The brokerage cited impact of a potential Merchant Discount Rate (MDR) on UPI transactions from FY28 as key factor behind the move
Indian equity markets opened higher after five sessions of losses, helped by falling crude oil prices, US-Iran strike pause and gains in Tata Consumer, NTPC, IDFC First Bank and AU Small Finance Bank.
Indian benchmark indices opened sharply lower on Friday as Brent crude rose above $100 a barrel amid escalating tensions in West Asia.
Brent crude surged more than 2 per cent to trade above USD 90 a barrel on July 20 as intensifying US-Iran hostilities in the Middle East disrupted oil shipments through the Strait of Hormuz.
The Indian rupee rose 5 paise to 96.11 against the US in early trade on Wednesday amid escalating tensions in West Asia.
In Asia, Japan's Nikkei 225 rose 0.74 per cent to 69,243.68 by the midday break, although it remained on track for a marginal weekly decline.
Traders also pointed to a revival in monsoon activity and expectations of improved corporate earnings as factors that could support a return of foreign investors, who have sold a record $29.84 billion worth of Indian equities so far this year.
The new buyback through the open market, which comes into effect from August 1, is expected to allow companies more flexibility, boost liquidity in the markets, and increase investor participation in buybacks.
NSE has been trying to list since 2016 when it first submitted IPO papers but its efforts were stalled due to an ongoing regulatory enquiry by the SEBI
GIFT Nifty futures were trading at 24,005, indicating a flat opening for the Nifty 50, which closed at 23,989.15 on Tuesday.
The benchmark BSE Sensex jumped by 1,695.40 points, or 2.30%, to close at 75,527.95, while the NSE Nifty50 advanced 461.30 points, or 1.99%, to settle at 23,622.90.
Meanwhile, Brent crude, the global oil benchmark, fell 1.07 per cent to USD 89.41 per barrel in futures trade, offering relief to import-dependent economies such as India.
HDFC Mutual Fund, ICICI Prudential Mutual Fund, Tata Mutual Fund and Nippon India Mutual Fund have all placed such curbs on gold ETF schemes, which came into effect between June 5-8.
All 16 major sectoral indices traded in positive territory.
According to Nuvama Quantitative and Alternative Research, the excluded stocks are expected to trigger passive outflows between $136 million and $281 million, while the inclusions are seen attracting inflows between $209 million and $491 million.
On Friday, the BSE’s benchmark Sensex index ended 1,092.05 points or 1.4% lower at 74,775.74.
On Wednesday, shares of HDFC Bank had fallen as much as 2.8% intraday to Rs 756.9 on the National Stock Exchange.
Brent crude hovered near $99 per barrel, while Asian markets traded higher, with Japan’s Nikkei touching a record high amid optimism around artificial intelligence-driven growth.
At the interbank foreign exchange market, the rupee opened at 96.89 and slipped to an all-time low of 96.90 against the dollar, down 20 paise from its previous close.
Indian stock indices, however, ended little changed on Monday, although they had slumped 1.4% intraday.
The rupee, now Asia’s worst-performing currency in 2026, has fallen 5.5% since the conflict erupted on February 28 and marked its fifth consecutive session at a record low.
Asian markets traded mixed in early deals as fading enthusiasm around AI and technology stocks slowed Wall Street’s record-setting momentum.
The Nifty IT is down over 25% so far in 2026. On Tuesday, big names like TCS, Wipro, and Infosys lost 3-4%, dragging down BSE’s Sensex by 1.9% to 74,559.24, while the Nifty 50 ended 1.8% lower at 23,379.55.
Rupee Record Low Against Dollar: Banking stocks stayed under watch, with analysts flagging continued weakness in momentum indicators and key support levels for Bank Nifty around 54,000.
Sensex, Nifty Fall Today: Oil prices spiked about 4.33% to about $105.6 per barrel, as of 9:36 am (IST) today, triggered by US President Donald Trump's rejection of Iran's reponse to the proposal for peace talks as "unacceptable."

