Financial Summary: Wednesday, September 2, 2026

Iran strikes US base in Bahrain after US attacks; Brent up 2%

Iran targeted a US air base in Bahrain following US attacks, driving Brent oil prices up 4.23% to $95.44.

Trump proposes renaming Strait of Hormuz as 'Trump Strait' amid Iran tensions

US stock indices were mixed, with the S&P 500 up slightly and the Dow Jones moderately higher, as escalating tensions between the US and Iran led to a fall in oil prices and energy stocks. The muted market reaction suggests investors are awaiting clearer signals on potential conflict or diplomatic progress.

Auto Stocks Slide 5% as Crude Surge Deepens 3-Day Market Rout

Indian auto stocks declined 5% as broader equities fell for a third consecutive session, with the Nifty Auto Index dropping 1.79%.

Sensex drops 373 points to 76,570 as crude surge hits banks

Indian equity markets remain under pressure, with the Sensex closing 373 points lower at 76,570, weighed down by a crude oil surge and banking weakness. Analysts see 23,800 as key support for Nifty, but the 'sell on rise' template persists. Foreign institutional investors stepped up buying to ₹6,688 crore, while domestic institutions added ₹2,813 crore, suggesting some resilience despite the downturn.

US 10-year yield nears 5% as global bond selloff deepens

The US 10-year Treasury yield is nearing 5%, spurring concerns among analysts about potential global market volatility and its impact on equity markets, including Indian indices like Sensex and Nifty. Rising crude prices could further pressure the rupee.

Coal India rallies 4% on Mahanadi Coalfields IPO buzz

Coal India shares surged up to 4% on strong August e-auction premiums and a 5.5% rise in coal supplies, with trading volumes spiking on speculation of a potential IPO for its subsidiary Mahanadi Coalfields. The stock's rally is driven by robust demand and investor optimism over the subsidiary's listing, which could unlock value. Analysts are mixed on whether to buy, citing valuation concerns despite the positive operational momentum.

Zerodha secures Sebi merchant banking licence approval

Zerodha has received Sebi's approval for a merchant banking license, marking its entry into investment banking with plans to start operations within the next few months, initially focusing on equity capital markets.

Annu Projects Shares Plunge 27% on NSE Market Debut

Annu Projects traded at a 24-27% discount to its issue price on its NSE debut, hitting the upper circuit briefly before continuing to decline.

ICICI Bank Mobilizes $17.88B FCNR Deposits as Rupee Holds Near High

ICICI Bank has raised $17.88 billion via FCNR deposits as the rupee, which has held near a two-month high, remains range-bound despite strong inflows and RBI intervention. Goldman Sachs expects the rupee to be around 96 in the near term, with potential for it to reach 97 over the next year, should the US Fed raise rates, leading to a possible 50-basis-point increase in India’s policy rates.

RBI's $136.4B forex swap steadies rupee at 94.97

The Reserve Bank of India's special forex swap facility attracted $136.4 billion, with FCNR(B) deposits making up 93% of inflows, helping the rupee stabilize at 94.97 against the dollar. However, the rupee edged lower in tight trading, pressured by higher oil prices and muted equities, while banks like HDFC Bank and Kotak Bank have begun cutting FCNR deposit rates after the support ended.

India Defends 7.8% GDP Growth, Cites Strong Consumption and Investment

The Indian government has publicly addressed questions about its latest GDP estimates, defending the 7.8% growth figure and emphasizing that consumption and investment remain robust. Officials clarified methodology around revisions and deflators, aiming to quell skepticism about the data's accuracy. The narrative is now focused on the strength of domestic demand as a driver of growth.