Global Market Today: Asian stocks rise after AI rally spurs US gauges
Asian stocks climbed, mirroring Wall Street’s record highs driven by the AI trade and robust US consumer resilience. Japan, South Korea, and Australia saw gains, with the MSCI Asia Pacific Index on track for its sixth weekly rise. Nvidia’s rally fueled US trading, while Brent crude edged higher and the dollar maintained its strength.
India’s crude oil stocks drop 15% amid Iran conflict, raising supply concerns
India’s crude oil stocks have dropped 15% since late February due to declining imports amid the Iran conflict. Refiners are drawing from inventories to maintain processing rates, but sustained supply constraints may soon necessitate reduced operations, potentially explaining the call for fuel conservation.
Rupee almost breaches 96/$ before clawing back
The Indian rupee neared 96/$ amid foreign fund outflows, oil inflation, and balance of payments concerns. Reported central bank intervention helped the rupee recover from an intraday low, though it closed weaker. Potential tax cuts for foreign investors on Indian bonds also influenced the currency’s movement.
India’s gold loan market has huge potential, there’s lot of idle metal: George Alexander Muthoot
The rise in prices will add to the growth momentum as it will give more borrowing power to those who are pledging gold. The uncertainties will not change the course of the gold loan market. And the price fluctuation won’t matter since there is enough cushion. While disbursing loans, the loan to value (LTV) ratio […]
As rupee dips, I-T steps up vigil on shady outflows
In multiple cases, individuals have used dozens of fake permanent account numbers (PANs) with the same name but different addresses and dates of birth to transfer money under RBI’s liberalised remittance scheme (LRS) which bars a resident from spending and investing more than $250,000 a year abroad.
BoB looks to sell Rs 2,700 crore of NPAs; taps ARCs, NBFCs
Bank of Baroda is selling a ₹2,776 crore portfolio of 41 stressed loans, including nine declared fraud accounts like Ushdev International and Nirmal Lifestyle. The sale, conducted on a cash basis with assets transferred “as is where is, without recourse,” aims to clean the bank’s books.
AI reset erases nearly half of IT majors’ value
India’s top software exporters are projected to lose $200 billion in market value from their peaks due to disruptive AI technology. The aggregate market cap has already fallen by 45% since December 2024, with TCS and Wipro experiencing over 50% declines. This erosion, while significant in absolute terms, is not unprecedented for the sector.
D-St surges 1% on reports govt to cut tax on foreign bond bets
Indian stock markets surged on Thursday. The Nifty and Sensex saw significant gains. This rise was driven by reports of a potential tax cut on foreign investments in Indian bonds. The rupee also strengthened. This news eased investor concerns. Pharma, Metal, and Financial Services sectors performed well. Foreign and domestic institutions were net buyers of […]
US stocks today: US stocks end higher on tech rally; investors eye Beijing talks
US stocks closed higher with S&P 500 and Nasdaq hitting fresh record highs, led by a tech rally after Nvidia got approval to sell H200 chips to China. Investors tracked Trump-Xi talks in Beijing, solid retail sales data, and rising inflation risks tied to energy prices impacting Fed rate cut hopes.
Sebi proposes major overhaul of derivatives rules to simplify compliance for exchanges
India’s market regulator Sebi is proposing significant changes to derivatives trading rules. The aim is to make compliance easier for stock exchanges and clearing corporations. Several outdated rules will be removed, and operational requirements will be streamlined. These proposals are part of an initiative to improve the ease of doing business in the financial markets.