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Indian Market
Weekly Business
Brief
Brief
25 SEPTEMBER 2026
1
Market Recap
Nifty 5023,140.50▼ −0.88%
Sensex73,895.74▼ −0.53%
Bank Nifty55,580.00▼ ~−1.38%
NSE and BSE were open for all five sessions this week, with no trading holidays. Nifty 50 and Sensex declined for a seventh consecutive week, according to exchange data, marking the longest run of weekly declines since 2020. For the week, Nifty 50 eased 0.88% to close at 23,140.50, Sensex declined 0.53% to 73,895.74, and Bank Nifty eased about 1.38% to around 55,580, according to exchange data. Friday's session saw a recovery across benchmark indices, with Nifty 50 and Sensex both ending the day higher, coinciding with gains in realty and auto shares, according to exchange data.
Why it matters:
- Elevated crude oil prices and US Treasury yields near multi-year highs coincided with continued weakness in Indian equities through most of the week, according to market reports.
- Persistent foreign institutional selling coincided with continued domestic institutional buying during the week, according to exchange data, extending a pattern seen through much of 2026.
2
IRDAI Proposes Insurance Commission Caps; Insurance Stocks Fall Sharply
The Insurance Regulatory and Development Authority of India released a consultation paper on September 23 proposing lower Expenses of Management limits on a five-year glide path and product-specific caps on distribution commissions, according to the regulator's filing. Life insurers would move toward 15% of gross premium within two years and 12.5% within five, while general insurers would move toward 25% and then 20%, according to the consultation paper. Shares of insurance and distribution-linked companies declined sharply on Thursday, according to exchange data.
PB Fintech (day)▼ −32%
HDFC Life (day)▼ −5.70%
Why it matters:
- The proposals aim to increase transparency in insurance distribution and curb mis-selling, according to the regulator's consultation paper, which remains open for public feedback until October 25.
- Distribution-linked listed companies, including PB Fintech and Turtlemint Fintech Solutions, saw among the sharpest single-day declines this week, according to exchange data.
3
SEBI Notifies New Portfolio Managers Regulations, Widens Investment Avenues
SEBI approved the SEBI (Portfolio Managers) Regulations, 2026 on September 24, replacing the 2020 framework and consolidating provisions, according to the regulator's notification. The updated rules permit portfolio managers to invest client assets in IPOs and primary debt issuances, allow discretionary clients to allocate up to 10% of assets to investment-grade unlisted debt with consent, and widen access to foreign securities including listed equities, REITs and government debt, subject to RBI and FEMA norms.
Rulebook length70→33 pages
Unlisted debt capup to 10% AUM
Why it matters:
- The framework also introduces a lower-ticket route, with a ₹25 lakh minimum, for portfolio managers investing in direct mutual fund plans, according to the regulator's notification.
- Compliance requirements were simplified, including allowing graduates to serve as principal officers and exempting managers with under ₹100 crore in assets from dealing-room requirements, according to SEBI's release.
4
Six Mainboard IPOs Open This Week, Seek to Raise ₹3,825 Crore
Six companies opened mainboard initial public offerings this week, together seeking to raise about ₹3,825 crore, according to exchange filings. Elevate Campuses accounted for the largest share of the group with a ₹2,100 crore issue, followed by Varmora Granito at ₹708 crore, and four smaller issues from A-One Steels India, ArMee Infotech, Swastika Infra and Adroit Industries, according to regulatory filings. Subscription windows for the issues were staggered across the week, with listings expected in the following days, according to exchange disclosures.
Combined issue size~₹3,825 cr
Largest issue₹2,100 cr
Why it matters:
- The six issues span sectors including education infrastructure, tiles and bathware, steel manufacturing, technology infrastructure and power-sector EPC, according to company filings.
- This week's activity takes the count of mainboard IPOs during 2026 toward 87 companies for the year, according to market data cited in exchange filings.
5
Bharat Dynamics Wins ₹811 Crore Missile Order From Air Force
Bharat Dynamics signed a contract worth about ₹810.79 crore with India's Ministry of Defence on September 23 to supply Satellite Smart Anti-Airfield Weapons and associated equipment to the Indian Air Force, according to company disclosures. The contract was signed in the presence of the Defence Secretary, according to company disclosures. The company's shares rose following the announcement, according to exchange data, extending gains among select defence-linked listed companies during the week.
Order value₹810.79 cr
Bharat Dynamics (day)▲ +1.63%
Why it matters:
- The precision-guided glide bomb system carries about 60% indigenous content, according to company disclosures, aligning with domestic defence procurement priorities.
- Deliveries under the contract are scheduled between 2027-28 and 2028-29, according to company disclosures, with the order forming part of the company's broader order book.
6
Global Bond Yields at Multi-Year Highs as Crude Oil Swings on West Asia Diplomacy
US Treasury yields rose to their highest levels in nearly two decades this week, with the benchmark 10-year yield trading near 5.2%, according to market reports, amid persistent inflation concerns and expectations of further Federal Reserve tightening. Brent crude fell to an 11-day low of about $101.67 a barrel on Monday after reports the US and Iran could resume diplomatic contact, before recovering some ground later in the week, according to market reports.
US 10-yr Treasury~5.2% (wk high)
Brent crude (wk range)~$101–107/bbl
Why it matters:
- Elevated global yields and oil-price volatility coincided with continued foreign portfolio outflows from Indian equities during the week, according to market commentary.
- Attacks on a Saudi pipeline reportedly forced some crude shipments to reroute through the Strait of Hormuz, adding to shipping and insurance costs, according to market reports.
7
Bond Market Update
India's 10-year G-Sec yield rose to around 7.12% this week, its highest level in more than four months, according to exchange data, up from around 7.00% the previous week. Market commentary linked the rise to a selloff in US Treasuries and expectations of further RBI liquidity tightening, alongside elevated crude oil prices during the week. The move tracked a broader increase in global sovereign bond yields, according to market reports.
10-yr G-Sec7.12%▲ rose (wk)
Why it matters:
- Rising yields make equities relatively less attractive and increase financing costs across the economy, according to market commentary.
- Yield movements during the week coincided with a selloff in US Treasuries and continued elevated crude oil prices, according to market reports.
8
Commodities
Gold prices on MCX eased to around ₹150,924 per 10 grams this week, down by approximately ₹4,016, or about 2.6%, according to exchange data. Silver prices on MCX eased to around ₹234,175 per kilogram, down by approximately ₹7,725, or about 3.2%, for the week, according to exchange data. Market commentary linked the declines in both metals during the week to hawkish signals from the US Federal Reserve.
Gold (10g)~₹150,924▼ ~−₹4,016 (wk)
Silver (kg)~₹234,175▼ ~−₹7,725 (wk)
Why it matters:
- Both gold and silver posted weekly declines, according to exchange data, after a sharp fall mid-week that market commentary linked to hawkish Fed signals.
- Price moves in both metals during the week were linked to fluctuations in the US dollar and interest-rate expectations, according to market commentary.
9
Currency Update
The Indian Rupee closed the week near ₹95.80 per US dollar, compared with around ₹95.89 the previous Friday, according to exchange data. The rupee strengthened by approximately 9 paise over the week, according to exchange data, even after touching a one-week low of about 95.99 mid-week amid elevated crude oil prices, before recovering some ground on Friday.
USD/INR₹95.80▲ +9 paise (wk)
Why it matters:
- The rupee's mid-week weakness coincided with elevated crude oil prices and broader dollar strength, according to market commentary, before paring the move on Friday.
- The currency held within a comparatively narrow range this week, according to exchange data, despite briefly touching a weaker level of 95.99.