Tale of the Tape 

Hi y’all. The weekend is here!

Markets pulled back in the final hour of trade to narrow their weekly losses. Midcaps and Smallcaps closed barely unchanged. The advance-decline ratio was split evenly.

Most sectors ended in the green but the gains were muted. Real Estate (+0.9%) and Pharma (+0.8%) saw healthy gains.

SEBI exposed Jane Street’s “strategy” to con Dalal Street. Check out our top story below for all the details.

Trent tanked -9% on disappointing Q1 business update. Zee came out swinging to defend its Rs 2,237 cr fundraise. More info below.

BPCL rallied +4% after global brokerage firm UBS said it sees a further +13% upside from current levels. 

Emcure Pharma (-2%) was under pressure after 45.5 lakh shares (2.4% equity) changed hands in a block deal. Reports indicate that Bain Capital is the seller. 

IGL and MGL rose +3% intraday after PNGRB approved pivotal reforms in natural gas pipeline tariff regulations. Here’s all the details

Paras Defence was locked in a 10% upper circuit after adjusting for a 1:2 stock split. 

Strong biz update. Marico hit a fresh 52-week high on bullish management commentary. PC Jewellers was locked in a 20% upper circuit. 

Crizac IPO got oversubscribed +65x on the final day. Grey market data indicates a +13% listing pop.

Market
Game Over!

SEBI just dropped the hammer on Jane Street Group, freezing nearly ₹5,000 crore in illicit gains and banning them from Indian markets. This is huge. But what exactly did they do and why should you care? Let's break it down. 🔨

Jane Street is a US-based trading powerhouse that made ₹43,289 crore in profits from index options trading in India between Jan 2023 and March 2025. That's not a typo. To put this in perspective, that's more than the annual revenue of most Nifty 500 companies. They were basically printing money in our markets. 💰

But here's where it gets messy. SEBI says Jane Street was using "unfair prop trading methods" - essentially gaming the system on weekly expiry days. Their playbook was simple but sneaky. They'd buy Bank Nifty stocks in the morning, sell Bank Nifty options, then dump the stocks in the afternoon. This would push the index down and make their options profitable. Rinse and repeat. 😤

They had three different strategies but all followed the same pattern: manipulate the underlying stocks to move the index in their favor, then cash in on their options positions. Over 21 trading days alone, this made them ₹4,843 crore in illegal profits. That's systematic market manipulation, not smart trading. 🚨

The red flags were everywhere. NSE even sent them a warning letter, but Jane Street just ignored it and kept doing the same thing. It's like your teacher catching you cheating, giving you a warning, and then you continue cheating anyway. Bold move, but not a smart one. 🚩

Now SEBI has frozen ₹4,843 crore of their alleged illegal gains and banned all Jane Street entities from trading in Indian markets. They've also told banks to freeze their accounts. This isn't just a slap on the wrist - this is SEBI going nuclear. 💣

I know what you're thinking: How does this affect regular investors like us? Well, when big players manipulate markets, it hurts everyone's confidence. Small investors lose trust, and that's bad for everyone. SEBI had to act fast to protect market integrity before things got worse. Let's see how this plays out. 👀

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Exclusive Promoter Interview

We’re back with another episode of IPO Express! In this edition, we sit down with Bikash Agrawal, Chief Strategy Office at Sambhv Steel Tubes, to dive into the company’s operations, growth plans, and 5-year vision. Watch the full interview below!