Indian markets are tracking major developments across IPOs, liquidity, inflation, bonds, energy, regulation, corporate governance and the technology services ecosystem. Today’s stock market news is led by NSE moving closer to its much-awaited listing, with the IPO price band set at ₹1,700–₹1,785 per share and the issue size estimated at ₹26,580 crore at the upper end.
Liquidity has emerged as another key theme, with $115 billion of FCNR(B) deposits creating ₹11 lakh crore of rupee liquidity that the RBI is working to absorb through measures including currency swaps. At the same time, economists expect August retail inflation to come in at a 20-month high of over 4.8%, while India’s benchmark 10-year bond yield has crossed the 7% mark.
From Indian refineries operating above rated capacity to regulatory developments involving a JP Morgan unit, governance concerns at Coforge and the rapid expansion of Global Capability Centres, today’s Jarvis Invest stock market news covers eight developments shaping markets and businesses.
Stock Market News: NSE Sets IPO Price Band at ₹1,700–₹1,785 as ₹26,580 Crore Issue Moves Closer
NSE has toned down its IPO price band to the range of ₹1,700-₹1,785 per share. NSE is targeting to list by 25-September so the IPO announcement should be coming this week. NSE IPO comprises of an offer for sale (OFS) of 14.89 crore shares, which at the upper end of the price band will entail an IPO size of ₹26,580 crore. This is lower than the originally anticipated IPO size of ₹30,000 crore. SBI, Morgan Stanley, CPPIB, GIC of India, National Insurance, and United India Assurance will be among the participants in the OFS. The IPO will value NSE at around ₹4.45 trillion.
Stock Market News: $115 Billion FCNR(B) Inflows Create ₹11 Lakh Crore Liquidity Challenge for RBI
The $115 billion dollar glut from FCNR(B) deposits has created a rupee equivalent liquidity of ₹11,00,000 crore. That has become a big challenge for the RBI as a surge in liquidity has the potential to spike inflation. To soak up the liquidity, the RBI has extensively used currency swaps. Under the currency swap, the RBI sells dollars to the banks for rupees and agrees to buy back the dollar later. The glut of liquidity has pushed down bank funding costs and that has the potential to trigger a consumption led credit boom. That is normally a recipe for higher inflation.
India’s August Retail Inflation Seen at 20-Month High Above 4.8% as Food and Fuel Prices Rise
With MOSPI to announce India retail inflation next week, economists are already estimating August inflation at a 20-month high of over 4.8%. The big triggers will be higher food and fuel prices. This also raises expectations that the RBI may be forced to front-load a rate hike in October itself. This will also be the third consecutive month when inflation is above the RBI stipulated median level of 4%. Of course, inflation is still well within the upper limit of 6%, so there is not much to worry for the RBI. Sugar and cereals have also seen a spike in price; during the month.
Stock Market News: India’s 10-Year Bond Yield Crosses 7% as Inflation and Rate Hike Expectations Build
Amid rising inflation expectations and a likely rate hike by the RBI in October, the benchmark 10-year bond yields crossed 7% this week. Rising global risks and a spike in Brent crude to $100/bbl have been responsible for this trend. Many traders are seeing 7% as a crisis point, just as in the US the traders are seeing 5% yields as a crisis point. With the persistent tensions in the Middle East, supply chains continue to be disrupted and that is impacting costs. One advantage for Indian bond yields is that the ownership of bonds is still domestic, unlike in many other countries.
Indian Refineries Operate at 105–107% Capacity as Strong Diesel Demand Pushes Utilisation to New Highs
Officials at Indian oil refiners admitted that most refineries in India were operating at capacity utilization of 105% to 107%. Higher diesel demand from Russia and Europe has pushed capacity utilization levels to new highs in India. India has seen its diesel exports rise by over 60% yoy in the month of July as Indian ships accounted for nearly 60% of the diesel flowing through the Bab-al-Mandeb to Europe. Indian refineries are fairly complex and can refine crude with varying levels of API Gravity from 16 to 48 levels. Normally, lighter the crude, higher the API Gravity.
Stock Market News: SEBI Lifts Trading Ban on JP Morgan Unit as Index Manipulation Probe Continues
SEBI has lifted the ban on JP Morgan unit in the index manipulation charges. However, SEBI has clarified that the investigation will continue. This pertains to the extreme volatility triggered during the closing auction session (CAS). JP Morgan deposited a penalty of ₹2.96 crore, after which it was allowed to resume trading. The allegations were against an Indian broker, Mansi Shares, and Copthall Mauritius, a unit of JP Morgan. In its interim order, SEBI had accused Copthall Mauritius and Mansi Shares of price manipulation. Both entities were asked to deposit gains made.
Stock Market News: Coforge Falls Over 7% as Chairman O P Bhatt Resigns Following Internal Audit Concerns
Corporate governance appears to be the big battle for boards; the latest victim being Coforge Ltd. The stock of Coforge fell over 7% after its chairman (O P Bhatt) resigned following some key internal audit concerns raised. The internal audit had raised concerns about the board’s evaluation practices. Vivek Sharma has been named the interim chairman in place of O P Bhatt. The resignation of O P Bhatt was with immediate effect. The internal auditor had raised some serious concerns in its Internal Audit Plan for Q2FY27 on the process followed for Board Evaluation.
India’s 2,100 GCCs Generate $98 Billion as Global Capability Centres Become a Major Services Export Engine
Amid the much-publicized stand-off between traditional IT and AI, there is a new segment that has quietly established its presence. Global Capability Centres (GCC) have emerged as the next big economic engine with nearly 2,100 hubs in India and total revenues of $98 billion. GCC as a share of exports has risen from 19.7% in 2019 to 23.5% in 2026. It is becoming the major engine that is supporting Indias’s service exports surplus. GCCs are currently employing nearly 24 lakh persons. More importantly, they have upgraded from outsourcing to more complex tasks.
Conclusion
Today’s stock market news highlights the interaction between liquidity, inflation, interest rates and corporate developments across the Indian market.
NSE’s proposed IPO is moving closer with a revised price band of ₹1,700–₹1,785, potentially valuing the exchange at around ₹4.45 trillion. Meanwhile, the massive FCNR(B) inflows have created approximately ₹11 lakh crore of rupee liquidity, presenting the RBI with the challenge of managing excess liquidity and its potential inflationary impact.
Inflation expectations are also influencing the bond market. August retail inflation is estimated at over 4.8%, while the benchmark 10-year bond yield has crossed 7% amid expectations of a possible RBI rate hike in October. Indian refiners, on the other hand, are operating at 105–107% capacity utilisation as diesel demand remains strong.
Corporate and regulatory developments are equally important. SEBI has lifted the ban on the JP Morgan unit involved in the index manipulation case while continuing its investigation. Coforge has come under focus following chairman O P Bhatt’s resignation after internal audit concerns over board evaluation practices.
Beyond traditional IT, India’s 2,100 Global Capability Centres, generating $98 billion in revenues and employing nearly 24 lakh people, are emerging as an increasingly important contributor to the country’s services exports.
Keep following Jarvis Invest for simplified stock market news and insights into developments influencing markets, sectors and businesses.
