Restaurant owners claim they are losing a large share of their earnings after paying platform commissions, funding discounts and absorbing deductions. Read full report here

Shravan Shetty, Managing Director, Primus Partners

Positive global news coupled with strong macro data has seen market gain today. IT sector is leading the charge with IT index up more than 2.5% followed my metals.

India's renewable energy sector is supported by rising electricity demand, favourable government policies, and abundant solar and wind resources. As the world's third-largest producer and consumer of electricity, the country aims to achieve 500 GW of non-fossil fuel capacity and 50% energy from non-fossil sources by 2030, supported by annual renewable energy bids of 50 GW from FY24 to FY28. The sector is witnessing rapid adoption of wind-solar hybrid, FDRE, battery energy storage systems (BESS), and pumped storage projects to enhance grid stability. The Central Electricity Authority estimates India will require 47 GW of BESS and 31 GW of pumped storage capacity by FY32, while declining lithium-ion battery costs are expected to improve the economics of energy storage. Green hydrogen is emerging as a major growth driver for the sector. India is the third-largest producer and consumer of hydrogen globally, with hydrogen demand expected to increase from 6 million tonnes in 2020 to 11-12 million tonnes by 2030. The green hydrogen market is projected to reach US$3-4 billion by 2030, driven by increasing adoption in the fertilizer and refinery sectors, creating significant longterm opportunities for renewable energy developers. In this favourable industry environment, Juniper Green Energy Limited is well positioned to benefit from the sector's long-term growth. It is among the top 10 renewable independent power producers in India by total capacity, with a diversified portfolio across solar, wind, WSH and FDRE projects. Its integrated inhouse EPC and O&M capabilities, long-term power purchase agreements with leading government and private off-takers, and strategic partnerships with key equipment suppliers support execution, operational efficiency, and future capacity expansion. Investors may consider the IPO as a potential long-term investment opportunity.

FNP, India's largest celebrations brand and a pioneer of organised gifting, has crossed Rs 1,000 crore in revenue, reflecting sustained business momentum and the strength of its three-decade operating journey. The milestone marks an important inflection point in the company's three-decade journey of transforming how India celebrates and comes as FNP advances its preparations for a planned Initial Public Offering (IPO). 

The company is working towards a potential IPO by the end of CY2028, subject to market conditions and regulatory approvals, and is focused on scaling its business ahead of the listing, with a revenue target of approximately Rs 1,400 crore in FY27 and an ambition to build a Rs 2,200-2,400 crore revenue business by the time it goes public.

Unlike many digital-first businesses built around rapid expansion, FNP enters this phase on the strength of more than 30 years of profitable operations. The company has also strengthened its profitability profile, reporting an EBITDA margin of approximately 3% in FY26, reflecting improved operating discipline while continuing to invest in growth capabilities. Its resilient, capital-efficient model combines brand trust, omnichannel reach, technology, product curation and controlled fulfilment-creating a foundation for sustainable growth in India and international markets.

Xflow, a cross-border payments platform, today announced the launch of its app on ChatGPT, equipped to provide real-time exchange rate data and AI-powered FX forecasts. As ChatGPT becomes a common destination for user questions, with over 100 million weekly users in India alone, Xflow is bringing verified, real-time answers on FX visibility and cross-border payments into the AI conversational tool.

Globally, over 200 million people already turn to ChatGPT with financial questions every month. For businesses managing cross-border payments, an area shaped by regulation, documentation requirements, and operational complexity, that shift is especially significant. Questions about conversion rates, currency movement, or FX visibility have traditionally required businesses to consult multiple sources, from bank portals to support teams, often without a single clear answer. Xflow's app on ChatGPT is designed to close that gap, bringing verified, real-time information into the same conversation where businesses are already seeking it.

Raj Karkara, COO, ZebPay

"As Ethereum marks its 11th anniversary, it stands as one of the defining innovations in blockchain technology. Over the past 11 years, it has evolved from an ambitious vision of a programmable blockchain into the foundation of a thriving digital ecosystem, supporting everything from decentralized finance and tokenization to digital ownership and next-generation Web3 applications. Its ability to continuously innovate through major protocol upgrades, while maintaining one of the world's largest and most active developer communities, reflects the strength and resilience of the ecosystem.

Moreover, Ethereum's journey highlights how collaboration between developers, researchers, validators, and the broader community can drive meaningful technological progress. Milestones such as the transition to Proof-of-Stake and ongoing scalability enhancements have strengthened the network's long-term sustainability and positioned it to support growing global adoption. With blockchain technology continuing to gain traction, across both retail and institutional markets, Ethereum remains well-positioned to enable the next wave of innovation, empowering businesses, developers, and users to build a more open, efficient, and interconnected digital economy." 

Savills India's H1 2026 Office Market report highlights that office leasing across India's top six cities reached a record 41.6 million sq. ft. in the first half of 2026, despite a moderation in occupier decision-making amid global uncertainties. The report also captures key city, sectoral, GCC, and transaction trends shaping India's commercial office market.

- India's office leasing hits a record 41.6 mn sq. ft. in H1 2026, up 7% YoY, despite geopolitical and macroeconomic uncertainties.

- Vacancy declines to 13.2% from 14.7% YoY, even as new office supply falls 5% to 23.7 mn sq. ft., indicating healthy demand.

- GCCs account for nearly half (48%) of all office leasing, transacting 20.0 mn sq. ft. across India in H1 2026.

- Bengaluru leads India's office market with 13.1 mn sq. ft. of leasing (32% market share), while Pune records a decade-high 6.4 mn sq. ft., surging 56% YoY.

- Large office deals (100,000+ sq. ft.) contribute 53% of total leasing, underscoring sustained expansion by large occupiers.

Encompass Design India Limited a house of premium consumer brands built specifically for affluent India, today announced that its Board of Directors have approved a preferential issue of equity shares to raise Rs 95.25 crore, subject to the approval of shareholders and other applicable statutory and regulatory approvals.

The Board has approved the issuance of up to 38,10,000 equity shares at an issue price of Rs 250 per share, comprising a face value of Rs 10 and a premium of Rs 240 per share. The proposed fund raise is aimed at strengthening the company's capital base and supporting its long-term growth strategy.

Manoj Mishra, Partner and Tax Controversy Management  Leader, Grant Thornton Bharat 

Input tax credit is the engine of GST, but when invoices are divorced from genuine supplies, it becomes the tax system's most significant revenue vulnerability. The rise in detection from INR 36,373 crore in FY24 to INR 58,773 crore in FY25 and INR 74,782 crore in FY26, therefore reflects not only the scale of fraud, but a decisive shift in enforcement capability. Crucially, cases nearly doubled from 15,283 to 30,162 in FY26, while average detection per case declined-showing that authorities are identifying a wider and more granular universe of fraud. Data analytics tools like Advanced Analytics in Indirect Taxes (ADVAIT) and Business Intelligence and Fraud Analytics (BIFA) identify anomalous credit flows, circular trading and shell entities across networks. Simultaneously, system-generated mismatch alerts and scrutiny of GSTR-3B against GSTR-2A or GSTR-2B compel taxpayers to reconcile credits; unresolved or unsupported differences may progress to show-cause proceedings, helping authorities distinguish timing or documentation gaps from ineligible or fraudulent credit. Separately, the track-and-trace architecture linking e-invoices, e-way bills and GST returns tests whether credit is supported by supply, goods movement and tax payment. Special drives, biometric authentication and invoice-level reconciliation have also sharpened detection reflecting a materially stronger detection apparatus.

Instead of the usual applause reserved for senior leadership, many employees chose to voice their frustration over pay at HCL event. Read full report here

The RBI will issue 100 crore Rs 10 notes and 100 crore Rs 20 notes, taking the total trial to 200 crore polymer banknotes worth around Rs 3,000 crore. Read full report here

Avinash Shekhar, Co-Founder & CEO, Pi42

"Bitcoin, currently trading around the $63,500 mark, has come under pressure as expectations of a prolonged higher interest rate environment in the US continue to weigh on market sentiment. The pause in spot Bitcoin ETF inflows after an extended streak has also prompted participants to reassess near-term positioning, while Ethereum has cooled ahead of the Federal Reserve's policy decision and XRP continues to trade within a range as investors await a stronger directional trigger. Despite the short-term weakness, institutional interest in digital assets remains intact, suggesting that the broader market continues to be driven by macroeconomic cues rather than any structural deterioration in the crypto ecosystem.

For investors, this is a phase that calls for patience and discipline rather than reactive decision-making. Instead of chasing short-term price movements, the focus should remain on staggered allocations, diversification and closely tracking macroeconomic developments that are influencing global liquidity. Quality assets with strong fundamentals are likely to remain better positioned once market sentiment stabilises, making this an opportunity to stay committed to a long-term investment strategy." 

The Thesis

The system is rotating into domestic quality cyclicals - IT outsourcing, consumer platforms, and 2-wheelers - just as Brent breaks below $88 and India VIX collapses below 12.5. Both FII and DII are net buyers, signalling institutional consensus, not reactive positioning. The live risk is the Fed's July 29 decision: a hold validates the EM-flow thesis; a surprise hike compresses it fast.

Where We're Concentrated

Concentration sits in two interlocked themes: IT and services recovery (Nifty IT +3.2% on Tuesday, its sharpest session in months) alongside India consumer resilience - food delivery, two-wheelers, premium jewellery. Manappuram Finance is the uncorrelated income anchor: gold prices, elevated by safe-haven demand from Japan's 7.1-magnitude earthquake and the ongoing Hormuz stand-off, widen lending spreads. Thesis breaks on a hawkish Fed or a Houthi escalation that pushes Brent back above $95.

Conviction Picks

Highest Conviction

Tech Mahindra

IT sector's sharpest one-day gain in months; S&P 500 above 7,400 and a likely Fed hold anchors outsourcing budgets.

Eternal Limited

Brent's steady retreat below $88 deflates delivery logistics costs; low VIX unlocks consumer discretionary spend.

Bajaj Auto

Softening crude eases import component costs; rupee's RBI-backed recovery above 96 supports two-wheeler export earnings.

Manappuram Finance

Elevated gold prices amplify collateral values; India's rural NBFC credit demand accelerates as macro headwinds recede.

Titan Company

Consumer Durables gained 1% Tuesday on gold-driven jewellery demand; discretionary wallets hold firm in a low-VIX environment.

One Thing to Watch

Fed decision at 2 PM ET today. A hawkish surprise compresses EM flows and strengthens the dollar - watch Nifty 500 below 23,000 as the first stress signal; a hold keeps the risk-on rotation intact.

Akshat Siddhant, Lead quant analyst, Mudrex

Bitcoin is consolidating around the $63,700 level after briefly falling to a 10-day low near $63,000, as a sharp sell-off in Asian semiconductor stocks spilled over into Wall Street and the crypto market. The decline triggered more than $510 million in liquidations, while continued outflows from US spot Bitcoin ETFs further weakened investor sentiment. Moreover, the uncertainty around the Federal Reserve's interest rate outlook continues to keep traders cautious. Despite the weakness, large investors continue to accumulate, with whale wallets adding 19,696 BTC over the past eight days. Bitcoin must reclaim $65,000 to regain bullish momentum, while $63,000 remains the key support level.

Departments have been told to ensure that unused or surplus vehicles remain in safe custody instead of being put to unofficial use. Read full report here

Rajesh Palviya, Head of Research, Axis Direct

The Nifty 50 ended Tuesday almost unchanged at 23,985.35, slipping just 10.60 points after Monday's sharp rebound, reflecting a phase of consolidation. Sectoral performance remained mixed, with the Nifty IT index surging 3.3% on improved global technology sentiment, while FMCG, Energy and Bank Nifty declined 1.4%, 1.7% and 0.58%, respectively.

Market breadth remained weak, with declines outnumbering advances by 2,543 to 1,539, highlighting a cautious undertone beneath the headline index.

Global cues were mixed overnight. US equities ended on a divergent note as the Dow Jones advanced 537 points, supported by strong corporate earnings from Coca-Cola and Sherwin-Williams, while the Nasdaq slipped 0.22% for a fourth consecutive session amid continued weakness in semiconductor stocks. Asian markets, however, opened on a positive footing, with the Kospi gaining nearly 2% and the Nikkei trading marginally higher, recovering from the previous session's technology-led sell-off.

Meanwhile, Brent crude corrected more than 3% towards the USD 85 per barrel mark after easing geopolitical concerns in West Asia, offering some relief to inflation expectations. GIFT Nifty is indicating a strong start for domestic equities, suggesting a gap-up opening after adjusting for the August futures rollover.

Technically, the market bias remains constructive as long as the Nifty sustains above the 23,880 support zone. A decisive move above the 24,100-24,150 resistance band, which coincides with the 20-day moving average, could pave the way towards 24,400. On the downside, a breach below 23,880 may trigger profit booking towards 23,725. Investors will closely track the US Federal Reserve policy outcome and developments in crude oil prices, as both are likely to influence market direction in the near term.

Gaurav Udani, Founder - Thincredblu Securities "Market Opening Commentary"

Nifty is expected to open higher around 24,100, up nearly 120 points, indicating a positive start supported by favorable global cues.

The index is once again approaching the important 24,100-24,200 resistance zone, which will be crucial for the next directional move. A sustained breakout above this range could trigger fresh buying interest and extend the ongoing recovery.

On the downside, 23,900-24,000 will act as the immediate support zone, where buying interest is likely to emerge on any intraday decline.

While the opening bias is positive, traders should avoid chasing the gap-up and instead wait for confirmation above resistance before initiating fresh long positions.

The short-term trend remains constructive, and a buy on dips approach continues to be the preferred strategy as long as Nifty holds above the 23,900-24,000 support zone."

Riya Sehgal, Research Analyst, Delta Exchange

Crypto markets are consolidating after the recent correction, with Bitcoin attempting to recover from key support while remaining below the $64,500-65,500 resistance zone. Ethereum is also rebounding, with immediate resistance at $1,945-1,970 and support around $1,865-1,880. Current price action reflects consolidation rather than a confirmed trend reversal, as traders await the next macro catalyst.

Precious metals are also trading in a narrow range. Gold is stabilising near support after recent selling pressure, while silver remains sensitive to movements in Treasury yields and expectations around industrial demand. Elevated crude oil prices continue to be monitored as they could keep inflation persistent and influence the Federal Reserve's policy outlook.

In U.S. equities, investor attention has shifted toward earnings from major technology companies after weakness in semiconductor stocks. Markets are reassessing AI-related capital expenditure, valuation multiples and corporate guidance rather than focusing solely on headline earnings.

The immediate direction across crypto, metals and equities will largely depend on the Federal Reserve's policy and the subsequent reaction in the U.S. dollar and Treasury yields. If the Fed maintains a cautious stance, markets may remain range-bound in the near term. However, any meaningful shift in policy guidance could drive the next directional move across global risk assets.

BTC briefly fell below $63K as a sharp sell-off in Asian equities and the Senate's delay of the CLARITY Act weighed on market sentiment, before recovering toward $64K. Near-term price action will likely be driven by the Fed's policy decision and commentary, alongside core PCE inflation, second-quarter GDP data and earnings from major technology companies. A rate hold accompanied by softer guidance and easing inflation could help BTC reclaim $65K and extend the recovery toward $68K-$70K. However, hawkish signals or stronger inflation data may keep volatility elevated and limit immediate upside.

Nischal Shetty, founder, WazirX

"The crypto market has entered a phase of heightened caution as investors reposition ahead of the Federal Reserve's policy decision. Bitcoin has retreated to around $63,785 after slipping below the $65,000 mark, while Ethereum is trading near $1,625. The decline has been driven by a combination of rising liquidation activity, softer institutional flows, and a broader risk-off sentiment that has weighed heavily on global technology stocks.

Markets have sharply repriced expectations for U.S. monetary policy, with the probability of a 25-basis-point rate hike increasing materially over the past week. Although easing crude oil prices have helped moderate near-term inflation concerns and Treasury yields have eased slightly, financial conditions remain restrictive.

Spot Bitcoin ETFs recorded modest net outflows, while Ethereum products continued to attract fresh inflows, indicating that institutional investors are becoming increasingly discerning rather than reducing exposure altogether.

For major altcoins, the tone remains cautious as broader risk sentiment continues to weigh on high-beta assets. XRP is holding above the psychologically important $1.05 level after a modest pullback. A sustained move above $1.10 could revive bullish momentum, while a break below $1.05 may invite fresh short positioning toward the $1.00 mark.

Solana is trading around $73.60 and remains under pressure after last week's decline. Futures traders should watch the $72 support closely, as losing that level could accelerate downside toward $70. On the upside, reclaiming $76-$78 would indicate buyers are returning and could trigger short covering.

Dogecoin continues to consolidate near $0.0707 with relatively muted volatility. The immediate support lies around $0.069, while resistance is seen near $0.073. A decisive breakout above resistance could attract momentum-driven long positions, whereas a move below support may increase selling pressure."

Vikram Subburaj, CEO, Giottus.com

Bitcoin traded near $63,620 on Wednesday, gaining about 0.8% over 24 hours, as investors maintained cautious positions before the Federal Reserve's policy decision. The recovery remains modest after Bitcoin retreated from last week's local high near $66,700. Immediate support lies at $62,700-$63,000, followed by $62,000. Resistance is visible near $64,100, with the stronger $65,100-$66,700 zone likely to restrict further gains.

On-chain data show why Bitcoin continues to hold around $63,000 despite weaker institutional demand.The $63,000 area represents the market's strongest nearby demand zone, with the cost basis of roughly one-tenth of the circulating Bitcoin supply concentrated there. Meanwhile, the short-term holder cost basis near $69,000 remains the key breakeven level for recent buyers. If Bitcoin approaches this level from below, it could trigger additional selling pressure as investors look to exit at breakeven.

The broader market remains in cautious consolidation. Exchange liquidity has contracted and aggressive selling has eased, but derivatives traders are also showing less conviction. Perpetual futures buying has weakened, and funding costs for long positions have fallen sharply. Meanwhile, options markets are pricing in higher future volatility, even though the underlying asset has shown little price movement.

US spot Bitcoin ETF flows have reversed materially. Funds lost $225.1 million on July 23, $240.1 million on July 24 and $11.6 million on July 27, producing combined withdrawals of $476.8 million. July 28 showed a preliminary $5.1 million inflow. This reversal has substantially weakened the institutional support that drove the earlier recovery.

Large-cap altcoins were modestly higher. Ethereum gained 1.5% to $1,902, BNB rose 0.9% to $570, XRP advanced 1.4% to $1.07, Solana was almost unchanged at $73.23, and TRON added 0.2% to $0.324. The limited gains indicate selective participation rather than a broad altcoin rally.

The Fed decision is the immediate macro catalyst. Markets assign a 33% probability of a 25-basis-point increase, although most analysts expect rates to remain at 3.50%-3.75%. Renewed Middle East tensions, higher oil prices and a dollar index near 101.43 could encourage hawkish guidance even if rates are held.

Our advice: Investors should avoid taking large directional positions around the Fed decision. Staggered purchases, limited leverage and disciplined sizing remain preferable until Bitcoin either loses $62,700 or reclaims $66,700 with renewed ETF and spot demand.

Investors are advised to maintain records of crypto-to-crypto trades, staking rewards, airdrops and crypto used for purchasing goods or services. Read full report here

At the close on Tuesday, the total market cao of all BSE Sensex companies stood at Rs 4,79,16,996.