India’s Sensex and Nifty rose sharply at 2:11 pm, with the Sensex up 0.87% to 74,944 and the Nifty gaining 0.47% to 23,455. Brent crude fell 2.25% to $101.53 a barrel and WTI slid 2.19% to $98.10, easing pressure on India’s import costs.

HDFC Bank has submitted two names to the Reserve Bank of India for approval as the next MD and CEO, as current chief Sashidhar Jagdishan’s term ends on October 26. The move marks tangible progress in the succession process and eases concerns about a leadership gap. One of the candidates, Kaizad Bharucha, has been with the bank since 1995 and has served on its board as an executive director since 2014. Under RBI rules, a private bank MD or CEO cannot serve more than 15 years continuously, and Bharucha would hit that limit in June 2029, for which the bank has sought a relaxation of around six months.

OpenAI CEO Sam Altman said the company will not go public in 2026, pointing to concerns about artificial intelligence safety in an interview with Fortune. He said the current moment would be “illadvised” for an IPO and that OpenAI does not feel pressured to list. Separately, SpaceX IPO shares fell sharply after a rally that lifted the company’s valuation to $1.8 trillion.

India’s government has urged sugar mills to ensure adequate market supply and keep prices stable during the festival season. It has approved a duty-free import quota of 1 million metric tonnes of sugar to ease domestic price pressure. Sugar prices have slipped from last month’s record high but remain nearly 20% higher than two months ago, with import applications received for around 800,000 metric tonnes.

India’s sugar recovery rate has continued to decline, tightening supply and lifting prices. Wholesale sugar prices rose to Rs 5,747 per quintal in September, up more than 30% from June. Sugar companies’ procurement costs remain elevated, prompting Bikaji Foods to begin rolling out a roughly 2% price increase. Analysts warn prices for festive-season staples such as biscuits and sweets could rise another 2–5%.

India said it has lifted, with immediate effect, the wheat export ban in place since May 2022 to help improve farmers’ earnings. The government said domestic prices are currently low and the country has adequate stocks, including nearly 49 million tonnes of buffer wheat held by the Food Corporation of India. India harvested a record 120.65 million tonnes of wheat in the 2025–26 crop year, while a licence-based system had previously allowed exports of 60 lakh tonnes, of which 2.5 lakh tonnes have been shipped.

India is considering scrapping the 100% import duty on sugar as domestic prices surge and supplies tighten. Wholesale prices in Kolhapur, Maharashtra have climbed nearly 20% since the start of August to a record Rs 5,350 per 100 kg. A growing share of sugarcane is being diverted to ethanol production under the E20 drive, squeezing sugar availability. The plan to remove the duty was reported by Reuters on Tuesday.

S&P Global forecasts global copper demand will rise from about 28 million tonnes in 2025 to 42 million tonnes by 2040, an increase of nearly 50%. In India, copper demand in FY25 grew 9.3% year on year to 1.878 million tonnes. Demand from greener uses such as solar power and electric vehicles rose 32%, though it accounted for just 4.6% of total consumption. Building and construction, industrial applications and infrastructure remained the largest sources of demand.

India-based SaaS fintech Zaggle Prepaid Ocean Services posted FY27 first-quarter results for the period ended June 30, 2026, with consolidated net profit down 32.9% year on year to Rs 17.53 crore and down 56.8% sequentially. Revenue from operations rose 27.5% from a year earlier but fell 31.5% from the prior quarter. The adjusted EBITDA margin narrowed to 8.2% from 10.1%. The stock slid 20% on Monday on the BSE, hitting the lower circuit.