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Indian Market
Weekly Business
Brief
Brief
28 AUGUST 2026
1
Market Recap
Indian equities closed the week of August 24–28 lower for a second consecutive week, according to exchange data. Nifty 50 declined 0.31% and Sensex fell 0.36% for the week, while Bank Nifty declined 0.46%. Benchmarks fell through Monday, Wednesday and Thursday sessions before IT and technology-linked stocks coincided with a rebound on Friday. No exchange holiday was observed this week, with NSE and BSE remaining open on August 28 despite the Raksha Bandhan festival.
Nifty 5024,175.65▼ −0.31%
Sensex77,264.51▼ −0.36%
Bank Nifty57,496.30▼ −0.46%
Why it matters:
- Elevated crude oil prices amid Iran-related tensions over the Strait of Hormuz coincided with declines recorded through Thursday, before easing crude prices coincided with Friday's rebound, according to market reports.
- Metal, PSU bank and cement stocks declined on Thursday, while IT stocks rose over 3% on Friday, tracking gains in US technology shares, according to exchange data.
2
Brent Crude Eases Toward $88 a Barrel as Hormuz Concerns Moderate
Brent crude oil futures eased to around $88 a barrel by August 28, according to market data, down from levels above $94 recorded a week earlier. Prices had risen earlier in the week amid renewed India-Iran-related tensions, including reported US Treasury measures targeting countries continuing to trade with Iran, according to market reports. The decline coincided with Iran's military stating it had reached a revenue-sharing arrangement with Oman concerning the Strait of Hormuz shipping route, though Tehran said the arrangement does not guarantee the strait's reopening, according to market reports.
Brent Crude~$88/bbl▼ from >$94 (wk)
Why it matters:
- India imports the majority of its crude oil requirements, and market participants monitor crude price movements for their association with import costs and currency movements, according to market commentary.
- The price moves coincided with fluctuations in the Nifty Energy and auto-related indices at different points during the week, according to exchange data.
3
RBI August MPC Minutes Show Increased Hawkish Tone
Minutes of the Reserve Bank of India's August Monetary Policy Committee meeting, reviewed this week, showed an increasingly cautious tone on inflation even as the panel voted unanimously to hold the repo rate at 5.25%, according to SBI Research. Governor Sanjay Malhotra and Deputy Governor Poonam Gupta were cited in the research report as noting that persistent inflationary pressures could prompt a policy recalibration. The Monetary Policy Committee maintained a neutral policy stance during its most recent review, according to official minutes.
Repo Rate5.25%Unchanged
MPC StanceNeutral
Why it matters:
- SBI Research noted the minutes reflected the highest degree of hawkishness recorded in the past year, according to the report reviewed this week.
- Deputy Governor Poonam Gupta was cited as stating a case for a rate increase could emerge in FY27 if inflation trends higher, according to the research note.
4
SEBI Issues Observations Approving Jio Platforms IPO
The Securities and Exchange Board of India issued observations this week approving the initial public offering of Jio Platforms, according to regulatory filings. The offer comprises a fresh issue of up to 27 crore equity shares of face value ₹10 each, with no offer-for-sale component, according to the draft prospectus filed on June 19. The company has stated it intends to use a portion of the proceeds, up to ₹27,500 crore, to repay outstanding debt. The shares are proposed to be listed on the BSE and NSE, according to exchange disclosures.
Fresh IssueUp to 27 Cr shares
Debt RepaymentUp to ₹27,500 Cr
Why it matters:
- SEBI's observations mark a regulatory milestone that allows the company to proceed toward finalising the issue timeline and price band, according to market commentary.
- The offering has been referenced by market participants as among the larger public issues under consideration in the Indian primary market, according to media reports.
5
Silver Prices Decline Sharply on August 28 Amid Profit Booking
Silver prices in India eased to around ₹2,42,000 per kilogram on August 28, compared with around ₹2,60,000 in the prior session, according to market reports, following a sustained rise recorded through July and August. Market participants attributed the decline to profit booking after the recent increase, according to market commentary. Gold prices also declined during the week, easing to around ₹1,58,100 per 10 grams on MCX on August 28, compared with around ₹1,60,700 the previous week, according to market data, following four consecutive sessions of declines.
Silver (kg)~₹2,42,000▼ from ~₹2,60,000
Gold (10g)~₹1,58,100▼ from ~₹1,60,700 (wk)
Why it matters:
- The decline followed a sustained increase in precious metal prices recorded since early July, according to market commentary.
- Domestic gold and silver prices reflect both international dollar-denominated price moves and rupee exchange rate movements, according to market commentary.
6
Nifty IT Index Rises Over 3% on Friday, Tracking US Technology Shares
The Nifty IT index rose more than 3% on August 28, among the larger single-day sectoral gains recorded this week, according to exchange data. The move coincided with gains in US technology shares after Nvidia reported quarterly results and a revenue outlook that renewed optimism around global spending on artificial intelligence infrastructure, according to market reports. TCS, Tech Mahindra, Infosys, Wipro and HCL Technologies were among the index's gainers during the session, according to exchange data.
Nifty IT (Aug 28)▲ >+3%
Why it matters:
- The sectoral gain coincided with the broader Nifty 50 and Sensex ending higher on Friday, following declines recorded earlier in the week, according to exchange data.
- FMCG, consumer durables and realty stocks recorded declines during the same session, according to exchange data reviewed on August 28.
7
Bond Market Update
India's 10-year G-Sec yield closed near 6.91%, compared with 6.87% the previous week, according to exchange data. The yield rose by approximately 4 basis points during the week, coinciding with hawkish Reserve Bank of India MPC minutes reviewed this week and continued bond supply, according to market commentary. Yield movements were also observed alongside crude oil price fluctuations and global bond market activity during the week, according to market reports.
10-yr G-Sec6.91%▲ +4 bps (wk)
Why it matters:
- Hawkish RBI MPC minutes and SBI Research commentary flagging a possible rate hike were factors market participants associated with yield movements this week, according to market commentary.
- Global bond yields and crude oil price fluctuations were also observed alongside domestic yield movements during the week, according to market reports.
8
Commodities
Gold prices on MCX eased to around ₹1,58,100 per 10 grams on August 28, compared with around ₹1,60,700 the previous week, according to market data, recording declines over four consecutive sessions amid profit booking. Silver prices eased to around ₹2,42,000 per kilogram, compared with around ₹2,45,420 a week earlier, according to market data, after easing sharply from around ₹2,60,000 recorded in the prior session.
Gold (10g)~₹1,58,100▼ ~−₹2,600 (wk)
Silver (kg)~₹2,42,000▼ ~−₹3,420 (wk)
Why it matters:
- Domestic gold and silver prices reflect both global dollar-denominated moves and rupee exchange rate movements, according to market commentary.
- Market participants continue to monitor US Federal Reserve policy expectations and developments in West Asia in connection with precious metal prices, according to market commentary.
9
Currency Update
The Indian Rupee closed the week near ₹95.39 per US dollar, compared with ₹95.75 the previous Friday, according to exchange data. The rupee strengthened by approximately 36 paise during the week, coinciding with easing crude oil prices and continued Reserve Bank of India market intervention, according to market commentary and exchange data.
USD/INR₹95.39▼ −36 paise (wk)
Why it matters:
- Easing crude oil prices during the week coincided with rupee movements, according to market commentary and exchange data.
- Currency movements were observed alongside precious metal and bond market activity during the week, according to exchange data.
10
Institutional Flows (August 2026 MTD)
Foreign portfolio investors recorded a net inflow of ₹27,186 crore into Indian equities in August 2026 through August 25, according to NSDL data, marking the highest monthly inflow since September 2024. In cash-segment trading, FIIs were net sellers of ₹298 crore on August 27, while domestic institutional investors were net buyers of ₹4,977 crore on the same day, according to exchange data. DII cumulative net equity investment crossed approximately ₹5.17 lakh crore for the year to date, according to market data trackers.
FIIs (Aug MTD, NSDL)+₹27,186 cr
FIIs (Aug 27, cash)−₹298 cr
DIIs (Aug 27, cash)+₹4,977 cr
Why it matters:
- The August NSDL figure represents the highest monthly net FPI equity inflow recorded since September 2024, according to exchange and depository data.
- DII net equity investment for the year to date crossed ₹5 lakh crore for a third consecutive calendar year, according to market data trackers.
Wealth · Research