Namaskar,

Welcome to the very first Chai & Charts. Every Saturday, we'll sum up what happened in the markets during the week, explain why it matters, and cover one money concept worth knowing. It should take about as long as a cup of chai.

This week had a lot going on: multi-year highs in global bond yields, crude oil around $100, the rupee near its weakest level ever, and India's biggest stock exchange listing on itself. The Nifty also ended lower for a seventh straight week. Let's get into it.

Nifty 50, daily change (%)

1. Global bond yields hit multi-year highs

On 16 September, the US Federal Reserve raised its policy rate by 0.25 percentage points, to a range of 3.75–4.00%, saying inflation "remains elevated". On Thursday, the US 10-year government bond yield rose to about 5.15%, its highest level since 2007. When "safe" US bonds pay that much, some global money moves out of emerging markets such as India. India's own 10-year government bond yield rose to about 7.09% on Thursday.

2. Crude oil and the rupee

Brent crude traded between roughly $99 and $106 a barrel this week, moving up and down with news on the US–Iran conflict and peace talks. India imports most of its oil, so expensive crude puts pressure on the rupee. On Thursday the rupee weakened past 95.9 per US dollar, close to its weakest level ever. It recovered to about 95.80 on Friday (provisional close).

3. Foreign investors sold, domestic investors kept investing

Foreign portfolio investors (FPIs) took out ₹20,974 crore from Indian equities in September up to the 18th. Their total withdrawals so far in 2026 are about ₹2.45 lakh crore. On Thursday alone, they sold a net ₹5,027 crore (provisional exchange data). Indian households, meanwhile, kept investing: monthly SIP contributions reached a record ₹32,297 crore in August (AMFI). Regular domestic flows like these have helped cushion Indian markets during periods of foreign selling.

SEBI board meeting (24 September)

• PMS rules overhauled: Portfolio managers can now invest in more types of assets, including IPOs, certain foreign securities, and (within limits) unlisted investment-grade debt.
• New "PRIM" route: Portfolio managers get a new way to build mutual fund portfolios for clients. It needs a minimum of ₹25 lakh, and fees are capped at 1% a year.
• A single advertisement code replaces the separate sets of rules, and allows celebrity endorsements with safeguards.
• Faster settlement of regulatory cases, including a fast-track route for smaller matters.

IRDAI proposes changes to insurance distribution

The insurance regulator has released a consultation paper. These are proposals, not final rules, and public comments are open until 25 October 2026. Proposals aimed at protecting policyholders include:

• Recording why each policy is suitable for the customer who buys it
• Linking every policy to the person who sold it
• Recovering commission when a policy is found to be mis-sold
• Showing product and pricing information before asking for personal details
• Limits on commissions and insurers' expenses, set by product type and sales channel

Shares of insurance companies and insurance distributors swung sharply after the announcement.

Weeks like this can be unsettling, with rising yields, an oil shock, and a weaker rupee all happening together. A few timeless points are worth keeping in mind:

• Headlines move prices faster than they change fundamentals. One day can wipe out a week of gains, but long-term goals are measured in years.
• Asset allocation matters most at times like these. A mix of equity, debt and gold that suits your goals and risk profile is meant to soften exactly this kind of week.
• Decisions made in a panic are rarely the best ones. If this week's news has made you uneasy, that's a good reason to talk it through with us before making any change.

Why does "bond yields rise" make news? Because bond prices and bond yields move in opposite directions, like two ends of a see-saw.

Say you own a bond that pays 7% a year. If newly issued bonds start paying 7.5%, fewer people want your 7% bond, so its price falls until its effective yield matches the new market rate. When market yields fall, the opposite happens and existing bonds become more valuable.

That's all for this week. If you'd like to talk about anything here, just reply to this email or message us on WhatsApp. And if a friend or family member would find this useful, please forward it to them.

Warm regards,

Aniruddha Samdani
Aniruddha Samdani Finserv
AMFI-registered Mutual Fund Distributor · ARN-66087
www.asfinserv.co

Data sources: NSE and BSE closing data (via Business Standard / PTI); US Federal Reserve FOMC statement (16 Sep 2026); rupee closing rates and FII daily data (PTI, provisional); FPI flow data (depositories, via Business Standard, 20 Sep 2026); AMFI monthly data (August 2026); SEBI board meeting outcome (24 Sep 2026); IRDAI consultation paper (Sep 2026); RBI MPC schedule for FY2026-27. All figures are as of the dates mentioned and may be revised by the source.

Disclaimer: This newsletter is for general information and investor education only. It is not investment, tax or legal advice, and it does not recommend buying, selling or holding any security, mutual fund scheme or insurance product. Views on markets are general and do not take into account any individual's objectives, financial situation or needs. Aniruddha Samdani Finserv is an AMFI-registered Mutual Fund Distributor (ARN-66087) and may earn commission on mutual fund investments made through it. Please consult your tax consultant/CA on tax matters.

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