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The Sensex rose over 400 points to above 74,400, while the Nifty 50 gained around 128 points to 23,247 as of 10:45 am. Broader markets remained weak, with the Nifty Smallcap 100 and Nifty Midcap 100 falling up to 0.8%.

Also read | Why Sensex crashed over 1,400 pts from day’s high, Nifty closed below 23,150 on Tuesday

Axis Bank, M&M, ITC and SBI shares rose around 2% to lead gains on Sensex; Reliance Industries, BEL, Adani Ports, HCL Technologies and Sun Pharma shares gained over 1% each. Bucking the trend, TCS, Eternal, NTPC and Tata Steel shares fell around 1% each.

Among the sectors, Nifty FMCG and Nifty PSU Bank indices gained more than 1% each, while Nifty IT, Nifty Metal, Nifty Pharma and few other indices slipped into the red. The overall market breadth remained negative, with NSE seeing 2,082 declines against 1,170 advances, while 108 stocks remained unchanged.

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What lies ahead for Dalal Street?

The Federal Reserve is all set to announce the outcome of their FOMC meeting on Wednesday. The American central bank will likely raise its interest rate today, and deliver at least one more hike by the end of March, according to a majority of economists polled by Reuters.
Meanwhile, the weak market construct continues with elevated US bond yields and high crude prices contributing significantly to the weakness, said VK Vijayakumar, Chief Investment Strategist at Geojit Investments. So long as these two crucial macros remain high it would be unrealistic to expect a strong rebound in the market, according to the analyst.He noted that FIIs have been sellers in the market during the last 5 days, and with the US 10-year yield at 5%, they are likely to sell at every small rally in the market. In today’s meeting, the Fed is most likely to raise interest rates by 25 bps. However, this is unlikely to impact the market since it is already discounted by the market, Vijayakumar said, adding that more market-moving factors will be the Fed commentary on the evolving macro-outlook and the likely rate action going forward.

Also read | Paytm, MobiKwik, Pine Labs shares rally up to 6% after govt announces UPI fees above Rs 2,000. Why brokerages are bullish

“Even though the market is weak there are stock-specific opportunities in this market. Appointment of a new MD and CEO for HDFC Bank expected soon and the new MDR norms for digital transactions introduced by the NPCI are significant events that can influence the markets,” he added.

Technical view on Nifty

As feared, Nifty’s inability to float above 23515 has invalidated the upside attempt, said Anand James, Chief Market Strategist at Geojit Investments. He noted that the consequent days of closing below the lower Bollinger Band as well as yesterday’s bearish engulfing candle reflect strong bearishness but also point to peaking fear.

“We are still within the support band of 23,260-23,000, lending hopes of a revival, but a close below the same will bring 22,600-21,800 into the radar,” the analyst said, explaining the technical charts for the benchmark index.

Also read | Stocks to buy: BofA lists 22 Indian stocks as key picks as it turns bullish on Nifty after 2 years

Disclaimer: This article has been written by Debaroti Adhikary, who is not a SEBI-registered Research Analyst or an Investment Adviser. Debaroti Adhikary and his/her ‘relative(s)’ (as defined under Section 2(77) of the Companies Act, 2013) do not hold any financial interest in the companies mentioned in this article as of the date of publication. The views/recommendations mentioned in this article, wherever applicable, are those of the respective SEBI-registered Research Analyst/brokerage and have been reproduced/reported with due attribution. They should not be construed as the views or recommendations of The Economic Times Digital or the journalist. Readers are advised to consider the original research report and make their investment decisions based on their own assessment. Brokerage disclaimers here.

Sir Tim Martin, founder and chairman of JD Wetherspoon, has said it is “not up to” Prime Minister Andy Burnham to decide which shops operate on Britain’s high streets, in response to government plans to crack down on vape shops, gambling centres and other “rogue operators”.

In an interview with City AM, Martin said vape and betting shops were being made scapegoats of the government’s plans to revive town centres.

“I think it’s not up to the Prime Minister, or the leader of the opposition, to say what shops should be in high streets,” Martin told City AM. “In my view, if there’s demand for vape shops, and there are no other takers, then there’s no point in criticising vape shops.

“A huge number of people vape, it’s legal, and they’re paying rent and rates, and they’re employing people. […] Vape shops and betting shops are legal businesses, and there’s no point in demoralising people who run legal businesses.”

Government plans for pubs and high streets

The government has said its 20 per cent reduction for pubs, social clubs and live music venues in England will take effect from April 2027, covering about 32,000 venues, with a typical pub saving an estimated £1,100 a year.

In August, the government set out plans under which vape shops will need planning permission to prevent openings near schools, and councils will get stronger powers to refuse new betting shops. It cited Centre for Social Justice analysis showing nearly 1,800 pubs and bars have closed since 2016, while vape and tobacco shops have risen to about 2,200.

Martin said he agreed with Mike Ashley, the Frasers Group owner, who attacked the Prime Minister’s high street policies as “populist”. Ashley told the Prime Minister the crackdown on vape and gambling shops was a pursuit of “good media soundbites” rather than an attempt to “address the real underlying issues of how the country’s financial affairs are managed”.

“I’m not a vaper,” Martin said. “I’m an ex-smoker, but so long as there are vapers and smokers in the land, and it’s not illegal, it’s pointless to suggest that high streets would be better off without those transactions taking place in the town centre.”

Tourist tax and VAT

Last week, the government set out plans to give England’s mayors powers to impose tourist taxes, with no cap, on accommodation fees. Hospitality leaders said the levy would add to the “significant tax burden” already facing the industry.

Martin said: “The UK has become a heavily taxed economy. If it’s a tax and it removes money from the public by meaning they have to pay more, I’m against it. I think we’ve had a lot of tax increases in recent years, and we don’t need any more.”

Pub sector leaders cite higher employer national insurance contributions, above-inflation minimum wage rises and supply chain costs driven up by the Iran war, and say pubs make small profits on the sale of a pint.

Martin said supermarkets had taken half of the beer trade away from pubs since he started in the sector, and that VAT was “the big disparity” between the two.

“We realise that the government would lose money if it stopped VAT on food in pubs, but I think it needs to rebalance taxes between pubs and supermarkets so that they’re approximately the same. Now they’re much higher in pubs,” he said.

On Thursday, Wetherspoon will cut the price of all its food and drink by 7.5 per cent to illustrate the savings it could pass on if the industry received a tax break.

Martin has backed a campaign led by chef Tom Kerridge for the VAT rate on hospitality to be cut from 20 per cent to 10 per cent. The campaign has faced accusations that the largest operators would keep the savings rather than pass them on to customers.

Martin, who bought his first pub in 1979, said conditions were “infinitely more difficult now” and that he would think twice about starting a pub company today.

“I think it’s quite important the type of business you get involved in, and with hindsight, maybe you wouldn’t go into a business whose main product has lost over half [of] its volumes to supermarkets,” he said.

About the author

Amy Ingham

Amy Ingham is a reporter at Business Matters, covering UK business news with a focus on breaking news, business policy, late payments and insolvency. She joined the magazine in 2026 after completing the NCTJ Diploma in Journalism at Harlow College’s journalism school. Her recent reporting includes British Steel’s nationalisation and its impact on SME suppliers, the decline in late payments by large firms, and Insolvency Service director disqualifications. Reach her at aingham@cbmeg.co.uk.

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It comes ahead of Thursday’s Bank of England interest rate decision

Inflation edged upwards in the year to August, according to official figures, heaping further pressure on the Bank of England ahead of its interest rate decision on Thursday.

The Office for National Statistics (ONS) reported that consumer price index (CPI) inflation in the 12 months to August stood at 3.1 per cent, up from last month’s figure of 2.9 per cent.

The ONS also confirmed that services inflation held steady at 3.4 per cent, a closely watched measure that offers insight into underlying price pressures within the UK economy.

Food price inflation remained subdued at around 1.3 per cent, while core inflation, which excludes volatile items from the consumer basket, climbed by 2.6 per cent.

“Sharp price rises for petrol and diesel pushed inflation up again in August,” said Grant Fitzner, chief economist at the ONS, as reported by City AM.

“Higher airfares, particularly for long-haul journeys, also contributed to the increase. Rising crude oil and petrol prices increased the annual cost of raw materials and the price of goods leaving factories respectively.”

Chancellor John Healey said the war in the Middle East was “impacting on inflation worldwide”.

“We have taken early action to help families and businesses breathing space, by cutting tax on electricity bills, capping bus fares at £2 and lowering rates for pubs, social clubs and live music venues.”

Shadow chancellor Andrew Griffith argued that rising taxes on businesses and additional employment regulation meant costs were “being passed on to consumers in the weekly shop”.

“In difficult times, we need a serious government with a plan, not amateurs with a bunch of pet projects,” Griffith said.

The latest batch of pricing data could send policymakers on the Bank of England’s Monetary Policy Committee a fresh warning signal.

Inflation has remained above the Bank’s two per cent target for over two years, leaving some hawkish officials such as chief economist Huw Pill concerned about the Bank’s mandate to maintain price stability.

Several economists have called on the Bank to look beyond an energy price shock triggered by the Iran war that could drive prices up further in the coming months.

City AM’s Shadow MPC voted 6-3 in favour of holding interest rates unchanged at 3.75 per cent given wage growth had continued to ease and the labour market remained subdued.

Commenting on their decisions, Barclays chief UK economist Jack Meaning said he believed inflation to peak higher than previously anticipated in the coming months. Capital Economics’ Ruth Gregory suggested prices could be drifting towards an “adverse” scenario outlined by the Bank in the summer.

Should the Iran conflict continue to disrupt the supply of critical commodities into next year, oil prices could remain at levels unseen for years, potentially driving inflation to a peak of around 4.5 per cent.

Nevertheless, both Gregory and Meaning indicated that monetary policy remained restrictive, with limited evidence of second-round effects taking hold — a scenario in which accelerating wage growth drives prices higher, and vice versa.

“This is putting a huge amount of pressure on both the Bank of England and the government,” said Richard Carter, head of fixed income at Quilter Cheviot.

“With the Bank of England meeting tomorrow, today’s figures put a rate hike into the category of a genuine consideration, with at least one expected this year. Markets have begun to price in the potential for further rate hikes into 2027, highlighting that the UK has struggled to tame inflation recently and is not expected to do so soon this time around either.”

It has signed agreements with Liquitherm Technologies Group and Levidian Nanosystems to bring its technology to market

West Wales firm Haydale has moved closer to commercialising its patented technology to support data centres use less water and energy.

The Ammanford headquartered advanced materials and clean tech venture has successfully tested its patented super-efficient thermal transfer fluid (SETTF), a graphene-based additive intended for use with glycol coolants in data-centre cooling systems.

In testing SETTF achieved a thermal conductivity approximately 28% above that of the baseline inhibited glycol coolant, restoring it to the level of pure water while retaining the freeze, corrosion and fouling protection for which glycol is required.

For data centres this has the potential to provide additional cooling headroom from existing infrastructure, which may be used to run processors cooler, reduce cooling energy and flow requirements, or support greater compute capacity.

Glycol coolants are widely used in data-centre cooling, building climate control, industrial process cooling and refrigeration. Adding glycol provides essential freeze protection, but at the cost of reduced thermal performance.

Where electrical power is the limiting factor on data centre capacity, recovered thermal headroom provides significant economic value.

Based on modelling Haydale estimates that an additional degree of usable operating headroom could represent approximately $3m to U$4m per annum of gross capacity value for a 50 megawatt facility.

To support the commercialisation of SETTF, Alternative Investment Market listed Haydale has signed agreements with Liquitherm Technologies Group – which trades a as DC Cooling Solutions – and Levidian Nanosystems, to establish a supply chain and route to market.

The partners are in discussions with data centre operators representing approximately 200 megawatt of capacity, with first installations targeted within next 12 months.

Fundraising, completely separate from Haydale, will be undertaken to support commercialisation efforts.

JLL forecasts approximately 97 gigawatt of new data-centre capacity between 2026 and 2030, with approximately 80% of new facilities expected to adopt liquid cooling.

Chief executive of Haydale, Simon Turek, said: “The simple result is that SETTF increased the thermal conductivity of a glycol coolant by approximately 28%, restoring it to the level of pure water. In practical terms, that means a data centre could potentially get more cooling performance from the same infrastructure, without giving up the freeze and corrosion protection for which glycol is required.

“For a data centre operator, better heat transfer means more thermal headroom. That headroom can be used to run processors cooler, reduce the energy and flow required for cooling, or support more compute from the same cooling infrastructure. As AI chips become hotter and rack densities increase, we believe that becomes increasingly valuable.

“We now have application-tested technology, protected IP, production capacity at Ammanford and commercial agreements establishing our supply chain and route to market. Our priorities are now clear: complete qualification, convert the approximately 200 megawatt of active operator discussions into first deployments, and secure dedicated external capital for the venture.”

Ian Hopkins, chief commercial officer of Levidian, said: “SETTF represents an exciting, high-value application for our G3 graphene. Levidian brings both materials-science capability and an international production platform that can support the venture as it scales into the markets where AI infrastructure investment is growing most rapidly.

“We look forward to working with Haydale and Liquitherm on qualification and first commercial deployments.”

Stephen Hickson, chief executive of Liquitherm Technologies Group, said: “The SETTF test results are very encouraging. Our focus is now on qualification and integration into our data-centre cooling fluid range and similar HVAC (heating, ventilation and air conditioning) environments served by the Liquitherm group and our global partners.”

Haydale’s UK patent runs until 2042.