Street signs: Banking stocks run out of steam, Sebi's shift to e-office

The banking pulse flatlines: Is consolidation the defibrillator?

 

The recent market rally, driven by banking stocks with considerable weight in the Sensex and Nifty, has stalled. After a solid 10 per cent rise from this month’s lows, the Bank Nifty index slipped 1 per cent to 54,664 on Friday, marking a three-day drop of 1.8 per cent. Analysts suggest banking stocks may enter a phase of consolidation, with the Nifty and Sensex relying on other sectors to make further growth strides. Dhupesh Dhameja, derivatives research analyst at Samco Securities, pointed out, “The Nifty Bank index’s first decline in three weeks signals potential profit-booking and a possible time-based correction, provided it holds above key support levels.” He identifies 54,000 as critical support and 55,500–56,000 as a key resistance zone.

 

Ather drops a stone into the quiet IPO waters: Will it send a ripple?

 

Electric two-wheeler maker Ather Energy’s ₹2,981 crore initial public offering (IPO) will serve as a crucial test for India’s sluggish IPO market and startup listings. With market volatility stalling mainboard issuances for over two months, Ather’s offering has attracted sizeable attention. Backed by Tiger Global, the company raised ₹1,340 crore from 36 institutional investors through its anchor book. However, its shares carry only a modest 2 per cent grey market premium, signalling cautious retail sentiment. Ather has scaled back its IPO size and valuation to navigate challenging market conditions. With reported revenue of ₹1,580 crore for the first nine months of 2024-25, the company is valued at about 6x annualised sales. At the upper end of the price band, the company will have a market capitalisation of ₹12,000 crore.

 

Sebi turns the page: Trading paper trails for a paperless future

 

The Securities and Exchange Board of India (Sebi), based in Mumbai’s Bandra Kurla Complex, is set to overhaul its operations by adopting a fully digital ‘e-office’ system, according to sources. Visitors to Sebi’s premises may have noticed ‘trolleys of paper’ shuttling between departments and its two nearby buildings. Soon, this will become a thing of the past. The transition to a paperless system aims to streamline inter-departmental communication and information sharing, making processes faster and more efficient. An official observed that the move will eliminate the need for physical document transport. Sebi Chairman Tuhin Kanta Pandey, who took charge in March 2025, has made technological advancements a priority, continuing the legacy of his predecessor, who introduced artificial intelligence for processing and screening IPO applications.