DayStarter

The day at a glance

Market snapshot

Equities and sectors

The Nifty opened 36 points lower at 23,743. Weak global markets and a sharp rise in oil prices weighed on sentiment, with Brent crude moving close to $100 per barrel.

Selling started almost immediately. The index fell below 23,700 and moved towards 23,670 within the first 30 minutes.

A recovery around 10 AM briefly took the Nifty back above 23,700, but the move did not last. The index returned to the 23,660 to 23,680 range and continued drifting lower through the morning. By noon, it was trading around 23,640 to 23,650.

Another recovery attempt in the second half took the index towards 23,665. Selling returned after 1 PM, pushing the Nifty below 23,650 and then towards 23,625 to 23,630 around 1:45 PM.

The index recovered modestly towards 23,660 after 2:30 PM, but again gave up the gains. It closed at 23,635.10, near the day’s low and around 108 points below its opening level.

Large-cap indices fell, while the broader market held up better. Nifty Next 50 and Nifty Microcap 250 both rose 0.52%.

Sectoral indices

Among sectors, Media was the strongest at 1.31%, followed by Pharma at 0.77%. Services, Bank and IT were among the weaker sectors.

Winners and losers: F&O stocks

GVT&D was the strongest F&O stock among the listed gainers, rising 8.77%. BPCL was the largest loser, falling 2.89%.

Commodities

Crude oil rose 1.38% on MCX. Copper rose 1.31%, while zinc and aluminium also gained. Silver fell 0.19%, while gold was almost unchanged.

Currency and bond yields

The rupee weakened to 94.86 against the US dollar from 94.56. Higher crude prices, renewed attacks on Saudi Aramco facilities by Yemen’s Houthis, geopolitical tension in West Asia and weak domestic equities added pressure on the currency.

The dollar index, which measures the US dollar against a basket of six currencies, was at 98.96, down 0.21%.

Indian steel prices are also expected to rise further in the coming weeks. Demand from infrastructure and automobiles is expected to improve after the monsoon, while higher coking coal prices are increasing production costs for steel mills.

Institutional flows and investor positioning

FIIs sold a net ₹123 crore on 8 September, while DIIs bought a net ₹1,350 crore.

Over the five sessions shown below, FIIs were net buyers of ₹1,387 crore. DIIs bought a much larger ₹18,637 crore.

Retail and high-net-worth investors held a record 1.48 million net long index positions on 7 September. FPIs, in contrast, held 1.18 million net short positions. FPI net shorts had reached a record 1.2 million on 3 September.

Foreign investors also returned to automobile stocks in August. FPIs bought $326 million of auto and auto-component stocks, ending five consecutive months of selling. The sector had last received inflows in February, when FPIs invested $394 million.

NSE; Zerodha Markets; Mint, 9 September 2026; IndiaCharts; National Securities Depository Ltd

The macro view

Power, coal and monsoon

• India’s power demand reached 256 GW during the first week of September. Power shortages crossed 20 million units, while around 58 thermal plants were operating with very low coal stocks. Power shortages remained above 20 million units during the first week of September. In the same period last year, the shortage was below 1 million unit.
• Low rainfall has created hot and humid weather, increasing the use of air conditioners. A weak monsoon has also led farmers to use more groundwater pumps for irrigation. Hydropower generation fell 14% year-on-year in July because of lower rainfall.
• Power demand had eased during July and August, but has started rising again. India had already recorded a peak demand of 270.8 GW in May. The Central Electricity Authority expects peak demand to reach 272 GW this year.
• Coal availability at power plants has also become tighter. On 6 September, 190 thermal plants held 26.7 million tonnes of coal, enough for 8.5 days of operations. Of these plants, 58 were running with less than 25% of their required coal inventory.
• Coal supplies have been increased. State-run producers loaded 444 railway rakes for the power sector on 6 September, up from 370 on 3 September. Average daily coal production by state-owned miners also rose around 35% to 1.83 million tonnes on 6 September, compared with around 1.36 million tonnes per day during the first three days of the month.
• Coal minister G. Kishan Reddy said more than 123 million tonnes of coal was available across mines, in transit and at thermal plants. He said this was enough to meet electricity demand for 51 days. Around 100 million tonnes was at mine pitheads or in transit, while thermal power plants held around 23.7 million tonnes.

Mint, 9 September 2026

Growth, incomes and the GDP debate

India’s GDP grew 7.8% in the June quarter.

Over the 36 years from 1990-91 to 2025-26, India recorded growth of more than 7% in 18 years. Growth exceeded 8% in five years, including one year helped by the rebound from the pandemic. Average growth has varied across decades.

• Per capita GDP growth tends to be at least around 1 percentage point lower than overall real GDP growth. At 7.8% real GDP growth, per capita GDP grows at around 6.8% to 6.9%.
• India entered its peak demographic window in 2019. This happened when the number of dependents fell below 50% of the working-age population. From 2019 to 2025, India recorded GDP growth of 5.4% and per capita growth of 4.4%. By comparison, Japan, South Korea, China and Vietnam recorded growth of 6.2% to 9.4% during the first decade of their own peak demographic windows.
• The World Bank has said India needs real growth of 7.8% over the coming decades. It has also said this would not be possible under a “business-as-usual” scenario.
• Several labour-market challenges remain. Youth unemployment is still around 9% to 11%. More than 40% of India’s workforce remains in agriculture, while manufacturing employs around 12%. More than 800 million people receive free foodgrain from the government.
• Over the last three years, manufacturing, services and construction recorded gross value added growth of around 7.8% to 10%. Together, these sectors employed around 42% of India’s workers. Agriculture grew by 3.4%, but by itself employed more people than those three sectors combined.

Mint, 9 September 2026

Formalisation, fintech and infrastructure

• Company registrations increased 12% year-on-year to 1,10,748 between April and August, the highest ever for this period. Registrations of limited liability partnerships rose 31.1% to nearly 48,972. Growth in company incorporations slowed in August to 6.7%, compared with 49.5% in July and 16.3% in June. LLP incorporations rose 37.8% in August, below July’s 61% growth.
• Prime Minister Narendra Modi said the next phase of India’s fintech growth should move beyond UPI into credit, insurance, pensions and savings. He made the remarks at the seventh Global Fintech Festival. RBI governor Sanjay Malhotra said fintech companies have fundamentally changed the structure of Indian finance over the past decade, moving banking from branches into the hands of citizens.
• The road transport ministry is separating bridge monitoring from highway contracts and assigning the work to specialised agencies. Analytical software for bridge monitoring will be developed by IIT Madras with the Centre for Development of Advanced Computing. The ministry listed 17 bridge or flyover incidents on national highways during FY25 and FY26 up to December 2025.
• India’s first high-speed train prototype is expected to begin track testing by May or June 2027. Railway minister Ashwini Vaishnaw said the first body frame of the indigenous bullet train has been completed and sent for a “squeeze test”. Testing is expected to continue for two to four months.
• The Centre told the Supreme Court that 248 tribunal members are eligible for extensions under the Tribunal Reforms Act, 2026, and their services are being extended.
• The government may continue allowing pharmacies to deliver some medicines to patients at home through both offline and online channels. A sub-committee appointed by India’s top drug expert panel said removing the provision could affect people living in rural and remote areas. The Drugs Technical Advisory Board discussed the issue on 27 August.

Mint, 9 September 2026; Ministry of Corporate Affairs

Energy, fuel and commodity policy

• India’s total fuel demand fell 2.8% year-on-year to 18.61 million tonnes in August, even though transport-fuel consumption remained strong. Petrol sales rose 8.2% to 3.84 million tonnes, while diesel sales rose 6.8% to 7.02 million tonnes. However, LPG consumption fell 17.2% and naphtha consumption fell 22.3%, pulling total fuel demand lower. Fuel consumption had been 19.87 million tonnes in July. August was therefore the lowest monthly level since September 2024.
• Five companies have shown interest in the government’s ₹37,500 crore coal gasification programme. Adani Enterprises submitted three applications for three separate projects. NTPC and Talcher Fertilizers submitted one each. Gallantt Ispat and Shyam Sel & Power also applied. The programme aims to establish 25 gasification plants over the next three to four years and reduce India’s dependence on imported liquefied natural gas. Selected companies can receive financial assistance of up to 20% of plant and machinery costs through competitive bidding.
• A research paper from the Indian Council for Research on International Economic Relations said the government should keep its ethanol-blending programme flexible. It recommended keeping E20 as the long-term target, while allowing a temporary reduction to E15 when domestic ethanol supply is not sufficient.
• Sugar production for 2025-26 is expected at 30.6 million tonnes, 11% below the original estimate of 34.3 million tonnes. The all-India average retail sugar price reached ₹62 per kg in September, up from ₹47 per kg in June.

Mint, 9 September 2026; Petroleum Planning and Analysis Cell; Consumer Affairs Ministry

Employment, mobility and trade

• White-collar hiring in India grew 14% year-on-year in August. The Naukri JobSpeak Index reached 3,028, compared with 2,664 in August last year.
• Electric vehicle retail sales rose 52.9% year-on-year to 298,448 units in August. EV penetration increased to 12.3% of total vehicle sales from 9.5% a year earlier. The two-wheeler segment led the increase. Electric two-wheeler sales rose 67.05% to 183,204 units from 109,673 a year earlier. Electric passenger vehicle sales increased to 30,696 units from 20,210 in August 2025. Electric commercial vehicle sales almost tripled to 4,702 units from 1,631. CNG, hybrid and electric vehicles together accounted for 41.95% of passenger vehicles sold in August.
• Over the last four years, 13.2 million updated tax returns were filed under the tax department’s NUDGE campaign. These filings resulted in additional tax payments of ₹16,083 crore.
• Samsung Electronics has laid off 80 to 100 executives in India from its television and home-appliance businesses because of weak demand and lower margins.

Mint, 9 September 2026; Naukri.com; Federation of Automobile Dealers Associations

Corporate action and earnings

Capital raising and debt

Reliance Industries

Reliance Industries plans to raise ₹12,500 crore through five-year rupee bonds with a coupon of 7.47%. This is its first domestic bond issue in nearly three years. It would also be the largest single-tranche fundraise by a rated Indian company since November 2023. The AAA-rated notes will mature in five years. The 7.47% coupon is well below the 7.87% average yield on top-rated five-year corporate bonds at Monday’s close. Ajay Manglunia, executive director at Capri Global Capital Ltd, said the issue would establish a benchmark for other highly rated issuers.

REC tokenised bond

REC raised ₹500 crore through India’s first tokenised corporate bond. The bond carries a 7.30% coupon and matures in May 2028. Around 20 investors participated. Settlement used the RBI’s digital rupee, making the issue an important test of tokenised debt-market infrastructure.

NSE IPO

The National Stock Exchange’s nearly ₹30,000 crore IPO is expected to open for subscription on 18 September and list on 25 September. The price band is expected on 15 September, followed by the anchor investor book on 17 September. The IPO would consist entirely of an offer for sale of up to 148.9 million equity shares with a face value of ₹1 each. This represents nearly 6% of NSE’s paid-up equity capital. At around ₹30,000 crore, the issue would be larger than Hyundai Motor India’s ₹27,870 crore IPO in 2024 and would become India’s largest IPO. There has been no official announcement from NSE on this timetable.

SBM Bank India and the FCNR(B) window

SBM Bank India raised around $100 million through the RBI’s recently completed special FCNR(B) deposit window. The average cost of deposits raised through the programme was around 7%, compared with 7.25% for the bank’s domestic retail term deposits. Banks across India raised $127.23 billion through the facility. Together with $5.26 billion raised through OFCBs and $3.89 billion through ECBs, the facility attracted total inflows of $136.37 billion.

Overseas borrowing

Punjab National Bank, Bank of Baroda, Axis Bank, RBL Bank, Federal Bank, Canara Bank, Uco Bank, Bank of Maharashtra and IndusInd Bank are in early discussions about raising money overseas through the RBI’s overseas foreign-currency borrowing facility. REC is also considering a yen-denominated overseas bond. Individual OFCB transactions could be between $100 million and $750 million, although final amounts are still being discussed.

AlphaGrep Securities

AlphaGrep Securities is raising ₹200 crore through bonds with a maturity of around one year. The bonds carry a 10.5% coupon, payable quarterly. The firm had ₹2,890 crore of bank guarantees outstanding as of 30 June.

Mint, 9 September 2026; Zerodha AfterMarket Report; Crisil Ratings; Reuters

Deals, M&A and corporate strategy

Bajaj Finance and TrueFan AI

Bajaj Finance acquired a 5% stake in AI-powered video-generation startup TrueFan AI. Financial terms were not disclosed. The investment was made under Bajaj Finserv’s Finserv Intelligence initiative. Bajaj Finance already uses TrueFan’s technology to create millions of personalised videos. The investment is part of Bajaj Finserv’s ₹1,500 crore to ₹2,000 crore, five-year plan to invest in technology startups. TrueFan AI was founded in 2020 and is operated by Gurugram-based Hogwarts E-Learning Universe Pvt. Ltd. It raised $10 million in June at a valuation of around $40 million.

Toyota Kirloskar Motor

Toyota Kirloskar Motor’s payouts increased sharply to ₹5,652 crore in FY26 from ₹87 crore five years earlier. Dividend per share rose to ₹81 in FY26 from ₹1.26 in FY21. Toyota Motor Corp. owns 89% of the Indian joint venture, while the Manasi Tata-led Kirloskar Group owns 11%. Royalty payments to Toyota increased from ₹337 crore in FY21 to ₹2,112 crore in FY26. Together, dividends and royalty payments meant the Japanese parent received more than ₹7,000 crore from India in FY26. Toyota Kirloskar’s revenue rose 9% to ₹70,578 crore in FY26, while net profit fell 8%. The company has moved from a ₹55 crore loss in FY21 to around ₹5,225 crore of profit in FY26.

Adani Power

Adani Power has added 7.8 GW of capacity through acquisitions, including the creditor-approved deal for GVK Energy. The GVK transaction would be its eighth acquisition through the insolvency process. Creditors approved Adani Power’s ₹5,725 crore resolution plan for GVK Energy on Sunday. For four companies acquired through insolvency between 2019 and 2024, Adani Power paid around ₹21 to ₹28 per watt. It paid ₹67 per watt for Vidarbha Industries Power Ltd. Adani Power plans to add another 23.7 GW of capacity. Of this, 10.9 GW will be at sites acquired through the corporate insolvency resolution process. The expansion would increase total capacity to 42 GW by FY32. Adani Power reported net profit of ₹12,971 crore in FY26.

Aditya Birla Group and UltraVolt

The Aditya Birla Group launched UltraVolt, its new wires and cables business under UltraTech Cement Ltd, with an initial investment of ₹1,800 crore. Since commercial production began on 1 September, Polycab India shares have fallen 7%, compared with a 1% fall in the Nifty. RR Kabel, Havells India and KEI Industries have fallen around 5% to 20%. Polycab expects India’s wires and cables market to grow from just over ₹1 trillion in the year ended March 2026 to ₹1.5 trillion by 2030.

UpGrad

Temasek-backed UpGrad plans to launch corporate upskilling and learning-and-development advisory services. It is targeting ₹1,000 crore of enterprise revenue over the next two years. UpGrad reported gross revenue of ₹1,650 crore in FY25 and became operationally profitable. The company has raised more than $760 million since inception and was valued at around $1.7 billion as of May this year. It also raised ₹360 crore from existing investors earlier that month.

Lightspeed India

Lightspeed India expects to generate around $500 million in cash returns by the end of this year. The firm has deployed around $2.5 billion through its early-stage and growth strategies across more than 115 active portfolio companies. IPO-bound companies in its portfolio include Oyo, Razorpay, Zetwerk, ShareChat and Zepto. Many have already filed draft papers with SEBI.

Zerodha Broking

A unit of Nithin Kamath’s Zerodha Broking Ltd received a merchant-banking licence from SEBI on 2 September. The licence allows the firm to manage IPOs and other capital-market transactions.

Mint, 9 September 2026; Zerodha AfterMarket Report; Motilal Oswal

Stocks, sectors and regulation

Symphony

Symphony shares rose almost 6% after the company announced a phased expansion into room air conditioners, BLDC ceiling fans and air purifiers. The new products will be launched through an asset-light model beginning in the December 2026 quarter.

PVR INOX

PVR INOX shares recovered around 6% after the company said an initial review of anonymous allegations against some employees found no evidence of kickbacks. The company also said former executive Pramod Arora resigned for personal reasons and was not asked to leave.

UK CBAM recognition

The UK has recognised India’s Carbon Credit Trading Scheme as a qualifying carbon-pricing scheme under its CBAM. Eligible Indian exporters will therefore be able to deduct carbon prices already paid in India from their UK CBAM liability.

HCLTech

HCLTech launched a ₹185 crore Advanced Semiconductor Lab in Bengaluru. The 40,000 sq ft facility expands the company’s capabilities in post-silicon engineering, chip testing, validation and failure analysis. It will serve Indian and global semiconductor customers.

UltraTech and the CCI

The Delhi High Court dismissed UltraTech Cement’s appeal against a Competition Commission of India decision that allowed the Builders Association of India to participate in an investigation into alleged cartelisation and price manipulation by grey cement manufacturers. A division bench of Chief Justice Devendra Kumar Upadhyaya and Justice Tejas Karia upheld the December 2023 decision of a single judge. The court said the association’s role would be limited to giving its view on the investigation report using only its non-confidential section.

Google and real-money games

The Competition Commission of India closed a case against Google involving real-money games. The regulator cited “exceptional developments”, including the Online Gaming Act, which came into force in May 2026.

FMCG input costs

Input costs are rising across several consumer categories. Sugar prices are around 20% higher than a year ago and 20% higher sequentially. Palm oil prices were up 21% year-on-year at the end of August. Mustard oil rose 8%, soya oil 9%, sunflower oil 14% and groundnut oil 10%. Cocoa prices are up 48% quarter-on-quarter. Crude oil is 38% higher year-on-year. HDPE prices are up 30%, adding to packaging costs. Analysts at Anand Rathi expect some near-term margin pressure on FMCG companies. They expect price increases, cost savings and operating leverage to offset part of the pressure and keep earnings growth around 15% for FY26 to FY28.

Ola Electric

Ola Electric registered 13,916 electric two-wheelers in August, down 29% year-on-year even as the industry grew 68%. Its market share fell to 7.6% from 17.7% a year earlier. The company announced fundraising of up to ₹1,500 crore. Its shares fell 1.5% and are down 37% over the past year. The June-quarter net loss narrowed to ₹336 crore on revenue of ₹455 crore, compared with a net loss of ₹828 crore in Q1FY26. However, adjusted EBITDA loss widened from 36% to 43% of revenue.

Steel prices and stocks

Domestic hot-rolled coil prices reached ₹62,000 per tonne in the week ended 4 September. This was 25% higher than a year earlier and around 6% above June levels. Rebar prices were ₹57,000 per tonne, up 20% year-on-year. SAIL shares have risen 27% so far this year, JSW Steel 11%, Jindal Steel 8% and Tata Steel 2%.

Satellite-internet spectrum

The Department of Telecommunications’ Digital Communications Commission approved a spectrum usage charge equal to 5% of adjusted gross revenue for satellite-internet companies including Starlink, Eutelsat OneWeb and Jio Satellite. The spectrum will be allocated administratively rather than through auction. The initial allocation will last five years, with an option to extend it by another two years. Amazon Leo will have to reapply for a licence because the government has replaced its earlier licensing system with a new authorisation framework. The company is building its first-generation broadband satellite system and already has more than 390 satellites in orbit.

Mint, 9 September 2026; Zerodha AfterMarket Report; Anand Rathi; Equirus Securities; Nomura Global Markets Research; Vahan

Upcoming events

US PPI data is due on Thursday and CPI data on Friday. Markets are watching both releases for clues about the Federal Reserve’s next move. The NSE IPO price band is expected on 15 September, followed by the anchor book on 17 September, subscription opening on 18 September and listing on 25 September. There has been no official announcement from NSE confirming this schedule.

Corporate actions, dividends and earnings calendar

No corporate-actions, dividend or earnings calendar was published for this session. For record dates, ex-dates, dividends, bonuses, splits and results dates, refer to the NSE and BSE corporate-announcement pages or the Tijori App.

Global pulse

Global markets

Global markets were mixed. The Nikkei 225 fell 1.70%, while the S&P 500 and Hang Seng also declined. The Nasdaq 100 and Shanghai Composite moved up slightly.

Energy, rates and supply

• Brent crude moved above $99 per barrel, its highest level since July. The rise followed Houthi attacks on oil facilities in southern Saudi Arabia. Several installations caught fire. Targets included Jazan, which has a refinery capable of processing 400,000 barrels per day. The attacks added to concerns that Middle Eastern oil supply could face further disruption.
• Brent crude rose more than 2% on Tuesday to above $99 per barrel. It is now up more than 60% this year. Europe’s diesel benchmark is approaching $200 per barrel. Vitol Group chief Russell Hardy said oil markets are increasingly showing signs of tight supply. Around 2 million barrels per day of exports have been lost from the Middle East. A further 2 million barrels per day have been lost from Russia because of Ukrainian drone attacks. Oil flows through the Strait of Hormuz are estimated at around 10 million barrels per day, around half their pre-war level. Before the war, around one-fifth of global oil and LNG shipments moved through Hormuz. US diesel now costs more than $5.90 per gallon on average at retail, a record level.
• The US 10-year Treasury yield moved above 4.8%, its highest level since October 2023. Higher energy prices and strong recent employment data increased concerns about inflation and the possibility of further Federal Reserve tightening.
• The Houthis attacked four cities in southern Saudi Arabia on Tuesday. Drones and missiles hit a Saudi airbase in Khamis Mushait and targets in Abha, Najran and Jazan. Saudi authorities said 73 people were injured, including women and children. More than 18,500 people have also left their homes because of fighting along Yemen’s west coast during the last three days.

Zerodha AfterMarket Report; Mint, 9 September 2026; International Organization for Migration

Iran, sanctions and the blockade

• No Iranian crude oil has passed through the US Navy blockade since it was restored in mid-July. Iran is still loading small amounts of crude onto tankers, but those barrels remain trapped inside the Gulf. The amount of Iranian oil already on ships outside the blockade has fallen from around 90 million barrels in mid-July to around 29 million barrels. That supply could run out next month. Iran loaded around 255,000 barrels per day onto vessels inside the Gulf in August. This was 85% below the February to April average.
• Iran’s official inflation rate is above 80% year-on-year. The IMF expects the economy to contract by 5.4% this year. The rial has lost almost 15% of its value against the US dollar since President Trump announced his economic-pressure campaign in August. Around one-third of Iran’s government budget is normally funded by oil revenue. Petrochemical loadings had fallen by around two-thirds from early-2026 levels by August. Iraq has offered discounts of nearly $30 per barrel on some crude grades. Iran exported almost $15 billion of non-oil goods between mid-March and mid-August, although that amount was lower than a year earlier.

Mint, 9 September 2026; Kpler; IMF; Capital Economics

Trade, technology and global corporates

• China’s exports rose 25% year-on-year in August, accelerating from 23.9% growth in July. Demand for high-tech and AI-related products helped drive the increase. Imports rose 28.2%. China’s trade surplus widened to $119.1 billion in August, taking the January to August surplus to $805.5 billion.
• Huawei and Xiaomi introduced new foldable flagship phones ahead of Apple’s launch this week. Huawei’s Mate XT2 tri-fold starts at 19,999 yuan, or $2,980, and uses the company’s Kirin 9050 Pro chip. Xiaomi’s 18 Fold starts at 10,999 yuan, or $1,540, and uses its own XRing O3 processor. Huawei currently has 22.6% of China’s smartphone market and accounts for 68% of foldable-phone shipments.
• Prediction-market startup Kalshi said monthly commodities trading volume crossed $400 million within seven months of launch. At the same stage, its cryptocurrency trading volume had reached only one-quarter of that amount.
• Canada imposed tariffs of 15% to 50% on hundreds of US products on Tuesday. Tariffs on many US steel products were raised from 25% to 50%. Other affected products include motorcycles, cosmetics and cheese. The tariffs took effect at 12:01 AM New York time. US tariffs of 50% on around $20 billion of Canadian goods had taken effect on 22 August. Canada announced its response three days later, targeting roughly the same dollar value of US goods.
• Hackers stole around $320 million from the Bitcoin-linked Liquid Network. Around 4,000 Bitcoin, equal to roughly 95% of the Bitcoin in the network’s main wallet, were taken. The hackers described themselves as “white hats”. They later returned 3,400 Bitcoin and kept around $47 million worth. Across 2026 so far, hackers have stolen around $1.4 billion through 250 attacks. In 2025, around $2.7 billion was stolen through 146 attacks.
• Singapore’s government defended Singapore Airlines’ investment in Air India. The comments followed around two weeks of public attention on Air India’s request for approximately $1.5 billion of fresh equity from Tata Sons and Singapore Airlines. Singapore Airlines owns 25.1% of Air India.
• Russia said it would welcome Indian efforts to help end the war in Ukraine. Kremlin spokesperson Dmitry Peskov said President Putin is scheduled to hold bilateral talks with Prime Minister Modi on Friday during the BRICS summit.
• Meta Platforms ran more than 300 advertisements on Instagram and Facebook this year that contained suspected child sexual abuse material. The advertisements collectively reached more than 29,000 people.

Zerodha AfterMarket Report; Mint, 9 September 2026; Tech Transparency Project; Galaxy Digital; DefiLlama

Management chatter

Verbatim remarks from named executives and policymakers.

Feature: Why Oil Is Knocking on $100 Again

A refinery in southern Saudi Arabia has been hit, the Strait of Hormuz is operating at around half its normal oil-flow level, OPEC+ has kept its quota unchanged, and India’s crude import bill is already 56% higher.

The trigger

Brent crude spent Tuesday close to $100 per barrel. November futures were up 2.23% at $99.16 per barrel in early US trading. Brent touched $100 at one point before easing and settling close to $98, its highest level since late July. West Texas Intermediate for October rose 3.26% to $94.46.

The immediate trigger was another round of Houthi attacks. The Yemen-based group said it targeted Saudi Aramco facilities in Abha, Najran and Jazan using ballistic missiles and drones. Saudi Arabia’s energy ministry confirmed fires at several sites. Operations at some energy facilities in southern Saudi Arabia were stopped while crews worked to control the fires. Saudi officials said 73 people were injured across four cities near the Yemeni border.

The facilities in Abha and Najran mainly matter for Saudi Arabia’s domestic energy system. They are part of the country’s oil and gas distribution network and mainly serve local consumption. Jazan is more important for international oil supply. The city has a refinery that can process around 400,000 barrels per day.

The refinery has been attacked several times since the Houthis warned in July that they would blockade Saudi oil flows. It was shut after an attack a few days after that warning and has been targeted at least twice since. Saudi ships have also been attacked, including a supertanker in the Red Sea last month. Separately, explosions were reported at Kharg Island, Iran’s main crude-oil export terminal.

Oil supply remains tight

The Strait of Hormuz normally carries around one-fifth of the world’s seaborne oil and LNG. Traffic has fallen sharply since the conflict began in late February. West Asian oil shipments have dropped to around 11 million barrels per day from approximately 18 million. Middle Eastern producers have reduced output by more than 11 million barrels per day.

As a result, oil inventories have been falling by an average of 6.3 million barrels per day in the second quarter and 7.6 million barrels per day in the third quarter. Oil inventories across OECD countries are now at their lowest level since 2003.

The shortage is even more severe in refined fuels. Middle-distillate cracks reached record highs in the first week of September. A crack spread measures the difference between the price of refined fuel and the crude oil used to make it, so a high crack spread points to tight refined-product supply. Renewed attacks around the Strait of Hormuz reduced hopes that Middle East product flows would recover quickly.

Russia has also banned diesel exports while its refineries face repeated Ukrainian drone attacks. China’s fuel exports have not recovered significantly after months of restrictions aimed at protecting its domestic supply. ING commodities strategists described the global refining system as having “little slack” to absorb these disruptions.

OPEC+ kept production policy unchanged

OPEC+ met virtually on 6 September and left its policy unchanged. Seven core members agreed to maintain September production requirements through October:

• Saudi Arabia
• Russia
• Iraq
• Kuwait
• Kazakhstan
• Algeria
• Oman

The next review is scheduled for 4 October.

Russia’s October production quota is 9.949 million barrels per day. Saudi Arabia’s quota is 10.478 million barrels per day. The group has already completed the gradual reversal of a 1.65 million barrel-per-day production cut first introduced in 2023. However, actual production remains well below official targets because of the war.

Jorge Leon of Rystad Energy said OPEC+ “currently has very limited power over the physical oil market”. The group can change production targets, but it cannot guarantee that those barrels will actually be produced or reach buyers. Goldman Sachs analysts, including Daan Struyven, raised their oil-price forecasts modestly because they expect shipping disruptions to continue into 2027. They said risks remain “significantly tilted to the upside.”

India’s oil bill is rising

India imports more than 88% of the crude oil it consumes. Its crude-oil import bill rose more than 56% to $63.4 billion between April and July, from $40.5 billion a year earlier. Import volumes were broadly unchanged. This means the higher bill came mainly from higher prices and related costs rather than India buying much more oil.

The April to June quarter alone cost 60% more than a year earlier. The July import bill was 41% higher year-on-year. Freight costs on the important Ras Tanura to India shipping route have increased by more than 400% since 28 February.

The Indian Basket is the weighted average of Dated Brent and the Oman-Dubai sour benchmark that Indian refiners actually purchase. It reached $101.07 per barrel on Friday, its first reading above $100 since May.

India’s petrol benchmark reached a three-month high of $120.65 per barrel this month. The diesel benchmark reached a four-month high of $156.44 as of 3 September. Retail pump prices have not changed for more than three months, after cumulative increases of ₹7.35 per litre for petrol and ₹7.53 per litre for diesel in May.

Prashant Vasisht of ICRA has said that higher crude prices could push auto-fuel marketing margins into negative territory for Indian Oil, Bharat Petroleum and Hindustan Petroleum. Domestic LPG under-recoveries could also widen from around ₹200 per cylinder. An under-recovery means the company sells the product for less than its full cost.

The effect goes beyond oil-marketing companies. A sustained increase in crude prices raises demand for US dollars because India has to pay more for imported oil. It also puts pressure on the trade balance and the rupee. Higher fuel and transport costs can then feed into inflation. Airlines, petrochemical companies and other energy-intensive industries face the same increase in costs.

Upcoming events

There are three important dates and one major uncertainty. OPEC+ meets again on 4 October, although its ability to influence actual physical oil supply is currently limited. US PPI data is due on Thursday. US CPI data is due on Friday. Both inflation releases will be read against the recent energy-price shock, which has already pushed the US 10-year Treasury yield above 4.8%. The main uncertainty remains the war itself. President Donald Trump said on Tuesday that oil prices would fall sharply once the conflict with Iran ends.

Sources for the feature

World Oil, Bloomberg wire; Rigzone, Bloomberg wire; CNBC; Quartz; Free Press Journal, PTI; Oilprice.com; Millennium Post; U.S. Energy Information Administration, Short-Term Energy Outlook; OPEC statement of 6 September 2026, as reported by ANI and Gulf News.

Closing note

Market data: Zerodha AfterMarket Report, 8 September 2026 close. Macro, corporate and global: Mint Mumbai print edition, 9 September 2026. Feature: externally sourced material as credited in the section. This is a news aggregation brief. It carries no analysis, opinion or investment advice.