Business
Sensex, Nifty fall nearly 1 pc as oil surge weighs on sentiment
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Mumbai, Indian equity benchmarks started Thursday’s session — the final trading day of the week — on a weaker note, with both indices declining nearly 1 per cent in early deals, as a sharp jump in crude oil prices dented sentiment and outweighed support from stock-specific earnings gains.
Sensex fell as much as 0.95 per cent or over 700 points to 76,759.37 in early trade, hitting an intraday low, while Nifty declined 0.96 per cent or more than 200 points to 23,943.45.
Selling pressure was broad-based, with auto, banking, realty, metal, consumer durables and FMCG stocks, falling up to 1 per cent. Eternal, Shriram Finance, IndiGo, M&M, Jio Financial Services, Tata Motors PV, Axis Bank, Grasim Industries, Asian Paints, ICICI Bank and HDFC Bank were among the top laggards.
While Nifty 100, Nifty Midcap, Nifty 200 and Nifty 500 indices declined by up to around 1 per cent. Meanwhile, the India VIX rose 2.7 per cent to 17.91, indicating heightened market volatility.
According to a market expert, two key headwinds could impact markets in the near term.
“Brent crude at around $120 threatens India’s macroeconomic stability. If prices remain elevated, it could pose downside risks to growth and push inflation higher,” the expert said.
“Secondly, stronger-than-expected results from AI majors in the US and South Korea may extend the ongoing AI trade, potentially leading to further portfolio outflows from India,” he added.
The Fed’s decision to hold rates was on expected lines and is unlikely to have a significant impact. However, the rise in US 10-year bond yields to 4.4 per cent could further incentivise capital outflows from India,” said Dr VK Vijayakumar, Chief Investment Strategist, Geojit Investments Limited.
Exit polls indicating consolidation of the ruling party’s position may offer some sentiment support but do not materially alter market fundamentals.
“Investors can focus on companies reporting better-than-expected Q4 results and strong outlooks, where opportunities remain,” he said.
Oil prices rallied after US President Donald Trump reportedly held talks with oil companies on steps to reduce the impact of a potential prolonged blockade of Iran’s ports, raising concerns over possible disruptions to global crude supplies.
Separately, the US Federal Reserve left interest rates unchanged, broadly in line with expectations, while cautioning about inflation risks stemming from the Iran conflict. Market participants have also pared back expectations of rate cuts in 2026.
Crude oil prices are approaching their 52-week highs of $114.81. Brent crude was trading at $113.18 per barrel, up 2.48 per cent from the previous close, while US West Texas Intermediate (WTI) stood at $109.64 per barrel, also higher on the day.
However, Brent crude hovered close to $120 per barrel after surging over 6 per cent on Wednesday to its highest level since June 2022.
In Asian markets, indices were mixed. Japan’s Nikkei and Hong Kong’s Hang Seng were down over 1 per cent, South Korea’s KOSPI declined 0.40 per cent, while Singapore’s Straits Times gained 0.65 per cent.
On Wall Street, US markets ended on a flat note, with the S&P 500 settling at 7,135.95, down 0.04 per cent, and the Nasdaq finishing at 24,673.24, up 0.04 per cent.
Notably, domestic equity markets will remain shut for trading on Friday, May 1, in observance of Maharashtra Day.
Business
Skill training institutes no less than IITs, IIMs: PM Modi urges youth to champion skill development

New Delhi, Oct 9: Prime Minister Narendra Modi on Friday met members of India’s contingent that delivered an impressive performance at the WorldSkills Competition Shanghai 2026, congratulating the young participants for showcasing their talent and skills on the global stage.
The interaction took place at the Prime Minister’s residence at 7, Lok Kalyan Marg, where PM Modi lauded the competitors for their achievements and encouraged them to continue excelling in their respective fields.
Sharing details of the meeting on social media, the Prime Minister praised the participants for their outstanding performance at the international skills competition and said it was a pleasure to interact with and motivate the young achievers.
The Prime Minister underlined the objective behind establishing a separate Ministry for Skill Development and said that the importance of skill training institutions is no less than that of IITs and IIMs. He encouraged the participants to share their experiences and suggestions with the government to help improve India’s skill training system.
India recorded its best-ever performance at the 48th WorldSkills Competition, held from September 22 to 27 at the National Exhibition and Convention Center (NECC) in Shanghai. The country secured six silver medals and 20 Medallions for Excellence, finishing 10th in the overall rankings.
The latest result marks a significant improvement from the previous edition of the competition held in France’s Lyon in 2024, where India finished 13th with four bronze medals and 12 Medallions for Excellence.
The improved ranking reflects the growing capabilities of India’s skilled workforce and its rising presence in global skills competitions.
According to the Ministry of Skill Development and Entrepreneurship, the six-day event brought together more than 1,400 young competitors from nearly 70 countries and regions.
India fielded its largest-ever contingent, comprising 70 competitors, who participated in 63 skill categories spanning emerging technologies, advanced manufacturing, engineering, creative industries and specialised services.
After four days of intense competition, winners were honoured during the closing ceremony held in Shanghai on September 27. The event celebrated excellence in technical expertise, innovation, precision and craftsmanship, drawing participants, industry leaders, experts and international delegations from across the world.
India’s participation in WorldSkills Shanghai 2026 was coordinated by the National Skill Development Corporation (NSDC) under the Ministry of Skill Development and Entrepreneurship, with support from Sector Skill Councils, industry partners, training institutions and technical experts.
Business
PhonePe and DPCGC forge partnership to drive regulatory compliance in the OTT ecosystem

New Delhi, Oct 9: PhonePe and the Digital Publisher Content Grievances Council (DPCGC), a self-regulatory body under the aegis of the Internet and Mobile Association of India (IAMAI), have announced the signing of a Memorandum of Understanding (MoU).
The partnership aims to facilitate seamless SRO certification for all merchants, champion regulatory compliance, and drive merchant education for all merchant partners onboarding on PhonePe’s Payment Gateway.
Under applicable Indian regulations, over-the-top (OTT) or Publishers of Online Curated Content (OCCPs) are legally required to be members of a recognised self-regulatory organisation (SRO) for grievance redressal.
Pioneering a compliance-first approach, PhonePe enforces this regulatory requirement as a mandatory prerequisite during its merchant onboarding process.
DPCGC is a Level II SRO formed under the IT Rules, 2021, which is registered with the Ministry of Information and Broadcasting.
Through the MoU, PhonePe and DPCGC aim to drive merchant education and awareness.
Recognising the limited awareness among OTT/OCCPs regarding SRO compliance, the joint initiative will educate both existing and prospective merchants on regulatory requirements and seamlessly facilitate their SRO certification through DPCGC.
The partnership further strengthens PhonePe’s position as a trusted, robust, and compliant payment partner tailored for the rapidly growing OTT ecosystem.
Dr. Subho Ray, President of IAMAI, said, “DPCGC, established under the IT Rules, is committed to efficiently addressing concerns and grievances related to OTT platforms through self-regulation.
This collaboration between DPCGC and PhonePe will foster greater alignment and adherence to the Code of Ethics, expanding the reach of self-regulation and strengthening its benefits for both the industry and its users.”
Deep Agrawal, Head of Payments at PhonePe, added, “At PhonePe, compliance and trust are at the core of everything we build. The OTT segment has exploded in terms of coverage and penetration over the last couple of years.
Agrawal further stated that our MoU with DPCGC will allow us to educate the OTT platforms to seamlessly drive higher awareness about customer grievance redressal, reinforcing PhonePe as the most trusted & compliant growth partner for India’s booming OTT ecosystem.”
Business
DRI seizes gold worth Rs 1.8 crore hidden in luggage trolley, probe underway

The Directorate of Revenue Intelligence (DRI) has seized 1.3 kg of gold biscuits worth Rs 1.8 crore in a smuggling operation involving luggage trolleys. Two accused transported the gold from Kuala Lumpur, Malaysia, and concealed the biscuits by sticking them to luggage trolleys.
The accused allegedly targeted unsuspecting passengers who picked up these trolleys and crossed customs. They reportedly followed the passengers and later retrieved the gold from the trolleys, using innocent travellers as unwitting carriers without their knowledge.
Acting on intelligence inputs, DRI officials seized the gold. The investigation is expected to focus on the alleged smuggling network and the modus operandi used to transport the gold through unsuspecting passengers.
Earlier, on October 4, the DRI had seized a cumulative 15.59 kg of narcotic drugs, including amphetamine, cocaine and heroin, in three separate intelligence-led operations, the Finance Ministry said. Five people were arrested under the provisions of the Narcotic Drugs and Psychotropic Substances (NDPS) Act, 1985.
In one operation, the DRI, in coordination with the Central Bureau of Narcotics (CBN), had intercepted a car suspected of carrying amphetamine at the Ujjain-Dewas Toll Plaza in Madhya Pradesh.
When signalled to stop, the driver had allegedly broken through the barricade and sped away. The officers pursued the vehicle in a high-speed chase lasting approximately 1.5 hours before intercepting it near Bicholi Mardana in Indore.
A detailed search of the vehicle led to the discovery of the contraband concealed inside the spare tyre mounted on the rear door of the Thar, according to the statement.
Earlier, on October 2, the DRI’s Mumbai Zonal Unit had busted an international syndicate involved in smuggling 8.5 kg of gold worth Rs 12.65 crore into India and trafficking 1,168 carats of diamonds worth Rs 1.09 crore out of the country to Dubai through Chhatrapati Shivaji Maharaj International Airport (CSMIA).
The DRI had arrested eight members of the syndicate for their alleged involvement in trafficking valuables into and out of the country.
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