In the closing days of a turbulent first half, India's capital markets offered a revealing portrait of confidence divided along class lines: institutional giants poured nearly thirty-one billion dollars into a one-billion-dollar offering from SBI Fund Management, while ordinary investors stood largely at the margins. The 41.6-times oversubscription — driven by a staggering 140-times institutional bid — arrives as India prepares for an even larger wave of public offerings from the National Stock Exchange and Jio Platforms, against a backdrop of war-driven energy shocks and a domestic market tha