September 11, 2026

TOP NEWS

War update: IRGC guards they have attacked a US unmanned vessel in the Strait of Hormuz. US Central Command (CENTCOM) has claimed it redirected 96 commercial ships and allowed more than 50 other vessels supporting humanitarian aid to pass to date as part of its campaign to blockade Iran. On the other side Houthis are also rapidly advancing on the Red Sea coast, threatening to gain more leverage over the crucial Bab al-Mandeb Strait. Seeing the double edge sword with tensions across red sea and also starit of Hormuz oil prices reached $108/barrel. Asian markets are all gap down and trading in the range of -1.5-3%. Gift Nifty indicates a gap down of 135 points on the bourses. Oil prices up would benefit upstream companies like ONGC and would be issue for downstream companies such as HPCL and BPCL.

 

Sterlite Technologies: launched Plenum-rated Fiber Trunk Assemblies for AI Data Centres. The new portfolio covers 48F–576F IBR pre-terminated assemblies and has secured US OFNP / NFPA 262 certification. With this achievement, STL is positioned among global providers of AI-ready infrastructure, specifically for NFPA 262-qualified indoor cable assemblies. These assemblies are crucial for the next-generation AI data center market.

 

Redington: Siemens Digital Industries Software appointed Redington as distributor across Egypt, Kenya, Ethiopia, Nigeria, Morocco, and Tanzania for its industrial software portfolio.

 

Hind copper: Copper prices declines by 2%. Negative for Hind copper.

 

NSE: NSE IPO price band at Rs 1,700-1,785; issue size Rs 22,562 crore, market cap Rs 4.42 lakh crore. The much-awaited IPO of the National Stock Exchange of India (NSE), the country's largest stock exchange, is set to open for public subscription on September 17 with a price band at Rs 1,700-1,785 per share. The offer will close on September 21. NSE aims to raise Rs 22,561.5 crore and is seeking a valuation of Rs 4.42 lakh crore at the upper end of the price band. The book-built issue comprises only an offer for sale (OFS) of up to 12.64 crore equity shares by 10 existing shareholders, including State Bank of India (SBI), Bank of Baroda, MS Strategic (Mauritius), General Insurance Corporation of India, Canada Pension Plan Investment Board, and Aranda Investments (Mauritius). There is no fresh issue component. Selling shareholders in OFS: The SBI is the largest selling shareholder, offering up to 1.59 crore equity shares through the OFS. Canada Pension Plan Investment Board will sell 1.18 crore shares, Aranda Investments (Mauritius) 1.12 crore shares, MS Strategic (Mauritius) 1.1 crore shares, and New India Assurance Company 1.05 crore shares. NSE's market position: Professionally managed, NSE is India’s largest stock exchange in terms of total turnover across key asset classes. According to the Redseer Report, it had a 93.05 per cent market share in the cash market, 99.72 per cent in equity futures, 68.48 per cent in equity options, 100 per cent in exchange-traded currency futures and 100 per cent in exchange-traded currency options, based on total premium turnover, as of three months period ended June 2026.

 

Macro Wrap

  • The global crude prices surged above $105/b amid sharp escalation in Middle East tensions, with oil markets at the centre of the storm. Renewed Houthi strikes on Saudi Arabia and a fresh uptick in shipping attacks around the Strait of Hormuz rattled energy markets, stoking fears of further supply disruptions across the Persian Gulf and Red Sea. President Trump indicated the war is unlikely to end before the November midterms, suggesting that a near-term diplomatic resolution remains distant. Tehran signalled readiness to escalate counterstrike’s if the US continues attacking its territory and infrastructure. Iranian media reported that the Houthis are nearing full control of the strategic waterway, Global tanker freight rates surged to record levels, with super tanker earnings on the benchmark Middle East-to-China route reportedly reaching nearly USD800,000 a day
  • On the central bank front, the European Central Bank (ECB) raised its Deposit Rate by 25bp to 2.50%, its second hike this year. ECB President Christine Lagarde flagged that inflation pressures are not going away soon, sending German and French benchmark borrowing costs to their highest levels since 2011 and 2008, respectively.
  • Bond Yields rose sharply across the curve, with the 2-year note up 15 basis points to 4.582% (highest since 2024), the 10-year up 11 basis points to 4.954% (approaching the psychologically significant 5% level), and the 30-year up 7.6 basis points to 5.369% (highest since 2007). The 3-year yield also rose 15 basis points to 4.678%. The selloff was the largest for the 2-year since the April 2025 market dislocation.
  • A $22 billion 30-year Treasury auction cleared at 5.308% — the highest yield at auction since 2001 — stopping through the when-issued yield by 2.7 basis points, a sign of strong demand. The share awarded to primary dealers was a record low, indicating robust end-investor appetite at these yield levels.
  • For today, we get the August CPI report, which is likely to be the final major data point determining whether the Fed hikes at next week's FOMC meeting. The market expects headline CPI inflation to remain unchanged at 3.4% yoy while the core CPI is expected to soften slightly to 2.4% from 2.5% in July
  • Copper hit a fresh all-time high of $14,875 per tonne on the LME on Thursday before slumping more than 3% after a report indicated the White House has not yet made a decision on refined copper tariffs, citing concerns that higher prices could raise manufacturing costs. Copper stocks were hit hard — Freeport McMoRan -8.0%, Southern Copper -7.0%, Teck Resources -7.9%.
  • Japan’s large manufacturers’ BSI rose to 7.6% in Q3 2026 from -1.8% in Q2, far above the 2.5% forecast and the fastest gain since Q4 2021. Sentiment is expected to ease but stay positive at 5.8% in Q4 and 4.9% in Q1 2027. The BoJ lifted GDP forecasts to 0.6% for FY2026 and 0.8% for FY2027, and raised its FY2027 inflation forecast to 2.4%, warning inflation may exceed its 2% target.
  • Japan’s producer prices rose 7.6% y/y in August 2026, just below July’s revised 7.7% but above the 7.4% forecast, reflecting continued commodity and energy cost pressures and broad-based gains across sectors. Month-on-month, PPI fell 0.2%, the first decline in a year, after a 0.4% rise in July.
  • US producer prices rose 0.4% m/m in August 2026, the largest increase in three months, driven by a 1.1% jump in goods prices, including a 24.1% surge in diesel and higher gasoline and jet fuel prices, partly offset by a 0.5% drop in residential electric power. Services edged up 0.1%. Annual PPI accelerated to 5.4% from 4.8% (vs 5.3% expected). Core PPI increased 0.2% m/m and 4.6% y/y.
  • The DJIA, the S&P 500, and the Nasdaq Composite Index fell 0.6%, 0.6%, and 0.7% respectively. The Philadelphia Semiconductor Index fell 2.7%, the sharpest decline among the major US equity benchmarks. The Euro Stoxx 50 fell 0.7%. The Dollar Index edged up 0.2% to 99.05. EUR-USD slipped 20 pips to 1.1610.

Other news

Milky Mist: Commissioned a Rs 40 crore, 150 TPD Skyr and Greek Yogurt manufacturing facility at Perundurai utilizing ultrafiltration technology.

 

KIMS: The company entered into an exclusive Operations and Management Agreement with Sarvottam Health Care for an initial five-year term, extendable by another five years. KIMS will manage and operate the facility and earn a fee equivalent to 9% of total net revenue.


Granules India: The promoter Krishna Prasad Chigurupati is set to offload a 6.9% stake in the company through a block deal worth around Rs 1,500 crore. The block deal has been priced at Rs 872.5 per share, representing a 3% discount to the company's current market price. As of the quarter ended June 2026, Krishna Prasad Chigurupati held around 31% stake in Granules India. The latest stake sale would therefore mark a significant reduction in the promoter's holding in the pharmaceutical company. The deal also carries a 180-day lock-in period for any further sale of shares by the promoter.