Nifty below 25,450; media shares decline
At 10:30 IST, the barometer index, the S&P BSE Sensex, declined 74.17 points or 0.09% to 83,358.72. The Nifty 50 index lost 22.45 points or 0.09% to 25,438.55.
In the broader market, the S&P BSE Mid-Cap index rose 0.01% and the S&P BSE Small-Cap index shed 0.14%.
The market breadth was negative. On the BSE, 1,803 shares rose and 1,816 shares fell. A total of 225 shares were unchanged.
Indias foreign exchange reserves rose by $4.84 billion to $702.78 billion in the week ended June 27, the Reserve Bank of India (RBI) said on Friday, July 4.
Foreign currency assets surged by $5.75 billion to $594.82 billion. Gold reserves fell by $1.23 billion to $84.5 billion during the reported week, while special drawing rights (SDRs) rose by $158 million to $18.83 billion.
Indias reserve position with the International Monetary Fund (IMF) also increased by $176 million to $4.62 billion, central bank data showed.
Buzzing Index:
The Nifty Media index fell 1.23% to 1,740.05. The index rose 0.83% in the past two trading sessions.
Nazara Technologies (down 2.51%), Zee Entertainment Enterprises (down 1.84%), PVR Inox (down 1.39%), Sun TV Network (down 1.27%) and Saregama India (down 0.83%), D B Corp (down 0.34%) declined.
On the other hand, Dish TV India (up 4.31%), Tips Music (up 0.56%) and Hathway Cable & Datacom (up 0.19%) edged higher.
Stocks in Spotlight:
Power and Instrumentation (Gujarat) added 2.14% after the firm said that it has received a work order from Nyati Engineering & Construction valued at Rs 2.59 crore.
Puravankara rallied 3.39% after the company has selected as the preferred developer for the redevelopment of eight residential societies in Chembur, Mumbai.
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Mint
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Mint
an hour ago
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How to use credit cards smartly to earn rewards on UPI transactions
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However, these payments are restricted to customer-to-merchant (C2M) transactions only, not peer-to-peer (P2P) transfers. This limitation prevents users from misusing credit by revolving credit and sending funds to the bank accounts of friends or family. When attempting to pay a UPI ID or scan a QR code linked to a personal account rather than a merchant, the credit card option will not appear. This means you stand to earn rewards while paying a grocery store or an auto driver through their business UPI QR using your credit card, but you cannot use this method to send rent to your landlord. UPI credit cards are especially helpful to users in tier-II and smaller cities, where many small merchants do not have POS machines, but most accept UPI. Also Read: Credit Card hack to get higher rewards on bulk payments Why aren't all merchants accepting it yet? Despite a strong start, UPI payments via credit cards have seen some pullback from merchants due to merchant discount rate (MDR)—a fee businesses must pay to banks or card networks for processing such payments. Regular UPI transactions don't carry this charge, but credit card-based UPI payments do. 'Almost all payment gateways charge a normal card's MDR if the payment amount exceeds ₹2,000 per transaction. Shops like medical stores and local grocery stores, where the bill can be more than ₹2,000, are disabling the RuPay UPI option to avoid MDR charges," said Sumanta Mandal, founder, TechnoFino, a digital platform. However, since daily UPI payments are made to small merchants, these are generally under ₹2,000 per transaction. Also Read: Top 3 travel credit cards to earn free flights and hotel stays Can I use my existing cards? Customers with credit cards from networks like MasterCard or Visa who want to make UPI payments through their credit cards can request their bank to issue a virtual Rupay variant of the same card for that purpose. While it's a separate card, the credit limit is part of the overall limit of the primary card. In the past year, some banks have launched credit cards exclusively designed to reward UPI spending such as HDFC Tata Neu, Yes Bank Klick, Axis Bank Supermoney, and Jupiter Edge CSB. Of these, Axis Supermoney card and Yes Bank Klick card used on Kiwi app currently offer the best reward rates up to 3% and 5%, respectively, as per Kashif Ansari,an assistant professor of finance at OP Jindal University and a credit card expert. 'HDFC Tata Neu used to be the most rewarding, but Axis Supermoney and Kiwi are far superior now," according to Ansari Mandal said, 'Both Yes Bank Klick and HDFC Tata Neu give 1.5% value back when used on partner UPI apps. However, the Tata Neu app is slow." Both these cards are launched in association with third-party UPI apps–Yes Bank and Kiwi and Axis Bank and Supermoney (Flipkart owned)–and offer highest rewards only when used on these apps. Also Read: UPI Circle lets you make payments for friends and family. Here's how it works. Yes Bank Klick–Kiwi card rewards on scan and pay UPI payments made through Kiwi app. The base reward rate is 1.5%, which increases to 2% if you opt for Kiwi Neon membership. The major restrictions on this card are that it rewards on a minimum ₹100 payment and that there are many exclusions. Categories that don't earn rewards or add to spending milestones include utilities, insurance, jewellery, financial institutions, educational institutions, government services, and retail outlets, such as apparel stores. Axis Supermoney card rewards a flat 3% cashback on all scan and pay UPI payments done on the supermoney app. However, the maximum monthly cashback is capped at ₹500. This means you earn cashback on eligible UPI spends of upto ₹16,667 every month. The upside with this card is that it is a physical card and hence can be used for offline transactions also that earn 1% cashback, subject to the monthly ₹500 cap. All other non-UPI online payments also earn 1% cashback. Several spending categories are excluded from earning rewards on this card as well, including fuel, jewellery, cash withdrawal, wallet load, insurance, education, government services and rent. Ansari said UPI credit cards are meant for small regular payments made to small merchants who don't offer POS services. Hence, such exclusions are expected.
