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Global markets saw the dollar strengthen on Friday due to renewed US-Iran hostilities. Oil prices surged, increasing risk aversion. The Japanese yen remained stable as Tokyo issued verbal warnings against sharp declines. Investors are now focused on the upcoming US non-farm payrolls report. Sterling faced its first weekly loss since March, awaiting local election results.
Oil prices surged Friday amid renewed U.S.-Iran clashes, jeopardizing a fragile ceasefire and dimming hopes for reopening the vital Strait of Hormuz. Brent crude and WTI futures climbed significantly, reversing earlier declines. This escalation follows Iran's accusations of U.S. violations and U.S. claims of retaliatory strikes, despite President Trump stating the ceasefire remains in effect.
Nida Khan, accused in a sexual harassment case at TCS Nashik, was arrested in Chhatrapati Sambhajinagar. The SIT is investigating multiple allegations against her, including coercion and religious pressure on employees. Khan's anticipatory bail plea was rejected due to her ongoing legal issues.
The US and Iran exchanged fire, escalating tensions despite a ceasefire. Iran accused the US of targeting its ships, while the US claimed retaliation for Iranian attacks.
Joni Lamb, co-founder and longtime president of Daystar Television Network, has died at the age of 65. The Christian broadcaster said Lamb had been privately dealing with serious health issues before a recent back injury worsened her condition.
Indian stock markets saw a mixed trading day on May 7. The Sensex experienced volatility due to its weekly expiry. Analysts suggest a breakout above 24,400 could lead to further gains. India VIX, a measure of market fear, declined significantly. Foreign and domestic investors were net buyers of shares.
Indian markets saw volatile trading on Thursday, closing nearly unchanged despite positive signals. Several companies including SBI, Titan, and Hyundai are in focus today. Many firms will announce their fourth-quarter results. Britannia Industries reported strong profit growth and recommended a dividend. BSE also posted a significant profit surge. Bharat Forge's profit declined, while Dabur India saw a profit uptick.
Asian stocks retreated from record highs as Middle East tensions escalated, impacting crude oil prices and reviving concerns over energy supplies. US forces responded to Iranian attacks in the Strait of Hormuz, while President Trump issued a stern warning. Despite volatility, investors remain focused on de-escalation efforts and the AI trade.
Nifty midcap indices reached new peaks on Thursday. This surge is fueled by robust earnings, consistent retail investor contributions, and strategic bargain purchases. Midcap and smallcap indices have significantly outperformed larger indices since the US-Iran ceasefire announcement a month ago. Experts suggest a pause in the rally is likely soon. Foreign investors have been selling large-cap stocks.
The Supreme Court will hear arguments regarding India's first data privacy law, the DPDP Act, starting May 13. The act, challenged by five PILs, raises concerns about data protection, surveillance, and the Right to Information Act, affecting 1.4 billion citizens.
The Indian rupee surged over a rupee against the US dollar in two days, gaining 36 paise on Thursday. This rebound was driven by a significant retreat in crude oil prices below $100 a barrel, prompting traders to unwind short-rupee positions. State-run banks were observed selling dollars, likely on behalf of exporters, as the rupee moved to 94.
Britannia Industries witnessed a 22% surge in its March quarter profit, reaching ₹680 crore, driven by resilient biscuit and snack demand. Revenue climbed 7.1% to ₹4,686 crore, despite supply chain disruptions from the West Asia conflict impacting international business. The company is actively mitigating potential cost inflation and remains vigilant about ongoing developments.
President Trump stated that three US Navy destroyers passed through the Strait of Hormuz under fire, sustaining no damage. He claimed significant damage was inflicted on Iranian attackers, who he described as led by lunatics.
Foreign investors continued their sell-off in Indian equities, particularly in financials, extending withdrawals into the latter half of April. This sector saw significant outflows due to its heavy weight and inflation concerns. Conversely, power and capital goods attracted substantial inflows, driven by strong demand and global trends.
Retail investors showed caution, reducing their stock holdings in most companies during the March quarter. This move coincided with market declines due to global uncertainties. Meanwhile, foreign investors and domestic funds increased their stakes in various companies. Promoters also raised their shareholding, taking advantage of lower stock prices. FPI stake in Indian companies continued to fall.
Actor Mark Hamill has apologised after posting an AI-generated image of Donald Trump in a grave, sparking backlash from the White House, which called him a “sick individual” amid concerns over rising political rhetoric.
Saudi authorities reportedly informed Washington that the US military would not be allowed to operate aircraft from Prince Sultan Airbase near Riyadh or use Saudi airspace to support the mission.
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