Gold ETFs promise price efficiency, but persistent gaps between NAV and market price reveal structural limits in India’s market, where weak arbitrage and retail flows distort pricing.
R. Gurumurthy
Banks seek to defer MTM losses as yields rise, but masking volatility risks weakening discipline and blurring the line between transparency and regulatory convenience.
iStock.com
An end-of-day recap of all that transpired in the Indian markets, highlighting the major price movements and the factors driving them
Dehuti Jani
Aggressive intervention may steady the rupee in the short term, but abrupt curbs on bank trades risk eroding market confidence and policy credibility.
Accrued Interest
A ₹740 billion order book and expanding margins are the headline. The story is the structural shift underneath, from long-cycle PSU to higher-velocity defence supplier.
Dev Chandrasekhar
BEL
Here’s your quick read to start the day: a chatty, no-fuss look at overnight moves, the big story, what’s on the docket, and the tickers you need to watch.
Richard Fargose
Between private doubt and public overconfidence, individuals and nations alike are navigating a world where credibility is thinning and coherence is elusive.
Phynix
RBI’s NDF curbs shift risk from economic reality to geography, raising a quiet but persistent confidence cost for the rupee.
Quixotic Banker
RBI's curbs rightly target speculative misuse in FX markets. But blunt restrictions risk leaving genuine hedgers unprotected and amplifying unhedged exposures across the economy.
Unilever’s sale of its global foods business excludes India, bringing HUL’s portfolio mix and valuation framework under closer market scrutiny.
Krishnadevan V
AI Generated
istock
BasisPoint Insight
White House
Shares of UrbanCompany are trading closer to its issue price, in a market that is punishing everything. Not everything deserves it, but some of the punishment is earned.
RBI’s move can be seen as a necessary check on speculative bank positions, yet it may also narrow intermediation capacity and make rupee adjustment more abrupt.
From Hormuz to HDFC Bank, the adjustment isn’t absorbed but displaced, into the rupee, the consumer, and wherever policy won’t let it land.
Michael Patra is an economist and former RBI Deputy Governor.
Arun is a seasoned writer on economic and policy matters.
Abheek is an Independent Economist and the Former Chief Economist at HDFC Bank.
Ajay Srivastava is the founder of the Global Trade Research Initiative.
Vijay Singh Chauhan, a former IRS official, is a Senior Visiting Fellow at ICPP, Ashoka University
Dhananjay, a D-School alum, is CEO and Co-Head of Equities at Systematix Group.
Kriti is a psychologist specialising in mental health, org behaviour, and brand strategy
Srinath is an author, corporate advisor, and independent director on corporate boards.
Ex-civil servant Chavaly held key Railways, Finance roles; specialises in infra & PPPs
Nilanjan Banik, Professor at Mahindra University, specialises in trade and development economics.
Sachin was till recently an MD with Standard Chartered Bank.
Rajesh Mahapatra is the former Editor of The Press Trust of India
Krishnadevan is Editorial Director at BasisPoint Insight.
Chandra advises companies on big-picture narratives on strategy and markets.
Kalyan Ram co-founded Cogencis. He now leads BasisPoint Insight.
Gurumurthy is an ex-central banker who handled markets, and later, financial stability for RBI.
Lt Gen Syed Ata Hasnain is a former Commander of India’s Kashmir Corps.
Arvind Mayaram, former Finance Secretary, is Chairman of the Institute of Development Studies, Jaipur.