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This edition captures a month shaped by surging US Treasury yields, renewed inflation fears, and persistent US-Iran tensions that kept crude oil volatile and global risk appetite fragile. We track a resilient Nasdaq and Nikkei, weaker DAX and FTSE, a stronger dollar, pressure on the rupee, and India’s declining forex reserves. Commodities remained equally eventful, with gold correcting, crude staying geopolitically driven, and rhodium emerging as a rare-metal story defined by tight supply and concentrated demand. In India, the Nifty 50 and IT index weakened sharply as FIIs sold, while domestic institutions continued to cushion the market. Beyond markets, this edition examines India’s industrial-production surge, Mankind Pharma’s distribution-led moat, IndiGrid’s annuity-like infrastructure model, and UPI’s growing role as India’s digital export. September was ultimately defined by higher capital costs, supply constraints, and selective resilience.
Co – Contributors: Kushagra Khetan | Ishan Jain
