SGX Nifty September 2026 futures increased by 31.50 points, suggesting a slightly optimistic opening for the Nifty 50.

India’s Unified Payments Interface is set to implement a targeted Merchant Discount Rate regime starting 15 October 2026. This marks the conclusion of a prolonged zero-MDR policy, aimed at establishing a self-sustaining funding base for network infrastructure, cybersecurity, and platform scalability. Under the newly established guidelines from the National Payments Corporation of India and the Reserve Bank of India, a uniform Merchant Discount Rate of 0.4%, with a ceiling of Rs 300 for high-value transactions, will be enforced for commercial person-to-merchant payments exceeding Rs 2,000.

In contrast, essential utilities and fuel transactions will incur a fixed fee of Rs 5, while transfers within the capital markets will be subject to a rate of 0.02%. Retail consumers and individual peer-to-peer transfers are completely exempt from charges, as are small merchants processing under Rs 1 lakh a month and all transactions up to Rs 2,000. These categories collectively represent over 95% of daily UPI transaction volumes.

Institutional Flows:

On 15 September 2026, foreign portfolio investors divested shares amounting to Rs 2,977.86 crore, whereas domestic institutional investors recorded net purchases totalling Rs 2,686.05 crore in the Indian equity market, as per provisional data. Foreign Portfolio Investors divested shares amounting to Rs 15,544.65 crore in September up to 15 September 2026. This follows net cash purchases of Rs 17,366 crore in August 2026, while they were net buyers of Rs 6,731.97 crore in July 2026.

Global Markets:

Most Asian equity benchmarks experienced upward movement on Wednesday, buoyed by regional gains in anticipation of the US Federal Reserve’s monetary policy announcement. The upward movement transpired concurrently with heightened crude oil prices and increased US Treasury yields. In Japan, the trade deficit expanded markedly to JPY 1,105.6 billion in August 2026, compared to JPY 294.1 billion in the same month of the previous year. It represented the fourth consecutive month of deficit and the most significant since January, as imports increased at a rate surpassing that of exports.

Imports experienced a significant increase of 28.0% year-on-year, reaching JPY 11,153.9 billion. This follows a 27.9% rise in July, indicating the most robust growth since November 2022. Exports increased by 19.3%, reaching JPY 10,048.4 billion. US indices experienced a decline on Tuesday, influenced by market positioning in anticipation of the Federal Reserve meeting and an increase in bond yields. The Dow Jones Industrial Average experienced a decline of 328.09 points, representing a decrease of 0.63%, settling at 52,093.11. Meanwhile, the S&P 500 saw a reduction of 0.45%, closing at 7,585.73; and the Nasdaq Composite declined by 0.78% to 25,981.57.

Certain technology shares recorded advances, with Qualcomm gaining over 4%, and Advanced Micro Devices and Coherent each rising approximately 2%. The Federal Reserve is set to announce its interest rate decision on Wednesday. Market pricing indicates an anticipation of a 25-basis-point increase from the current target range of 3.5% to 3.75%. Market attention is concentrated on the policy statement and the related commentary concerning inflation, economic conditions, and anticipated adjustments to interest rates.

Domestic Market:

The primary equity benchmarks concluded the day with significant declines on Tuesday, reversing the gains observed earlier in the session. Increasing crude oil prices and elevated US Treasury yields negatively impacted sentiment. The sell-off intensified as investors awaited the US Federal Reserve’s policy decision on Wednesday. The Federal Reserve is anticipated to increase interest rates by 25 basis points. The S&P BSE Sensex declined by 777.94 points, representing a decrease of 1.04%, closing at 74,003.82. The Nifty 50 index experienced a decline of 279.50 points, representing a decrease of 1.19%, closing at 23,118.60, marking its lowest point in five months.