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On October 1, 2025, Indian stock and commodity markets are open for Maha Navami. Key October trading holidays and Diwali Muhurat session are noted; markets begin October cautiously ahead of RBI MPC meet.

Notably, credit ratios of companies remain largely stable. In H1 of FY26, Icra upgraded ratings of 214 firms while downgrading another 75, for a credit ratio of 2.9 times, an improvement from the two times in FY25. For Crisil Ratings, the credit ratio eased for the second time in a row to 2.17 times in the first half of FY26 from 2.75 times a year ago, and 2.64 times in the second half of FY25.

For the first time, the board will have two government nominees: the secretary of the Department of Financial Services (DFS) and the secretary of the ministry of electronics and information technology (MeitY). In addition, Aruna Sundararajan, former MeitY secretary, has been appointed to the board.

The external debt to GDP ratio, however, moderated to 18.9% from 19.1% three months ago. The ratio of India s international assets to international liabilities also improved to 79.25% in June 2025 from 77.6% a quarter ago. The rise in the country s outstanding liabilities was largely because of the exchange rate variations, the central bank said.

It would, however, track other overnight money market segments in a bid to ensure orderly evolution of money market rates and smoothen transmission, the central bank said in the revised liquidity management framework released on Tuesday. "The Reserve Bank will endeavour to align the WACR to the policy repo rate by ensuring optimum level of system liquidity using the instruments defined under this framework," the central bank said.

On outstanding rupee loans, system-wide average lending rates softened by 6 bps month-on-month to 9.32% as of end-August. Private sector lenders reduced rates the most, by 10 bps to 10.22%, while PSU banks trimmed rates by 3 bps to 8.70%. Lending rates of foreign banks remained unchanged.

Industry executives attributed the slowdown to relative reluctance among banks, especially those privately owned, to chase housing loans because of the pressure on margins due to reduction in interest rate, while borrowers are delaying purchases in anticipation of further easing of rates. The slowdown also partly reflects the base effect given last year s numbers had the lingering impact of the HDFC-HDFC Bank merger.

India s unlisted market faces a stark reality check as major IPOs, including Tata Capital and HDB Financial Services, price significantly below their grey market valuations. This trend has severely dented investor sentiment, causing demand for popular unlisted stocks like NSE and Groww to dry up and their prices to fall. The divergence forces a re-evaluation of pre-IPO investment strategies.

Axis Bank is re-evaluating its plan to sell a stake in Axis Finance. The bank awaits clarity on the Reserve Bank of India s upcoming circular. Potential investors require regulatory guidance before finalising valuations. Axis Bank committed to the RBI not to infuse additional capital. Axis Finance needs significant capital for its future growth plans. This situation impacts the sector.

Tata Capital s ₹15,512 crore IPO, the largest of 2025, is drawing robust interest from global and domestic institutions for its anchor book. The ₹4,600 crore anchor portion, opening October 3, is expected to be oversubscribed more than four times, with major players lining up.