9 FINANCEOUTLOOKINDIAJULY, 2026GOLD LOANS OVERTAKE VEHICLE LOANS AS TOP SECURITIZED ASSET CLASSDIIS OUTPACE FIIS WITH $9 BILLION NET INFLOW IN JUNESIX SME IPOS TO LIST TODAY, HIGHEST SINGLE-DAY TALLY IN CY26BSE-LISTED FIRMS' MARKET CAPITALIZATION HITS RECORD RS 482.31 LAKH CRIPO MARKET DEFIES SLUMP: RS 22,572 CR RAISED BY 27 FIRMS IN H1Gold loans emerged as India's largest securitized asset class in the April-June quarter of the current fiscal, overtaking vehicle loans in the country's securitisation market, according to a Crisil Ratings report released Monday. Securitization - the process through which lenders pool loans and sell them to investors to raise funds and free up capital for fresh lending - saw issuances jump 22% year-on-year to The combined market capitali-zation of all BSE-listed compa-nies touched a record high in rupee terms as of Monday's close, driven by a sustained stock market rally, easing geopolitical tensions, softer crude oil prices, and renewed foreign institutional investor (FII) buying.As of Monday's close, the total market cap of all BSE-listed firms stood at a record Rs 482.31 lakh crore, up 17% since the beginning of April. The previous record was set on January 2, meaning the current rally has now taken the market past its earlier peak. The BSE 250 Microcap Index has been the best performer with a record high on July 2 after gaining over 32% from the beginning of April. This rally has been by broad measure and not by a few large-cap stocks, analysts said. India's primary market showed notable resilience in the first half of CY2026, defying weakness in the broader equity market. Despite persistent foreign fund outflows, slowing corporate earnings, and heightened global uncertainty, companies continued to attract investor interest through fresh listings.Between January and June 2026, 27 companies collectively raised more than Rs 22,572 crore through initial public offerings (IPOs). Of these, 20 companies - nearly 74% - are currently trading above their issue price, signalling sustained appetite for quality IPOs even as secondary market sentiment remained under pressure. Domestic institutional investors (DIIs) were the biggest buyers in the Indian equity market in June, contributing to a significant $9 billion net inflow, while foreign institutional investors (FIIs) were net sellers, selling $3 billion worth of stocks, accroding to a report by JM Financial Institutional.The FII activity in the past 12 months has shown a significant difference between the market segments. FIIs pulled in net inflows of $8.1 billion in primary markets, where they are involved in fresh issuances such as IPOs, as they continue to show interest in new-age businesses and quality listings. The secondary markets, where already listed stocks are traded, saw massive FII net outflows of $49.3 billion. Dalal Street is set to witness the highest number of SME listings in a single day in CY26, with six companies making their stock market debut on Tuesday, July 7. The listings will surpass the previous record set on June 24, when four SME companies collectively raised Rs 252.55 crore.The companies debuting today are Kratikal Tech, Vinit Mobile, Sampark India Logistics, Seemax Resources, Atharva Polyplast, and Teja Engineering Industries, which together raised Rs 185.14 crore through their IPOs. Vinit Mobile and Teja Engineering Industries will list on NSE Emerge, while Kratikal Tech, Sampark India Logistics, Seemax Resources, and Atharva Polyplast will debut on the BSE SME platform. around Rs 60,000 crore during the quarter. The report noted that more than 98% of issuances were originated by non-banking financial companies (NBFCs), a sharp contrast to previous peak periods when banks also contributed meaningfully. Gold loans accounted for around 31% of overall securitization volume in Q1, overtaking vehicle loans, whose share moderated to roughly 26% due to fewer issuances by a large originator. "The robust volume indicates NBFCs ramped up recourse to securitisation for raising funds amid sustained credit demand and healthy investor appetite for securitised assets. Specifically, gold loan financiers saw strong portfolio growth and used the direct assignment (DA) route to source funds," said Deepanshu Singla, Director, Crisil Ratings.
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