Bitcoin trades flat near $89,000 amid subdued demand and institutional caution

Bitcoin trades flat near ,000 amid subdued demand and institutional caution

Bitcoin trades flat near $89,000 amid subdued demand and institutional caution

by Hansraj Agrawal | Jan 23, 2026 | Business

Bitcoin remained range-bound on January 23, hovering near the $89,000 level as thin liquidity and subdued investor participation continued to weigh on price action. The world’s largest cryptocurrency showed little directional momentum, signalling consolidation rather than a shift in market conviction.

According to Vikram Subburaj, CEO, Giottus, flows remain the main drag. US spot Bitcoin ETFs extended a run of net outflows on Thursday and Friday, pointing to institutional caution rather than panic selling. Short-term holder metrics remain near break-even, indicating that recent buyers continue to sell into rallies, limiting upside momentum.

On the other hand, Sathvik Vishwanath, co-founder and CEO of Unocoin, noted that globally, institutional participation has deepened. The success of Bitcoin spot ETFs has helped make crypto a credible investment for traditional finance, attracting interest from banks and asset managers. At the same time, decentralised finance (DeFi) has steadied after earlier excesses, with growing use of Layer-2 networks that are faster and cheaper. Another key trend is the tokenisation of real-world assets, where blockchain is being used to represent assets such as bonds and funds instead of purely speculative tokens.

“On the regulatory front, India’s Financial Intelligence Unit has enforced stricter AML and KYC norms, aligning the ecosystem with global compliance standards. Meanwhile, the industry is seeking clarity on the classification of virtual digital assets and rationalisation of the 1% TDS, with expectations that a more comprehensive framework could evolve through 2026. In this sense, the current phase may appear quiet on the surface, but it reflects an industry focused on credibility, regulation and long-term sustainability rather than short-term hype,” he said.

Alongside, Altcoins stayed under pressure. Ethereum, BNB, XRP, and Solana all underperformed Bitcoin earlier in the week, reflecting higher sensitivity to risk-off conditions. Smaller tokens showed sporadic moves, but these lacked follow-throughs, underscoring the absence of broad risk appetite.

Published on January 23, 2026

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Adani group stocks battered after US SEC seeks to email summons to top executives

by Hansraj Agrawal | Jan 23, 2026 | Business

Adani Enterprises, which ended 10.6 per cent lower, was also the top loser in the Nifty50 on Friday

Shares of Adani group companies were battered on Friday, falling 3.4-14.5 per cent, gouging out $12.5 billion from its market capitalisation, following reports that the US Securities and Exchange Commission had sought court approval to serve summons over email to founder Gautam Adani and his nephew Sagar Adani in an alleged wire fraud and bribery case worth $265 million.

Adani Green Energy saw the steepest fall at 14.5 per cent, sentiments in the stock worsened by a steep fall in its Q3 net profit due to a rise in costs.

Flagship Adani Enterprises, which ended 10.6 per cent lower, was also the top loser in the Nifty50 on Friday. Group firms Adani Ports fell 7.5 per cent, Adani Power and Adani Total Gas dropped 5.6 per cent each and Ambuja Cements fell 5.1 per cent.

Alleged fraud

The alleged fraud and bribery case was revealed in November 2024 when US authorities indicted top Adani officials, accusing them of offering bribes to secure solar energy contracts in India, even as the company concerned was raising money from American investors.

The US regulator has been trying to send summons to the Adanis in connection with the probe but has been unsuccessful so far.

According to reports, the US SEC told a court in Brooklyn it had been unable to get assistance from Indian authorities to send the summons and that it “does not expect service to be completed” through the current route and it should be allowed to email the summons to the Adanis.

The Adani group has consistently maintained that the allegations made by the US authorities are baseless and it would take all legal steps to defend itself.

Published on January 23, 2026

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India to import Brazilian crude oil, State-run BPCL to sign sourcing deal with Petrobras

by Hansraj Agrawal | Jan 23, 2026 | Business

Hardeep Singh Puri, Petroleum Minister
| Photo Credit:
bl-online Administrator

India’s state-run Bharat Petroleum Corporation Limited (BPCL) is set to sign a term contract to source 12 million barrels of crude oil from Brazil’s Petrobras, valued at about $780 million.

Speaking at a curtain-raiser event for India Energy Week (IEW) 2026, Union Minister for Petroleum and Natural Gas Hardeep Singh Puri said the agreement will be formalised at the upcoming IEW.

The contract is among the key commercial agreements expected to be concluded during the event.

Significantly, the development comes amid evolving global crude supply dynamics, including sanctions on Russia, geopolitical tensions in West Asia and recent developments involving Venezuela.

While India continues to import Russian crude, global supply flows are undergoing adjustments, leading refiners to widen sourcing options.

According to Puri, global energy markets remain stable despite geopolitical turbulence, adding that India does not foresee any shortage of crude oil supplies.

“Global energy markets are stable despite recent turmoil. Prices have stayed above around $60 even amid volatility,” Puri said.

According to him, India is currently sourcing crude oil from 41 geographies, compared with 27 regions earlier.

Besides, the minister noted that a larger share of global energy supplies is now flowing in from the Western Hemisphere, with incremental volumes coming from countries such as Brazil, Guyana and Suriname.

Pact with Shell

Apart from the BPCL–Petrobras contract, BPCL’s overseas arm, Bharat PetroResources Ltd (BPRL), will also sign a memorandum of understanding with Shell for potential collaboration and participation in global exploration opportunities.

Meanwhile, IEW 2026 will be held from January 27 to 30 in Goa. It will bring together ministers, global chief executive officers, policymakers and industry leaders.

Additionally, several business agreements are expected to be concluded during the week, including partnerships involving Oil and Natural Gas Corporation Ltd, Oil India Ltd, Numaligarh Refinery Ltd and TotalEnergies, covering areas such as liquefied natural gas sourcing and sustainable aviation fuel projects.

In another key development, two shipbuilding contracts are expected to be signed during India Energy Week 2026.

These include contracts involve Oil and Natural Gas Corporation, Japan’s Mitsui O.S.K. Lines, and South Korea’s Samsung Heavy Industries.

Furthermore, Prime Minister Narendra Modi is expected to hold a chief executive officer roundtable during the event, along with multiple country-specific engagements, including the India–Arab Energy Dialogue.

Separately, the minister referred to the government’s Samudra Manthan deepwater exploration mission, noting that offshore drilling activity remained near-zero between 2006 and 2016.

He said that the initiative aims to multiply exploration wells over the next decade.

Published on January 23, 2026

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IndusInd Bank returns back to black in Q3 with ₹128 crore PAT

by Hansraj Agrawal | Jan 23, 2026 | Business

Private sector lender IndusInd Bank returned back to profitability in Q3FY26, posting ₹128 crore profit after tax on Friday. The lender had reported a net loss of ₹437 crore in Q2FY26 as provisions soared in the previous quarter. On a year-on-year (y-o-y) basis, the bank’s net profit was down 91 per cent.

The bank’s net interest income (NII) rose 3 per cent sequentially but was down 13 per cent y-o-y in Q3 at ₹4,562 crore. Its other income also rose 3 per cent sequentially but was down 28 per cent on-year to ₹1,707 crore in Q3. Net interest margin, excluding one-offs, stood at 3.35 per cent in Q3 versus 3.32 per cent in last quarter. The lender expects NIM to remain range-bound in Q4.

Overall advances of the lender de-grew 13 per cent y-o-y to ₹3.17 lakh crore, while deposits fell 4 per cent on-year to ₹3.93 lakh crore. IndusInd Bank aims to grow its advances and deposits on par with the banking industry in FY27, and will grow its deposits at a faster pace than credit, MD & CEO Rajiv Anand told reporters in a post-earnings conference. He said the bank will focus on building its low-cost deposit base from hereon.

Gross slippages of the bank rose to ₹2,560 crore in Q3 from ₹2,537 crore last quarter. A chunk of slippages arose out of micro loan and vehicle finance book. Write-offs also increased to ₹2,612 crore in Q3 from ₹2,517 crore in Q2. Gross non-performing asset (GNPA) ratio of the bank stood at 3.56 per cent in Q3, 4 basis points (bps) lower on quarter, while net NPA ratio was flat sequentially at 1.04 per cent.

The bank said it has appointed Arijit Basu,former MD at SBI and former chairman of HDB Financial Services, as its new chairman in place of Sunil Mehta, who retires at the end of January. The banking regulator has approved a 3-year term for Basu. ENDS

Published on January 23, 2026

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Silver tops record 0/oz; gold and platinum soar to new highs

Silver tops record $100/oz; gold and platinum soar to new highs

by Hansraj Agrawal | Jan 23, 2026 | Business

Silver and gold rise to new highs in the futures market on the MCX.

Silver prices topped a record $100 an ounce on Friday to rise to as high as $100.22 before dropping to $99.70. Gold and platinum too zoomed to new highs, resuming their rally on Friday, as the dollar had its poorest week since May 2025, due to geopolitical crises and threats to the US Federal Reserve from the Donald Trump administration.

In India, gold rose to a new high, but silver ended short of Wednesday’s high in the Mumbai spot market. But both metals surged to new highs in the futures market on the MCX.

Gold, which surged to a new high of $4,967 an ounce early on Friday, was quoted at $4,945.70 at 1940 hours IST.

Gold February futures on the COMEX ruled at $4,944.25 an ounce.

In the Mumbai spot market, gold ended at ₹1,54,310 per 10 g, while on the MCX, February futures were at ₹1,56,991.

Silver ruled at $99.925 an ounce at 2125 hours, and March futures on the COMEX rose to $100.465 before easing to 100.09. In the Mumbai spot market, silver closed at ₹3,17,705 a kg, and on the MCX, March futures were ₹3,34,700.

At $110/oz in China

In China, silver March futures soard over $110 an ounce, ruling at 25,233 yuan a kg ($112 an ounce)

Platinum hit a record high of $2,700 an ounce as it gained with investors looking to it as the next best bet to gold and silver.

Renisha Chainani, head of research at Augmont, said sustained haven demand was aiding the precious metals complex.

Edelweiss Mutual fund said silver continues to enjoy strong, multi-sector demand—from jewellery and electronics to electric vehicles and solar energy.

Gold’s support

Chainani said the previous resistance for gold near $4,750 has now turned into a strong support zone. “As long as prices hold above this level, the upside target of $5,000 remains intact,” she said.

In silver, prices have corrected, but strong support continues. “As long as silver trades above the $90.5 level, the metal retains the potential to move higher towards the $99–100 range. Overall, dips are likely to attract buying interest rather than signal a trend reversal, she said.

Published on January 23, 2026

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Axis Bank places consumer lending arm's stake sale on hold, sources say

by Hansraj Agrawal | Jan 23, 2026 | Business

Axis Bank
has put on hold plans to sell a ‍stake in its consumer lending
arm, Axis Finance. after the central bank eased proposed
restrictions on overlapping business activities between banks
and their ‌subsidiaries, three sources familiar with the matter.

India’s third-largest lender initiated the stake sale
process in Axis Finance last year and appointed merchant
bankers, after the Reserve Bank of India in 2024 proposed draft
rules that barred banks from having overlapping businesses with
subsidiaries.

Morgan Stanley had been appointed as a banker to the deal.

However, following a pushback from the industry, the RBI
diluted its proposal in December 2025, permitting banks to
continue with potentially overlapping ⁠non-bank businesses while
ring-fencing them from banks’ main operations.

The rules in their original form could have forced large
banks, including HDFC Bank, ICICI Bank and
Axis Bank to either merge or divest non-bank ⁠lending
businesses held as subsidiaries.

The change in rules has prompted a rethink at Axis Bank, the
sources, directly familiar with the deal, said.

“Axis Finance is well-capitalised and does not need to rush
into ‌raising capital,” said one of the sources, who declined ‌to
be named.

An email sent to Axis Bank and to Morgan Stanley was not
answered.

Axis Finance, registered as a ‍non-bank finance company, is
set to submit a revised growth plan to the bank’s board in April
and will reevaluate its capital-raising needs ‍thereafter, the
person said.

A separate source, while not confirming that the deal is on
hold, said the bank will approach the regulator with options for
Axis Finance – including infusing fresh capital itself.

The deal to sell an initial 20% stake in the lender was
estimated to be worth $350 million to $400 million, according to
local media reports. Reuters could not independently confirm the
value of the deal.

Homegrown private equity fund Kedaara Capital ⁠was most
actively in discussions, the second of the three sources said.

A third source said the bids received were not lucrative
enough, which prompted the bank to pull back on the ⁠sale after
the recent change in regulations.

Axis Bank has invested 23.75 billion Indian rupees ($262.49
million) in Axis Finance over the past decade, according to the
company’s website. As of March 31, 2025, Axis Finance had assets
under management of 415.83 billion rupees.

Published on January 23, 2026

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