Mumbai, Aug 8: The Indian equity benchmarks posted gains for the second consecutive week, over sharp corrections in crude oil prices and strong Q1 FY27 earnings results.

Nifty jumped 0.77 per cent during the week and shed 0.27 per cent on the last trading day this week to reach 24,570. At close, Sensex was down 455 points, or 0.58 per cent, at 78,499. It added 0.52 per cent during the week.

Small-cap stocks continued to outperform, supported by strong earnings traction and stock-specific catalysts, while PSU banks led sectoral gains on improving fundamentals.

Metals benefited from a stronger growth outlook and resilient domestic demand, while automobiles gained momentum on expectations of healthy festive-season demand, said market watchers.

The week started on a volatile note triggered by the rollout of the new F&O Closing Auction Session (CAS), but markets regained stability as participants adapted to the revised framework, an analyst said.

“Sentiment improved meaningfully with the sharp decline in crude oil prices, which helped strengthen the macroeconomic outlook and supported expectations of easing inflationary pressures,” he added.

Globally, softer labour market indicators reduced the likelihood of a near-term Fed rate hike, leading to a moderation in US bond yields and a weaker dollar. This, coupled with sustained safe-haven demand ahead of key US economic data releases, provided additional support to gold prices.

On the domestic front, the RBI reinforced confidence by maintaining its policy stance, while modestly upgrading its growth outlook and lowering inflation projections. The ongoing Q1 FY27 earnings season has further strengthened investor confidence, with results broadly exceeding expectations and driving broad-based buying interest.

Broad market indices outperformed the benchmark indices, as Nifty Midcap100 added 0.87 per cent, while Nifty Smallcap100 jumped 2.73 per cent during the week.

Investors are looking for cues from upcoming US labour market and inflation data for further clarity on the Fed’s policy trajectory. Domestically, CPI and WPI inflation readings, along with credit growth trends, will provide key insights into India’s growth-inflation dynamics.

New Delhi, Aug 7: The BJP on Friday clarified that the proposed charges on Unified Payments Interface (UPI) transactions would not be imposed on ordinary users and would apply only to commercial transactions.

The clarification came a day after the Lok Sabha passed a Bill to amend the Payment and Settlement Systems Act, 2007, authorising the government to permit banks and other service providers to levy charges on payments made through UPI and other notified electronic payment modes.

Speaking to media, BJP MP Ashok Mittal said, “First of all, I would like to clarify that charges on UPI are not being imposed on the common man. They will only apply to commercial transactions. The charges on UPI will only be applicable to certain business-related transactions and not to ordinary users.”

BJP Bihar President Sanjay Saraogi also sought to allay concerns, saying the move would not place any burden on the general public.

“UPI has brought a digital revolution to India. Whether traders, street vendors or cart vendors, everyone has used UPI and contributed to the country’s growth. The law has only been enacted now. The extent of any charges and the manner in which they will be implemented will be decided later when the rules are framed. The RBI or the National Payments Corporation of India (NPCI) will have to take a decision on the matter,” he said.

Janata Dal (United) MLC Neeraj Kumar Singh defended the proposal, arguing that payment systems require sustainable business models to continue functioning effectively.

“If you want to make a transaction through UPI, what is wrong with paying a charge for it? If you have obtained a GST number for business purposes and want to carry out transactions, then you have to pay for the system. UPI was initially in an experimental stage and there were no charges. If a fee is introduced now, there should not be any issue because every business model has to be sustainable. The government is still providing significant relief to the people,” he told media.

However, the proposal drew criticism from the Opposition. BSP MLA Satish Kumar Singh Yadav said, “It seems that everything is being taxed now. Soon, the government may even impose a tax on speaking and listening. There are taxes on everything — eating, drinking, travelling and sleeping — and now even on UPI. It feels like every aspect of life is being brought under taxation.”

The amendment, passed by the Lok Sabha without discussion amid uproar, seeks to remove the existing legal provision that prevents banks and payment service providers from charging Merchant Discount Rate (MDR) on notified electronic payment modes.

The government’s approach aims to levy small charge on digital payment services for consumers and small businesses while ensuring a sustainable revenue model for banks, payment service providers (PSPs), and payment infrastructure firms that drive the digital payments ecosystem.

Mumbai, Aug 6: In a bid to help underprivileged communities, over 2,500 employees of Adani Electricity donated a large volume of garments as part of the social welfare initiative.

Adani Electricity had requested employees to donate cloths for the underprivileged communities in its distribution areas.

The employees participated enthusiastically in the social welfare drive. The donated clothes were distributed across communities and ‘padas’ (settlements) within Adani Electricity’s distribution areas. Residents of Moracha Pada in Goregaon’s Aarey Colony were among those who received clothes from the Adani Electricity team.

Meanwhile, the leading electricity distribution company in Mumbai proactively escalated its disaster management readiness for the monsoon season, aiming to safeguard its 3.15 million customers from potential disruptions.

To address any emergencies that may arise during the monsoon, Adani Electricity activated its Central Disaster Control Centre (CDCC). This pivotal hub will orchestrate response efforts and operate round-the-clock, ensuring swift action and communication throughout the monsoon period, said the leading electricity distribution company in Mumbai.

Seven Quick Response Teams (QRTs) have been strategically deployed across the distribution network. These teams are equipped with comprehensive response, recovery, and restoration plans specifically tailored for the challenges posed by the monsoon season, said the company.

To monitor rising water levels, 98 advanced water level sensors are now integrated with the Advanced Distribution Management System at critical locations. This setup enhances the ability to preempt and respond to flood-related electrical issues.

The CDCC will leverage state-of-the-art satellite and wireless technologies, including walkie-talkies and remote devices, to maintain uninterrupted communication across departments and with external authorities. This infrastructure ensures minimal downtime and efficient incident management.

Adani Electricity also conducted extensive pre-monsoon inspections and maintenance. Equipment in low-lying areas was elevated to prevent water damage. Essential materials, emergency vehicles, and diesel generators were strategically positioned to tackle any emergency swiftly.