Group 1 - Banks across India, including major institutions like State Bank of India, HDFC Bank, and ICICI Bank, will be closed on 25 December 2025 for the Christmas holiday, as per the RBI bank holiday calendar [1][2] - The Christmas holiday is recognized as a national holiday in India, aligning with global celebrations [2] - Following Christmas, banks will also be closed on several upcoming holidays, including New Year's Day on 1 January 2026 and various regional festivals throughout January [2]

Core Insights - The Securities and Exchange Board of India (SEBI) has approved the Raajmarg Infra Investment Trust (RIIT), which aims to unlock the monetization potential of National Highway assets and create a long-term investment vehicle for retail and domestic investors [8] - The first issuance of InvIT units for retail and public investors is expected to be launched in February 2026 [1][8] - Over the next three to five years, approximately 1,500 km of completed and operational national highways will be introduced into the public InvIT, providing significant investment opportunities for the public [2][8] Investment Vehicle Details - A public InvIT allows retail investors to directly invest in and earn income from a pool of operational infrastructure projects [2][8] - Units of public InvITs will be listed and traded on stock exchanges such as the National Stock Exchange (NSE) and the Bombay Stock Exchange (BSE), similar to mutual funds or equities [4][8] Financial Background - The National Highways Authority of India (NHAI) has monetized assets worth Rs 48,995 crore through the Toll-Operate-Transfer (TOT) model and raised around Rs 43,638 crore across four rounds of private InvITs, attracting significant domestic and international investors [5][8] - Raajmarg Infra Investment Managers (RIIMPL) has been established as the investment manager for RIIT, with equity participation from leading banks and financial institutions [6][8] Strategic Importance - The approval of RIIT is seen as a significant milestone in enhancing public participation in India's National Highway infrastructure development [8] - The initiative is expected to deepen public involvement and accelerate the development of a robust National Highway network across the country [7][8]

In a statement issued on Wednesday, NHAI said the Public InvIT is designed to unlock the monetisation potential of operational national highway projects while offering a long-term investment avenue, primarily targeted at retail and domestic investors. The move is seen as a key step in expanding public involvement in India’s highway infrastructure growth, while also helping NHAI recycle capital for future road development. As part of the structure, NHAI has earlier incorporated Raajmarg Infra Investment Man ...

Market Performance - The BSE Sensex declined by 42.64 points or 0.05% to close at 85,524.84, ending a two-day gaining streak [2] - The index reached a high of 85,704.93 and a low of 85,342.99 during the trading session [2] - The NSE Nifty index saw a marginal increase of 4.75 points or 0.02%, closing at 26,177.15 [2] Sector Performance - Major laggards among Sensex firms included Infosys, Bharti Airtel, Adani Ports, Sun Pharma, Tech Mahindra, Eternal, Axis Bank, and Maruti [2] - Gainers in the market included ITC, UltraTech Cement, Tata Steel, and HDFC Bank [3] Investor Activity - Foreign Institutional Investors (FIIs) sold equities worth Rs 457.34 crore, while Domestic Institutional Investors (DIIs) purchased equities worth Rs 4,058.22 crore [6] - The market experienced broad-based profit-booking, with a lack of fresh positive triggers contributing to the flat session [7] Global Market Influence - Asian markets showed mixed results, with South Korea's Kospi, Japan's Nikkei 225, and Shanghai's SSE Composite indices closing positively, while Hong Kong's Hang Seng index ended lower [6] - Brent crude oil prices increased by 0.10% to $62.13 per barrel, indicating some support for financials and FMCG sectors [8] Future Outlook - Investors are preparing for the upcoming earnings season and are closely monitoring Federal Reserve policy expectations, with increasing probabilities of rate cuts for the January meeting [9]

The brokerage firm has also highlighted RIL, SBI and The report outlines that Indian equities delivered a mixed performance in 2025, with the Nifty 50 gaining 10.2% to end the year at 26,326. However, broader markets lagged, as the Nifty 500 rose only 6.4%, while the Nifty Smallcap 250 declined 6.4%.Despite global headwinds such as foreign capital outflows, currency volatility, and geopolitical uncertainty, Axis Securities believes India's domestic economic fundamentals have remained notably resilient, pro ...

Market Performance - Stock markets experienced a decline for the third consecutive day, with the benchmark Sensex closing lower by 120.21 points or 0.14% at 84,559.65, marking a week's low [2][3] - The NSE Nifty also fell by 41.55 points or 0.16% to a week's low of 25,818.55 [4] Major Contributors - Among the Sensex firms, major laggards included Trent, HDFC Bank, Adani Ports, ICICI Bank, Bajaj Finserv, Bharat Electronics, Titan, and Asian Paints [4] - Conversely, State Bank of India, Infosys, Axis Bank, and Maruti were among the gainers [4] Foreign and Domestic Investment - Foreign Institutional Investors (FIIs) sold equities worth Rs 2,381.92 crore, while Domestic Institutional Investors (DIIs) purchased stocks worth Rs 1,077.48 crore [5] Global Market Context - In Asian markets, indices such as South Korea's Kospi, Japan's Nikkei 225, Shanghai's SSE Composite, and Hong Kong's Hang Seng ended positively [5] - Brent crude oil prices increased by 2.12% to $60.17 per barrel [5]

Core Insights - Google is entering the consumer finance sector in India by launching a UPI-linked credit card, Flex by Google Pay, in partnership with Axis Bank, targeting a market with over 1.4 billion people and fewer than 50 million credit card holders [1][2] Group 1: Product Features - Flex by Google Pay is issued digitally through the Google Pay app and can be utilized for both online and physical transactions, built on the RuPay network [3] - The card features a rewards program that credits virtual "Stars" for transactions, with each Star valued at ₹1, and allows users to manage spending, repayments, and security settings within the app [3] Group 2: Market Context - The rapid adoption of digital payments in India through the UPI has not yet resulted in widespread access to credit, creating opportunities for tech companies and banks to integrate lending into payment apps [2] - The Indian credit card market has been growing at an annual rate of approximately 14% over the past three years, with outstanding cards reaching around 110 million and transaction volumes increasing by nearly 30% [7] Group 3: Strategic Partnerships - Google Pay has previously partnered with banks and non-bank lenders to offer personal and gold-backed loans, leveraging its position as a widely used UPI platform to enhance credit access [4] - While starting with Axis Bank, Google plans to onboard additional issuer partners to broaden its co-branded credit card offerings in India [5]

Market Performance - Equity benchmarks experienced a decline, with the BSE Sensex down 239.66 points, or 0.28 percent, at ₹84,440.20, and the NSE Nifty 50 falling 76.85 points, or 0.30 percent, to 25,783.25 by midday [1] - The Sensex opened higher at ₹84,856.26 but lost momentum, while the Nifty opened at 25,902.40, reflecting a cautious market sentiment due to mixed global cues and foreign institutional investor outflows [2] Market Breadth - The market breadth was weak, with 2,501 stocks declining against 1,424 advancing on the BSE, and 139 stocks hitting 52-week lows compared to 80 reaching 52-week highs [3] Sector Performance - Broader indices underperformed, with the Nifty Midcap 100 down 0.49 percent at 59,420.50 and the Nifty Smallcap 100 falling 0.58 percent to 17,165.10 [6] - Sectoral indices also traded lower, including the Nifty Financial Services down 0.63 percent, Nifty Bank down 0.31 percent, and Nifty Next 50 losing 0.36 percent [6] Individual Stock Performance - Shriram Finance led the gains on the Nifty 50, rising 1.43 percent to ₹860.55, followed by State Bank of India up 1.33 percent and Eicher Motors climbing 1.32 percent [4] - Max Healthcare topped the losers' list, dropping 3.42 percent to ₹1,036.30, with other notable declines from SBI Life Insurance, HDFC Life, and Apollo Hospitals [5] Investor Sentiment - Market participants remained cautious due to uncertainty around the US interest rate trajectory and delays in India-US trade talks, although domestic inflows from systematic investment plans provided some support [7]

Market Overview - Indian equities opened largely unchanged, with the Sensex rising 51 points (0.06%) to 84,731 and the Nifty 50 slipping 14 points (0.05%) to 25,874, as investors weighed mixed signals from global markets and inconclusive U.S. jobs data [15] - The broader market showed little conviction, with mid-cap and small-cap indices trading largely flat [15] Stock Performance - Among Sensex constituents, shares of State Bank of India, Bajaj Finance, and Tata Consultancy Services led the advance, rising between 1% and 1.5% [15] - Akzo Nobel India slid about 15% after reports indicated that Imperial Chemical Industries sold roughly 48.8 lakh shares in the company through a block deal [15] - RailTel Corporation of India climbed 2% on reports of potential partnership talks with Elon Musk-owned Starlink in India [15] Foreign Institutional Investment - Foreign Institutional Investors (FIIs) sold equities worth nearly Rs 2,382 crore on December 16, while Domestic Institutional Investors (DIIs) were net buyers to the tune of Rs 1,077 crore [10] Currency and Commodities - The Indian rupee weakened in early trade, falling 12 paise to 91.05 against the U.S. dollar, a day after hitting a record low of 91.0750 [13] - U.S. crude futures rose 1.3% to $55.97 a barrel, while Brent crude gained 1.15% to $59.60, recovering some losses amid geopolitical risks and concerns over global demand [12][11] Economic Insights - The recent sharp fall in the rupee and crude oil prices has attracted investor attention, with a decline in crude due to poor demand from China and the U.S. being viewed positively for India's macroeconomic conditions [5] - Dr. VK Vijayakumar, Chief Investment Strategist at Geojit Investments, noted that sustained rupee depreciation is accelerating FII outflows, negatively impacting the market [6] - There is a potential for FIIs to become buyers in India by 2026, especially if a U.S.-India trade deal occurs, which could lead to rupee strengthening in H1 2026 [7]

Core Insights - Axis Bank is planning to recruit 50 private bankers to enhance its wealth management operations, driven by the growing number of high-net-worth individuals in India [1][4] - The bank's private banking division, Burgundy Private, currently manages approximately Rs2.5 trillion ($27.4 billion) out of a total of Rs6.45 trillion ($71.4 billion) in wealth assets [2] - Axis Bank is expanding its presence to 52 cities from 30 last year to capture the increasing wealth in tier 2 cities and beyond [2] Wealth Management Strategy - Burgundy Private serves 15,250 clients with investable assets of at least Rs50 million [2] - The bank is set to launch several funds from Gujarat International Finance Tec-City (GIFT City) early next year, including inbound funds for wealthy clients and non-resident Indians [3] - Outbound funds will also be introduced, targeting global equities and dollar-denominated structured products [3] Industry Trends - The expansion of Axis Bank aligns with a broader trend in the wealth management sector, as both global and domestic financial institutions are increasing their presence in India [3][4] - Competitors such as HSBC Holdings, Standard Chartered, and Uday Kotak's private bank are also expanding operations to meet rising demand, leading to increased competition and hiring activity [4] - The strategy reflects the industry's response to the evolving needs of affluent investors in India [4]