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 Here is the full text of the article titled "Retail participation in IPOs turns lacklustre as investors eye quality over listing gains," as published in the source:

MODERATE DEMAND. Only five of 12 issues in July saw double-digit retail oversubscription; six recorded single-digit demand.

Suresh P Iyengar (Mumbai)

Notwithstanding the early signs of a revival in the primary market, retail participation in initial public offerings (IPOs) has remained lacklustre as investors remained focused on the quality of issuances over the lure of listing-day gains.

Of the 12 issues that hit the market in July, the retail portion of only five was subscribed in double digits, while six companies registered single-digit subscription.

Retail participation in an IPO refers to individual investors applying for shares up to ₹2 lakh in main-board issues. Institutional bidders generally account for at least 35 per cent of the net offer for retail individual investors.

The retail portion of the ₹9,275-crore Manipal Health Enterprises — the second biggest issue this year, after SBI Funds Management — was undersubscribed as it received bids for only 93 per cent of the shares on offer. The company recorded a listing day gain of 11 per cent.

The retail portion of the SBI Funds Management IPO of ₹9,812 crore was subscribed four times. It registered a listing day gain of 7 per cent.

The funds raised and the number of IPOs in July have been the highest so far in 2026 as sentiment in the secondary markets has bounced back. In all, 12 companies raised ₹28,646 crore last month, against seven companies mopping up ₹2,718 crore in June, according to data sourced from PRIME Database.

LISTING GAINS DIP

Pranav Haldea, Managing Director, PRIME Database Group, said retail investors primarily come in for listing gains, as corroborated by a SEBI study.

With the average listing gain falling from 30 per cent in 2024 to just 18 per cent in 2026, retail participation has dipped, as is also shown by the average number of IPO applications, which have declined from 18.86 lakh in 2024 to 9.85 lakh in 2026.

“Investing for listing gains is a completely acceptable strategy. My only advice to retail investors, though, is they must not buy into IPOs that list at a discount, as they have not done any analysis on the long-term prospects of the company,” he said.

INVESTMENT AVENUES

Uday Patil, Executive Director, PL Capital, said the lacklustre retail participation in IPOs can be attributed to weak post-listing performance, higher valuations of all ones seeking alternative investment opportunities, and macro-economic factors.

“Valuation continues to play a big role. From the retail investors' perspective, gone are the days when most IPOs were heavily oversubscribed only to benefit from listing gains,” he said.

Gaurav Bhandari, CEO, Monarch Network Capital, said the average listing gains have collapsed to 8 per cent last fiscal from 30 per cent in FY25, with median gains at just 3 per cent. Retail participation in India has always been a listing-gain game, not an equity ownership decision. Moreover, issuers and bankers price in the entire next three years of earnings, leaving no margin for the buyer, he said.

Krishna Patwari, Founder and Managing Director of Wealth Wisdom India, said the SEBI data for June suggests that retail investors are becoming more selective and do not want to fund private equity exits.

Mainboard IPOs raised ₹28,646 crore across just three issues, with about 60 per cent of the issues comprising Offers for Sale, he said.

Here is the full text of the article titled "FPIs pumped in ₹12,290 cr in Aug 1st week," as published in the source:

Anupama Ghosh (Mumbai)

Foreign Portfolio Investors (FPIs) turned decisive net buyers in Indian markets in the first week of August, investing a net ₹12,290.68 crore across equity, debt, hybrid and mutual fund segments between August 3 and 7, according to National Securities Depository Ltd (NSDL) data.

The equity segment accounted for the bulk of the inflows, attracting ₹12,921.14 crore during the five-session week, indicating that the buying momentum seen in July has carried into August. August 5 was the strongest session, with net inflows drawing ₹9,323.38 crore. Inflows were ₹1,351.02 crore on August 3 and ₹1,431.45 crore on August 4. Outflows were recorded at ₹349 crore on August 6 and ₹466.29 crore on August 7.

MIXED IN DEBT

The debt segment was mixed. FPIs invested ₹621.69 crore through the Debt-General Limit route, but this was more than offset by outflows from the Debt-Voluntary Retention Route (₹354.20 crore) and Debt-Fully Accessible Route (₹377 crore).

Hybrid instruments saw net outflows of ₹570.74 crore, while mutual fund routes recorded marginal inflows of ₹49.79 crore. There was no activity through Alternative Investment Funds (AIFs). Overall, FPI flows stood at a net ₹2,245.57 crore on August 3 and ₹834.09 crore on August 4, before surging to ₹9,933.64 crore on August 5. Flows turned negative on August 6 and 7, with net outflows of ₹446.41 crore and ₹276.21 crore, respectively. Market experts attributed the buying to improving investor sentiment and stronger corporate earnings.

STRONGER EARNINGS

VK Vijayakumar, Chief Investment Strategist at Geojit Investment Services, said the trend of FPIs turning buyers, which was pronounced in July, has continued into August. He said FPIs continued to invest in the debt market through the debt-general limit and showed a preference for automobiles, consumer durables and healthcare, where Q1FY27 earnings indicated healthy growth.

He said FPIs continued to invest in the debt market through the debt-general limit and showed a preference for automobiles, consumer durables and healthcare, where Q1FY27 earnings indicated healthy growth. He added that while equity growth stocks, but cautious on US treasury yields, bond yields could attract funds to safer US bond markets and limit the durability of the buying trend.

Pabitro Mukherjee, Deputy Vice-President-Research at Bajaj Broking, said the buying was driven by US and domestic institutional investors and was largely driven by the de-escalation of geopolitical tensions, which boosted investor confidence and market sentiment.

Ravi Singh, Chief Research Officer at Master Capital Services Ltd, attributed the positive mood to easing US-Iran tensions, better-than-expected Q1 earnings, robust auto sales and a balanced RBI monetary policy stance.

N ArunGiri, Founder and CEO of Trustline Holdings, said India could benefit from a broader global rally as global portfolio investors potentially shift from crowded AI trades to relatively undervalued emerging markets such as India. He said the geopolitical situation in West Asia remains the key variable to watch out for.

Here is the full text of the article titled "Uncertainty remains," including its sub-sections for Brent and MCX crude oil, as found in the source:

CRUDE CHECK. Hold shorts with strict stop-loss

Akhil Nallamuthu

Oil extended its decline last week as crude oil futures on the Intercontinental Exchange (ICE) and the Multi Commodity Exchange (MCX) lost 5 per cent and 8.5 per cent, respectively.

BRENT FUTURES ($78.30)

The price fell last week with a gap-down open. It slipped to a low of $78.11 on Friday before recovering to $78.30.

Although the contract has been on a decline in the past two weeks, it has now approached a support. A further decline from here is unlikely; we expect the contract to bounce back to $80. A breach of the $78-support can open the door for a decline to $73.

On the other hand, if the contract stays above $78 and rises above $86, it can strengthen to $91. If that is the case, it will turn the trend positive again.

MCX CRUDE OIL (₹7,424)

Oil fell on Friday (Aug) opened with a gap-down on Monday; it then slipped below the support at ₹7,500 to a low of ₹7,078 on Wednesday.

While there was a recovery towards the end of last week, the contract failed to reclaim the ₹7,500-mark. Since this resistance is valid, the bias will remain bearish where the price can drop to ₹6,500.

That said, if the contract surpasses ₹7,500, it will face a resistance at ₹7,800. A clear breakout of this level can turn the near-term outlook positive and lift the price to ₹8,200.

But now there is uncertainty about whether it can sustain above ₹7,000 in the next few days.

Trade strategy: Traders can retain the short that we suggested last week once ₹7,500 was breached. Target and stop-loss remain at ₹6,500 and ₹7,850, respectively.

Here is the full text of the article titled "Waiting for a trigger," as published in the source:

INDEX OUTLOOK. The Midcap and Smallcap indices look better poised for more outperformance

Gurumurthy K

Nifty 50, Sensex and Nifty Bank ended the week with a wide gap up last week. But they remained stuck in a narrow range all through the week. The benchmark indices were up in the range of 0.5-0.8 per cent. On the charts, the bias is positive and there is more room on the upside. We expect the indices to break above their resistance and go higher in the coming weeks.

FPI BUY

The Foreign Portfolio Investors (FPIs) bought the Indian equities last week. This is a very positive sign as it is much higher compared to the previous two weeks. The equity segment saw a net inflow of about $1.35 billion last week. With about $2.12 billion in July, the month of August has begun on a positive note. It remains to be seen if the FPIs accelerate the buying momentum and aid the benchmark indices to go higher.

NIFTY 50 (24,570.65)

Short-term view: The outlook is positive. Supports are at 24,100 and 24,000. It can go up to 24,750 or 24,850 from here. A strong break above 24,850 can take it to 25,200-25,400. On the other hand, if it stays below 24,850, a range-bound oscillation between 24,000-24,850 can be seen. The near-term picture will turn negative if the Nifty 50 declines below 24,400. If that happens, a fall to 24,100 or 24,000 can be seen.

Medium-term outlook: Nifty is inching up within its broader uptrend. As we had mentioned last week, a decisive break above 25,000 will strengthen the case for seeing 26,000-26,500 eventually. We expect the Nifty to make a bullish breakout above 26,500 eventually. Such a break can trigger a fresh rally to 28,000-29,000 over the long-term. Nifty has to decline below 22,000 to turn the big picture negative.

NIFTY BANK (57,746.45)

Short-term view: The price action last week indicates that the index is getting good support in the 57,500-57,300 region. The near-term picture is positive to see a rise to 58,500, an immediate resistance. A break above this hurdle can take it further higher to 59,000 and 60,000 in the short term. The near-term picture will turn negative if the index declines below 57,350. If that happens, a fall to 56,600 is possible.

Medium-term view: The broader picture remains bullish. The rise above 59,000 mentioned above can strengthen the momentum. It will then clear the way for the Nifty Bank index to see 65,000 on the upside in the medium term. The index has potential to target 68,000-69,000 in the long term. Series of supports are there at 55,000, 53,000 and 50,000. Nifty Bank has to fall below 50,000 to negate our long-term bullish view.

SENSEX (78,419.77)

Short-term view: The index oscillated around 78,500 all through the week. Support is at 77,500 and resistance is at 79,500. We expect the index to break out on the upside and rise to 79,500 or 80,000 in the near term. An eventual break above 81,000 can then take the Sensex higher to 81,000-82,000 in the short term. A break below 77,500 will turn the near-term outlook negative. It will then drag the index down towards 76,000-75,500.

Medium-term view: The broader 71,000-86,000 range is intact. Within that we expect the Sensex to move higher towards 86,000, the upper end of the range in the medium term. A break above 81,000 can trigger this rise. Sensex has to decline below 71,000 to negate this long-term bullish view.

NIFTY MIDCAP 150 (23,362.90)

Short-term view: A strong resistance zone is holding well for now. Immediate support is around 23,200. If the index manages to stay above this support, then the chances are high for a break above 23,500 from here. Such a break will trigger the much-awaited rally to 26,000-26,500 on the medium term. It will also keep the upside open to see a breakout above 23,500 from here. If the index declines below 23,200 from here, then 23,050-23,000 can be seen on the downside initially. Failure to bounce back from around 23,000 can then drag the Nifty Midcap 150 index down to 22,800 and even lower. Such a fall will not negate our broader bullish view; it will only delay the rally.

NIFTY SMALLCAP 250 (18,354.55)

The index has risen and closed just above the crucial resistance level of 18,200. It is now very important for it to get a strong follow-through rise from here. If that happens, then a fresh rally to 22,500-23,000 can be seen from here. That will also clear the way for the Nifty Smallcap 250 index to touch 24,000-25,000 in the long term. Failure to get a strong follow-through rise and a fall below 18,000 can turn the near-term picture negative. It can then trigger a fall to 17,500-17,400 from here. That said, the expected rally will get delayed.

Here is the full text of the article titled "US MARKET OUTLOOK. The broader uptrend is still alive," as published in the source:

Gurumurthy K

The Dow Jones Industrial Average, S&P 500 and the NASDAQ Composite indices witnessed a very strong rise last week. The Dow Jones and the S&P 500 were up 2.95 per cent and 3.58 per cent, respectively. The NASDAQ Composite on the other hand surged over 5 per cent. The significant rise last week indicates that the broader uptrend is still alive. It has also opened the doors for more upside from here.

DOW JONES (54,422.39)

The break above 53,100 and the rise to 54,400 has happened. Indeed, the index surged to a high of 54,749.47 and has come down from there. The rise last week marks the end of the corrective fall that was in place since early July.

The region between 53,200 and 53,000 will now act as a good support. Resistance is around 54,650. As long as the index stays above 53,000, the bias is bullish to see a break above 54,650. Such a break can take the Dow Jones higher to 56,000 initially.

From a medium-term perspective, the Dow Jones now has the potential to target 58,000 and even 60,000. It will only turn bearish if the index falls below 53,000 and then drag it down towards 51,000.

S&P 500 (7,757.63)

The three-month-long sideways consolidation has ended, and the S&P 500 index has made a bullish breakout. The region between 7,600 and 7,550 will now serve as a very good support. Any pull-back below this support zone is unlikely.

The outlook is bullish. The S&P 500 index can rise further to 8,000 in the coming weeks. The price action thereafter will need to be watched. A failure to break above 8,000 can drag the S&P 500 index to 7,600-7,500 again. But if it manages to break above 8,000, then there are good chances to see an extended rise towards 8,200-8,400.

From a big picture, cluster of supports are there in the 7,400-7,200 region. The index has to decline below 7,200 to turn the outlook bearish.

NASDAQ COMPOSITE (20,690.62)

Contrary to our expectation, the NASDAQ Composite index has made a bullish breakout above its resistance level of 20,000. This marks the end of the downtrend that was in place since June. It has also negated the chances of the fall to 13,000 that we had mentioned last week. Support is now in the 20,000-19,500 region.

However, there is not much room on the upside from here. The index can test 23,000 in the short term. But a break above it can take it further higher to 25,000, an important resistance. From there, a pull-back to 23,000 and even lower towards 22,000 is likely. As such we can expect the upside to be capped at 25,000 for the NASDAQ Composite index. The index is seen in the 19,200-22,000 region. So, we prefer to remain cautious rather than becoming overly bullish on the NASDAQ Composite index again.

DOLLAR OUTLOOK

The dollar index (99.60) remained low but was stable all through last week. The index was stuck between 99.40 and 100. Support is in the 99.20-99.00 region which can limit downside for now. However, a sustained rise above 100 is needed to get back the momentum and take the index up to 100.50-101 again.

Failure to rise past 100 can keep the dollar index vulnerable to break 99 and fall to 98 in the coming months. A wait-and-watch situation for now.

TREASURY YIELD

The US 10-year Treasury Yield (4.65 per cent) is stuck between 4.6 per cent and 4.75 per cent for more than two weeks now. The bias is positive to see a rise to 4.8 per cent. A strong breakout above the US 10yr Treasury Yield has potential to see a rise to 4.9 per cent and rise to 5 per cent in the coming months.

In case the yield declines below 4.6 per cent, the next support is at 4.45 per cent region which can limit the downside.

Here is the full text of the article titled "Understanding merchant discount rate," as published in the sources:

BL EXPLAINER. Is UPI becoming chargeable? Here’s what you need to know

Nishanth Gopalakrishnan (bl. research bureau)

The Parliament on August 6 passed the Taxation and Other Laws (Amendment) Bill, 2026, inter alia, intending to amend the Payment and Settlement Systems Act, 2007. This move has stoked widespread speculation that the government’s aim is to introduce MDR (merchant discount rate) charges for Unified Payments Interface (UPI) transactions, which are free until now. Here’s an explanation of what the noise is about.

What is MDR?

The MDR is a fee charged by banks or other payment processing companies (such as Visa or Mastercard) to merchants for each credit or debit card transaction made by customers. This fee typically ranges from 0.5 to 1 per cent of the transaction value for debit card transactions, and as high as 2.5 to 3 per cent for credit card transactions. The MDR compensates banks and payment gateways for the cost of providing and supporting payment infrastructure.

What is likely the impact on MDR with the passing of the Other Laws (Amendment) Bill, 2026?

Through the Bill, the government is seeking to amend Section 10A of the Payment and Settlement Systems Act, 2007. This Section currently prohibits any PSCOs from imposing any charge on a person making or receiving a payment using a specified electronic mode of payment. These modes of payment are currently provided under section 269SU of the Income-Tax Act, 1961, read with rule 119AA of the Income-Tax Rules, 1962, namely, RuPay debit card, UPI and QR code (BHIM).

Now that the new Income-tax Act, 2025, is in force, the government plans to remove the link to the Income-tax Act and instead notify those payment modes through the Ministry of Finance notification. Going forward, one should expect the government to understand which payment modes should be exempt from MDR rather than refer to the Income-tax Act.

Who is currently chargeable? Is RuPay or UPI currently now?

Currently, banks and PSPs are not charging for UPI. However, the government is paying a financial incentive for person-to-merchant (P2M) transactions of less than ₹2,000 involving a RuPay debit card.

The FY27 Budget provides an allocation of ₹2,000 crore for the scheme. Although this is lower than the ₹3,426 crore in the FY26 Revised Estimate, it remains well above the ₹1,397 crore in FY25 and the FY24 allocation of ₹1,923 crore. Besides, NPCI, which manages UPI, has also spent ₹2,270 crore in revenue expenditure and ₹742 crore in capital expenditure in FY27 (latest available data).

Will UPI become chargeable now?

There is little clarity on this at this point, leading to speculation. The government's move can be interpreted in two ways.

• One, given that the Income-tax Act, 2025, has come into force, the move can be interpreted as merely removing the reference to the old Income-tax Act, 1961, in the Payment and Settlement Systems Act.
• Two, the government could have amended the Payment and Settlement Systems Act to include a reference to the relevant provisions of the new Income-Tax Act, 2025. Section 269SU and rule 119AA of the old tax legislation have largely been carried forward to section 187 of the Income-Tax Act, 2025, and rule 133 of Income-Tax Rules, 2026. Instead, the government intends to notify the list of exempt payment modes itself, without referring to the taxation law.

Given that payment ecosystem players and the Lok Sabha Standing Committee on Finance have voiced the unsustainable nature of the status quo on current MDR, the government's move in this manner may be interpreted as addressing their grievance.

Nevertheless, expert opinion tilts towards the former view. According to Smita Jha, partner at Khaitan & Co, the amendment is simply a consequential legislative measure to preserve the operative force of this provision following the repeal and replacement of the Income-tax Act, 1961. Any introduction of MDR on UPI would require an independent policy action by the Central Government through a separate notification.

Will a charge for using UPI act as a dampener for users?

Consumers can reasonably expect not to be charged. Even in the current scenario for cards, it is the merchant who bears the charge. The move could, however, edge small merchants out of the digital ecosystem or they may be set at competitive rates relative to card MDR to encourage adoption.

However, merchants may pass on the cost of the sale of goods and services to the consumers if they are to pay MDR, thereby ultimately passing the cost on to the consumer. How this transpires in the long term remains to be seen.