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BSE has sold a 4.54% stake in Central Depository Services (India) (CDSL) through a block deal worth INR468cr ($63m) to comply with market regulator Sebi norms which state a stock exchange is only allowed to hold a 15% stake in a depository. BSE previously held a 20% stake in CDSL. In the IPO for CDSL in 2017, BSE sold 26.05% of its previous 50.05% stake, and shares of CDSL have since gained 4% in the last three months, compared to BSE shares’ rise of nearly 29%.

Oil prices rose after forecasts from the International Energy Agency and OPEC predicted bullish oil demand growth. Brent crude futures were up 1.3% at $75.24 a barrel, and US WTI crude was up 1.3% at $70.32 a barrel. China’s central bank lowering short-term lending rates also supported market speculation of rising fuel demand. The Federal Open Market Committee’s decision to pause interest rate hikes also suggests interest rates will support oil demand and, therefore, prices. In addition, the IEA forecasted an increase in oil demand growth by 200,000 barrels per day to 2.4 million barrels per day this year.

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Bain Capital is reportedly set to sell its 0.7% stake, worth $267m, in Axis Bank through a block deal at a discount of up to 1.4% to current market price. The share sale will offer 22.5 million shares at Rs964 ($13) to Rs977.70 ($13.14) apiece.

The stock quoted a 52-week high price of Rs 506.25 and low of Rs 294.75.

In May, demat accounts grew 33% MoM, with 2.1 million new additions. The total number of demat accounts reached 118 million in the month, with CDSL gaining market share in terms of total accounts and NSDL gaining on an incremental basis. The Nifty rose by 2.1% MoM with inflation easing and improved global trends. The number of active users on NSE marginally improved in May after declining for 10 straight months, with an overall retail ADTO flat MoM; however, retail cash ADTO recovered strongly increasing by 15% MoM. The top five discount brokers now account for 60% of overall NSE active clients.

Businesses are continuously adapting to the "always on" culture, and fintechs are no exception. Fintechs are leveraging various digital sales channels such as messaging apps like WhatsApp, chatbots, digital insurance apps, trading apps, and online marketplaces to provide a seamless customer experience. With the increasing use of social media platforms, fintechs are creating engaging content on platforms like YouTube and Instagram. Digital sales channels have contributed significantly to the growth of demat accounts in India. The rise in fintech adoption is in tandem with the surge in digital sales channels for growth.

The Indian rupee rose by 15 paise to settle at 82.10 against the US dollar on Wednesday, due to strong macroeconomic fundamentals, FII inflows, and a weak greenback against major rivals worldwide. The local unit opened at 82.28 against the US currency and witnessed an intra-day high of 82.08 and a low of 82.32. A weak US dollar and increasing expectations of a pause in rate hikes by the US Federal Reserve, along with positive domestic equities, supported the rupee. However, a positive tone in crude oil prices could cap a sharp upside.

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