs 377 crore through the Fully Accessible Route (FAR) and Rs 231 crore through the Voluntary Retention Route (VRR), while investing Rs 217 crore through the general route.
PTI Report
Source: Dailyhunt
Friday, September 4, 2026
04/09/26, Excess Liquidity Concern
The Reserve Bank of India (RBI) met top lenders on Thursday to discuss liquidity management after measures to mobilise dollars led to larger-than-expected inflows, according to sources close to the development.
The meeting comes as surplus liquidity in the banking system has surged, pushing overnight borrowing costs significantly below the RBI’s policy rate.
At the meeting, lenders proposed using foreign exchange sell-buy swaps to gradually drain excess rupee liquidity from the banking system, Reuters reported, citing sources familiar with the discussions.
Buoyed by the RBI’s special foreign exchange swap windows that drew a much larger-than-expected $136.4 billion, the surplus in the banking system liquidity surged to a record Rs 9.70 lakh crore on Wednesday, surpassing the previous high of Rs 9.21 lakh crore recorded on September 5, 2021. Kotak Mahindra Bank expects durable liquidity to peak at around Rs 12 lakh crore in September, even after accounting for currency leakages, maturing forwards and CRR build-up.
The liquidity glut is already pulling short-term rates lower. The weighted average call rate fell six basis points to 4.96% on Thursday, slipping below 5% for the first time in five months, according to CCIL data. One-month certificate of deposit rates declined to 5.91%, their lowest in four months.
“Mopping up the surplus banking liquidity is a challenge,” Nomura said, adding that the RBI may need to use a combination of liquidity-absorption tools. These include variable rate reverse repo (VRRR) operations and cash management bills in the short term, and incremental cash reserve ratio (CRR), open market operations (OMOs), market stabilisation scheme (MSS) bonds and sell-buy swaps for more durable absorption.
Radhika Rao, senior economist and executive director at DBS Bank, said “concerted steps” would be required to drain the liquidity surge, listing a temporary CRR hike, OMOs, MSS, sell-buy swaps and shorter-tenor money-market operations among the options.
The RBI announced VRRR auctions totalling Rs 53.5 lakh crore between August 6 and September 2 to absorb excess liquidity.
A CRR hike, however, could be complicated because special FCNR(B) deposits were exempted from CRR and statutory liquidity ratio (SLR) requirements. Rao said such a move “could be viewed as effectively unwinding the RBI’s earlier decision to exclude these deposits from CRR and SLR requirements”. A uniform increase could also disadvantage smaller and mid-sized banks as FCNR-linked liquidity is unevenly distributed across lenders.
Analysts therefore expect the RBI to initially rely on shorter-term instruments. Kotak Mahindra Bank expects cash management bills, treasury bills and MSS to be used before more durable sterilisation measures are considered. Jefferies sees a lower probability of a CRR hike, saying the inflows should boost liquidity ahead of the festive season and “may help keep rates lower”.
For banks, abundant liquidity could support stronger loan growth. Motilal Oswal has raised its FY27 system credit growth estimate by around 150 basis points to 15.5-16%, saying the forex inflows should support balance-sheet expansion.
The benefit may not fully translate into margins, however. “NIMs are expected to be under pressure in the near term on account of limited spread on the overseas leveraged portion of FCNR(B) deposits,” Motilal Oswal said. Deployment of these deposits and an improving asset mix should nevertheless support faster balance-sheet growth and earnings.
Jefferies also said FCNR(B) funding carries lower net interest margins but remains “accretive to NII”, with better liquidity potentially benefiting NBFCs and smaller private banks.
The inflows are also expected to strengthen India’s external balance. Nomura estimates the surge in foreign currency mobilisation could lift the balance of payments surplus to around $66 billion in FY27, compared with a $23.6-billion deficit in FY26. Bank of Baroda expects a FY27 surplus of $65-75 billion.
However, the build-up in the RBI’s forward liabilities could constrain its ability to use the forex market to manage liquidity. Axis Bank estimates the central bank’s short forward position could rise above $220 billion from around $136 billion at end-June after accounting for the incremental inflows.
Rao also flagged the “bunched-up maturities” of the three- and five-year deposits. A portion of existing reserves could potentially be set aside against these liabilities to limit a sharp increase in dollar demand when the deposits mature.
Source: Financial Express
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