Street signs: Dow, Sensex paths diverge, new Sebi chief's 1st board meeting

The great decoupling: Dow and Sensex break ranks

 

The US market’s closing trends usually set the tone for Indian traders, but this link has weakened in recent months. Since September, domestic markets have lagged behind the US, weighed down by persistent foreign portfolio investor (FPI) selling. Lately, though, the pattern has reversed: the Dow Jones Industrial Average, which tracks 30 leading US blue chips, has fallen over 5 per cent this month amid uncertainty over President Donald Trump’s tariff policies and a looming government shutdown. Meanwhile, the Sensex is showing signs of stabilising after last month’s sharp selloff, with FPI outflows slowing as a weaker dollar offers some relief. 

 

Glacial pace for IPOs in mkt melt: Waiting for a thaw

 

Amid a sharp market downturn, companies are holding back on listings, leaving the mainboard without a single initial public offering (IPO) so far this month. If this continues, March 2025 will be the first month without an IPO since May 2023. In 2023, three months saw no IPOs, compared with two in 2022 and none in 2024. “Last year, a rising market supported IPO activity. This year, companies must wait for better conditions and adjust valuations and deal sizes to attract investors,” said an investment banker.

 

First whistle for Sebi’s new umpire: What’s the call?

 

The Securities and Exchange Board of India (Sebi) will hold its quarterly board meeting on March 24, the first under new Chairman Tuhin Kanta Pandey. Sources familiar with the matter say major policy changes are unlikely, but market watchers will be keen to see if Pandey restores the post-meeting press conference — a practice shelved for the past two quarters. The briefings were discontinued after allegations from Hindenburg Research and the Congress party stirred controversy around former chairperson Madhabi Puri Buch.