The domestic equity market traded higher by midday on September 16, with the Nifty 50 hovering around 23,230 and the BSE Sensex around 74,310. Banking and payment stocks gained after the NPCI announced a merchant UPI charge, while capital market stocks came under pressure. Company-specific developments also drove sharp moves in Yes Bank, Godavari Biorefineries and ITC.

Here is a list of top movers and shakers at this hour:

Billionbrains Garage Ventures, the parent company of Groww, share price fell 4.6% by midday, while Nippon Life India Asset Management declined 3.6%, Multi Commodity Exchange of India Ltd. fell 3.6%, UTI Asset Management Company dropped 3.7%, BSE declined 2.1%, Central Depository Services (India) Ltd. fell 2%, Motilal Oswal Financial Services declined 2.7%, Aditya Birla Sun Life AMC fell 3.2%, Computer Age Management Services Ltd. declined 2.3% and Angel One dropped 1.9%. The selling came after NPCI introduced a 0.4% merchant discount rate on UPI payments above Rs2,000, while the official circular set an MDR of 0.02%, capped at Rs300 per transaction, for transactions involving mutual funds, securities, stockbrokers and dealers.

YES Bank Ltd. share price gained 3.34% by midday amid buying interest following NPCI’s decision to introduce a 0.4% fee on merchant UPI payments above Rs2,000 from October 15. The bank had reported a 32.54% year-on-year rise in consolidated net profit to Rs1,071.80 crore in Q1 FY27, while core net interest income increased 17.5% to Rs2,786 crore and net interest margin improved to 2.70%. Total deposits rose 14.3% year-on-year to Rs3.15 lakh crore during the quarter.

ITC Ltd. share price gained 2.15% by midday after reports that the company had raised cigarette prices, with Classic Connect prices increasing by around 10% and Gold Flake Super Star also becoming more expensive. Cigarettes remain a major earnings contributor for ITC, accounting for around 40% of segment revenue and a larger share of operating profit.

The latest increase follows earlier price hikes after the nearly 40% tax increase implemented from February 1. ITC Infotech’s proposed merger with Happiest Minds Technologies, announced earlier in September, also remains part of the company’s technology business plans, with ITC Infotech set to acquire a 22.106% stake from Happiest Minds promoter Ashok Soota and Ashok Soota Medical Research.

Godavari Biorefineries share price gained 14% by midday after the company informed the exchanges that the Chinese Patent Office had granted a patent for an invention titled “Use of Compounds for Treating Viral Infections.” The company is a major ethanol-based chemicals producer, and the patent grant was the key company-specific development behind the stock’s sharp move during Wednesday’s session.

Paytm share price gained 1.24% by midday, while State Bank of India advanced more than 1%, Bank of Baroda rose 0.24% and MobiKwik also traded higher after NPCI introduced a 0.4% merchant discount rate on person-to-merchant UPI transactions above Rs2,000, effective October 15. The charge will not apply to customers, person-to-person transactions or small UPI payments, with the Finance Ministry stating that the MDR will be borne within the merchant payment ecosystem. YES Bank was also trading higher, adding 3.34% by midday.