Market Bizzz

Brent futures fell 81 cents, or 1%, to $99.68 a barrel at 0126 GMT, but were still set for a 13.5% rise this week. West Texas Intermediate (WTI) futures dropped 70 cents, or 0.76%, to $91.49 a barrel and were on track for a 11% weekly gain.

Sebi proposes shifting online dispute resolution administration to market infrastructure institutions. This move aims to significantly speed up investor grievance redressal processes. Market infrastructure institutions will now handle conciliator and arbitrator appointments and oversight. Investors will have a voice in arbitrator selection, while conciliators are appointed directly. This framework change is estimated to shorten the overall resolution process by twenty-one days.

IBM reduced its annual revenue growth forecast on Wednesday. The company also missed profit and revenue expectations for the second quarter. This shift occurred as corporate spending moved towards AI data-center gear. IBM’s Z mainframe revenue slumped significantly, impacting overall infrastructure performance. Executives reassured shareholders about long-term mainframe demand despite current challenges.

The IPO is entirely an Offer for Sale (OFS) comprising more than 2.59 crore equity shares, which means the proceeds will go to the existing shareholders, while the company itself will not receive any funds from the offering.

The IPO is a fresh issue of 1.31 crore equity shares, aiming to raise Rs 166.8 crore, making it another addition to an active primary market.

Brent crude prices crossed the mark of $92 a barrel, rising to the levels last seen in early-June. West Texas Intermediate (WTI), the US crude, is now trading near the mark of $85 a barrel, climbing for the fourth straight session.

What makes the Indian currency more vulnerable than some of its Asian peers is the country’s reliance on imported energy and its ripple effect on the broader economy.

A Bloomberg-compiled basket of 15 stocks linked to import substitution has rallied more than 20% since the start of the Middle East conflict, outperforming the benchmark NSE Nifty 50 Index, which has dropped about 2%. The rally stands out as the basket has become a haven for investors seeking shelter from broader market volatility.

Gold prices saw an increase as oil prices softened due to diplomatic efforts. Yemen’s Houthis threatened a naval blockade, which could disrupt oil shipping routes. This situation comes amid ongoing tensions between the United States and Iran. Mediators have presented proposals to Tehran, indicating active diplomatic contacts. Meanwhile, Russia’s gold reserves have seen a slight decrease this year.

Ahead of the listing, SBI Funds Management shares are commanding a Grey Market Premium (GMP) of around Rs 97. Based on the upper end of the IPO price band at Rs 574, the GMP points to an estimated listing price of nearly Rs 671, implying a potential 17% listing gain for investors.