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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.

LG Electronics will launch an ₹11,500 crore IPO, with subscriptions opening from October 7 to 9. The issue comprises an offer for sale of 10.18 crore shares, representing 15% of the company s equity, by its Korean parent. Anchor investors can subscribe on October 6.

Markets traded subdued on expiry day, ending almost unchanged amid mixed cues, with rate-sensitive sectors in focus ahead of the RBI policy. RBL Bank partnered with LIC, while Adani Total Gas s CFO resigned. IOB faced an RBI penalty, ICICI Bank received a GST demand, and Airtel launched a new AI/ML-powered location service.

Indian equity investors may find relief in October, with historical trends showing Nifty gains in seven of the last ten years. However, analysts predict a narrow trading range for the Nifty, likely between 24,300-25,400, due to tariff uncertainties, FII selling, and upcoming large IPOs.