Sensex Starts Session Higher

India’s BSE Sensex rose about 0.5% to 74,348 on Wednesday, rebounding from a selloff in the previous session as domestic equities found some support, although elevated oil prices, a weaker rupee, and uncertainty ahead of the US Federal Reserve’s policy decision kept investors cautious. Brent crude trading around $108 a barrel following disruptions in Saudi Arabia that kept prices elevated. Investors await the Fed’s decision, with higher rates potentially boosting the dollar and yields while weighing on Indian equities. Among stocks, Paytm and Pine Labs could gain after the National Payments Corporation of India introduced a 0.4% merchant discount rate on select person-to-merchant transactions above 2,000 rupees, effective Oct. 15. Three IPOs, Hero Motors, SS Retail, and Jindal Supreme India, also opened for subscription on Wednesday, adding to primary market activity amid a fresh influx of equity supply. Notable gainers included Paytm (1.5%), eMudhra (11.4%), and Reliance (1.3%).