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Nifty Bank Headed Towards New Peak

Good Evening,

Nifty 50 index surged to an intra-day peak of 20,223, while the BSE Sensex reached a level of 67,927 during the trading session on Friday. Auto and I.T among top gainers. ECB delivered a 10th rate hike. Disney is cutting streaming targets for Disney+, and NASA is studying UFOs with AI.

Let's dive in.


  • Sensex rallies for 11th straight session, logs longest winning run since 2007

  • Rs 15,800 crore worth block deals sealed this week. HDFC Bank, Zomato in top action

  • Fed seen signaling one more hike and pushing out 2024 rate cuts

  • RBI may raise rates in December; US Fed likely to pause this month

  • FOMC meet next week to trigger volatility in gold

  • Gold rises as China data boosts yuan against dollar

  • Oil gains for third straight week on tight supply, China optimism

  • Number of smallcap double-digit gainers halves even as markets hit new high



  • Infosys to announce Q2 results on October 12, consider interim dividend

  • Citibank India FY23 net profit grows 26%

  • Country Garden warns of a possible default

  • Declining costs, robust demand to support Indian Inc earnings: Moody's

  • Adani Group's cash balance at all-time high of Rs 42,000 cr in Q1

  • Adani group EBITDA grows 42% YoY in Q1

  • Adani Group companies' net profit surges 70%

  • Q1 results point at strong earnings growth outlook for FY24: HSBC

  • Indel Money Q1 Results: Profit jumps 63% QoQ to Rs 21 crore

  • Yatharth Hospital Q1 Results: Profit jumps 73% YoY to Rs 19 cr; revenue up 39%

  • Airtel Payments Bank Q1FY24 revenue up 41% YoY at Rs 400 crore

Headline Roundup:

  • India-UK FTA talks: Good progress on rules of origin, bilateral investment treaty

  • Imports from Russia doubles to $25.69 billion in April-August

  • RBI's composite financial inclusion index sees uptick with growth across all parameters

  • Govt launches unified portal for agri-statistics to provide credible data on agri sector

  • Foreign exchange reserves dip $4.99 bln to $593.90 bln for the week ending Sept 8

  • India's trade deficit widens in August, exports rise to a three-month high

  • India tightens wheat stocks limits, no plan to axe import tax

  • India in talks with 22 countries for bilateral trade in Rupee: FM Sitharaman

  • India has ample sugar stock to cater to the sweet tooth of citizens at reasonable prices

  • September rains in agricultural regions a good omen for cooling inflation

  • India has ample sugar stock to cater to the sweet tooth of citizens at reasonable prices

  • India's vegetable oil imports up 33 per cent in Aug: SEA


Deal Flow:

- M&A / Investments:

  • Deals Digest: Large PE transactions lift funding value this week

  • Convergent-backed Agilitas Sports buys Mochiko Shoes

  • Mordor picks up 51% stake in Global Market Insights

  • Fintech fund buys majority stake in supply chain platform Bridge2Capital

  • Leads Connect taps strategic buyer to step up agri play

  • ChrysCapital-backed Intas Pharma weighs $1-bn bid for Biogen's biosimilars biz

  • Lenskart-backed Neso Brands invests in French eyewear brand Le Petit

  • JustMyRoots acquires Antler-backed The State Plate

- IPO:

  • Instacart raises IPO price range after robust Arm debut

  • JSW Infrastructure's Rs 2,800 crore-IPO to open on September 25

  • RR Kabel issue booked 18.69 times on last day; SAMHI, Zaggle continue to struggle on Day 2

  • Yatra Online IPO sees tepid response, subscribed only 11% on first day of bidding process

- VC:

  • Inflection Point Ventures scores big from two-year old bet

  • Large PE transactions lift funding value this week

  • Deepika Padukone invests in Blue Tokai, MSME lender Seeds Fincap raises Series A funds

  • UAE's VentureSouq taps another Saudi limited partner for new fintech fund

  • Microsoft VC fund's execs float Touring Capital, make debut bet on Pixis

Tech / Startup:

  • SoftBank, CPPIB to participate in Eruditus’ $60-70 mn secondary funding, likely at 20% discount

  • Kae Capital makes final close of new fund at $50 million

  • Byju’s undertakes strategic review of all its assets as it looks to focus on core biz, generate cash

  • PhonePe faces its toughest challenge yet, despite its right to play approach

  • Early-stage VC firm Vertex Ventures' SEA and India arm raises $541 million in Fund V

  • Razorpay acquires BillMe to expand its omnichannel payment business

  • Byju's puts Great Learning, Epic on the block to generate $800 mn to $1 bn for loan repayment



  • US stocks rose as investors digested August PPI data and a revival of the IPO market after Arm’s debut day of trading

  • WTI prices rallied 2.5% to $90.70/barrel, igniting inflation worries

  • European stocks rose, led by a 1.95% gain in London’s FTSE, after the European Central Bank hiked interest rates by 25 bps to 4%

  • ECB delivers 10th hike as Lagarde won’t quite confirm rate peak (BBG)

  • August wholesale inflation rises 0.7%, hotter than expected, but core prices in check (CNBC)

  • Brookfield’s CFO says private credit and banks can co-exist (BBG)

  • More companies, especially airlines, warn higher costs will eat into profits (CNBC)

  • Cocaine is set to overtake oil to become Colombia’s main export (BBG)

  • America’s battle with shoplifting is getting dangerous for workers (WSJ)

  • SoftBank’s Masayoshi Son says AI-fueled technology can surpass human intelligence ‘big time’ (CNBC)

  • T-Mobile in talks to make big broadband bet with move into fiber (BBG)

  • Disney to cut target for Disney+ streaming subscribers (BBG)

  • IRS shuts door on new pandemic tax credit credit claims until at least 2024 (WSJ)

  • Trucker Yellow paid executives millions just before bankruptcy (BBG)

  • Air Force chief sounds off on Musk’s Ukraine decision, tensions with China and future of war (CNBC)

  • NASA will study UFOs using AI and crowdsourcing (WSJ)

  • Mexico regains highest US air-safety rating after two years (BBG)


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