DayStarter

The day at a glance

Market snapshot

Equities and sectors

The Nifty 50 opened 0.88% below the previous close at 23,270 after weak global cues and Brent crude near $107 per barrel pushed investors towards caution. The index traded between 23,231 and 23,448 during the day.

The market improved sharply around 2 PM after reports suggested efforts were under way for a temporary Iran-US deal. Nifty briefly moved to around 23,440, but gave up part of the recovery and closed at 23,398.10, down 0.34%. The Sensex closed at 74,781.76.

Only one of the eight broad indices was above all four trend lines. Zerodha’s weighted trend breadth stood at 38 out of 100. Across the NSE EQ series, 952 stocks advanced while 1,644 declined.

Sectoral indices

None of the 15 sectors remained above all four trend lines, and sectoral weighted trend breadth was 39 out of 100. Private Bank, Bank, IT and Financial Services closed higher, while Realty and Metal saw the largest declines.

Winners and losers: F&O stocks

The gainers and losers below are from F&O-eligible Nifty 500 stocks. Yes Bank was the top gainer, rising 5.9%, while Cochin Shipyard was the biggest loser, falling 9.2%.

Commodities, currency and bonds

Among MCX futures, zinc and copper edged higher while gold, silver, crude oil, natural gas and aluminium declined.

Indian government bonds sold off sharply. The benchmark 10-year yield moved above 7% for the first time in more than three months, with the 6.94% 2036 bond yield touching 7.0226%. Higher oil prices and rising US Treasury yields increased expectations of tighter monetary policy across major economies.

Institutional flows

Over the five sessions, FIIs were net sellers of ₹1,795 crore while DIIs were net buyers of ₹6,420 crore. On 11 September, FIIs sold a net ₹931 crore while DIIs bought a net ₹1,968 crore.

The macro view

Inflation

• August CPI and WPI inflation data are due this week. Weak and uneven monsoon rainfall and higher fuel prices are expected to keep food prices elevated.
• A Mint poll expects August CPI inflation at 4.9%, which would be a 20-month high. Food inflation rose to 5.5% in July from 5.2% in June, and the increase was spread across more items.
• The number of CPI items showing higher inflation rose from 199 in April to 238 in June, before easing to 228 in July. The number of items recording lower prices fell from 149 in April to 108 in June, then edged up to 115 in July.
• Food prices were particularly strong in some categories. Ginger inflation was 83.6% in July, up from 50.4% in June. Garlic inflation rose to 35.4% from 17.9%, while onion inflation rose to 22.5% from 4.7%. Core inflation was 4% in July and transport inflation was 4.4%.

Liquidity and the bond market

• The RBI will begin a ₹1 trillion open-market bond sale this week to absorb some of the large liquidity surplus in the banking system. The sales are scheduled in three tranches: ₹50,000 crore on 17 September and ₹25,000 crore each on 21 and 28 September.
• Banks mobilised $136.4 billion through the RBI’s special swap facility by 31 August, including $127.2 billion through the FCNR(B) window. System liquidity rose to ₹10.43 trillion and core liquidity crossed ₹14 trillion.
• Selling government securities can absorb part of this surplus, but it can also push bond yields higher because more securities enter the market.
• India’s forex reserves rose by a record $44.9 billion to an all-time high of $785.71 billion in the week ended 4 September. Foreign currency assets rose by $47.50 billion to $648.17 billion.

Trade and external position

• August trade data will be released this week. Merchandise exports had already grown strongly in the first four months of FY27.
• Petroleum product exports rose 67.6% year-on-year to $6.92 billion in July. This helped total merchandise exports reach a record $44.24 billion, up 19.6%, while exports excluding petroleum products rose 13.6%.
• Exports rose 42% in April to July, compared with a 15% decline in the same period last year.
• Russia imported a record 172,000 tonnes of petroleum products in August. Supplies from Nayara’s Vadinar refinery accounted for 70% of Russia’s product imports, based on a report by the Centre for Research on Energy and Clean Air.

Banking and financial infrastructure

• An assessment by the National Bank for Agriculture and Rural Development found major gaps in cybersecurity, data governance and digital capabilities at India’s 28 regional rural banks. Only 11 RRBs have a fraud risk management system, and none rates itself as largely or fully compliant on data-protection readiness.
• Twenty-seven of the 28 RRBs operate entirely on-premises and one uses the public cloud. Together, the 28 banks hold ₹7.7 trillion in deposits and ₹5.8 trillion in advances.
• Median monthly transacting users account for only 12% of registered mobile and internet banking customers.
• Financial fraud complaints in India involved a total of ₹55,050 crore between 2021 and 2025.

Policy and governance

• New e-commerce rules will take effect from 1 January 2027. Platforms will have to show the previous price alongside a discounted price, clearly label sponsored listings and prevent manipulation of search results.
• Prime Minister Narendra Modi said the weaponisation of technology and critical minerals could become barriers to progress, and stressed the need for inclusive technology adoption.
• India’s 647 Rural Self Employment Training Institutes are moving assessment and certification from mainly offline, paper-based systems to an end-to-end digital system. The institutes have trained more than 6.35 million candidates so far.

Mint

Corporate action and earnings

Domestic headlines

Tata Sons

The RBI told Tata Sons in a letter dated 11 September that it could not accept the company’s request to surrender its certificate of registration as an unregistered core investment company. Tata Sons is likely to challenge the directive. Tata Trusts owns 65.9% of the company, while the Shapoorji Pallonji Group owns 18.37%. The Tata Sons board is scheduled to meet on 17 September. The RBI had classified Tata Sons as an upper-layer NBFC in September 2022 and directed it to list publicly by September 2025. Tata Sons had standalone assets of ₹2.01 trillion at the end of March 2026, above the central bank’s threshold.

NSE IPO

NSE has set a price band of ₹1,700 to ₹1,785 per share for its ₹22,569 crore IPO, which will open on 17 September and close on 21 September. The issue is expected to become India’s second-largest IPO after Hyundai Motor India’s ₹27,870 crore issue in 2024. The offer is entirely an offer for sale, so existing shareholders are selling shares and the exchange itself is not raising fresh capital.

Kamarajar Port

Kamarajar Port Ltd has started appointing investment banks for a possible IPO that may include an offer for sale of around ₹1,200 crore. If completed, it would become India’s only listed state-backed major port.

PwC

PwC US and PwC India have signed a joint venture that will combine PwC India’s consulting business with PwC US Advisory’s India-based capabilities. The transaction is expected to close in the first half of 2027.

Zeta

Banking-technology company Zeta is targeting full-year profitability in its global business in FY27. Annual revenue is above $100 million, with around 75% to 80% coming from the US.

Cummins India

Data centres contributed 14% of Cummins India’s revenue in FY26, up from less than 2% seven years ago. PL Capital estimates a net revenue opportunity of ₹1.35 trillion for generator manufacturers by 2030.

Jio Credit

Jio Credit will receive ₹18,268 crore of capital from Bank of America by December, once all regulatory approvals are in place.

Glenmark

A wholly owned Glenmark Pharmaceuticals subsidiary launched RYALTRIS nasal spray in Brazil after receiving regulatory approval earlier this year. It is Brazil’s first intranasal combination therapy containing olopatadine.

Semiconductors

India’s semiconductor sector has attracted $1.4 billion in total equity funding across 281 funded companies. Nearly half of that, $701 million, has been raised since 2025.

GIFT City aircraft leasing

As of June, 237 aircraft had been leased from GIFT City, up from 17 in December 2023. Around 37 aircraft leasing entities are operating from the centre.

Mint; Zerodha AfterMarket Report

Primary market this week

Upcoming events

Mint also lists the Tata Sons board meeting on 17 September, SEMICON India 2026 in New Delhi from 17 to 19 September, and a Zelensky-Trump meeting on 20 September. Corporate actions such as dividends, bonus issues, splits and record dates were not carried in the source documents. For scrip-level corporate actions, refer to the NSE and BSE corporate announcement pages or the Tijori App.

Global pulse

Global indices

Global markets were mixed. Germany’s DAX 40 and the FTSE 100 closed higher, while the Nikkei 225 and Shanghai Composite saw the largest declines. These are broker-supplied CFD-equivalent reference indices to 10 September 2026, not official cash-index closes, and are useful for comparing direction rather than exact closing levels.

Energy and West Asia

• Brent crude moved below $105 per barrel but still finished the week almost 9% higher. Markets were balancing continued fighting in the Middle East against diplomatic attempts to reduce tension around the Strait of Hormuz.
• The International Energy Agency expects global oil demand to fall by 2.5 million barrels per day in 2026, the biggest annual decline since the COVID-19 pandemic. High fuel prices and tighter supplies are expected to reduce consumption.
• Shipping costs have also risen sharply. Daily charter rates for tankers travelling to India have more than doubled to $250,000 in around two weeks, up 150% from about $100,000. Bunker fuel prices have risen 50% to $900 a tonne, while insurance costs have increased 20%.
• Iran plans to formally unveil an agreement with Oman on Monday for a temporary shipping lane through the Strait of Hormuz. The move follows a series of diplomatic meetings, including a rare meeting between senior officials from Tehran and Abu Dhabi.

Rates and central banks

• The US 10-year Treasury yield moved towards the closely watched 5% level as the global bond sell-off intensified. Oil prices above $100 and expectations of a near-term Fed rate increase pushed yields higher.
• A major week for central banks follows. The Federal Reserve decides on Wednesday, followed by the Bank of England and the Bank of Japan on the next two days.
• A higher-than-expected US core inflation reading on Friday increased expectations that Fed chairman Kevin Warsh and his colleagues could raise rates.
• The Fed has cut its policy rate by 75 basis points to 3.75% since January 2025. The UK has cut rates by 100 basis points to 3.75%, while Japan has raised its key policy rate by 50 basis points to 1%.
• The Bank of England is expected to hold at 3.75%. The Bank of Japan is expected to raise its rate to 1.25% on 18 September. UK headline inflation is expected to have risen to 3.1% in August, a five-month high.

Markets and corporates

• US investors withdrew a net $32.27 billion from equity funds in the week through 9 September, the largest weekly outflow since December 2025. At the same time, they moved $22.26 billion into money-market funds.
• Eight Chinese state-owned banks and insurers plan to raise up to $54 billion from shareholders to strengthen their capital positions. Five state insurers are set to receive up to 70 billion yuan, or $10.4 billion, from China’s Ministry of Finance.
• Oracle shares rose 6% in pre-market trading after its first-quarter revenue backlog increased by $26 billion to $664 billion. The company expects about half of that backlog to convert into revenue within 36 months.
• Korea Exchange will allow trading until 8 PM from Monday for almost all local stocks. The extended session will cover around 2,400 Kospi and Kosdaq stocks after the normal 3:30 PM close.

Zerodha AfterMarket Report; Mint

Management chatter

The remarks below are reproduced exactly as carried in the source.

Weekend recap

Tata Sons: RBI rejects the deregistration route

The RBI rejected Tata Sons’ application to surrender its certificate of registration and become an unregistered core investment company. The decision was conveyed in a letter dated 11 September to the company’s chief financial officer. It closes the main route Tata Sons had been using to avoid a public listing and keeps the company under the rules that apply to upper-layer NBFCs.

The classification threshold is central to the issue. An entity with standalone assets of ₹1 lakh crore is treated as an upper-layer NBFC, while Tata Sons had total assets of ₹2.01 lakh crore on 31 March 2026. Tata Sons first applied for deregistration in March 2024 after repaying debt. The RBI’s one-page refusal came two and a half years later.

A listing could change the group’s ownership and governance structure. Tata Trusts could lose some of the special rights held by its nominee directors on the Tata Sons board. The Shapoorji Pallonji Group, which owns roughly 18% of Tata Sons, could gain a route to liquidity. Separately, Shapoor Mistry has sought around ₹25,000 crore over the next 24 months against part of that stake.

There is also a leadership issue. The nomination and remuneration committee, consisting of Harish Manwani, Anita Marangoly George and Venu Srinivasan, is expected to oppose chairman N Chandrasekaran’s decision not to seek another term when his tenure ends in February 2027. The committee is expected to ask him to reconsider. Tata Trusts had already issued a statement accepting his exit. Both issues are expected to come up at the 17 September board meeting.

West Asia: Oil escape routes come under pressure

Saudi Arabia shut its East-West pipeline after an aerial attack, calling the move precautionary. The 1,200 km pipeline has been the main alternative route for West Asian oil while the Strait of Hormuz has been largely shut by war. It moves around 4 to 5 million barrels a day, equal to about 4% to 5% of global supply.

Saudi Arabia and Iraq said the drone attack originated in Iraq, where Iranian-backed militias operate. Iraq dismissed a military commander after the incident. Satellite images showed black smoke rising from an area of the pipeline south of Medina.

Houthi forces then seized Perim, a strategic island at the mouth of the Bab el-Mandeb Strait, around 3.5 km from Yemen’s coast. This gave Tehran leverage over a second major energy transit route. Saudi Crown Prince Mohammed bin Salman asked Donald Trump for US military help against the Houthis. Washington said it would not intervene directly for now, but would provide intelligence support. US retail diesel moved above a record $6 per gallon.

BRICS summit and India’s external relations

The 18th BRICS Summit adopted the New Delhi Declaration by consensus after negotiations continued into early Saturday. The declaration called for maximum restraint in West Asia, protection of civilians and a nuclear-weapons-free zone in the region. It also criticised unilateral coercive measures and carbon border adjustment mechanisms.

Prime Minister Narendra Modi argued that global governance still resembles a pyramid and proposed turning it into a “platform of partnership”. He called for ten proposals on governance reform to become a BRICS Reform Roadmap by the next summit. He also proposed a troika structure to improve continuity across rotating presidencies and a Seafarers Emergency Support Network, reflecting the risks faced by Indian crew in West Asia.

In bilateral meetings, Modi and Vladimir Putin agreed to expand cooperation in manufacturing, railways, nuclear energy and critical minerals, while working towards $100 billion in bilateral trade by 2030. In Xi Jinping’s first visit to India in nearly seven years, both sides focused on peace and tranquillity at the border as a condition for broader progress. Talks with Iran’s Masoud Pezeshkian covered the Strait of Hormuz, Chabahar and seafarer safety.

Separately, the European Commission sent the India-EU free trade agreement to the European Council for signature and published the full text. European carmakers would receive a first-year tariff-rate quota of 100,000 completely built-up internal-combustion and non-plug-in hybrid cars, rising to 160,000 by year ten. Within the quota, duties on cars priced between €15,000 and €35,000 would fall to 35% in year one and 10% by year five, compared with the existing most-favoured-nation tariff of 110%.

Regulation: Closing auction, HDFC Bank and food labels

SEBI proposed changes to the closing auction session introduced on 3 August after sharp swings in indicative index values and unusually large moves in some index options on expiry days. Two settlement-price methods are being considered: a blended volume-weighted average price using the final 30 minutes of continuous trading plus the 10-minute auction, or a temporary return to the old VWAP method for at least one year. SEBI also proposed cutting the post-auction trading window from ten minutes to five and removing the indicative index value. Comments are open until 3 October.

HDFC Bank submitted two names, in order of preference, to the RBI for its next managing director and chief executive, along with proposed pay for a three-year term. Current MD and CEO Sashidhar Jagdishan’s term ends on 26 October. The board also appointed Jimmy Tata as a whole-time director for three years, reappointed V Srinivasa Rangan for one year and created a fourth whole-time director position to be filled in consultation with the incoming chief.

The Supreme Court rejected the packaged food industry’s request to measure fat, salt and sugar on a per-serving basis for front-of-pack labels, calling the argument a red herring. It gave FSSAI ten days to provide a clear implementation timeline. The court also asked whether thresholds should be based on total sugar and saturated fat and asked the regulator to reconsider the red hexagon because Indian consumers often associate red with non-vegetarian food.

Money, chips and labour mobility

Nvidia is in talks to become an anchor investor in Anthropic’s IPO and is considering an investment of up to $10 billion. Anthropic is looking to raise as much as $100 billion at a valuation of around $2 trillion. If completed before the US midterm elections in November, it would be the largest IPO in history. Amazon and Google are already major backers and compute suppliers.

India’s foreign exchange reserves rose by $45 billion in one week to a record $785.71 billion, making India the fourth-largest holder of forex assets after China, Japan and Switzerland. The increase followed inflows ahead of the 31 August deadline for swap incentives linked to FCNR-B deposits, which brought in $127.23 billion.

The US finalised steep duties on Indian solar cells and panels. The anti-dumping margin was set at 123.04% and the countervailing duty at 126.09% for a group of Indian producers. The US International Trade Commission is expected to make its final injury determination next month.

Tighter immigration rules in the UK and US are also encouraging some Indian professionals to return home. The salary threshold for a UK skilled worker visa rose from about $35,409 in 2024 to around $56,358 by July 2025. India-based job views on one UK student career platform increased to 22,312 in 2026 from 8,052 in 2023. Returning to India, however, does not necessarily mean higher pay.

The Economic Times print editions, 12 and 13 September 2026

Closing note

Market data: Zerodha AfterMarket Report, 11 September 2026 close. Macro and corporate: Mint Mumbai print edition, 14 September 2026. Weekend recap: The Economic Times print editions, 12 and 13 September 2026. This is a news aggregation brief. It carries no analysis, opinion or investment advice.