Indian equities have underperformed in the last year, with the Sensex posting a -0.7% return. Weak corporate earnings, persistent foreign investor selling, and high valuations are to blame. Despite policy support, global uncertainties and trade tensions have further dampened market sentiment.

American Depositary Receipts of Infosys and Wipro faced a decline. This followed the Trump administration s plan. The plan proposed a $100,000 annual fee for each H-1B visa. The policy could significantly impact companies. These companies rely on foreign skilled workers. The proposed fee is part of a broader immigration overhaul.

But just when pessimism was at its peak, a surprise turnaround came in the second half of the year. In less than three months, nine of those beaten-down counters staged a remarkable comeback, climbing over 40% each.

The NSE will suspend trading of Piramal Enterprises Ltd (PEL) shares effective September 23, 2025, due to its amalgamation with Piramal Finance Ltd (PFL), a move sanctioned by the NCLT. This merger, driven by RBI regulations and strategic benefits, consolidates operations under a single entity, enhancing service and shareholder value. CFO Upma Goel will resign by September 30.

Indian equities had a strong week, boosted by global and local factors. The Goods and Services Tax regime change is expected to further boost sales. Sudip Bandyopadhyay suggests caution regarding GST-specific gains. He recommends watching cement, infrastructure, and auto ancillary sectors. He advises caution on large-cap IT, real estate, and metals due to limited short-term appreciation potential.

VMS TMT is finalizing its share allotment today for its Rs 148.5 crore IPO, which saw an overwhelming subscription of over 102 times. Retail investors bid nearly 48 times, while non-institutional investors bid 227 times, and QIBs subscribed 120.8 times. The IPO s grey market premium suggests a potential listing price of around Rs 110 per share.

The Indian primary market is set for a busy week with around 25 mainboard and SME IPOs launching. Several companies like Epack Prefab, Jain Resource Recycling, and Anand Rathi Share are planning to raise significant capital. The SME segment is also crowded, with diverse sectors tapping into market appetite amidst volatile secondary markets, testing investor sentiment.

BitGo s revenue surged in the first half of 2025. The crypto custody startup s IPO filing revealed this growth. This follows strong crypto debuts. Investor interest in digital assets is rising. BitGo plans to list on the New York Stock Exchange as BTGO . Goldman Sachs and Citigroup are the lead underwriters.

The FMCG sector is preparing for GST 2.0, effective September 22, with companies adjusting pricing and inventory to boost consumption during the festive season. The GST cut is expected to benefit consumers, improve system efficiencies, and shift the market towards organized players.

The U.S. Federal Reserve s recent interest rate cut, the first since December, has sparked optimism for housing shares. This move, aimed at bolstering a shaky labor market, could lower mortgage rates and stimulate economic activity.