Nishanth Vasudevan

US and Indian IPO markets are gearing up for major listings, with AI giants like OpenAI and Anthropic set to capitalize on investor frenzy. In contrast, India's anticipated Jio and NSE IPOs face a less enthusiastic market after years of stagnant returns. While US IPOs may signal market tops, India's offerings are expected to be more sober, potentially reigniting foreign investor interest.

Investors should brace for lower nominal equity returns, according to PPFAS Mutual Fund's Rajeev Thakkar. While some market excesses have eased, frothy segments still require correction. Thakkar highlights risks in highly competitive sectors like food delivery and discount broking, and defends his fund's cash holdings as a permissible strategy. He also advocates for global diversification to reduce portfolio risk, noting the shifting performance of international markets.

India has surged back to the fifth spot globally in market capitalization, surpassing Taiwan. This marks India's second ascent in recent weeks, having previously overtaken South Korea. The shift comes as Taiwan's AI-driven rally cooled, trimming its market value. Investors are now reassessing stretched valuations and the sustainability of AI spending, impacting semiconductor-heavy markets.

Middle East tensions have pushed oil prices above eighty-five dollars a barrel. Indian equities declined moderately after recent geopolitical developments. Investors are betting on Donald Trump's tendency to de-escalate conflicts. This resilience suggests markets are accustomed to regional geopolitical tensions. Higher oil prices are negative for India, but investors expect rewards.

Global investors show increased interest in India's equity markets recently. Corporate earnings and economic performance have remained quite strong. Foreign investors are diversifying portfolios away from concentrated tech positions. India's market may see a catch-up rally after recent underperformance. Banks and tourism are identified as attractive investment pockets within India.

The asset managers, among the biggest investors in recent IPOs, have told Bengaluru-based Zepto's representatives in recent discussions that they would not be comfortable subscribing to the issue even at the lower valuation being considered by the company, three people familiar with the matter told ET.

Rajeev Thakkar sold a stake in PPFAS to WhiteOak Capital's AIF. This transaction valued the unlisted asset management company at nearly ₹15,800 crore. Promoters Neil and Khushboo Parikh also recently sold a stake in PPFAS. These deals provide valuation insights for the closely held company. PPFAS reported increased revenue and net profit in the last fiscal year.

Rajeev Thakkar sold a stake in PPFAS to WhiteOak Capital's AIF. This transaction valued the unlisted asset management company at nearly ₹15,800 crore. Promoters Neil and Khushboo Parikh also recently sold a stake in PPFAS. These deals provide valuation insights for the closely held company. PPFAS reported increased revenue and net profit in the last fiscal year.

Exchanges will change how stock closing prices are decided for F&O stocks. A new closing auction will determine the final price after normal trading ends. This auction aims to reduce the impact of last-minute large orders. Mutual funds will benefit from more efficient execution of their closing trades. Active traders and proprietary desks will see the biggest impact from these changes.

Concerns are mounting among traders regarding the recent shift to a closing auction system, which has led to significant price volatility. Numerous market participants have reported unexpected losses, prompting authorities to engage with brokers to explore these issues. Despite regulators' attempts to bolster trader involvement, the contentious pricing mechanism continues to stir debate within the financial community.