📰 India Business Brief: Top Headlines for September 28, 2026

Business Standard

• Market Carnage Deepens as ₹31 Trillion Wiped Out: Indian equity markets remain on edge as data reveals nearly 40% of Nifty stocks are trading more than 20% down from their 52-week highs, erasing over ₹31 trillion in investor wealth. The benchmark GIFT Nifty signaled a negative-to-flat start on Monday tracking rising crude prices and climbing bond yields.

• SIDBI Withdraws ₹6,000 Crore Bond Offering: Small Industries Development Bank of India (SIDBI) pulled its three-year ₹6,000 crore bond issuance as hardening domestic yields created unfavorable pricing conditions for corporate debt.

• Bank Unions Defer Three-Day Nationwide Strike: The proposed 72-hour strike scheduled to begin on September 28 was called off following assurances from the Indian Banks' Association (IBA), ensuring full continuity of banking and clearing services across the country.

• NRI Deposit Flows Jump Sixfold to $36.2 Billion: Latest Reserve Bank of India data indicates non-resident Indian (NRI) deposit flows surged to $36.2 billion between April and July, bolstered by attractive domestic interest differentials despite recent currency volatility.

• IRDAI Commission Caps Threaten Intermediaries: Proposed sharp cuts to insurance distribution commissions by the regulator have sparked concerns of margin compression for PB Fintech (Policybazaar) and non-interest fee income for commercial banks and NBFCs.

The Economic Times

• Chabahar-Zahedan Rail Line Completed, Unlocking Central Asia Route: Iran has completed construction of the vital Chabahar-Zahedan railway link, providing India with a direct, overland trade corridor bypassing Pakistan and connecting directly to the International North-South Transport Corridor (INSTC).

• Crude Spike Reignites Fed Rate Hike Bets, Gold Slumps: A rebound in global crude oil prices driven by geopolitical tensions in the Persian Gulf has reignited global inflation risks, causing gold prices to drop as traders price in a growing probability of further monetary tightening by the US Federal Reserve.

• Bill Gates Backs AI Safeguards and Federal Oversight: The Microsoft co-founder added his voice to calls from leading AI developers for stringent statutory guardrails and potential emergency pause mechanisms ("kill switches"), amid escalating international debates on regulating frontier AI models.

• Fortis Healthcare Distances Itself from Promoters' Legal Row: Fortis reiterated to markets and stakeholders that it remains a "complete stranger" to the long-standing international arbitration dispute between Daiichi Sankyo and the former promoter Singh brothers.

Mint

• GIFT Nifty Indicates Subdued Start Amid Oil Geopolitics: Domestic indices are positioned for a muted opening near the 23,160 mark. Sentiment remains fragile after US rejections of proposals to reopen the Strait of Hormuz kept energy supply concerns in sharp focus.

• Power Grid Approves ₹10,000 Crore Debt Facility: The board of Power Grid Corporation of India has approved a proposal to raise up to ₹10,000 crore through an unsecured term loan line of credit from the State Bank of India to fund continuing power transmission projects.

• SAIL Inks Pact with BCCL for Coal Blocks: State-run Steel Authority of India Ltd (SAIL) and Bharat Coking Coal Ltd (BCCL) have executed a Memorandum of Understanding to jointly develop and operate two coal blocks located in West Bengal to secure domestic coking coal requirements.

• Salaries Safe as Banking Sector Avoids Disruption: The deferral of the end-of-month bank strike has averted critical payment processing delays, allowing corporate payrolls, pension dispatches, and cheque clearings to proceed without interruption.

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