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Indian Market
Weekly Business
Brief
Brief
04 SEPTEMBER 2026
1
Market Recap
Nifty 5023,897.70▼ −1.15%
Sensex76,515.43▼ −0.97%
Bank Nifty57,369.65▼ −0.22%
Indian equities closed the week of August 31–September 4 lower, according to exchange data. Nifty 50 declined 1.15% to close at 23,897.70 and Sensex fell 0.97% to 76,515.43, while Bank Nifty declined 0.22% to 57,369.65. Benchmarks recorded losses through the first four sessions of the week before Friday's session ended higher as concerns over an imminent US Federal Reserve rate hike moderated, according to market reports. No exchange holiday was observed this week, with NSE and BSE remaining open on September 4 despite the Janmashtami festival.
Why it matters:
- Global equities advanced and emerging-market currencies strengthened on Friday as concerns over a near-term US Fed rate hike moderated, coinciding with gains in the Sensex and Nifty, according to market reports.
- Nifty Metal was the top-performing sectoral index and Nifty Realty the weakest on Friday, according to exchange data, while broader mid-cap and small-cap indices ended mixed for the session.
2
RBI's Special FX Swap Window Draws $127 Billion From Diaspora, Closes Early
The Reserve Bank of India's special USD-INR forex swap facility for FCNR(B) deposits attracted $127.23 billion from the Indian diaspora by August 31, according to RBI data cited in market reports. Including related Overseas Foreign Currency Borrowings and External Commercial Borrowings raised under the same window, total inflows reached $136.38 billion, above the $50–100 billion range initially estimated for the scheme. The facility, launched in June 2026 to run until September 30, was closed a month early after mobilisation targets were met, according to officials cited in media reports.
FCNR(B) Inflows$127.23 bn
Total Facility Inflows$136.38 bn
Why it matters:
- According to RBI data, the FCNR(B) window alone mobilised $127.23 billion, more than the top end of the $50–100 billion range initially projected by economists.
- Market commentary linked the resulting liquidity to the week's easing 10-year G-Sec yield and firmer rupee, while economists noted a potential $10.6 billion cost to the RBI from the swap arrangement.
3
India's GST Collections Rise 14.8% Year-on-Year in August
India's gross GST collection rose 14.8 per cent year-on-year to ₹1,99,853 crore in August 2026, according to provisional government data released this week. The August figure compares with ₹1,74,116 crore collected in August 2025 and was lower than the ₹2,11,205 crore recorded in July 2026. Government data attributed the annual increase to continued growth in taxable transactions and business activity, alongside sustained GST filing compliance across sectors during the month.
GST Collection (Aug)₹1,99,853 cr▲ +14.8% YoY
vs July 2026₹2,11,205 cr
Why it matters:
- According to government data, August 2026 collections of ₹1,99,853 crore were about 5.4 per cent lower than July's ₹2,11,205 crore on a month-on-month basis.
- The release coincided with India's Composite PMI easing to 54.6 in August from 54.3 in July, and Manufacturing PMI easing to 52.9 from 53.5, according to survey data.
4
Cable and Wire Stocks Decline After New Entrant's Announcement
Shares of Polycab India, KEI Industries and RR Kabel declined between roughly 5 per cent and 8 per cent on Friday, according to exchange data, after Aditya Birla Group's UltraTech Cement announced its entry into the wires and cables business under the 'Ultravolt' brand. KEI Industries fell to an intraday low of ₹4,848.50, while Polycab India traded near ₹8,300 during the session, according to exchange data. Market commentary linked the decline to concerns over increased competitive intensity in the wires and cables segment following the new entrant's announcement.
KEI Industries▼ up to −8% (day)
Polycab India▼ >−5% (day)
Why it matters:
- According to exchange data, KEI Industries shares fell as much as 8 per cent and Polycab India declined more than 5 per cent during Friday's trading session.
- Wires and cables account for the majority of revenue at established players in the segment, according to sector commentary reviewed this week.
5
Passenger Vehicle Makers Report August Sales Growth
Maruti Suzuki reported total sales of 219,220 units in August 2026, up 35 per cent year-on-year, according to company data released this week. Tata Motors recorded 67,753 units across domestic and international markets, a 56 per cent increase from 43,315 units in August 2025, with domestic sales rising 59 per cent to 65,253 units. Mahindra posted 59,257 units, up 50 per cent year-on-year, while Hyundai Motor India recorded 65,796 units, up 8.8 per cent, according to company-reported figures.
Maruti Suzuki (Aug)219,220 units▲ +35% YoY
Tata Motors (Aug)67,753 units▲ +56% YoY
Why it matters:
- According to company data, Tata Motors' electric vehicle sales rose 94 per cent year-on-year to 16,549 units in August 2026.
- Maruti Suzuki's August tally included exports of 33,844 units alongside domestic sales of 180,078 units, according to company-reported figures.
6
ESDS Software Solution Lists at 76% Premium Over IPO Price
ESDS Software Solution shares listed on the NSE at ₹757, a premium of 76.46 per cent over the issue price of ₹429, according to exchange data. On the BSE, the stock began trading at ₹746.30, up 73.96 per cent over the issue price. The company, which provides AI-enabled cloud, managed services and data centre infrastructure, had raised ₹720 crore through its initial public offering priced in a band of ₹408–429 per share. The issue received overall subscription of 135.88 times the offer size, according to exchange data.
NSE Listing Price₹757▲ +76.46%
Issue Price₹429
Why it matters:
- According to exchange data, the IPO received more than 63.01 lakh applications, taking overall subscription to 135.88 times the offer size.
- The company's public offer documents describe it as an AI-enabled cloud, managed services and data centre infrastructure provider, according to regulatory filings.
7
Bond Market Update
India's 10-year G-Sec yield eased to around 6.94% this week, according to exchange data, retreating from levels near a three-month high recorded earlier in the period. Market commentary linked the decline to improved liquidity following larger-than-expected FCNR(B)-related dollar inflows under the Reserve Bank of India's special swap facility, which closed on August 31 after exceeding its mobilisation target. Yield movements were also observed alongside global bond market activity and crude oil price fluctuations during the week, according to market reports.
10-yr G-Sec6.94%▼ eased (wk)
Why it matters:
- Market participants linked the week's decline to increased forex liquidity following the RBI's FCNR(B) swap window, which mobilised $127.23 billion from the Indian diaspora, according to market reports.
- Yield levels were also monitored alongside crude oil prices and global bond market moves during the week, according to market commentary.
8
Commodities
Gold prices on MCX eased to around ₹154,999 per 10 grams (October contract) this week, down by approximately ₹1,550, or about 1 per cent, according to exchange data. Silver prices on MCX rose to around ₹240,612 per kilogram (December contract), up by approximately ₹2,850, or more than 1 per cent, for the week, according to exchange data. Market commentary linked precious metal price moves during the week to fluctuations in the US dollar and Treasury yields alongside shifting expectations for US Federal Reserve policy.
Gold (10g)~₹154,999▼ ~−₹1,550 (wk)
Silver (kg)~₹240,612▲ ~+₹2,850 (wk)
Why it matters:
- According to exchange data, gold eased for the week even as it remained up more than 4 per cent over the past month, reflecting a partial pullback from recent highs.
- Silver rose for the week and remained up more than 5 per cent over the past month, according to exchange data, with moves linked to US dollar and Treasury yield fluctuations.
9
Currency Update
The Indian Rupee closed the week near ₹94.49 per US dollar, compared with around ₹95.45 the previous Friday, according to exchange data. The rupee strengthened by approximately 96 paise during the week, coinciding with record inflows under the Reserve Bank of India's FCNR(B) swap facility and continued RBI market intervention, according to market commentary and exchange data.
USD/INR₹94.49▼ −96 paise (wk)
Why it matters:
- Record diaspora-linked forex inflows under the RBI's swap facility coincided with rupee movements this week, 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.