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Sensex, Nifty record mild gains amid positive global cues

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Mumbai, Dec 24: Indian benchmark indices made moderate gains early on Wednesday amid positive global cues, as the stock market appears to be in a consolidation phase.

As of 9.30 am, Sensex advanced 105 points, or 0.12 per cent to 85,630 and Nifty gained 40 points, or 0.16 per cent to 26,217.

Main broad-cap indices outperformed benchmark indices in terms of gains, with the Nifty Midcap 100 advanced 0.31 per cent, while the Nifty Smallcap 100 added 0.53 per cent.

Hindalco Industries, Axis Bank and Cipla were among the major gainers in the Nifty Pack, while losers included Tech Mahindra, TCS, Titan Company, Dr Reddy’s Labs and Tata Consumer.

Among sectoral indices on NSE, Media, Metal and Realty were the major gainers — up around 0.82 per cent, 0.58 per cent and 0.78 per cent respectively. Nifty IT was leading losses down 0.49 per cent.

The Nifty could extend its advance toward resistance levels at 26,202 and 26,330, while 26,000 is expected to provide near-term support, said experts.

Analysts said that the market appears to be consolidating upward as CY2025 ends. Strong domestic macros and earnings growth expectations in Q3 and Q4 of FY26 and FY27 will support the market.

The market will be resilient due to domestic inflows and DII buying but FIIs may sell rallies, preventing a sharp breakout. The revival of the AI trade in US might impact sentiments in favour of a ‘non-AI trade’ in markets like India, they added.

An additional Rs 2 lakh crore OMO by the RBI will boost liquidity and lower yields, providing positive momentum to credit growth and bank stocks. The RBI on Tuesday announced a fresh set of steps to inject a large amount of money into the banking system to ease tight liquidity conditions.

Asia-Pacific markets traded flat with a positive bias, with several indexes set to close early in lieu of the Christmas Eve holiday.

In Asian markets, China’s Shanghai index advanced 0.24 per cent, and Shenzhen edged up 0.31 per cent, Japan’s Nikkei added 0.06 per cent, while Hong Kong’s Hang Seng Index gained 0.08 per cent. South Korea’s Kospi added 0.12 per cent.

The US markets ended mostly in the green zone overnight, as Nasdaq advanced 0.57 per cent, the S&P 500 edged up 0.46 per cent, and the Dow moved up 0.16 per cent.

On Tuesday, foreign institutional investors (FIIs) sold equities worth Rs 1,795 crore, while domestic institutional investors (DIIs) were net buyers of equities worth Rs 3,812 crore.

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PhonePe and DPCGC forge partnership to drive regulatory compliance in the OTT ecosystem

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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.”

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DRI seizes gold worth Rs 1.8 crore hidden in luggage trolley, probe underway

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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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India’s WTO fisheries ratification a pragmatic step with focus on fair Phase 2

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New Delhi, Oct 8: India’s decision to ratify Phase 1 of the World Trade Organization’s Agreement on Fisheries Subsidies is a pragmatic step to curb illegal, unreported and unregulated fishing while preserving its policy space on issues that directly affect small-scale and artisanal fishers, an official statement said on Thursday.

The statement from the Ministry of Fisheries, Animal Husbandry & Dairying said India deposited its Instrument of Acceptance on July 20, 2026, and that the ratified phase targets IUU fishing, overfished stocks and unregulated high‑seas fishing.

“It does not cover the more difficult questions of overcapacity and overfishing, including subsidies for fuel, gear, ice, vessel construction and modernisation,”

“Those issues belong to Phase 2, where India continues to seek fair and differentiated treatment for developing countries,” the statement said citing views of Dr. M. Krishnan, former Principal Scientist & Head, ICAR – CIFE and Dr. P. Krishnan, Director, BOBP-IGO.

India supports measures aimed at the most harmful fishing practices but insists conservation rules must not reduce the development space of coastal communities that depend on marine fisheries for livelihoods.

“For India, the challenge is not whether to support conservation, but how to ensure that conservation does not come at the cost of equity,” the statement, calling the country’s position principled and practical.

India made clear that its ratification of Phase 1 does not weaken its demand for a longer transition period and more flexible treatment in Phase 2. The call for a 25-year transition period for developing countries within their exclusive economic zones remains part of the broader negotiating position.

India also insists that subsidy disciplines should be assessed using a per-fisher benchmark, rather than through comparisons that overlook vast differences in scale, capacity and state support.

Across the Bay of Bengal region, fisheries are a source of food security, employment and social stability for millions of small-scale fishers rather than merely an economic activity.

Hence, any multilateral discipline on subsidies must recognise the realities of artisanal and coastal fisheries in developing countries, where support is often aimed at livelihood protection rather than industrial expansion.

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