Week in Review | August 4 to 8, 2026 | What Monday Inherits

$SBIN Monday through Wednesday belonged to bulls. Nifty surged 391 points on Monday as crude crashed on US-Iran peace signals, Bajaj Finance hit a 52-week high, and RBI delivered its expected hold at 5.25 per cent on Wednesday. Markets swung sharply post-RBI but managed to hold above 24,500. Then Thursday evening changed the narrative entirely. RBI released draft norms proposing that NBFCs be restricted to offering only term loans — effectively banning revolving credit products like flexi loans, overdraft facilities and credit lines, except for entities authorised to issue credit cards. Feedback window closes August 28. Friday's market delivered an immediate verdict. NBFC stocks tumbled sharply, with Bajaj Finance falling 5.5 per cent to Rs 1,086, erasing over Rs 33,500 crore in market cap in a single session — its worst single-day performance since the Q1 FY27 results week. Bajaj Finserv and Shriram Finance were also among the top Nifty losers. For the week of August 3 to 7, Nifty gained 2.50 per cent overall — but that headline number masks the violent intraweek rotation from financials to IT and back. Monday opens with two dominant themes. First, whether NBFCs can mount a relief rally if industry bodies push back on the draft norms over the weekend — the impact could be substantially mitigated if existing revolving credit facilities are grandfathered and new norms apply only to fresh loans. Second, whether Nifty IT can sustain its recovery momentum after gaining nearly 16 per cent through July alone. Technical setup: Nifty has sustained above the important zone of 24,200 and is showing bullish strength, with key reaction levels at 24,200 and 24,480.