India Daily Briefing

Assam CM laid the foundation for a 3,200 MW ultra-supercritical thermal power plant at Chapar, backed by Adani with a ₹48,000-crore price tag and a December 2030 commissioning target. The project is expected to generate 5,000 direct jobs and anchors Adani's infrastructure push into the northeast, a region the Centre has flagged as a power-deficit priority. For markets, it reinforces the PSU and infra-adjacents theme — EPC stocks, transmission equipment makers, and NTPC peers will watch Adani's capex pipeline closely for order inflow signals.

FIIs have dumped ₹23,000 crore worth of Indian equities in September alone, raising the uncomfortable question of whether the exodus accelerates into Q4 as the Fed keeps its tightening bias. The Nifty's ability to hold above 23,300 despite this outflow is the single most bullish data point of the week — it implies DII and SIP inflows are absorbing the selling without breaking support. If the FII tide doesn't turn by October, watch for PSU bank and midcap IT names — which carry the largest FII overweight exposures — to face concentrated selling pressure.

ETMarkets Smart Talk with Garima Kapoor puts a 50 bps cumulative RBI rate hike on the table for 2026, arguing that the Fed's tightening cycle will force the RBI's hand to defend INR and contain imported inflation via oil. A 50 bps move would squeeze NIM assumptions across mid-tier PSU banks, potentially compress PE multiples for rate-sensitive NBFCs, and test the Bank Nifty's current perch at 56,358. The RBI's next policy decision becomes the single most important domestic macro event of Q4 — watch the October MPC meeting statement language very carefully.