US stocks tumbled on Friday, with each ‌of the three major US indexes closing at their lowest levels in over seven months and the Dow confirming it was in correction territory as the month-long Middle East war continued to suppress ‌risk appetite.

ET Intelligence Group: In a fiscal year when finance sector indices struggled to deliver returns, newly-listed firms from the sector drove record fundraising in the primary market. Together, they raised ₹49,795 crore through initial public offerings (IPOs)-the highest annual tally for the sector in a decade, surpassing the ₹42,283 crore mobilized over the previous six years combined.

Financial services companies accounted for 28% of the ₹1.8 lakh crore raised by 109 mainboard firms in FY26, marking the strongest year ever both in terms of the number of issuances and total proceeds, which increased 9% year-on-year. The total sample covers companies listed between April 2025 and March 2026 across the NSE and BSE main boards.

The year’s two largest IPOs were from the finance sector: Tata Capital (₹15,512 crore) and HDB Financial Services (₹12,500 crore). They, together with ICICI Prudential AMC (₹10,603 crore) and Groww, or Billionbrains Garage Ventures, (₹6,632 crore), accounted for 26% of the total IPO mop-up.

This highlights the sector’s role in sustaining primary market momentum despite weak secondary market sentiment. The BSE Financial Services index slipped over 1% while the Sensex fell nearly 5% during the year, weighed down by concerns over the conflict in West Asia.

Apart from financial services, major sectors that raised IPO money in FY26 include consumer durables (₹17,522.9 crore), capital goods (₹10,740.3 crore), and fast-moving consumer goods (₹9,374.5 crore).

The other big IPOs during FY26 were by LG Electronics, which raised ₹11,607 crore, Lenskart Solutions (₹7,278.8 crore), and Meesho (₹5,421 crore). The top 10 IPOs collected ₹81,063 crore, forming 46% of the total IPO kitty in FY26. In FY25, the top 10 IPOs collected ₹92,680 crore or 57% of the total IPO sum of ₹1.6 lakh crore.

The Iran-related conflict has sparked a global energy crisis, impacting economies worldwide. In Thailand, fuel shortages cause long queues, rising costs, and disruptions to services like cremations, agriculture, and transportation. The crisis highlights how Middle East instability triggers ripple effects across global supply chains, leading to rising prices and economic strain beyond the region.

A Temple’s Role During Crises

This temple in suburban Bangkok has served as a vital support during emergencies, providing free cremation for around 1,300 bodies during the COVID-19 pandemic, offering relief to struggling families. However, current global conflicts threaten its capacity to continue this service, particularly because it relies on fuel for cremation processes. The ongoing war in Iran and the Gulf region has led to fuel shortages, with the tanker that previously delivered 2,000 liters weekly halting operations due to government subsidy cuts. This situation has also caused smaller fuel stations to shut down, exacerbating the supply crisis and limiting the temple’s ability to manage bodies efficiently.

Fuel Shortages and Societal Impact

Fuel scarcity has caused long lines at fuel stations, with people rushing to fill up amid fears of rising prices as government subsidies end. Farmers, especially rice growers, face disruptions during critical planting and harvesting periods, as they cannot secure enough diesel for machinery and water pumps. Ponzan Tajan, a farmer, had to stockpile fuel for days to operate her harvesting equipment but worries about water shortages for her crops come April, highlighting the widespread economic strain caused by the fuel crisis. The supply issues are creating a ripple effect across various sectors, emphasizing how interconnected resource shortages are with daily life and food security.

Broader geopolitical implications

The crisis is rooted in international tensions, with the war on Iran having far-reaching consequences. Ponzan recalls the impact of global politics on her community, noting how the conflict has led to fuel shortages and economic instability. She mentions her unfamiliarity with Donald Trump, but now she associates him with initiating a conflict that has destabilized the Middle East and disrupted supplies worldwide. As resource scarcity intensifies, it underscores the complex, global repercussions of regional conflicts and their influence on ordinary lives far beyond the original conflict zones.

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