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Sensex, Nifty Closed Today; SEBI Clears 8 IPOs, Citi Raises Nifty Target to 28,000

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Indian equity markets, including the NSE and BSE, are closed today, November 10, 2026, on account of Diwali-Balipratipada, with trading set to resume on Wednesday. Amid the market holiday, significant developments include SEBI clearing eight initial public offerings (IPOs), featuring prominent names like Mahanadi Coalfields and fintech major Razorpay, signaling a robust pipeline for the primary market. Concurrently, global brokerage Citi has turned more bullish on Indian equities, raising its Nifty 50 target to 28,000 by December 2027, driven by strong earnings growth and easing oil prices.

Key highlights

• Indian Stock Market: Closed today, November 10, 2026, for Diwali-Balipratipada; trading resumes Wednesday.
• SEBI IPO Clearances: Regulator approves 8 IPOs, including Mahanadi Coalfields, Veritas Finance, Razorpay, and MakeMyTrip's India unit.
• Nifty 50 Target: Citi raises its Nifty 50 target to 28,000 by December 2027, citing strong earnings and lower crude oil prices.
• MobiKwik Subsidiary: MFSPL, a wholly-owned arm of MobiKwik, secures final NBFC registration from the Reserve Bank of India.
• Tamilnad Mercantile Bank: To open two new branches on November 11, 2026, in Andhra Pradesh and Tamil Nadu, expanding its network.

SEBI Clears 8 IPOs, Boosts Primary Market Outlook

The Securities and Exchange Board of India (SEBI) has given its nod to eight initial public offerings (IPOs), signaling a bustling pipeline for India's primary market. This development, announced today, includes clearances for state-owned Mahanadi Coalfields, non-banking financial company Veritas Finance, fintech giant Razorpay, and the Indian subsidiary of travel major MakeMyTrip. Other companies receiving regulatory observations include defence technology player Sagar Defence Engineering, Encube Ethicals, Arjun Jewellers, and IFL Finance.

The proposed public issues vary in size and structure. Mahanadi Coalfields, a subsidiary of Coal India, plans a $1 billion IPO through a 10% stake sale, which could value the coal producer at around $10 billion. This offer will be entirely an Offer For Sale (OFS), meaning the proceeds will go to Coal India, not Mahanadi Coalfields for fresh capital. Fintech major Razorpay's IPO is reportedly expected to be in the range of ₹5,000-6,000 crore, targeting a valuation of approximately $5 billion. The company had submitted its draft IPO papers confidentially in June.

For companies like Arjun Jewellers, the IPO will comprise a fresh issue of equity shares worth ₹200 crore, with no OFS component, aimed at meeting business and funding requirements. Similarly, IFL Finance plans a combination of a fresh issue and an OFS, with fresh issue proceeds intended to strengthen its Tier-I capital base and support lending activities. This wave of approvals underscores growing investor confidence in India's economic trajectory and provides diverse investment opportunities across sectors ranging from coal mining and financial services to fintech and defence. The clearances set the stage for these companies to tap public markets, with some expected to launch their offerings in the coming weeks.

Citi Raises Nifty Target to 28,000, Cites Strong Earnings and Lower Oil

Global brokerage firm Citi has significantly upgraded its outlook for the Indian equity market, raising its Nifty 50 target to 28,000 by December 2027. This revised target implies an upside of approximately 12% from current levels, reflecting a more bullish stance on India's economic fundamentals and market dynamics. Citi's optimistic forecast is underpinned by several key factors, including robust corporate earnings growth, a more favorable crude oil price environment, and a potential shift in global investment flows away from crowded AI-driven trades.

The brokerage highlights that corporate earnings trends remained strong in the second quarter of the fiscal year, building on positive momentum from the first quarter despite earlier elevated commodity prices. Both Citi and broader market consensus estimates project an annual earnings growth of around 15-16% for Indian companies between FY26 and FY28. This sustained earnings performance is seen as a crucial driver for market appreciation.

Furthermore, Citi emphasized the positive impact of lower crude oil prices on India's economic outlook. The report estimates that a $10 per barrel decline in oil prices could reduce India's current account deficit by 30-40 basis points and ease inflation by approximately 50 basis points. Such a scenario would improve macroeconomic stability and boost corporate profitability. The brokerage also anticipates a more measured pace of AI-related capital expenditure globally, potentially leading to a diversification of investment flows into non-AI assets, which could benefit Indian equities. Citi suggests that a 100-basis-point increase in India's active weight in global emerging market portfolios could attract around $12 billion in foreign inflows.

More stocks and market news

MobiKwik Arm Secures RBI NBFC License

MobiKwik Financial Services Private Limited (MFSPL), a wholly-owned subsidiary of One MobiKwik Systems Limited, has received the final Certificate of Registration (CoR) from the Reserve Bank of India (RBI) to operate as a Non-Banking Financial Company (NBFC). This regulatory approval marks a significant milestone for MobiKwik, enabling its financial services arm to expand its lending operations and offer a broader range of financial products. The NBFC license will allow MFSPL to strengthen its position in the digital lending space, potentially enhancing its revenue streams and market reach within India's growing fintech ecosystem.

Tamilnad Mercantile Bank to Expand Branch Network

Tamilnad Mercantile Bank (TMB) is set to expand its physical presence with the inauguration of two new retail branches on November 11, 2026. The new branches will be located in Adoni, Andhra Pradesh, and Thoothukudi Anna Nagar, Tamil Nadu. This strategic expansion aims to bolster the bank's deposit gathering capabilities in high-growth commercial hubs and deepen its market dominance in its home state while scaling semi-urban reach in Andhra Pradesh. The move aligns with TMB's focus on sustained credit growth in the retail, agriculture, and MSME sectors, reinforcing its operational execution following strong Q2 FY27 business metrics.

SEBI Implements New Settlement Regulations 2026

The Securities and Exchange Board of India (SEBI) has brought into force the SEBI (Settlement of Administrative and Civil Proceedings) Regulations, 2026, effective from November 7, 2026. These new regulations aim to streamline and facilitate the settlement of eligible administrative and civil proceedings through a structured process. To assist applicants, SEBI has launched an online application portal, a settlement amount calculator, a comprehensive FAQ document, and a dedicated helpdesk. This initiative is part of SEBI's broader digital push to make regulatory processes more accessible and efficient for market participants.

Market context

Indian equity markets are closed today, November 10, 2026, for Diwali-Balipratipada. On Monday, November 9, the Sensex closed 107.25 points higher at 81,106.65, while the Nifty 50 gained 58.25 points to settle at 25,044.65. Trading will resume on Wednesday, November 11. Global markets will be watched for cues, particularly developments related to crude oil prices and broader economic sentiment, which could influence Indian markets upon reopening.

Why these stories matter

The clearance of eight IPOs by SEBI is a strong indicator of a healthy primary market and investor appetite, providing fresh avenues for capital raising and investment. Citi's upgraded Nifty target reflects growing confidence from global brokerages in India's macroeconomic stability and corporate earnings trajectory, potentially attracting further foreign institutional investment. The RBI's NBFC approval for MobiKwik's arm signals regulatory support for fintech expansion, while Tamilnad Mercantile Bank's branch expansion highlights growth in traditional banking. SEBI's new settlement regulations aim to enhance regulatory efficiency and transparency, fostering a more predictable market environment.

What to watch next

• IPO Launches: Monitor the official launch dates and price bands for the newly cleared IPOs, especially Mahanadi Coalfields and Razorpay.
• Global Market Cues: Observe global market performance, crude oil price movements, and FII flows when Indian markets reopen on Wednesday.
• Company Earnings: Track Q2 FY27 results from companies like Kalyan Jewellers and MRF, which are scheduled to announce today.
• Regulatory Updates: Watch for further clarifications or operational details regarding SEBI's new settlement regulations.

Sources

• AffairsCloud: MobiKwik's Arm MFSPL Secures RBI Approval to Operate as NBFC
• Livemint: Upcoming IPOs: SEBI clears 8 issues, including Mahanadi Coalfields, Veritas Finance and Sagar Defence; details here
• Awaz The Voice: India's Nifty could rise to 28,000 by Dec 2027: Citi
• Sahi: Tamilnad Mercantile Bank to open 2 new branches on Nov 11, 2026
• CACLUbIndia: SEBI Implements New Settlement Regulations 2026: Check Application Process, Fees and Deadlines

FAQ

1. Why are Indian stock markets closed today, November 10, 2026?

Indian stock markets (NSE and BSE) are closed today, November 10, 2026, on account of Diwali-Balipratipada, a public holiday. Trading will resume on Wednesday, November 11, 2026.

2. Which major IPOs has SEBI recently cleared?

SEBI has recently cleared eight IPOs, including those of Mahanadi Coalfields, Veritas Finance, fintech major Razorpay, and MakeMyTrip's Indian subsidiary. This indicates a strong pipeline for upcoming public offerings.

3. What is Citi's new target for the Nifty 50?

Global brokerage Citi has raised its Nifty 50 target to 28,000 by December 2027. This upgrade is based on expectations of strong corporate earnings, lower crude oil prices, and a potential shift in global investment flows.

4. Has MobiKwik's financial services arm received regulatory approval?

Yes, MobiKwik Financial Services Private Limited (MFSPL), a subsidiary of MobiKwik, has secured the final Certificate of Registration (CoR) from the RBI to operate as a Non-Banking Financial Company (NBFC).

5. What are the key features of SEBI's new settlement regulations?

SEBI's new Settlement Regulations, 2026, effective November 7, 2026, aim to streamline administrative and civil proceedings. Key features include an online application portal, a settlement amount calculator, FAQs, and a dedicated helpdesk to facilitate the process.

Disclaimer: This article is for educational purposes only. It does not constitute investment advice. Please consult a SEBI-registered financial advisor before making investment decisions.