DayStarter

The day at a glance

Market snapshot

Equities and sectors

The Nifty 50 closed at 23,346.40, up 0.33%. It opened 65 points higher at 23,335, slipped towards 23,290 in the first half-hour, moved back above 23,350 after 2 PM and reached an intraday high near 23,385-390 around 3 PM. The official session high was 23,389 and the low was 23,287. The index finished about 11 points above its opening level.

The stronger opening followed an improvement in global equity sentiment after the recent rate hikes. Crude oil holding just above $100 per barrel also provided some relief. The S&P BSE Sensex closed at 74,294.94. Over the trailing periods, the Nifty 50 was down 0.22% over one week, 3.35% over one month and 8.17% over one year.

Smaller companies outperformed the headline index. The Microcap 250 and Smallcap 250 rose 1.6% each, while the Midcap 150 gained 1.5%. The Microcap 250 was also the strongest broad index over the latest 20 sessions.

Metal and Media were the strongest sectors, rising 1.51% and 1.33%. IT was the weakest, down 1.03%. Bank rose 0.5%, PSU Bank 0.7% and Private Bank 0.4%.

Market trend strength was still weak. Only Healthcare and Pharma, 2 of the 15 tracked sectors, were above all four moving averages: the 20, 50, 100 and 200-day moving averages. The weighted trend-breadth score was 32 out of 100. Pharma was the strongest sector over 20 sessions and outperformed the Nifty 500 by 8 percentage points over 60 sessions. Private Bank showed the biggest improvement in momentum. Among factor indices, Alpha 50 led performance, while Pharma, Healthcare and Metals continued to outperform the Nifty 500 across the main time periods.

Winners and losers

Rail Vikas Nigam led the F&O gainers with a 4.26% rise, while TCS was the weakest F&O stock, down 3.89%. Outside the F&O universe, Poonawalla Fincorp rose 12.1% and Tata Chemicals fell 11.6%.

Zerodha AfterMarket Report, F&O-eligible and non-F&O Nifty 500 stocks. Multiples in brackets are as shown in the source report.

Commodities and currency

• Global crude: Crude oil eased towards $101 per barrel after touching a four-month high of $106 on Tuesday. Markets were weighing the possibility of higher Middle East supply.
• Rupee: The Mint market ticker quoted the dollar at Rs 95.96. Mint also reported that the rupee had weakened to around Rs 96 per dollar.
• Bond yields: The US 10-year Treasury yield moved above 5% last week, its highest level since 2007.
• Policy rate: The RBI kept the repo rate unchanged at 5.25% at its previous meeting. Expectations of a rate hike at the October meeting are increasing.
• India 10-year G-sec: The benchmark Indian government bond yield was not included in the source set. The original brief directs readers to the RBI or CCIL website for the Friday close.

Zerodha AfterMarket Report, 18 September 2026; Mint, 21 September 2026

Institutional flows

Foreign portfolio investors sold Rs 9,429 crore over the latest five sessions, while domestic institutions bought Rs 13,200 crore. On 18 September, FPIs sold Rs 3,164 crore of cash equities, Rs 79,509 crore of index options and Rs 300 crore of index futures, while buying Rs 508 crore of stock futures. Domestic institutions were net buyers of about Rs 1,000 crore on the day based on provisional exchange data.

FII positioning in index futures remained heavily short. Their long ratio was only 12.6%, equal to a net short position of 288,428 contracts. Clients, mainly retail and HNI participants, were 84.0% long. Proprietary desks were 67.9% long and DIIs 59.5% long.

Zerodha AfterMarket Report; NSE participant-wise open interest; NSDL FPI data; BSE-NSE DII data, 18 September 2026

The macro view

Growth and fiscal

• Growth forecast: Moody’s raised India’s FY27 real GDP growth forecast to 7% from 6%. It cited the economy’s resilience despite the Middle East conflict and expects India to grow faster than every other G20 economy.
• Risks: Moody’s identified high energy prices and El Nino-related food inflation as the main risks to the growth outlook.
• Direct taxes: Net direct tax collections rose 13% year-on-year to more than Rs 12.12 lakh crore between 1 April and 17 September, helped by stronger advance tax collections.
• Tax components: Corporate tax collections rose 19.5% to Rs 5.56 lakh crore. Individual and HUF collections rose 6% to Rs 6.16 lakh crore. Securities transaction tax collections rose 53% to Rs 40,214 crore, while refunds increased 29.2% to more than Rs 2.20 lakh crore.

Zerodha AfterMarket Report, 18 September 2026

Prices and inflation

Retail inflation rose to a 20-month high of 4.82% in August because of higher food and fuel prices. Even so, the retail prices of several key food items were broadly stable or lower in the week ended 18 September.

The government is also looking at high markups on hospital consumables. Chemicals and fertilizers minister J.P. Nadda directed the Department of Pharmaceuticals to examine measures after a Maharashtra survey found some products sold at markups of up to 2,841% over trade procurement prices. The department will review earlier trade-margin controls, including the NPPA’s February 2019 cap of 30% on trade margins for 42 non-scheduled anti-cancer drugs.

Mint, citing the Department of Consumer Affairs; Mint, 21 September 2026

Policy and infrastructure

• Weather forecasting: The Centre is considering a Rs 10,000 crore programme to modernise weather forecasting by expanding Mission Mausam. The finance ministry is evaluating the fiscal impact.
• Mission Mausam spending: The government spent Rs 1,346 crore on the programme through the end of 2025-26 and budgeted Rs 1,342 crore for FY27.
• Seafarer tracking: The DGMA is developing a Seafarers’ Emergency Support Network on the eNavik system. The aim is to track Indian crew members individually across the world.
• Maritime workforce: India contributes 311,936 maritime professionals, including 140,718 officers, according to the Bimco-ICS Seafarer Workforce Report 2026.
• Central exam calendar: The DoPT is working on a more coordinated annual calendar for competitive recruitment examinations, with a centralised dashboard under discussion.
• Hiring backlog: Central government departments employed about 3.16 million people against 4 million sanctioned posts, leaving around 850,000 vacancies, based on the Department of Expenditure’s FY24 report.

Mint, 21 September 2026

Trade

India’s exports to China, South Africa, Brazil and Russia rose 34% to $19.9 billion in April-August 2026-27 from $14.9 billion a year earlier. Exports to China increased 39% to $9.6 billion, South Africa rose 58%, Brazil 13% and Russia 11%. Together, the four countries accounted for 9.2% of India’s total exports, up from 8.1% in the same period of 2025-26.

Mint, citing commerce ministry data, 21 September 2026

Data watch: Numbers to track this week

• Bank deposits: Deposit growth reached 17.8% by the end of August from 12% in mid-June. In the fortnight ended 31 August, deposits rose Rs 9.4 trillion while credit rose Rs 3.8 trillion.
• Credit growth: Credit growth rose to 19.1% from 18% on 15 August. CareEdge Ratings expects growth to slow to 15-16% in FY27 as favourable base effects fade.
• Deposit drivers: Banks raised funds ahead of the 31 August deadline for the special FCNR(B) swap window, mainly through time deposits.
• Flash PMI: The September flash composite PMI is due on 23 September. The flash reading has been revised down in nine of the past 13 months since August 2025.
• August PMI: The final manufacturing PMI rose to 57.9 in August from 56.9 in July. The services PMI eased to 60.5 from 61.2.
• Core sector: August data are due this week. Iron ore growth averaged 27.8% during March-July compared with 14.4% during October-February, while electricity growth increased to 7.6% from 1%.
• Core sector laggards: Fertilizer output moved from average growth of 4.9% before the West Asia war to a 9.1% contraction after it. Steel growth slowed to 5.6% from 11.2%.
• Tourism: India received 9.2 million foreign tourists in 2025. This was below Turkey at 52.8 million, China at 35.2 million, Thailand at 33 million, Malaysia at 26.6 million and Vietnam at 21.2 million.
• Bangladesh arrivals: Tourist arrivals from Bangladesh fell 73% in 2025 to 0.47 million. India’s overall foreign tourist arrivals also remain below the 2019 peak of 10.9 million.

Mint, 21 September 2026

Corporate action and earnings

Tata Group: Boardroom split

• Reappointment: The Tata Sons board “resolved by a majority” to reappoint N. Chandrasekaran as chairman for another five years. NRC chair Harish Manwani cast the deciding vote after Tata Trusts nominees Noel Tata and Venu Srinivasan voted on opposite sides.
• Noel Tata’s challenge: In two letters after the meeting, Noel Tata said the vote was contrary to the Articles of Association and that any resolution was “null and void ab initio”.
• Tata Trusts’ position: Tata Trusts, which owns 65.9% of Tata Sons, said the resolution failed once one of its two nominee directors voted against it, stating that “a casting vote cannot revive a stillborn resolution”.
• Rival legal opinions: Tata Sons relied on an opinion from Kolkata-based lawyer Sudipto Sarkar. Noel Tata had submitted a 40-page opinion by former Chief Justice of India D.Y. Chandrachud, which the board did not consider.
• Proxy adviser view: IiAS wrote that Tata Sons’ board “has violated the basic governance principle of shareholder supremacy”.
• Stock reaction: Most Tata Group stocks gave back part of the previous session’s gains. This came a day after the Shapoorji Pallonji Group reportedly proposed selling part of its Tata Sons stake for at least Rs 25,000 crore.

Mint, 21 September 2026; Zerodha AfterMarket Report, 18 September 2026

Deals, funding and M&A

• PwC India joint venture: A majority of around 500 PwC India equity partners approved a joint venture between PwC India’s consulting business and PwC US Advisory’s India-based capability centre. PwC US will own 50.1% and PwC India 49.9% of a combined team of around 40,000 people.
• PwC timeline: The deal is expected to close in the first half of calendar 2027, subject to closing conditions and regulatory approvals.
• Samara Capital: The private equity firm invested close to Rs 1,200 crore to acquire stakes in Associated Road Carriers and Calyx Container Terminals. Their combined revenue was about Rs 2,140 crore in 2025-26.
• Yotta Data Services: Serum Institute of India invested Rs 250 crore in Yotta’s Rs 1,396 crore July fundraise, which valued Yotta at Rs 37,000 crore.
• Yotta round details: Dovetail Financial Services invested Rs 1,029 crore and Asio Fund VCC Rs 77.3 crore. Yotta’s total fundraising reached Rs 2,704 crore, including Rs 1,308 crore from holding company Nidar Infrastructure since May.
• Nilon’s: Pune-based Nilon’s is exploring a majority stake sale that could value the company at Rs 800-1,200 crore. O3 Capital is helping it find buyers.
• AdvaRisk: The ICICI Bank-backed company is close to a $20 million funding round, with Anicut Capital’s growth fund expected to join Fundamentum. Revenue rose to Rs 11.8 crore in FY25 from Rs 6.7 crore in FY23.
• Yatharth Hospital: Shares rose more than 10% to a record Rs 1,184 after Advent International announced a Rs 3,150 crore investment for a 24.9% stake.
• 360 ONE Asset: The firm recently raised a Rs 1,500 crore fund to invest in Indian defence and aerospace companies.

Mint, 21 September 2026; Zerodha AfterMarket Report, 18 September 2026

Primary market

• IPO pipeline: Six mainboard companies, including Elevate Campuses and Varmora Granito, plan to raise a combined Rs 3,825 crore. Their IPOs open for subscription between 22 and 28 September.
• Elevate Campuses: The Hillhouse-backed company’s Rs 2,100 crore IPO opens on 23 September at a price band of Rs 343-362 per share.
• 2026 IPO fundraising: July and August accounted for nearly 60% of the Rs 83,062 crore raised through IPOs so far in 2026, based on data cited by Pantomath Capital’s Kamraj Singh Negi.
• Approvals queue: 167 companies have Sebi approval for issues estimated at Rs 3.06 trillion. Another 71 companies with planned issues of around Rs 1.60 trillion are awaiting approval.
• NSE offer for sale: Shareholders selling in NSE’s Rs 22,569 crore IPO held 36.82% of the company before the issue and offered shares equal to 5.11%.

Mint, 21 September 2026

Corporate and sector developments

• Mazagon Dock: The shipbuilder plans to invest around Rs 15,000 crore in a new shipyard at Dugarajapatnam in Andhra Pradesh, with design capacity of 1.2 million gross tonnage a year.
• Tata Electronics and L&T Semiconductor: The companies partnered to expand domestic semiconductor manufacturing by combining LTSCT’s chip design with Tata Electronics’ fabrication, packaging and testing.
• Tata Motors: The company will raise commercial vehicle prices by up to 1% from 1 October to offset higher commodity and input costs.
• Walgreens India: Walgreens signed an MoU with the Tamil Nadu government to establish its first Global Capability Centre in India, in Chennai.
• Nestle India: FSSAI initiated legal action against Nestle India over alleged non-compliances involving NAN Excella Pro Stage 1 and Lactogen Pro 1.
• FSSAI enforcement: The regulator now receives 5,000-6,000 consumer complaints a month, up from around 1,000-1,500. It has issued about 150 notices to FMCG and alcohol companies, according to CEO Rajit Punhani.
• Infosys: Infosys placed its $2.69 billion services, utilities, resources and energy business under Mitrankur Majumdar, filling the position vacated by CEO-designate Ashiss Kumar Dash.
• Coforge and Hexaware: Both companies are helping clients manage AI token costs. Every new Hexaware proposal now includes a token-based pricing option.
• IT revenue base: Coforge and Hexaware reported FY26 revenue of $1.87 billion and $1.54 billion, up 29.2% and 7.6% respectively.
• Kotak Mahindra Bank: Credit substitutes stood at Rs 43,291 crore, or 7.6% of customer assets, in the June quarter and added 100 basis points to Q1 FY27 credit growth.
• FMCG pricing: Companies raised prices by around 2-5% in the June quarter and are likely to hold prices steady during the festive season, based on industry comments.
• Apple and the CCPA: The CCPA moved its investigation into Apple’s software warranty terms to its investigation wing. Apple said the case is based on 70 complaints and that around 11% of iPhones used iOS 18 as of June 2026.
• Balaji Telefilms and YouTube: The companies will launch five original shows covering 200 episodes on YouTube.
• NMDC: India’s largest iron ore producer is targeting 60 million tonnes of output this fiscal year after crossing 50 million tonnes in FY2026. It aims to reach 100 million tonnes by 2030-31.
• Tessolve: The Hero Electronix venture is in talks to acquire one US company and one Indian company as it targets annual revenue of more than $500 million within three to four years.
• Samsung India: Newly connected Samsung appliances in India rose to 732,000 last year from 82,000 in 2022.
• ASML: The semiconductor equipment company has started operations in India and initially plans to hire 20-30 young engineering graduates.
• GOBARdhan: The government operationalised the Rs 23,731 crore compressed biogas programme, running from 2026-27 to 2035-36, with assured offtake of up to 100% of output.
• Software exports: India’s software services exports reached $221.4 billion in 2025-26, up 8.2% year-on-year, based on an RBI report.

Zerodha AfterMarket Report, 18 September 2026; Mint, 21 September 2026

Upcoming events

Dividends, record dates and the earnings calendar were not listed in the source set. The original brief directs readers to the NSE and BSE corporate announcement pages or the Tijori App for the current week’s schedule.

Global pulse

Global indices

The Nikkei 225 was the strongest of the tracked global indices, rising 1.38%. The FTSE 100 was the weakest, down 0.76%.

Central banks

• Bank of Japan: The BoJ raised its policy rate by 25 basis points to 1.25%, the highest in 31 years. The decision was 7-2, and the yen weakened after two policymakers dissented.
• US Federal Reserve: The Fed raised its policy rate by 25 basis points to 3.75-4% last week after a three-year pause. Its projections indicate another increase in 2026.
• US inflation: Headline inflation rose to 3.4% in August from 2.4% in January. Energy inflation was 16.3%. Inflation excluding food and energy eased to 2.4% from 2.5%.

Mint, citing central bank websites and Bloomberg; Zerodha AfterMarket Report, 18 September 2026; Mint, 21 September 2026

Flows and energy

• Global equity funds: Investors withdrew a net $23.21 billion from global equity funds in the week through 16 September, the largest weekly outflow in nine months.
• Emerging-market flows: US funds received $64 billion of inflows last week, while global emerging-market funds recorded their first outflow in 10 weeks, at $877 million, based on EPFR data collated by Elara Securities.
• MSCI India: The MSCI India index is down 7.5% in 2026. It trades at a one-year forward P/E of 17, which is still a premium to Asian and emerging-market peers.
• Saudi pipeline: Saudi Arabia said its East-West oil pipeline could restart in the coming days. The route can carry up to 7 million barrels per day and provides an alternative to the main Gulf shipping route.
• Diesel prices: US diesel prices moved above $6 a gallon for the first time last week and reached $6.45 on Friday.
• Refining shortage: The volume of diesel blocked in the Persian Gulf is about three times the supply missing from Russia compared with before the Iran war, based on IEA data.
• Export restrictions: Russia has sharply restricted fuel exports, China has limited refinery exports and India has imposed an export tax on diesel and gasoline.
• Moscow refinery: The Moscow Oil Refinery, with capacity of around 245,000 barrels a day, was hit during Ukraine’s largest overnight drone attack this year. Russia said it downed 1,110 drones.

Zerodha AfterMarket Report, 18 September 2026; Mint, 21 September 2026

Global headlines

• Berkshire Hathaway: Warren Buffett, 96, stepped down as chairman after more than 50 years and became chairman emeritus. His son Howard Buffett became chairman.
• US crypto bill: The Clarity Act failed to secure the 60 votes needed to advance in the US Senate. Coinbase shares closed more than 10% lower that day.
• Coinbase rebound: Coinbase shares rose 12% on Friday after the SEC cleared a path for tokenized stocks to trade in the US.
• Iran war cost: The Pentagon estimated the cost of the US war with Iran at $45.1 billion, above the Congressional Budget Office’s $38 billion estimate through 1 August.
• AI economics: OpenAI expects to burn $278 billion in cash between 2026 and 2030, according to the Financial Times. Salesforce set a fiscal 2030 revenue target of $63 billion.
• AI adoption: Major emerging markets have an AI adoption rate of 10-15%, compared with 15-20% in key developed economies, according to Goldman Sachs Research.

Zerodha AfterMarket Report, 18 September 2026; Mint, 21 September 2026

Management chatter

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

Weekend recap

Saturday, 19 September and Sunday, 20 September 2026

Tata Sons: Listing preparation and board dispute

• Listing preparation: Tata Sons began preparing for a public listing soon after the RBI directed it to do so on 11 September. February 2027 has emerged as an approximate internal target for a market debut. Investment bankers and external advisers have not yet been appointed, and February is a working target rather than a formal IPO timetable.
• Noel Tata’s letter: In a letter to company secretary Suprakash Mukhopadhyay, Noel Tata called the reappointment resolution “null and void ab initio” and sought a public correction. He said the vote was subject to three conditions: a legal view on whether Article 121 or 118 applies, shareholder confirmation at the AGM, and no public disclosure until both conditions were met.
• Mistry backs the RBI: Shapoorji Pallonji Group chairman Shapoor Mistry backed the RBI decision requiring Tata Sons to comply with its listing obligations. “This landmark decision should not be viewed as a victory of one stakeholder over another,” he said.
• SP Group debt: The group is speaking with lenders about a three-to-six-month extension on around Rs 3,500 crore due on 30 September on a zero-coupon bond issued by Porteast Investment. Its Mercury Finance dollar bond, issued at a 14.5% yield in July, was quoted at around 12.5%.
• Value per share: Investment bankers estimate Tata Sons at Rs 9-12.5 lakh crore. On that basis, each of the company’s 404,146 shares would be worth roughly Rs 2.23-3.09 crore. Noel Tata’s 4,060 shares would be worth Rs 9,041-12,557 crore and Jimmy Naval Tata’s 3,262 shares Rs 7,264-10,089 crore, all on paper.
• Market value: The combined market capitalisation of Tata Group companies stood at Rs 25.28 lakh crore on 18 September, compared with Rs 25.76 lakh crore on 15 September, the first trading day after the RBI announcement.

Semicon India 2026

• Summit scorecard: The fifth Semicon India summit recorded an estimated $11 billion of investment commitments, more than 28,000 visitors over the first two days and more than 50 MoUs. Suchi Semicon’s Rs 868 crore unit near Surat and CDIL’s Mohali expansion began commercial production, taking the number of operational ISM 1.0 projects to five out of 12.
• India Semiconductor Mission 2.0: Minister Ashwini Vaishnaw said commitments of around Rs 1 lakh crore have been received under the upgraded Rs 1.27 lakh crore programme, which is expected to create 1 lakh jobs. “We are already globally competitive,” he said.
• Large investments: Applied Materials plans to invest around $5 billion over 10 years in a 140-acre research park in Bengaluru. Lam Research committed Rs 10,000 crore, and Fujifilm will invest around Rs 800 crore in a materials plant at Dholera alongside an MoU with Tata Electronics.
• Deep-tech capital: The India Deep Tech Alliance invested Rs 2,170 crore in 56 Indian deep-tech companies over the past year. The next Semicon India summit is tentatively expected in early March 2028, with no event planned for 2027.

Markets and money

• NSE IPO: The National Stock Exchange IPO was subscribed 1.16 times on day two. The QIB portion was subscribed 1.53 times, NIIs 1.68 times and retail 0.72 times. The Rs 1,700-1,785 price band values NSE at Rs 4.42 lakh crore at the top end. It is a pure offer for sale of up to 126.4 million shares and remains open until 21 September.
• Co-location settlement: The Supreme Court accepted the settlement terms between NSE and Sebi in the co-location case. Sebi had accepted a Rs 1,491 crore settlement amount in July covering the co-location and dark fibre cases.
• IPO scoreboard: Hero Motors’ Rs 1,000 crore IPO was subscribed 6.66 times, Jindal Supreme 181.07 times and SS Retail 103.30 times. Veegaland Developers listed at Rs 154, a 10% premium to its Rs 140 issue price, and closed at Rs 146.3. Fibe operator Social Worth Technologies received Sebi approval for its IPO.
• Forex reserves: India’s foreign exchange reserves fell $4.9 billion to $780.7 billion in the week ended 11 September, after reaching $785 billion the previous week.
• Housing finance: Warburg Pincus-backed Truhome Finance crossed Rs 25,000 crore in assets under management in August, overtaking Aavas Financiers as India’s second-largest affordable housing financier.

Policy and economy

• UPI charges: From 15 October, merchant UPI payments above Rs 2,000 will carry a 0.4% MDR, capped at Rs 300 for transactions of Rs 75,000 or more. NPCI has no immediate plan for a daily cap on repeated payments to the same merchant. RBI Deputy Governor Shirish Chandra Murmu played down concerns that the change would increase cash usage.
• Distributor response: The All India Consumer Products Distribution Federation, which says it represents around 450,000 FMCG distributors, wrote to the Prime Minister seeking to keep UPI as a zero-MDR system.
• Tax recovery: The government removed arrest and detention in prison as methods for recovering unpaid income tax under the new Income-tax Rules.
• Jobs data: The first district-level PLFS estimates show unemployment rates between 0.5% and 5.5% in 77.8% of India’s districts.
• Food and agriculture: Wholesale food inflation rose to 7.05% in August from 6.65% in July. The agriculture ministry has increased rabi-season planning with states because of a deficient monsoon and a strengthening El Nino.
• Bank strike: Bank unions called a three-day strike from 28 September. Financial services secretary Sanjay Lohia called a meeting with bank heads on Monday.
• Telecom spam: Trai mandated AI and machine-learning based spam detection by telecom operators and introduced a termination charge of up to Rs 0.05 a minute on robocalls.
• Tax reassessment: The Supreme Court stayed the Punjab and Haryana High Court judgment that struck down Section 147A of the Income Tax Act. The case is listed for 3 December.
• Power demand: Prices in IEX’s High Price Day-Ahead Market frequently reached the Rs 20 per unit ceiling in September. Peak electricity demand hit a record 269 GW on 10 September.

Around the world

• Russia sanctions: US President Donald Trump signed a bill authorising new sanctions on Russia, including tariffs of up to 100% on major buyers of Russian oil and gas. India said it would continue buying oil through diversified sourcing.
• H-1B fee: Trump extended the $100,000 fee on employers hiring foreign workers on H-1B visas by one year, saying it had led to a 92% decline in H-1B registrations by large IT outsourcing companies.
• Gulf tensions: A large plume of smoke was seen near Riyadh’s main airport on Saturday after overnight Saudi alerts during escalating Houthi attacks. Saudi Arabia has sold about 60 million barrels of crude for ship-to-ship loading at Oman’s Sohar port during September and October.
• US-China trade: The US is expected to hold off on new tariffs on China until after next week’s summit between Presidents Xi Jinping and Donald Trump.
• US industry: US factory output unexpectedly fell 0.3% in August, based on Federal Reserve data.
• AI listings: OpenAI CEO Sam Altman said the company would delay its IPO until 2027. Anthropic may file for an IPO as early as September.
• ECB: Christine Lagarde repeated that she will leave as ECB president in 2027, without confirming a date.

The Economic Times, Mumbai print editions, Saturday 19 September 2026 and Sunday 20 September 2026, including ET Magazine

Closing note

Overlay summary

• Nifty 50 rose 0.33% on Friday, with small and mid-cap indices stronger than the headline index and Metal leading sector gains.
• Gold and silver rose, crude eased towards $101, and FPIs remained heavy sellers while DIIs continued to buy.
• Moody’s raised India’s FY27 growth forecast to 7%, while inflation, bank credit and the coming PMI and core-sector data remain in focus.
• Corporate news centred on the Tata Sons board dispute, a strong IPO pipeline, semiconductor investments and multiple private-market deals.
• Global markets absorbed another round of central-bank tightening, including a 25 basis point Bank of Japan hike, while diesel supply and West Asia remained major energy risks.
• Over the weekend, Tata Sons began listing preparations, Semicon India closed with about $11 billion of commitments, and the NSE IPO moved into its final day.
• Policy developments included UPI MDR changes, tax recovery rules, a planned bank strike, AI-based telecom spam controls and new Russia sanctions.

Sources for Sections 01-05: Zerodha AfterMarket Report, 18 September 2026 close; Mint, Mumbai edition, 21 September 2026. This brief summarises reported facts and does not constitute investment advice.