11:11 | Trump promises $5,000 upon midterm victory; oil nears $102; UBS turns cautious on India

Good morning!

Oil is back at the centre of the market story, with Brent crude nearing $102 a barrel as fighting across West Asia escalates and Iran signals it is prepared for a more intense conflict. The latest flare-up is raising fresh concerns over disruptions through the Strait of Hormuz, with the impact already being felt across currencies and commodities.

Unmissable: US President Donald Trump has put a potential $5,000 payment to every American adult at the heart of his midterm pitch.

The market

pressure is broadening. The rupee has slipped to ₹95.25 against the dollar as higher crude and global risk aversion weigh on the currency, while gold remains firm with investors watching oil prices and upcoming US inflation data for clues on the Federal Reserve’s next move. UBS, meanwhile, is urging caution on Indian equities as emerging-market peers pull ahead on earnings.

There is plenty of action in Indian stocks, with IRB Infrastructure leading gains after a 25% jump in August toll revenue, while Shakti Pumps, IRB Infra and Dilip Buildcon are among small-cap names gaining sharply on company-specific newsflow.

In technology, Apple is doubling down on its AI strategy with a smarter iPhone and revamped Siri, while India’s fintech ecosystem sees an opportunity to lead the global adoption of agentic AI banking.

Brent nears $102 a barrel; crude rises over escalating West Asia conflict

Oil prices edged higher on Thursday, September 10, with Brent crude nearing $102 a barrel, as Iran declared it stood ready for an intensified conflict following a fresh wave of fighting across West Asia. The escalation deepened worries over further disruptions along the Strait of Hormuz, a critical corridor for global energy flows.

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Trump’s big midterm promise: $5,000 for every US adult if GOP wins

US President Donald Trump has promised a $5,000 “Trump dividend” for every American adult if Republicans retain control of Congress in the November midterm elections, putting a potentially $1.35 trillion cash payout at the centre of his campaign pitch.

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UBS stays cautious on India as emerging-market peers pull ahead on earnings

India is not the market to chase right now, at least not for the next year or so, according to Sunil Tirumalai, Head of Emerging Markets Asia Equity Strategy at UBS India.

Speaking on the sidelines of the UBS India Conference 2026, Tirumalai said it's not that India is doing badly. Growth is still running at around 7%, the strongest in the region. The problem is that everyone else is having a good run too, and in some cases an even better one.

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Buzzing Stocks: Three Smallcap names seeing the biggest gains to newsflow on Thursday

Shares of Shakti Pumps Ltd., IRB Infrastructure Ltd., and Dilip Buildcon Ltd. are trading with gains of up to 12% on Thursday, September 10, in reaction to their respective newsflow, majorly pertaining to order wins. Shares of Shakti Pumps are trading with gains of 9.5% on Thursday, marking the biggest single-day gain of 2026 for the stock.

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IRB Infra, Ola Electric lead Nifty 500 gainers; HEG, Craftsman Automation fall at market open

IRB Infrastructure Developers, Ola Electric Mobility and Tega Industries were among the stocks that moved the Nifty 500 higher at market open on Thursday, September 10, while HEG, Craftsman Automation and Sai Life Sciences slipped lower. HEG extended its decline toward its 52-week low.

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Gold, silver prices today: What’s behind the latest move in bullion

Gold prices remained firm on Thursday, September 10, while silver edged lower in global markets as investors weighed escalating West Asia tensions, oil prices above $100 a barrel and upcoming US inflation data that could influence the Federal Reserve’s rate decision. Spot gold was around $4,461.40 an ounce, up marginally from the previous close of $4,448 an ounce.

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Rupee slips to 95.25 against dollar: Why crude and global markets matter

The Indian rupee opened 15 paise weaker against the US dollar on Thursday (September 10) at 95.25, compared with Wednesday’s (September 9) close of 95.10, as elevated crude oil prices and global risk aversion continued to weigh on the currency.

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IRB Infra shares gain 8% after 25% growth in August toll revenue from last year

Shares of IRB Infrastructure Developers Ltd. gained up to 8% on Thursday, September 10, after the company said it reported a 25% increase in its toll revenue in August to ₹807 crore from ₹646 crore in the previous year. Its wholly-owned subsidiary IRB MP Expressway Pvt. Ltd. reported gross toll revenue of ₹172.1 crore in August from ₹144.7 crore last year.

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Goyal calls on BRICS to widen trade opportunities for women entrepreneurs

Commerce and Industry Minister Piyush Goyal has called on BRICS countries to work together to expand international trade opportunities for women entrepreneurs, highlighting easier access to credit, markets and predictable business rules as key priorities.

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Apple’s AI bet is simple: make the iPhone smarter, not build another device

Apple chief executive John Ternus used his first product launch in the role to make the case for where he believes artificial intelligence belongs: not in a separate device, but in products that already understand how people live. At Apple’s September 9 event, Ternus put Apple Intelligence and the company’s revamped Siri at the centre of that argument, describing the iPhone as an “intelligent personal hub”.

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Tukaram Mundhe backs FDA crackdown on ISKCON restaurants, railway vendors: Report

Maharashtra Food and Drug Administration (FDA) Commissioner Tukaram Mundhe has defended the department's recent enforcement action against restaurants operating within Mumbai's ISKCON complex and railway catering vendors, saying the measures were driven solely by food safety concerns.

GFF 2026: India could be first country to adopt agentic AI banking at scale: Winjit co-founder

India could emerge as the first country in the world to adopt agentic AI-enabled banking at scale, according to Ashwin Kandoi, Co-Founder of Winjit. Speaking to CNBC-TV18 on the sidelines of Global Fintech Fest 2026, Kandoi said India’s rapid adoption of technology puts its banking and fintech ecosystem in a strong position to lead the next phase of AI-led financial services.

Kandoi, however, said the industry is still around two to three years away from a stage where AI agents can independently manage parts of a customer's financial life.

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