DayStarter

The day at a glance

Market snapshot

Equities and sectors

Indian equities moved up in a volatile session. The Nifty 50 opened 23 points higher at 23,352, rose to 23,410 in the opening minutes, then slipped back towards 23,350. It recovered above 23,400 by around 10:30 AM and touched about 23,465 shortly after noon. The index closed at 23,446.80, up 0.5% for the day and nearly 95 points above its opening level.

The Sensex closed at 74,828.25, up 0.40% from 74,529.08. During the day, it moved between 74,599.88 and 74,973.74.

Smaller companies did better than the large-cap index. The Microcap 250 rose 1.3%, the Next 50 0.9%, the Smallcap 250 0.8%, the Midcap 150 0.6% and the Nifty 500 0.6%. Over the past 20 sessions, the Nifty 50 is down 3.6%, while the Microcap 250 is up 1.9%.

The trend picture remains mixed. The Nifty 50 closed below its 20-, 50-, 100- and 200-day moving averages by 0.9%, 2.4%, 2.0% and 4.1% respectively. The Microcap 250 closed above all four moving averages by 1.6%, 3.2%, 7.0% and 15.0%.

Most sectors also ended higher. Twelve of the 15 tracked sector indices gained. Metal led with a 2.4% rise, while IT fell 0.9%. Nifty Bank rose 0.6%, PSU Bank gained 1.1% and Private Bank rose 0.3%. Pharma and Healthcare remain the strongest longer-term leaders, while Private Banks and PSU Banks are improving over shorter periods.

Pharma, Healthcare, Metal and Media closed above their 20-, 50-, 100- and 200-day moving averages. IT remained 10.7% below its 200-day average, while FMCG was 7.4% below.

Winners and losers

Whirlpool of India rose 20.0% on 24 times its usual volume, while Elecon Engineering rose 10.95% on 58 times normal volume. Among F&O stocks, Steel Authority of India rose 6.6%, PB Fintech 4.5% and Bandhan Bank 3.6%. Financial Services names were prominent among the gainers. Inox Wind fell 3.7% and Ather Energy 2.9%, making them the largest F&O decliners in the list. Jindal Supreme listed at ₹121.90 on BSE and ₹120 on NSE, around 31% above its ₹93 issue price, and closed at ₹128.

Commodities and currency

MCX gold futures fell 0.37% to 152,151 and silver fell 0.84% to 237,876. Crude oil futures slipped 0.32% to 8,615, while natural gas rose 3.12% to 291.30. Base metals also moved lower: zinc fell 0.18% to 433.30, copper 0.22% to 1,412.10 and aluminium 0.13% to 347.80.

• Global crude: Brent rose 1.3% to $100.58 and WTI rose 0.7% to $91.17, a mild recovery from their lowest levels in more than two weeks. Diesel refining margins reached a record high amid possible US export restrictions.
• Rupee: The rupee closed at ₹95.73 per dollar, weaker by ₹0.10. The euro was at ₹109.22 and the pound at ₹127.16.
• Dollar: The dollar index rose 0.36% to 100.92, its strongest level in almost two months. The euro fell to $1.1405 and sterling to $1.3273.
• Bond yields: India's 10-year government bond yield was around 7%, about 2 percentage points above the US 10-year yield, which was near 5%. The gap has narrowed from around 250 basis points in early February.
• Liquidity: The RBI absorbed ₹75,026 crore through an overnight variable rate reverse repo auction at 5.24%. System liquidity was in surplus by around ₹4.45 lakh crore as of 22 September.

Institutional flows

Foreign investors remain heavily short in index futures. Only 10.7% of their positions were long, meaning they were more short than on 96% of trading days since 2016. Retail traders were more long than on 100% of days since 2016. Domestic institutions were 59% long and brokers' proprietary desks were 73% long.

Foreign portfolio investors turned net sellers in equities after two months of net buying. Net FPI investment for 1 to 23 September was negative ₹19,828 crore, based on CMIE data.

The macro view

Growth forecasts

Several agencies raised their India growth forecasts for FY27. S&P Global Ratings increased its estimate to 7.0% from 6.6%. Fitch raised its forecast to 6.9% from 6.4%. Moody's had already raised its estimate to 7.0% from 6.0% last week. The OECD increased its FY27 forecast to 7.1% from 6.3% and expects growth to slow to 6.5% in FY28.

The Asian Development Bank also raised its FY27 GDP forecast to 7.0% from 6.6%. It cited stronger-than-expected first-quarter growth of 7.8%, robust investment, resilient consumption and strength in manufacturing and services. ADB slightly reduced its forecast for the next fiscal year to 7.1% from 7.3%. S&P also noted that cumulative rainfall was 15% below normal up to 9 September.

High-frequency indicators

• The HSBC Flash India PMI Composite Output Index rose to 56.5 in September from 54.3 in August, a three-month high. Growth in export orders slowed.
• The Flash Manufacturing PMI rose to a seven-month high of 55.7 from 52.8 in August. The Flash Services PMI increased to 55.8 from 54.1.
• India remained first in Mint's Emerging Markets Tracker with a composite score of 72.9, ahead of Vietnam at 66.9 and Malaysia at 64.5.
• In August, export growth rose to 26% and retail inflation to 4.8%, which was 80 basis points above the RBI's 4% medium-term target. The rupee appreciated 0.4% month-on-month and market capitalisation rose 2.7%.
• The Indian crude basket averaged $114.8 per barrel in September compared with $90 in August. Kharif sowing was 1.5% lower year-on-year up to 18 September, while rainfall was 23% below normal up to 16 September.
• Several economists expect the RBI to begin raising rates as early as next month. Cumulative rate increases are expected to reach 100 basis points by next year, while FY27 GDP growth is expected at 7.0% to 7.3%.
• India's port volumes rose 7% year-on-year in August. Global container freight rates were 132% above February levels.

Policy and regulation

Insurance and financial markets

• Expenses of management: Irdai proposed tighter Expenses of Management limits. Life insurers would have to reduce expenses to 15% of premiums within two years and 12.5% within five years. General insurers would have limits of 25% and 20% over the same periods.
• Commission caps: The draft would also restore product-level commission caps. First-year limits would range from 5% to 20% for distribution entities and 6.25% to 25% for agents. It would ban compulsory bundling of insurance with bank and NBFC loans and introduce mandatory cost audits.
• Current commissions: In FY26, private life insurers paid average commissions equal to 9% of total premiums, while private general insurers paid more than 20%.
• Securities Markets Code: The Securities Markets Code, 2025 proposes increasing Sebi's board from nine members to 15 and raising the minimum number of whole-time members from three to five. Experts cited in the source said the proposal does not include a statutory selection committee.

Energy, trade and consumer

• Edible-oil duties: The government cut basic customs duty on crude soya bean and palm oils to 5% from 10%, and on refined variants to 27.5% from 32.5%. Duty on crude sunflower oil was cut to zero from 10%.
• Fuel margins: State-run oil marketing companies are estimated to be losing ₹530 crore a day on petrol and diesel sales.
• LPG: State-owned refiners increased LPG production to about 44,000 tonnes a day, almost one-fifth above the August average.
• Pre-budget process: The finance ministry will begin a month-long series of pre-budget meetings for Union Budget 2027-28 from 12 October.
• Pharmacy licences: The Centre is considering an indicative retailer-to-wholesaler ratio for drug licences. India's retail pharmacy market is valued at $30 billion and has 1.24 million licensed chemists, pharmacies and distributors.
• Food labels: FSSAI told the Supreme Court that its red warning labels for packaged foods will apply when even one nutrient of concern, such as salt, sugar or fat, is high. The labels are planned to be introduced in a single phase.
• Nayara Energy: The Delhi High Court, in an interim order dated 21 September, directed SAP India to restore software and support services to EU-sanctioned Nayara Energy, holding that the contracts were governed by Indian law.
• Bank strike: All banks, including regional rural banks, will remain open on Sunday, 27 September, ahead of a three-day strike called by the United Forum of Bank Unions from 28 to 30 September.

Corporate action and earnings

Capital markets and listings

• NSE IPO: NSE lists on Thursday after its ₹22,562 crore IPO, India's second-largest share sale after Hyundai Motor India's ₹27,870 crore issue in 2024. The issue was priced at the top of the ₹1,700 to ₹1,785 band.
• Demand: Total demand was ₹2.59 trillion. The anchor portion was subscribed 25 times, the QIB portion 12.68 times, the non-institutional portion 6.55 times and the retail portion 1.39 times. The grey market premium fell from around 21% on 17 September to 2% when bidding closed on 21 September.
• QIB allocations: NPS Trust received the largest QIB allocation at ₹362.47 crore, followed by LIC at ₹342.98 crore, BNP Paribas Financial Markets at ₹317.59 crore and Societe Generale at ₹285.44 crore.
• NSE financials: NSE reported FY26 operating revenue of ₹16,601 crore and net profit of ₹10,302 crore. It is valued at about 42 times FY26 earnings compared with around 47 times for BSE, and held a 92.2% share of the equity cash market at the end of August.
• Trading venues: NSE shares will also trade on the Metropolitan Stock Exchange from 24 September under the permitted-to-trade category. NSE has selected BSE as its designated stock exchange.
• Airtel Money: Airtel Money Commerce, Airtel Africa's mobile payments business, has filed for a London IPO through an offer for sale. It could become the city's largest listing in five years.
• Airtel Money reported FY26 revenue of $1.35 billion and profit of $373 million. It has around 53 million monthly active users across 13 countries and processed $213 billion of transactions in the 12 months to 30 June 2026.

Deals and funding

• Avaada Ventures: Avaada Ventures repaid Brookfield Renewable's debt in a deal valued at about ₹6,713 crore. Brookfield had invested ₹3,290 crore, giving it roughly a 2 times return, ahead of Avaada Electro's planned ₹7,600 crore IPO.
• Synechron: Synechron started talks to sell a stake to private equity firms including EQT, CVC and Apax Partners. It may seek a valuation of at least $3 billion to $3.5 billion, although a spokesperson said the company plans to remain private and independent.
• Brahma AI: Brahma AI raised $150 million through preferred shares, including $100 million from Multiples Alternate Asset Management at a $2 billion valuation. The round may close at about $200 million.
• Ultraviolette: Ultraviolette Automotive raised $85 million, around ₹807 crore, in a round led by Yali Capital and TDK Ventures.
• Supernova: AI spoken-English app Supernova is in talks to raise $15 million to $20 million. Vertex Ventures and Verlinvest are in discussions. The company has about $15 million in annual recurring revenue.
• Kotak AIF: Kotak Alternate Asset Managers announced the final close of the Kotak Yield & Growth Fund, a Category II AIF, at ₹5,000 crore. The money was raised entirely from domestic investors.
• Multiples: Multiples is targeting industrials, a sector it has not invested in before, using capital from its Fund IV, which closed at $885 million.
• Submarines: Germany's envoy said a deal for Thyssenkrupp Marine Systems to build six submarines with Mazagon Dock Shipbuilders has "more or less concluded" but has not yet been signed. Local media estimated the value at about $8 billion.
• Oswal Pumps: Oswal Pumps won a ₹273.19 crore order to install rooftop solar systems across 9,937 government schools in Telangana.

Sectors and companies

• Apple: Apple's MacBook sales in India rose 89% year-on-year in the June quarter. It sold 425,000 laptops in the first half of 2026, up 54%, giving it a 6.7% market share.
• Aviation: Air India group's domestic market share rose 2.7 percentage points to 26.7% in August, while IndiGo's fell to 65% from 67.4% in July. Overall domestic passenger traffic fell 6.3% month-on-month to 12.13 million.
• Global capability centres: At least 74 new global capability centres were announced in the first nine months of 2026. Manufacturers accounted for 23 of them, while BFSI's share fell to 5.4%, or four centres.
• GIFT City reinsurance: Fifteen reinsurers are expected to apply to set up offices in GIFT City in FY27. Gross premiums underwritten by IFSC insurance offices rose to about $649 million in FY26 from around $162 million.
• Tata Technologies: Tata Technologies' Shanghai unit provided services worth ₹7.34 crore to Tata group battery venture Agratas in FY26. Total transactions between Agratas and Tata Technologies entities fell to ₹20.67 crore from ₹49 crore.
• GE Vernova T&D: GE Vernova T&D India's order backlog rose to ₹33,430 crore after the Barmer-South Kalamb HVDC project, estimated at ₹12,500 crore by PL Capital. Q1FY27 revenue rose 38% year-on-year to ₹1,840 crore.
• Meesho: Meesho closed at ₹240 on Tuesday, more than double its ₹111 issue price. It had 274 million annual transacting users in Q1FY27 and net merchandise value growth of 34% year-on-year.
• Rich List: Gautam Adani and family returned to the top of the M3M Hurun India Rich List with wealth of ₹9.23 trillion, up 13%. Mukesh Ambani was second at ₹8.63 trillion, down 10%. India's billionaire count reached a record 391.
• Tariff probe: India is investigating LG Electronics and Samsung for allegedly claiming a concessional 5% tariff on imported OLED open-cell display parts.

Legal and regulatory developments

• Zee: The NCLT asked the CBI to respond within four weeks in the case involving Zee founder Subhash Chandra's repayment plan. The NCLAT will hear his challenge to the five-member bench on 28 September.
• Duty-free shops: The Bombay High Court ruled that airport duty-free shops cannot claim exemption from Indian laws such as the Drugs and Cosmetics Act simply because they operate beyond the customs barrier.

Upcoming events

Global pulse

Global indices

Rates, currencies and energy

• Fed: The US Federal Reserve raised its policy rate by 25 basis points to 3.75% to 4.00% earlier this month.
• Mortgages: The average 30-year fixed US mortgage rate rose 15 basis points to 7.12%, its highest level since May 2024, after the Fed rate increase and higher Treasury yields.
• Dollar: The dollar index rose to 100.92 as markets expected further US rate increases. Lower oil prices could, however, reduce inflation and rate pressure.
• Oil: Improving Gulf crude supplies kept pressure on oil prices even as Brent recovered to $100.58.
• Seafarers: An Indian seafarer died after a missile attack on the Antigua and Barbuda-flagged bulk carrier MV Cape Dao off Oman. The other 19 Indian crew members were evacuated by the Royal Navy of Oman.
• Freight: Middle East tensions, early peak-season shipments and China's Golden Week contributed to the rise in global container freight rates.

Trade and diplomacy

• Xi in Washington: Chinese leader Xi Jinping was due to arrive in Washington on Wednesday for his first state visit in more than a decade. USTR Jamieson Greer said the US-China "Board of Trade" is now operational, while semiconductor export controls were not on the agenda.
• IMEC: US President Donald Trump said his administration strongly supports the India-Middle East-Europe Economic Corridor, arguing that energy infrastructure should shift away from Iranian checkpoints.
• India-Canada: India and Canada plan a fifth round of trade talks from 5 October. A deal is considered likely in December, when Prime Minister Narendra Modi is expected to visit Canada. India is also finalising a framework to begin formal trade negotiations with Mexico.
• Tariff threat: India faces fresh tariff threats from a new US law that allows levies of up to 100% on countries buying Russian oil and gas.

Global technology and corporate news

• Smartphones: IDC expects global smartphone shipments to fall 16.7% this year, the steepest decline on record, and iPhone unit shipments to fall 1.3%. Analysts still expect iPhone revenue to rise 17%. Memory accounted for about 16% of PC material costs last year, and Gartner expects this to peak at 25%.
• Meta: Meta's Muse AI agent has been downloaded more than 2.5 million times since its 8 September launch. Truist estimates it could add $28.5 billion of revenue by 2030, while Amazon has blocked Muse from shopping on its website.
• Verizon: Verizon is investing $70 million in a nationwide AI training programme for job seekers, small businesses and educators, using resources from IBM, Google, Anthropic, Microsoft and OpenAI.
• Job cuts: Microsoft's Xbox division is cutting 268 jobs as part of a restructuring that includes 3,200 job reductions through June 2027. DoorDash agreed to pay $131.5 million to settle a New York City minimum-pay investigation.

Management chatter

Feature: BRICS in New Delhi

What happened at the 18th BRICS summit

India hosted the 11-member BRICS group at Bharat Mandapam on 12 and 13 September. This was India's fourth turn as BRICS chair after 2012, 2016 and 2021. The summit ended with a unanimous declaration that criticised wars, tariffs and sanctions without naming any country. The meeting also included bilateral talks between India and the leaders of Russia, Iran and China.

The bloc now has 11 members and accounts for roughly 40% of global GDP and close to half the world's population. The New Delhi Declaration contains 140 paragraphs. Iran also proposed a BRICS reinsurance company with initial capital of $10 billion.

The setting

The two-day leaders' summit was held under the theme "Building for Resilience, Innovation, Cooperation and Sustainability". A BRICS Business Forum was held at the same venue on 11 September. The members are Brazil, Russia, India, China, South Africa, Egypt, Ethiopia, Iran, the UAE, Saudi Arabia and Indonesia.

Expectations before the summit were low. In May, BRICS foreign ministers meeting in New Delhi failed to agree on a joint statement because of disagreements over the war in West Asia. Iran and the UAE are both members but are on opposite sides of the conflict, and the UAE has faced Iranian attacks during the war. Harsh V. Pant of the Observer Research Foundation said before the summit: “The Gulf conflict is going to be the central fault line this time.”

The New Delhi Declaration

Leaders adopted the New Delhi Declaration unanimously on 12 September, the first day of the summit. The 140-paragraph text covers reform of the UN Security Council and the IMF, trade and sanctions, energy security, the WTO stalemate, AI governance, terrorism and conflicts from Gaza to Sudan and Syria.

• West Asia: The declaration expressed deep concern about the continued escalation of tensions in the Middle East and called for maximum restraint. It did not name the US, Israel, Iran or Gulf states. It also mentioned attacks on civilian infrastructure and nuclear facilities under IAEA safeguards. The joint statement at the 2025 Rio summit had condemned the US and Israeli war on Iran as a breach of international law. Former foreign secretary Nirupama Menon Rao called the outcome a significant diplomatic success for New Delhi, while noting that consensus was achieved through carefully generalised language.
• Ukraine: The declaration made a general call to settle disputes through dialogue, consultation and diplomacy without naming Ukraine. After the summit, Kremlin spokesman Dmitry Peskov said Xi Jinping and Narendra Modi had offered their services for Ukraine peace talks and that Vladimir Putin welcomed their readiness.
• Palestine and terrorism: The wording was more specific here. The declaration opposed the forced displacement of Palestinians, supported unhindered humanitarian access and UNRWA, backed full UN membership for Palestine and a two-state solution based on the 1967 borders with East Jerusalem as capital. It also condemned terrorism, including the Pahalgam attack.
• Tariffs and sanctions: BRICS members raised concern about unilateral tariff and non-tariff measures that distort trade and called for the removal of sanctions that are not authorised by the UN Security Council. The declaration again did not name Washington. Speaking at the summit, Vladimir Putin accused countries that think in colonial categories of using tariffs, sanctions and brute force to hold back emerging competitors. The US has imposed tariffs on several BRICS members, including China, Russia and India.

Money, payments and trade infrastructure

On finance, the declaration asked the BRICS Payment Task Force to continue work on cross-border payments that are "fast, low-cost, more accessible, efficient, transparent, and safe". The task force has been studying ways to connect national payment and messaging systems and the use of local currencies for trade and investment. The text stressed that national priorities should be respected and that there is no one-size-fits-all approach. It did not announce an operational BRICS payment system to replace SWIFT.

Smaller businesses received specific attention. Leaders welcomed guiding principles for credit assessment of export-oriented MSMEs and a Jaipur Consensus to study an invoice-discounting mechanism that could help these businesses unlock working capital. The declaration also welcomed continued technical work on a New Investment Platform, discussions on settlement and depositary infrastructure, and measures to strengthen BRICS insurance and reinsurance capacity.

At the Business Forum, Iranian President Masoud Pezeshkian called for wider use of national currencies in trade within BRICS, supported by instruments to manage currency risk. He also asked for a larger infrastructure and energy financing role for the New Development Bank and proposed a joint BRICS reinsurance company with initial capital of $10 billion.

Bilateral meetings on the sidelines

• Modi and Putin, 11 September: The two leaders agreed to further strengthen the special and privileged strategic partnership. They discussed the conflicts in West Asia and the Black Sea region, which India's foreign ministry said had affected maritime trade and the safety of Indian seafarers. Modi said India was ready to assist peace efforts.
• Modi and Pezeshkian: On his first visit to India as president, Masoud Pezeshkian met Modi. Modi stressed the need to protect freedom of navigation and commerce and the safety of ships' crews.
• Modi and Xi, 12 September: Xi Jinping visited India for the first time since 2019. India's foreign ministry said both leaders committed to a "fair, reasonable and mutually acceptable resolution of the boundary question". Modi said peace and tranquility in border areas were essential to the relationship. They also discussed the trade imbalance and agreed to build cultural, business and transport links. Xi unexpectedly skipped the gala dinner.

Messages from the leaders

Narendra Modi described the summit as a coming-of-age moment for BRICS and said the Global South should move from being a rule-taker to a rule-shaper. He told leaders: “We have to transform this pyramid of privilege into a platform of partnership,” while also saying BRICS is not against anyone.

Xi Jinping said the bloc should help move the international order towards greater equity and justice. He said the war in West Asia does not serve the common interests of the international community and called for a permanent and comprehensive ceasefire.

Vladimir Putin called for greater representation for Asia, Africa and Latin America on the UN Security Council.

What comes next

China will take over the BRICS chair in 2027, a handover endorsed by the declaration. Work under India's chairship has continued since the summit. At a meeting of BRICS heads of tax authorities in New Delhi on 23 September, Finance Minister Nirmala Sitharaman announced two working groups. One will focus on international taxation and transfer pricing, and the other on revenue statistics. She said the groups would provide member tax administrations with an ongoing institutional platform, especially for challenges faced by developing countries, and are designed to continue beyond individual BRICS chairships. India is the group's second-largest economy after China.

Praveen Donthi, senior analyst at the International Crisis Group, said India used its relationships with all members to work behind the scenes on the declaration. He said the biggest hurdle was bringing the UAE and Iran on board and that members would be reasonably satisfied with a modest outcome.

Al Jazeera, 11, 12 and 13 September 2026, incorporating AP, AFP and Reuters reporting; CNBC, 12 September 2026; The Tribune / ANI, 12 September 2026; Forbes India, September 2026; Daily News, Tanzania, September 2026; All India Radio News, 10 February 2026; Mint Mumbai print edition, 24 September 2026

Closing note

Market data: Zerodha AfterMarket Report, 23 September 2026 close. Macro, corporate and feature: Mint, Mumbai print edition, 24 September 2026. This is a news aggregation brief. Not investment advice.