Equity markets recovered on Thursday after falling for the past three days, with the sensex jumping over 500 points, aided by buying in HDFC twins and ICICI Bank amid mostly positive trends in global equities. The sensex rallied 503 points or 0.94 per cent to settle at 54,252.53. Stay with TOI for all latest updates.Read Less
For what’s happening, click on news updates. For context, click on other tabs.
Elon Musk sued by Twitter investors for delayed disclosure of stake
Billionaire Elon Musk was sued by Twitter Inc investors for delayed disclosure of his stake in the social media company in a complaint filed on Wednesday in California federal court. The investors said Musk saved himself $156 million by failing to disclose that he had purchased more than 5% of Twitter by March 14. He continued to buy stock after that, and ultimately disclosed in early April that he owned 9.2% of the company.
ONGC to sell stake, seeks global help to develop fields
Top explorer Oil and Natural Gas Corporation (ONGC) is offering a stake to global oil companies to help develop challenging fields off the country's east coast, according to a tender document. The company did not say how big a stake it was offering to a potential partner.
Govt drops offer to sell 53% stake in BPCL as most bidders express inability to participate
The government on Thursday withdrew its offer to sell its entire 52.98 per cent stake in BPCL, saying that majority of bidders have expressed their inability to participate in the current privatisation process due to prevailing conditions in the global energy market.
Coal India to divest 25% stake in BCCL; plans subsequent listing
State-owned Coal India Ltd (CIL) on Thursday said it is planning to divest 25 per cent stake in its unlisted arm Bharat Coking Coal Ltd (BCCL) and will go for the subsequent listing of the subsidiary on stock exchanges after obtaining further clearances.
US economy shrank by 1.5% in Q1 but consumers kept spending
The US economy shrank in the first three months of the year even though consumers and businesses kept spending at a solid pace, the government reported Thursday in a slight downgrade of its previous estimate for the January-March quarter.
These are the best and worst cities for work-life balance
The best city for work-life balance: Oslo. The most overworked? Dubai. That’s according to a study released on Wednesday by mobile access technology company Kisi, which looked at factors including work intensity and city livability as well as quality health care, affordable cost-of-living, and ample time off.
Shell in talks with Indian consortium to sell Russian LNG plant stake: Report
Shell is in talks with a consortium of energy companies in India to sell its stake in a major liquefied natural gas (LNG) plant in Russia, three sources told Reuters, highlighting India's willingness to step into the space left by western companies following Moscow's invasion of Ukraine.
Bond yields edge lower on hopes govt will not exceed borrowing target
India's benchmark 10-year bond yield edged lower on Thursday after a source said the government will not need to borrow additional funds from the market in the current fiscal year.
Markets halt 3-day decline; sensex rallies over 500 points
Equity markets recovered on Thursday after falling for the past three days, with the sensex jumping over 500 points, aided by buying in HDFC twins and ICICI Bank amid mostly positive trends in global equities.
Sensex gainers and losers
From the sensex pack, Tata Steel, State Bank of India, HDFC Bank, Axis Bank, ICICI Bank, HDFC, Nestle, Wipro, TCS and Tech Mahindra were among the prominent gainers. In contrast, Sun Pharma, Reliance Industries, Hindustan Unilever, Larsen & Toubro and Dr Reddy's were the laggards.
Sensex gains 503 points to close at 54,252, Nifty settles at 16,170
Moody's slashes Indian economy growth forecast to 8.8% for 2022
"We have lowered our calendar-year 2022 growth forecast for India to 8.8 per cent from our March forecast of 9.1 pr cent, while maintaining our 2023 growth forecasts at 5.4 per cent," Moody's said.
Sugar prices could remain firm despite curbs on exports: Report
Sugar prices are likely to remain firm despite New Delhi's move to cap exports as stockpiles are set to fall to the lowest level in five years amid record shipments and robust local demand, industry officials told Reuters.
Apple to keep iPhone production flat in 2022: Report
Apple Inc plans to keep iPhone production for 2022 roughly flat at about 220 million units, Bloomberg News reported on Thursday, as China's Covid-19 curbs, global supply chain issues, and cooling demand continue to hurt smartphone makers.
Hong Kong shares finish lower
Hong Kong stocks slipped on Thursday as a warning about the strength of the Chinese economy by Premier Li Keqiang overshadowed minutes indicating a less hawkish Federal Reserve. The Hang Seng Index eased 0.27 percent, or 55.07 points, to 20,116.20.
European stocks edge higher at open
European stock markets rose slightly at the open Thursday after Tokyo closed lower, as traders assess chances of a global recession in the wake of runaway inflation.London's benchmark FTSE 100 index gained 0.1 percent to 7,527.70 points.
Tokyo's Nikkei index closes lower
Tokyo's key Nikkei 225 index closed lower Thursday on fears over inflationary pressure due to the war in Ukraine, but with few fresh market-moving events. The Nikkei 225 index ended down 0.27 percent, or 72.96 points, at 26,604.84, while the broader Topix index closed up 0.05 percent, or 1.00 points, at 1,877.58.
China stocks rise in bumpy trade after meeting on stabilising economy
China stocks closed morning trade higher on Thursday after struggling for direction for most parts of the session, as investors weighed comments from Premier Li Keqiang at a nationwide meeting on stabilising the slowing economy. The CSI300 index rose 0.6% to 4,007.09 by the end of the morning session, while the Shanghai Composite Index gained 0.7% to 3,127.81.
For the Indian economy, elevated crude prices will continue to be a major headwind and sustained FPI selling, which can be expected to continue, will be a major hurdle for the market to rally.
There are indications of market stabilising and consolidating around current levels. In the mother market, US, there is a strong view that the fears of recession are overdone.