Although the benchmark indices opened higher, they traded positive throughout the session and ultimately closed green.
Indian equity benchmarks indices, Sensex and Nifty50 rebounded from a two-day slump as FMCG, realty, and PSU Bank shares supported while oil prices softened ahead of the US Federal Reserve's policy meet outcome.
At the closing bell, the BSE Sensex closed 333 points higher (up 0.4%)
Meanwhile, the NSE Nifty closed 99 points higher (up 0.4%)
ITC, Axis Bank, Trent are the top gainers today.
TCS, Infosys, Tech Mahindra on the other hand, were among the top losers today.
The GIFT Nifty was trading at 23,255 with 53 points higher at the time of writing.
The BSE 150 Midcap index is trading 0.07% higher and the BSE 250 SmallCap index is trading 0.1% lower.
Sectoral indices were trading mixed today with stocks in auto sector and banking sector witnessed buying. Meanwhile, stocks in IT sector and power sector witnesses selling pressure.
The rupee is trading at Rs 95.9 against the US$.
Gold prices for the latest contract on MCX are trading 0.8% higher at Rs 1,52,135 per 10 grams.
Meanwhile, silver prices were trading 1.3% higher at 2,35,163 per 1 kg.
Uno Minda Invests to Expand Manufacturing Capacity
Auto component maker Uno Minda plans to invest Rs 14.15 billion to expand its manufacturing capacity across different business segments. The investment is aimed at strengthening its production facilities and increasing capacity in key divisions.
As part of this plan, the company will set up a new aluminium casting plant in Hosur, Tamil Nadu, with an investment of Rs 5.10 billion. The existing Hosur facility has limited scope for further expansion, so the operations will be shifted to a new facility on the company's existing land at Thally Road. Once completed, aluminium casting capacity at Hosur is expected to increase to around 34,000 tonnes from the current 13,000 tonnes.
Uno Minda will also invest Rs 1.55 billion to set up a two-wheeler alloy wheel plant at Kharkhoda, Haryana, with a capacity of 3.3 million units. The company plans to shift 2 million units of existing capacity from Supa, Maharashtra, to the new Kharkhoda facility. The new plant will be developed in phases over the next two years, with the first phase expected to start production by Q4FY28.
UPI MDR Boosts Digital Payment Sector
Digital payment companies like Paytm and MobiKwik saw their shares rise by up to 7% on Wednesday. This happened because the introduction of a new fee on some UPI transactions is expected to make the digital payments business more financially sustainable.
From October 15, a 0.4% Merchant Discount Rate (MDR) will be charged on UPI payments made to businesses for transactions above Rs 2,000. For transactions of Rs 75,000 or more, the fee will be capped at Rs 300. However, UPI payments of up to Rs 2,000 to businesses will continue to be free. Transfers between individuals, such as sending money to family or friends, will also remain free.
Small vendors who receive up to Rs 1 lakh per month through UPI will not have to pay this fee either. This is particularly beneficial for small businesses in rural and semi-urban areas. Overall, the new MDR system is expected to provide payment companies with a more stable source of income and help make the digital payments business more sustainable.
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