Daily Market News Update — 09th-10th August 2026

Midnight News Update: 09-10 Aug 2026

Iran has affirmed that it was close to finalizing a deal with Oman for opening up the Straits of Hormuz to global trade movement. However, Iran has underlined that certain conditions will have to be fulfilled. These conditions apparently pertain to payment of levies for safe passage and commitment by the US for full and final withdrawal from the Straits of Hormuz. Iran has already confirmed that the deal was between the 2 countries adjoining Straits of Hormuz (Iran and Oman); and the US was not party to this deal. However, short-term impact is likely to be limited.

The government has put the confusion over MDR on UPI to rest by confirming that the MDR would be imposed on merchants and not on the consumers. The government also affirmed that the MDR will not be applicable on all UPI transactions, but only on select merchant transactions of higher ticket size. It is not clear if the merchants will indirectly pass on the MDR to the customers. The government also confirmed that the rate of MDR would be lower than the MDR charged on credit and debit cards, so merchants will be in a position to easily absorb this additional cost.

Hindalco of the AV Birla group reported 75% rise in net profits for Q1FY27 at ₹7,013 crore. This is also substantially better than estimates and was largely led by robust aluminium and copper prices on the LME. Operating revenues for the quarter were up 32.1% at ₹84,825 crore. Novelis also put up a better show, although most of the growth traction came from India. Nearly 70% of the PAT of Hindalco came from the India operations. Aluminium showed 45% growth in its upstream and its downstream business, while the copper segment grew revenues at 16% yoy.

Piyush Goyal has clarified that India does not endorse the idea of a common BRICS currency. He said, India preferred settlements in local currencies, which could become a limitation due to the rupee not being fully convertible. Clearly, India is not willing to antagonize the US by subscribing to the de-dollarization moves of Russia and China. BRICS has now expanded to 11 countries; with the addition of Egypt, Ethiopia, Indonesia, Iran, Saudi Arabia, and the UAE. Donald Trump has already warned countries of encouraging any moves towards de-dollarization.

India saw 26% spike in its crude import bill in Q1FY27 at $49 billion. Interestingly, the import volumes were lower by 18%, but higher oil prices took its toll. India imported 59.7 million tonnes (MT) of crude in Q1FY27 compared to 73 MT in the corresponding period last year, but still its bill went up from $39 billion to $49 billion. India currently relies on imports to meet nearly 88% of its crude demands; making the trade deficit and the Indian rupee highly vulnerable to the vagaries of oil prices. Oil is expected to normalize as traffic resumes through the Straits of Hormuz.

After several quarters of record cash balances, Berkshire Hathaway CEO, Greg Abel has started putting funds to use. In the June quarter, Berkshire used up nearly $35 billion for stock purchases, reducing its cash balance from $400 billion to $365 billion. Berkshire made a $10 billion investment in Alphabet, the parent company of Google and spent another $4.5 billion buying back its own stock. Berkshire has for long been cautious about investing in high technology stocks. However, Apple was a key purchase and has driven most of its capital gains in the last few years.

For the month of June 2026, gold-backed lending by NBFCs again grew by 70% yoy. As of the close of June 2026, NBFC loans against gold jewellery stood at ₹3.41 trillion. Loans against gold jewellery have continued to grow, despite the sharp fall in gold prices since late January 2026. Retail loans grew 20.3% for NBFCs, but this was largely driven by a spike in gold loans. RBI has strengthened the regulatory framework governing gold loans, but the surge has continued. In the retail basket, the fastest growth was seen in consumer durable loans, gold loans, and housing loans.

Delhi High Court has stayed the FSSAI ban on Dabur selling foods carrying its 100% claim. FSSAI had called for a halt till the next hearing date of August 24; and Dabur was not supposed to use terms like 100% pure, 100% organic, 100% natural etc. Dabur had moved the Delhi Court against the FSSAI order, since it was an ex-parte order. Dabur has also questioned the jurisdiction of the said officer in passing such a drastic order. However, the FSSAI counsel has contended that they had given advance warnings to Dabur, asking them to desist from using these 100% claims.