Derivatives Watch: Sebi is set to revise how settlement prices are set for stock and index futures after the Closing Auction Session triggered sharp price spikes and distortions, with a consultation paper expected soon. Trade & Tariffs: Piyush Goyal said India will finalise the India-US bilateral trade agreement only after the US offers preferential tariff terms versus competitors, as talks hinge on tariff advantage. Market Liquidity: India’s bond market may see more short-end borrowing as banks hold record rupee surplus liquidity, following big dollar inflows; the government is consulting on the H2 borrowing calendar. Energy & Industry: Aditya Birla Group’s UltraTech launches Ultravolt wires and cables with an INR 1,800 crore push, targeting top-2 scale in five years, while NLC India transfers 708.96 MW renewable assets (including a 4 MW green hydrogen project) to NLC India Renewables ahead of an INR 4,000 crore IPO. Climate Risk: WMO warns El Niño could intensify into a very strong event and persist through Feb 2027, raising risks of drought, floods and extreme heat for India. Corporate & Compliance: AAIB flagged “non-negative” psychoactive substance test for an Air India Phuket-Delhi pilot after a sudden altitude drop; DGCA action is expected based on the detailed probe. Retail Expansion: Apparel Group brings Carrefour to India with a flagship hypermarket in Greater Noida, signaling food and hypermarket scale-up.