Market Bizzz

Indian equity markets experienced a significant downturn, with the Nifty and Sensex falling 1.3% and 1.1% respectively for the week. A sharp selloff in IT stocks, triggered by AI disruption fears in the US economy and rapid job losses, led the decline. The IT index saw its steepest weekly losses in 10 months, wiping out substantial market value.

Uday Kotak, founder of Kotak Mahindra Bank, has been appointed as the new chairman of Gujarat International Finance Tec-City Company (GIFT City). He takes over from Hasmukh Adhia, who held the position since June 2023. Kotak’s extensive experience in the financial services sector makes him a significant appointment for the development of GIFT City.

Five companies have received the green light from Sebi for their Initial Public Offerings. Premier Industrial Corporation, Virupaksha Organics, Hexagon Nutrition, Om Power Transmission, and Duroflex can now proceed with their public issues. These companies plan to raise significant capital through fresh share issuances and offers for sale, marking a key step in their growth plans.

Defence giant HAL reported a robust third quarter with net profit surging 30% to Rs. 1,867 crore, alongside a Rs. 35 per share interim dividend. Revenue climbed 11% to Rs. 7,699 crore, with healthy execution across defence programs boosting pre-tax profit. Despite recent stock pressure, five LCA Mk1A fighter jets are ready for delivery.

SpiceJet reported a Rs. 261.38 crore net loss for Q3FY26, a shift from last year’s profit, despite a 14% revenue increase. Elevated costs like fuel and fleet expenses impacted results. However, sequential losses narrowed significantly. The airline is expanding its fleet and seeking a National Stock Exchange listing, with its shares showing oversold technical indicators.

Asian stocks are outperforming US markets as fears of AI-driven business disruption hit American tech firms. Investors are shifting towards Asian chipmakers, crucial hardware suppliers for AI, like Samsung and TSMC. This focus on infrastructure, rather than software pioneers, is boosting regional markets, with memory chip prices also contributing to gains.

Shares of Patanjali Foods drew attention after the company reported robust Q3FY26 results, with profit and revenue rising sharply. FMCG and edible oil segments delivered broad-based growth, margins remained stable, and exports expanded. Management expects a strong FY26 finish, supported by macro tailwinds, easing inflation, resilient rural demand, and nationwide GST-related consumption boosts.

Hindalco shares may face pressure after Novelis delayed the restart of its Oswego plant following fire incidents, impacting around Rs 14,400 crore in cash flows. The subsidiary reported a quarterly net loss amid production disruptions, though most losses are expected to be insurance recoverable. Recovery is targeted for late Q2CY26.

India’s fixed income markets are recalibrating cautiously. While macro fundamentals have improved, elevated borrowing and weak demand shape the bond outlook. SBI Mutual Fund’s CIO advises selective duration, favoring short-end corporate bonds and tactical state development loans amid heavy supply.

Fractal Analytics’ Rs 2,834 crore IPO enters its final day with a modest 1% grey market premium, reflecting cautious investor sentiment. The AI firm’s listing, the first of its kind in India, aims to fund growth and R&D, with analysts suggesting a long-term investment horizon due to its premium valuation and AI sector exposure.