Indian stocks look poised for another positive start after two days of gains, buoyed by upbeat global cues as the US government shutdown nears an end.
Locally, all eyes are on the trading debut of Billionbrains Garage Ventures Ltd., the parent of India’s largest online broker, Groww.
The listing is the latest test of investor appetite following Lenskart’s muted debut earlier this week.
Traders also have one eye on politics, with exit polls showing Prime Minister Modi’s alliance leading in Bihar state elections.
A potential win would boost Modi’s authority, though such polls are known to surprise. On the data front, a report due today may show retail inflation eased further on softer food prices, fuelling hopes of RBI policy support.
IT earnings may have bottomed out
Some IT services companies surprised in the September quarter, with growth that topped beaten-down expectations.
While the demand environment may remain challenging amid macro and tariff uncertainties, Nuvama says it remains positive on medium- and long-term outlook as technology spending is expected to recover.
Earnings estimates have been adequately cut and stocks have corrected sharply, making current valuations attractive, the brokerage noted. Infosys and HCL Technologies raised the lower end of their fiscal year 2026 revenue guidance, while others maintained their outlook.
Steady debut for hedge fund-styled products
India’s much-awaited specialized investment funds (SIFs) — products that offer sophisticated strategies to individuals with at least one million rupees to invest — had a steady debut in October.
SIFs allow money managers to short stocks, use derivatives and pursue absolute-return strategies. Last month, four such products — one equity long-short fund and three hybrid funds — raised a total of ₹22.6 crore from about 10,000 investor accounts, according to AMFI, the industry body.
While SIFs are expected to trigger a migration from existing alternative investment funds — products aimed at wealthy investors — it’s a long road ahead before they can rival AIFs and mutual funds.
RBI does its bit to ease tariff pain
The central bank is supporting the rupee and debt markets as harsh US tariffs take a toll on local assets. In recent days, the authority has signalled unease with investors pushing for higher government bond yields, and data suggests it has bought about $2 billion of bonds to cool borrowing costs.
At the same time, it is estimated to have sold about $20 billion in dollars from its reserves to stop the rupee from making new lows. Essentially, the RBI is trying to hold the line as the country navigates one of its toughest external shocks in years, with officials saying the long-awaited deal is nearing.
The IPO market in India remains hot, with almost $17 billion raised this year and more offerings lined up for the final weeks of 2025. However, the boom in new listings seems to have weighed on block trades and share placements by listed firms, causing a dip in such deals.
Waning cash turnover on local bourses also points to a slowdown in block trade activity, even as the depth of the Indian market and strong domestic liquidity continue to provide easy exits for large investors.
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Published on November 12, 2025
