DayStarter

The day at a glance

Market snapshot

Equities: Wednesday close

Indian equities opened weak as higher oil prices and soft global markets weighed on sentiment. Nifty opened 113 points lower at 23,522 after Brent crude moved above $100 per barrel. Selling took the index to around 23,475 to 23,480 near 10 AM. It then recovered to roughly 23,540 to 23,545 by 10:30 AM and remained choppy around 23,510 to 23,530 through the first half.

A stronger recovery after 12:30 PM pushed Nifty above 23,550 and close to an intraday high of 23,570, but the move did not hold. Selling returned in the final hour and continued into the closing auction. Nifty ended at 23,431.50, near the day low and around 90 points below its opening level.

Sectoral indices

Sector performance was mixed. Nifty Metal rose 1.79% and Nifty Energy rose 0.63%. The other ten sectoral indices closed lower. Nifty IT fell 3.24%, Nifty Realty fell 2.23%, and Nifty Service fell 1.23%.

Top gainers and losers: F&O universe

ADANIENT was the strongest F&O stock among the listed gainers, rising 5.13%. COFORGE was the biggest loser, falling 5.38%.

Commodities and currency

Crude oil was the main move in commodities. MCX crude oil futures rose 3.50% to 9,040. Gold rose 0.36% to 153,124 and silver rose 0.08% to 239,619. Base metals were mixed: zinc rose 0.49%, aluminium rose 0.44%, and copper fell 0.09%.

The rupee closed at 95.16 per US dollar, weakening 0.34% from 94.83. India’s 10-year government bond yield edged up to 6.95%, while the US 10-year Treasury yield moved to 4.80%. The dollar index, which tracks the US dollar against six major currencies, was at 98.84, up 0.05%.

Institutional flows

Foreign institutional investors were net sellers of ₹583 crore on 9 September. Domestic institutional investors were net buyers of ₹1,509 crore. Over the last five sessions, FIIs sold a net ₹5,884 crore while DIIs bought a net ₹17,333 crore.

Zerodha AfterMarket Report, 9 September 2026

The macro view

Oil, currency and the import bill

Brent crude crossed $100 per barrel for the first time in six weeks as the war in West Asia intensified and raised concerns about tighter oil supply. Brent rose as much as 2.8% to $100.70 on Wednesday, while West Texas Intermediate rose 2.92% to $95.75. Brent had last crossed $100 on 24 July.

This matters directly for India because the country imports about 90% of its crude oil needs. Bank of Baroda industry estimates suggest that a sustained $1 increase in crude prices can add about ₹18,000 crore to India’s annual import bill. A higher oil bill can increase inflation and fiscal pressure. The rupee also weakened past 95 per dollar as the rise in crude added pressure on the world’s third-largest oil importer.

Mint; Zerodha AfterMarket Report, 10 September 2026

Policy and infrastructure

• The Cabinet approved eight railway multitracking projects worth ₹20,804 crore across 31 districts in nine states. The projects will add around 1,196 km to the railway network and are targeted for completion by 2029-30. Five of the projects, worth ₹10,021 crore, are in Tamil Nadu, Andhra Pradesh, Karnataka and Telangana.
• Three of the approved railway projects are worth ₹10,783 crore and cover 655 km across West Bengal, Jharkhand, Odisha, Madhya Pradesh and Chhattisgarh. They are designed to reduce congestion on important freight and passenger routes. The largest of these three is the ₹6,528 crore Kharagpur-Jharsuguda fourth line. It will add capacity to the Howrah-Mumbai corridor, where utilisation has already crossed 118%.
• Together, the three projects are expected to add 26.69 MTPA of freight capacity, create more than 223 lakh human-days of employment, and reduce logistics costs by nearly ₹968 crore a year.
• The Department of Telecommunications is not expected to move ahead with a proposal to tax data usage. The department has cited technical implementation problems and concerns that such a tax could slow data consumption growth.
• India used 285 billion GB of mobile data in FY26, up 24.5% from 229 billion GB in FY25. Total mobile subscribers stood at 1.29 billion at the end of July, compared with 1.16 billion a year earlier. Against an FY26 revenue target of ₹1.1 trillion, DoT revenue was ₹79,533 crore at the end of December 2025. Full-year FY25 revenue was ₹84,794 crore.
• The Centre is rewriting rules for private highway developers. Under the proposed framework, termination compensation would become available once a build-operate-transfer project reaches at least 20% physical progress. Claims below ₹10 crore could also go to arbitration. Of 1,191 national highway projects awarded over the last five to six years and currently under construction, 629 have missed their original completion schedule. Their cumulative cost is more than ₹4.1 trillion.
• Niti Aayog is preparing the next generation of state electric-vehicle frameworks because policies in at least 10 states are due to expire in 2027. At present, 29 of India’s 36 states and Union Territories have dedicated EV policies.

Mint; Zerodha AfterMarket Report, 10 September 2026

Regulators, banking and liquidity

• The Insolvency and Bankruptcy Board of India cancelled the registrations of 207 insolvency professionals in the June quarter for failing to remain “fit and proper”. The number of registered insolvency professionals stood at 4,359 at the end of June.
• Sebi eased position limits for agricultural commodity derivatives. Client-level limits were doubled to 2% for broad commodities, 1% for narrow commodities and 0.5% for sensitive commodities. The limits will now be based on annual deliverable supply.
• Sebi proposed changes to the governance framework for market infrastructure institutions, citing the limited pool of candidates available to serve as public interest directors. Public comments are open until 30 September.
• Banks raised a record $127.22 billion through FCNR(B) deposits under the RBI foreign-exchange swap facility before it closed on 31 August. A similar 2013 scheme had raised $26 billion. Including offshore borrowings, the latest facility attracted $136.37 billion.
• System liquidity exceeded ₹10 trillion as of 8 September. This makes it harder for the RBI to absorb excess liquidity without disrupting the bond market.
• The RBI will add five currency pairs to its FX Retail platform: the euro, British pound, Swiss franc, Canadian dollar and Emirati dirham. Chief general manager Dimple Bhandia announced the move at the Global Fintech Fest.

Mint, 10 September 2026

BRICS ahead of the Delhi summit

• Brics+ accounted for 29.1% of global GDP in 2025, up from 19.7% in 2009 when the bloc was formed. China contributed 60.4% of the group total.
• Intra-bloc trade reached $1.2 trillion in 2025, up 72% since the bloc was formed. If both were rebased to 100 in 2009, Brics+ intra-trade had risen to 307 by 2025, compared with 210 for Southeast Asia.
• Brics+ accounted for 41.5% of India’s imports and 22.3% of its exports in 2025-26. India has free-trade agreements with only two members, the UAE and Indonesia.
• The US dollar share of New Development Bank project funding has fallen to below 60%. In China, 73.3% of NDB-financed projects are funded in yuan. In India, 57% are funded in rupees.
• India’s goods trade deficit with China was $112 billion in FY26, wider than about $99 billion in the previous fiscal year.

Mint, 10 September 2026

Corporate action and earnings

Domestic headlines

Adani Airports

Adani Enterprises’ airport unit will raise ₹9,825 crore of fresh equity from BlackRock-managed funds, Temasek, Premji Invest and Alpha Wave Global. The deal gives Adani Airport Holdings a pre-money valuation of around $18 billion, with the investors collectively acquiring about 5.54%. The capital will come in three tranches by July 2027, implying a post-money valuation of about $19 billion. This is the first time the operator of eight airports has raised external equity. Adani’s airport business reported FY26 total income of ₹13,081 crore, up 28% from ₹10,224 crore. EBITDA rose 55% to ₹5,394 crore and profit before tax was ₹1,427 crore. Debt stood at ₹29,746 crore as of March.

Coforge

Advent International, which owns 21.18% of Coforge, voted against extending O.P. Bhatt’s term as chairman. The proposal did not receive the required 75% support, forcing Bhatt to resign. Coforge shares fell 5.3% and were down as much as 8.67% intraday. The company appointed independent director Vivek Sharma as interim chairman until 1 January 2027. Sharma is a senior advisor to Advent, while public investors own 68.2% of Coforge.

Ola Electric

Ola Electric has spent at least ₹229 crore on developing electric three-wheelers. The programme is now expected to be completed between March 2027 and March 2028, compared with the earlier target of June 2025 to January 2026. Ola sold just under 200,000 electric scooters in FY26, around half the previous year’s volume. It reduced its store count from about 4,000 to roughly 700. Revenue fell by around half to ₹2,253 crore, while the loss narrowed to ₹1,833 crore from ₹2,276 crore.

Graphite India and HEG

Graphite India shares rose 15% and HEG also gained after US-based GrafTech announced an immediate minimum 30% increase in graphite electrode prices following a 51,000-tonne capacity reduction.

Steel Exchange India

Steel Exchange India signed a four-year memorandum of understanding with NMDC for long-term purchases of iron ore fines with 61% to 63%-plus iron content from NMDC’s upcoming Visakhapatnam facility.

NSE

NSE lowered its IPO price range to ₹1,700 to ₹1,785 from the earlier marketed range of ₹2,000 to ₹2,100. It may also reduce the stake on offer to around 5.5% from 6%. At the top end, the issue would raise around ₹24,300 crore, compared with Hyundai Motor India’s record ₹27,900 crore IPO. NSE would be valued at about ₹4.42 trillion, or roughly 43.4 times previous-year earnings, and would rank as the world’s eighth-largest listed exchange at $46.6 billion.

Rentomojo

Rentomojo’s ₹1,256 crore IPO was fully subscribed on the first day. Investors bid for 22.07 million shares against 21.77 million shares on offer, on a day when six public offerings opened.

Kotak Alternate Asset Managers

Kotak Alternate Asset Managers realised ₹1,650 crore from selling road developer HKR Roadways to Cube Highways and Infrastructure V. The investment generated a twofold return over five years.

Nexus Select Trust

Nexus Select Trust will buy a 100% stake in Galaxy Infra Creations, which owns a 516,000 sq. ft shopping mall and a 164-key Hyatt Regency hotel in Guwahati, for ₹1,600 crore.

M3M India

M3M India was the highest bidder for a 12.5-acre plot in Noida’s Sector 108 at ₹1,839 crore, more than double the ₹835 crore reserve price set by the Noida Authority.

BirlaNu

BirlaNu plans to invest close to ₹500 crore over the next two years. FY26 revenue was ₹3,730.4 crore, up 3.2% year-on-year, while losses widened to ₹120 crore from ₹33 crore.

RBL Bank

RBL Bank aims to raise around $500 million through its first US dollar bond sale. Initial price guidance is US Treasuries plus 150 basis points for a five-year issue.

Paytm

Paytm is entering enterprise artificial intelligence with Paytm Intelligence, or Pi. The business will deploy AI agents across sales, customer service and operations, initially for banks, smaller lenders and insurers in India and the UAE.

Hindustan Unilever

Hindustan Unilever will account for about 17% of Unilever revenue after the parent company merges its international foods business with McCormick. HUL shares touched a 52-week low of ₹1,936 on 9 September before closing at ₹1,942.

Hyundai Motor India

Hyundai Motor India plans a localised mass-market SUV on a dedicated EV platform. It will expand to 820 EV-ready sales and service touchpoints and 650 workshops by the end of FY27.

Air India

Air India is exiting seven smaller cities, including Coimbatore, Bhopal, Madurai and Tirupati, and handing those routes to Air India Express. Air India Express operated 46 domestic and 17 international stations with 474 daily flights in FY26.

Cairn India buyback case

The Supreme Court sent a ₹5.25 crore Sebi penalty case linked to Cairn India’s 2014 share buyback back to the Securities Appellate Tribunal. SAT has been asked to decide the fraud question within six months.

Xiaomi

The Serious Fraud Investigation Office recommended an investigation into Xiaomi over alleged irregularities in its business model and compliance with foreign investment law.

Virtual digital assets

Financial Intelligence Unit-India issued notices to 15 virtual digital asset service providers for non-compliance with anti-money laundering law and asked them to take down their applications and URLs.

Consumer laptops

Consumer laptop sales in India’s $6 billion market may fall by double digits in the July to September quarter. Overall sales are expected to decline 5%, as memory components now account for as much as 50% of a laptop’s bill of materials.

Mint; Zerodha AfterMarket Report, 10 September 2026

Upcoming events

• Bank unions will proceed with a nationwide strike on 11 September after conciliation talks with the government failed over the demand for a five-day banking week.
• NSE is expected to announce its official IPO price range this week and open the issue for subscription in the week beginning 14 September.
• The 18th Brics Summit will be held in New Delhi from 11 to 13 September, with leaders arriving from 10 September.
• The Supreme Court will review the government’s front-of-pack warning label plan for packaged food on Thursday, 10 September.

Corporate actions and earnings calendar

No dividend record dates, board meetings, bonus or split announcements, or scheduled results were published for this session. Verify these directly on the NSE and BSE portals or the Tijori App before acting on them.

Global pulse

Global benchmarks

Global markets were broadly lower. The Dow Jones fell 1.18% and the FTSE 100 fell 0.69%, while the Shanghai Composite rose 0.28%.

West Asia and energy

The conflict around the Strait of Hormuz intensified. Iran said it attacked 10 ships near the strait after the US sank five Iranian oil tankers. It was the biggest declared wave of retaliatory attacks on shipping by both sides since the six-month-old war began. Iran also said it fired ballistic missiles at a base used by US forces in Jordan. At least one seafarer on a tanker was reported killed and another was missing.

The Strait of Hormuz has been largely choked off by Iran. Before the war, the route carried about one-fifth of global oil. Brent crude moved above $100 per barrel for the first time since 24 July and reached a six-week high as supply concerns increased. Separately, a tanker carrying 2 million barrels of fuel oil caught fire after a drone strike in Iraqi waters. No casualties were reported among the 22 crew members.

Mint; Zerodha AfterMarket Report, 10 September 2026

Markets, rates and commodities

• US equity futures fell for a third straight session. S&P 500 and Dow futures were down around 0.5%, while Nasdaq 100 futures fell as much as 1%. Higher Treasury yields and oil prices weighed on sentiment.
• The US 10-year Treasury yield stayed around 4.8%. Higher yields increase borrowing costs and can put pressure on company margins and consumer demand. Markets were also waiting for key US inflation data.
• US mortgage rates reached their highest level in more than 14 months. The average 30-year fixed rate rose 6 basis points to 6.85% in the week ended 4 September, the highest since June 2025.
• Copper futures stayed close to record highs at around $6.75 per pound. Traders booked some profits, while prices remained supported by uncertainty over possible US tariffs on refined copper and tighter global mine supply.
• Argentina’s corn exports are expected to reach a record 10 million tonnes in August and September, more than three times normal volumes. The country produced a record 71.7 million tonne harvest, nearly 20% above the previous record.

Zerodha AfterMarket Report, 9 September 2026

Trade, technology and policy

• The US escalated its trade dispute with Canada by banning imports of whey proteins, certain rye whiskies and other liquors, malt beer, certain grape wines, non-alcoholic beer and motorcycles after Canada retaliated with tariffs. Washington also extended Section 338 tariffs to cheeses, animal hides, motorboats, certain aluminium and paper products, golf carts and mattresses. The tariff changes take effect in one week and the import bans in three weeks.
• Alphabet’s Google is investing €13 billion, or about $15.1 billion, in artificial-intelligence infrastructure in Finland. This is its largest European investment. The plan includes three new data centres and an expansion of its Hamina facility over two years.
• US security agencies accused DeepSeek, Moonshot AI, Alibaba, MiniMax, StepFun and Z.AI of extracting proprietary knowledge from American AI models at an industrial scale through distillation since at least 2024. China’s ministry of commerce called the accusations baseless. It said distillation is a common practice used by AI developers and threatened countermeasures.
• OpenAI published what it says is a solution to the Navier-Stokes existence and smoothness problem. The work used as many as 10,000 AI agents over about 88 hours and millions of dollars of computing resources.
• French startup Mistral AI raised €3 billion in fresh funding to develop advanced AI models and strengthen its position as a European alternative to US technology companies.

Mint; Zerodha AfterMarket Report, 10 September 2026

Management chatter

Verbatim remarks from named executives and policymakers in today’s sources.

Speaking at the Global Fintech Fest, Jain identified speed, concentration and opacity as three emerging concerns as technology changes finance. Automated systems can analyse information and start actions much faster than humans can respond.

Chaudhry spoke at the Global Fintech Fest 2026 after banks raised a record $127.22 billion through FCNR(B) deposits under the RBI swap facility. Most of these deposits were swapped into rupees.

Kakarla said the asset reconstruction industry has returned about ₹2.5 lakh crore to banks and NBFCs through recoveries over 25 years. His own firm has accounted for more than ₹30,000 crore of this amount.

Fernandez spoke at the Barclays Global Consumer Staples Conference in Boston. Emerging markets account for 62% of Unilever revenue.

Feature: Ola Electric, Two Years After the Bell

India’s first pure-electric listing has lost three quarters of its value. The company is now betting its recovery on the dealer network it was originally built to avoid.

The debut

Ola Electric Mobility listed on 9 August 2024 at ₹76 a share, becoming the first pure electric-vehicle company in India to list. The debut was flat, but the stock then moved sharply higher. Two consecutive 20% upper circuits took it above ₹100 within days. On 20 August 2024, it reached ₹157.40, giving the company a market value of close to ₹65,000 crore. At the time, Ola was India’s leading electric two-wheeler brand, with roughly 35% of retail market share in FY24.

On 9 September 2026, the stock closed at ₹37.30. It was down about 37% over the previous twelve months and roughly 76% below its post-listing high. Market capitalisation was near ₹17,259 crore. The all-time low of ₹22.25 was recorded on 16 March 2026.

What the IPO was priced on

The investment case was built on two main ideas. The first was vertical integration. Ola planned to make battery cells, motors and vehicle frames in-house at the Futurefactory. The second was a direct-to-consumer retail model inspired by Tesla, using company-owned experience centres, app-based service bookings and no dealer margins.

Ola expanded this network from around 800 stores in March 2024 to about 4,000 by December 2024, with a strong push into Tier-2 and Tier-3 towns. The retail network grew faster than the company’s service capacity.

Where it broke

Service problems appeared first. Between September 2023 and August 2024, the National Consumer Helpline recorded 9,948 complaints against Ola. These covered delayed deliveries, faulty vehicles, misleading advertising and poor after-sales service. In October 2024, the Central Consumer Protection Authority issued a show-cause notice and later ordered a formal investigation after Ola’s claim that it had resolved 99.1% of complaints did not pass cross-verification. HSBC analysts visiting service centres around the same period found many of them overwhelmed and understaffed.

Compliance problems followed. A Bloomberg investigation found that, of roughly 3,400 Ola showrooms for which data was available, only about 100 held the trade certificates required under India’s Motor Vehicles Act to display, sell or offer test rides on unregistered two-wheelers. Transport authorities in several states conducted raids, seized vehicles, issued show-cause notices and closed outlets. In Maharashtra alone, 121 experience centres were reportedly found without valid certificates and were told to shut.

Vehicle registrations then became another problem. Because Ola did not use dealers, it handled registrations itself through Rosmerta Digital Services and Shimnit India from December 2021. In February 2025, Ola tried to renegotiate those contracts to cut costs. The company told stock exchanges that the change would only temporarily affect VAHAN registration data. However, deliveries that had taken about a week stretched to nearly a month. Ola reported selling 25,000 scooters in February 2025, while VAHAN registrations for the month were close to one-third of that number. The Ministry of Heavy Industries and the road transport ministry both sent formal queries.

Sales then fell sharply. FADA retail data shows Ola’s sales dropped more than 50% to 1.99 lakh units in calendar 2025 from a peak of 4.07 lakh units in 2024. Retail market share fell from about 35% in FY24 to 30% in FY25 and 12% in FY26. It averaged 8% from April to July of FY27. TVS Motor, Bajaj Auto, Hero MotoCorp and Ather Energy all grew over the same period. TVS and Bajaj together now hold more than half the market, while both Ather and Hero rank above Ola.

The financial picture

The third quarter of FY26 was the weakest point. Revenue was ₹470 crore, down 55% year-on-year. Deliveries fell 61% to 32,680 units, and the company reported a net loss of ₹487 crore. In February 2026, Emkay Global cut the stock to Sell with a ₹20 target, explicitly citing doubts about survival. Citi also moved to Sell, with a ₹27 target. The stock reached its low the following month.

The first quarter of FY27 showed some sequential improvement after the FY26 operational reset. Deliveries nearly doubled from the previous quarter to 39,192 units. Orders rose from 22,522 to 44,071. Revenue from operations increased 72% quarter-on-quarter to ₹455 crore. Gross margin stayed at 30.5%. Operating expenses fell 22%, and adjusted EBITDA improved from negative ₹326 crore to negative ₹195 crore. Loss before tax narrowed to ₹336 crore. Market share rose from 5.1% to 8.4%, while the broader electric two-wheeler market grew 17%.

The improvement was from a weak base. Revenue was still down 45% year-on-year, marking the seventh consecutive quarterly decline, and the company relied heavily on discounting. Average selling price fell to ₹1.14 lakh from ₹1.31 lakh in Q4 FY26 and ₹1.21 lakh a year earlier. Operating cash flow turned negative at ₹215 crore, compared with positive ₹91 crore in the January to March quarter. Ola had roughly ₹2,763 crore of debt and ₹709 crore of cash.

The pivot

On 4 September 2026, after five years of following a direct sales model, Ola opened its first nine dealer-operated stores in Latur, Bahraich, Jaipur, Hanumakonda, Neemuch, Aligarh, Pudukkottai, Chhindwara and Gadarwara. The locations are mostly outside major metros. The company wants more than 500 dealerships over the next couple of quarters. Company-owned stores will reduce in number, while dealer stores are expected to become, in chairman and managing director Bhavish Aggarwal’s words, “the backbone for volumes, transactions and service.”

Aggarwal told analysts on the Q1 call that dealers had wanted to join Ola almost since the company started five years ago. He said using dealerships earlier would have slowed growth because dealers were not yet confident about EVs.

On the same day, Ola’s board approved a fundraise of up to ₹1,500 crore through equity shares or convertible securities, subject to shareholder and regulatory approvals. This came three months after a ₹780 crore QIP in June. The QIP allotted about 21.76 crore shares at ₹35.86 each and was oversubscribed 56%. Authorised share capital was increased to ₹8,721.87 crore from ₹8,318.50 crore. Chief operating officer Hyun Shik Park also resigned that day, citing personal reasons.

The case against the timing

Sales had already been falling for roughly a year before the dealer network opened. Dealers are now taking over a customer base whose service complaints built up while Ola controlled the retail network. That means dealers will have to deal with some of that existing frustration directly.

Electric two-wheeler dealers typically earn commissions of around 10% to 12%, close to twice the rate for internal combustion engine dealers. Traditional dealers earn a larger share of lifetime revenue from servicing, while EVs generate less service income. This makes it harder to sign and retain strong dealers when brand confidence is weak and cash is tight.

Senior management turnover has also been high over the company’s five-year history, with several leadership roles changing in quick succession. Park’s resignation on the same day as approval for another potentially dilutive fundraise adds to that concern.

What would change the story

The feature identifies four markers to track: market share staying above 10% for three consecutive months; the 500 dealer stores generating actual sales rather than only being signed; the automotive business reaching adjusted EBITDA breakeven; and four consecutive quarters without another dilutive capital raise.

A return from ₹37.30 to the August 2024 high of ₹157.40 would require the stock to rise to more than four times its current price, and the company now has more shares outstanding than it did then. Over the next 12 to 24 months, the larger risk is that the loss of market share becomes structural rather than temporary, while the two largest competitors continue to grow from a stronger base and Ola tries to win customers back through its new dealer network.

Sources for the feature

The Core (8 September 2026); Business Standard; Entrackr; YourStory; TechCrunch; Screener.in; and Ola Electric Mobility Ltd exchange filings and quarterly disclosures. Market data is as of the close on 9 September 2026.

Closing note

Market data: Zerodha AfterMarket Report, 9 September 2026 close. Macro, corporate and global: Mint Mumbai print edition, 10 September 2026. Feature: externally sourced material as credited in the section. This is a news aggregation brief. It carries no analysis, opinion or investment advice.