Sensex rises 250 points, Nifty near 10,700, Jet Airways soars
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Indian stock markets edged higher today, boosted by rupee’s gains against the US dollar and recent decline in global oil prices. The Sensex was up nearly 250 points while Nifty inched closer to 10,700. Jet Airways shares extended gains on reports that Tata Group was in talks to buy a controlling stake in the airline. Jet Airways shares were up 8%, extending their gains after surging 25% on Thursday.
Yes Bank shares fell 5%after OP Bhatt resigned from his CEO search panel citing conflict of interest. ONGC, Indian Oil and Oil India shares fell after Economic Times reported that the government planning to sell shares in the state-run companies to meet its divestment target.
Elsewhere, other Asian markets were mixed today after disappointing results from US chipmaker Nvidia Corp hammered its stock and sent selling rippling through the entire tech sector. The British pound also lay battered and bruised after a bout of political turmoil fanned fears the country could crash out of the European Union without a divorce deal. Asian shares had started firm after hopes for a thaw in Sino-US trade relations gave Wall Street a fillip, but a near 17% plunge in Nvidia’s stock soured the mood.
The chip designer on Thursday forecast disappointing sales for the holiday quarter, pinning the blame on unsold chips piling up with distributors and retailers after the evaporation of the cryptocurrency mining boom. Losses in semi-conductor shares dragged Japan’s Nikkei down 0.2%, while Nasdaq futures fell 0.6%.
The chip designer on Thursday forecast disappointing sales for the holiday quarter, pinning the blame on unsold chips piling up with distributors and retailers after the evaporation of the cryptocurrency mining boom. Losses in semi-conductor shares dragged Japan’s Nikkei down 0.2%, while Nasdaq futures fell 0.6%.
MSCI’s broadest index of Asia-Pacific shares outside Japan erased early gains to go flat, then edged up 0.1 percent.
In commodity markets, oil prices regained a little composure after their recent drubbing, helped by a decline in U.S. fuel stockpiles and the possibility of a cut in OPEC output. US crude was trading up 39 cents at $56.85, while Brent crude rose 48 cents to $67.10 a barrel.
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Shiv Sena (UBT) chief Uddhav Thackeray on Wednesday hit out the BJP, saying that by inducting former Congress leader Ashok Chavan, the ruling party has also become a part of the multi-crore Adarsh Housing Society scam now. Earlier, the BJP used to target Chavan saying the families of martyrs were fooled in the Adarsh scam, but now the same party is involved in fooling them, he alleged.
Thackeray was addressing a press conference at Nanded in Maharashtra, where he arrived to campaign for the Maha Vikas Aghadi (MVA) candidate Vasant Chavan from the Nanded Lok Sabha constituency.
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Jamie Dimon, the chief executive of US banking giant JPMorgan Chase, has praised Prime Minister Narendra Modi and berated the “liberal press” for criticising him.
Dimon, in a webinar hosted by The Economic Club of New York, praised Modi's government for alleviating poverty and implementing reforms. “Modi has done an unbelievable job in India. I know the liberal press here; they beat the hell out of him. “He has taken 400 million people out of poverty," Dimon was quoted as saying.
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The Reserve Bank of India (RBI) on Wednesday released a compiled master direction raising the minimum capital requirement for asset reconstruction companies (ARCs) to begin securitization to Rs 300 crore from Rs 100 crore as on October 11, 2022.
The central bank said that the regulation would be effective from April 24, 2024. ARCs, as on October 11, 2022, have been provided a glide path to achieve the minimum required Net Owned Fund (NOF) of Rs 300 crore.
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Reliance Jio has become the world's largest mobile operator in data traffic consumption, surpassing China Mobile. According to global analytics firm Tefficient, the Indian telecom operator's total traffic reached 40.9 exabytes in the January-March quarter, compared to China Mobile's 38.
Jio also has the second-largest 5G subscriber base globally, with 108 million users. More than 28 per cent of its total wireless data traffic is now consumed by 5G users, said the company in an analyst presentation.
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Congress leader Rahul Gandhi on Wednesday accused Prime Minister Narendra Modi of waiving off loans worth Rs 16 trillion of his billionaire friends, and said the country will never forgive him for this "crime".
In a post in Hindi on X, he said this money could have been used to cure the pain of Indians but was spent on creating hype for the ilk of those like 'Adanis'.
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