Nifty IT Jumps 8% in 3 Days as AI Demand Fears Fade
Your daily bite of business & market news 🗞️
🗞️ India–Oman CEPA Takes Effect — 98% Duty-Free Access Unlocked
The India-Oman CEPA came into force on June 1, 2026, granting duty-free access on 98% of Oman’s tariff lines covering over 99% of Indian exports. Sectors set to benefit include textiles, pharma, medical devices, engineering goods, marine products and MSMEs. Oman’s ports at Sohar, Duqm, and Salalah will also serve as a gateway for India’s trade access into the GCC, Africa and the broader Indian Ocean region. ibef
💬 Expert Take — “The India-Oman CEPA is more than a bilateral deal — it opens a strategic corridor into Gulf, African and Indian Ocean markets for Indian MSMEs and exporters.”
🗞️ UPI Hits Record ₹29.90 Lakh Crore in May
UPI transactions touched a record ₹29.90 lakh crore ($312.21 billion) in May 2026, growing 19% year-on-year and 3% month-on-month. Transaction volumes also hit an all-time high of 23.20 billion, up from 22.35 billion in April. Growth was driven by summer travel spending, IPL 2026 activity and deeper rural adoption of digital payments.
🗞️ India’s Seafood Exports Hit Record $8.46 Billion in FY26
India’s seafood exports reached an all-time high of ₹73,890 crore ($8.46 billion) in FY26, with frozen shrimp alone accounting for 66.52% of export earnings. The US remained the top importer by value at $2.33 billion, while China led in volume. Visakhapatnam, JNPT and Kochi were the top three ports handling seafood cargo.
🗞️ Extreme Heat Tests India’s Record Milk Production
India’s dairy sector is facing a stress test as an extreme heat wave threatens the country’s record milk output. Rising temperatures reduce cattle productivity, putting pressure on supply and raising concerns about food inflation in the months ahead.
🗞️ Oil Prices Rise 2%+ as Israel Steps Up Lebanon Incursion
Oil prices jumped over 2% as escalating Middle East tensions weighed on supply outlook. The development adds fresh pressure on India’s import bill and complicates the RBI’s inflation management path.
🗞️ Forex Reserves Drop $7.5 Billion to $681.38 Billion
India’s forex reserves declined by $7.5 billion to $681.38 billion in the latest reporting week. The drop is attributed to RBI intervention to stabilise the rupee amid rising crude prices and global risk-off sentiment.
🗞️ Counterfeit Currency Detections Rise 57% in FY26
Fake currency detections surged 57% in FY26, with ₹200 and ₹500 notes leading the counterfeit surge. The RBI data points to growing pressure on banks to strengthen detection systems across the banking network.
🗞️ IT Stocks Rally 8% in 3 Days on AI Demand Revival
Nifty IT jumped 8% over three sessions as AI-driven demand revival eased fears of a slowdown in tech spending. Infosys led the charge with a 10% gain, signalling renewed investor confidence in India’s IT sector.
📊 Market Update
📈 Sensex: 74,649.84 ▲ 382.50 pts (+0.52%)
📈 Nifty 50: 23,483.55 ▲ 100.95 pts (+0.43%)
🪙 Gold (per gram): 24K ₹15,622 | 22K ₹14,320 | 18K ₹11,717
🥈 Silver (per kg): ₹2,80,000