The Rs 1,667 crore IPO of Orkla India was subscribed 79% at the end of Day 1, with investors bidding for 1.25 crore shares against 1.59 crore on offer. The stock’s grey market premium has eased to Rs 9.3 from Rs 10.5 earlier, implying a potential listing around Rs 795–800, if sentiment stays firm.

The Indian Rupee took a hit this morning, dropping 21 paise to 88.43 versus the US Dollar, following Federal Reserve Chairman Jerome Powell s cautionary statement about a possible rate cut in December not being certain. This led to a strengthening of the dollar index, reflecting heightened tensions in the currency market.

RBI Deputy Governor T. Rabi Sankar has voiced concerns about stablecoins. He believes they could destabilize economies like India and that Central Bank Digital Currencies offer superior functionality. Sankar also asserted that cryptocurrencies lacking backing or an issuer hold no inherent value. These digital assets are not considered financial instruments by the central bank.

Bank deposit growth has slowed. Credit growth remains steady. This creates a wider gap between the two. Lower interest rates are making bank deposits less appealing to savers. Funds are shifting from current and savings accounts to fixed deposits for better returns. This trend presents a significant challenge for banks.

Banks are proactively setting aside extra funds. This is in preparation for a new expected credit loss framework starting in 2027. Some lenders are also covering anticipated stress in microfinance loans. This move aims to strengthen balance sheets ahead of regulatory changes and potential challenges. Banks are building buffers to meet future requirements.

Indian banks are experiencing a surge of foreign investment that’s akin to a refreshing breeze in a competitive atmosphere. This wave of investment injects vital capital and advanced technology into smaller banks, enabling them to vie against industry titans. As corporate lending opportunities expand, retail banking still presents its own set of challenges.

HDFC Bank s board has approved Kaizad Bharucha s reappointment as deputy managing director. This reappointment is for a three-year term and requires approval from the Reserve Bank of India. Bharucha has a long association with the bank, joining in 1995. He plays a key role in strategic direction across various banking segments.

Indian stock markets experienced a decline on Thursday. The NSE Nifty and BSE Sensex closed lower. This downturn followed the US Federal Reserve s decision to cut interest rates by 25 basis points. However, the Fed indicated no further rate cuts are expected this year. This news impacted investor sentiment globally and in India. Foreign portfolio investors sold shares.

Sebi has proposed changes to non-benchmark indices like Bankex, Banknifty, and Finnifty, expanding individual stock weights. The regulator capped the top constituent s weight at 20% and the top three at 45%, with at least 14 constituents. These adjustments aim to enhance transparency and reduce single-stock risk in index derivatives.

The Indian rupee touched a two-week low of 88.74 against the dollar on Thursday. It later strengthened slightly to close at 88.70. This weakness followed month-end dollar demand and potential RBI position squaring. The central bank intervened to curb losses. A hawkish US Fed stance also added pressure on the rupee.