NSE's Long-Awaited Listing Finally Cleared
SEBI has issued its final observation letter allowing the National Stock Exchange to proceed with a ₹30,000 crore IPO, ending years of regulatory delay, according to Livemint and Economic Times reports. The exchange is reportedly eyeing a price near ₹1,800 per share, with the price band expected around September 15 and listing targeted for September 25. Grey market premium is already quoted near ₹200 per share per Livemint, and market chatter values NSE's unlisted equity near $55 billion, placing it alongside Reliance Jio's forthcoming issue as among India's largest-ever public offerings.
Rupee's Quiet Winning Streak
The rupee closed at a 10-week high of 94.4850 per dollar on Thursday, its fifth consecutive session of gains, according to CNBC-TV18 and Economic Times, aided by heavy inflows including reported FCNR(B) mobilisation of $127 billion. India's forex reserves climbed to a record $740.8 billion as of August 28, up $11.47 billion in a week, per the RBI's own disclosures. Some traders cited by Hindu BusinessLine expect further appreciation toward 93.80, though elevated crude near $95.83 a barrel and US-Iran tensions were flagged as potential drags.
RBI Wrestles With a Liquidity Flood
Banking system liquidity surplus has surged past ₹10 lakh crore for the first time ever, per Hindu BusinessLine, driven by the same dollar inflows lifting the rupee. The RBI mopped up ₹6.02 lakh crore through VRRR auctions against an ₹8.5 lakh crore intent, and Economic Times reports debt investors are now calling for higher short-term borrowing to absorb the excess cash. This liquidity overhang sits awkwardly alongside a third straight week of declining government bond prices, with Economic Times attributing the slide to rising oil prices and global rate-hike expectations.
IT Stocks Lag as Nasdaq Wobbles
Nifty IT fell 1.31% today, the sharpest sectoral decline on the board, tracking a soft overnight session on Wall Street where the Nasdaq slipped 0.29%, the S&P 500 fell 0.38%, and the Dow Jones dropped 0.51%. TCS was a rare bright spot, with Economic Times noting the stock broke above its 20-day SMA in a signal of near-term positive momentum. The sector's underperformance stands in contrast to Bank Nifty's 0.35% gain, underscoring a rotation away from export-linked technology names.
Banks Ride the FCNR Windfall
Jefferies estimates the bumper FCNR(B) inflows of $127 billion could lift banking sector earnings by ₹10,000-11,000 crore annually, even as near-term net interest margins face dilution, per Economic Times. Small private banks and NBFCs are flagged as principal beneficiaries, while the same inflows have strengthened RBI's reserve buffer. Bank Nifty's modest gain today reflects this constructive backdrop, though HDFC Bank separately projects a $60-65 billion FY27 balance-of-payments surplus despite a widening current account deficit.
SEBI's Busy Regulatory Calendar
Beyond the NSE approval, SEBI cleared three more IPOs — Cosmic PV Power, Monomark Engineering, and RKB Global — with Hindu BusinessLine noting four companies together plan to raise ₹3,362 crore next week. Separately, ET and Hindu BusinessLine report SEBI is pressing ahead with action against Hindenburg Research and other overseas parties in the Adani short-selling case, asserting jurisdiction because the underlying trades occurred in India. CNBC-TV18 also reports SEBI may open non-agricultural commodity derivatives to foreign portfolio investors as soon as this month.
Stock-Specific Moves Worth Noting
Fosun Pharma divested a 6% stake in Gland Pharma worth ₹2,800 crore via block deal, with Kotak, Axis, and ICICI Prudential mutual funds among the buyers, per Economic Times; Gland Pharma shares still closed higher at ₹2,932.40. In healthcare, Aster DM Quality Care founder Azad Moopen's family raised its stake to 24.58% with a ₹350 crore purchase from TPG-backed Centella Mauritius, per CNBC-TV18. Lupin received US FDA approval for Modafinil tablets, though its shares still ended down 1.12% at ₹2,111.
IPO Pipeline Keeps Widening
Beyond NSE, Rentomojo has filed for an IPO with a price band of ₹384-404 per share and anchor bidding scheduled for September 8, while Arcil is preparing a ₹733 crore issue priced at ₹132-139 per share, per Hindu BusinessLine. Livemint separately notes five listed companies holding unlisted NSE shares stand to monetise those holdings once the exchange lists. This broadening pipeline arrives even as Reliance's Jio Platforms reportedly eyes a $4 billion IPO around the Navratri-Diwali period.