Author: Staff Writer

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Corporate

Sensex seesaws, Nifty remains below 24,250

Indian equity markets turned volatile on Thursday, July 30, as the Sensex moved between gains and losses while the Nifty struggled to hold above the 24,250 mark. Investors remained cautious after the US Federal Reserve kept interest rates unchanged but signalled uncertainty over the future path of monetary policy. At the same time, mixed global cues, elevated crude oil prices and ongoing geopolitical tensions kept sentiment in check.

The 30-share BSE Sensex opened lower and fell more than 100 points during morning trade before recovering some ground. The Nifty50 also slipped below 24,250 after opening in the red. The market’s movement reflected a tug-of-war between buying in information technology stocks and selling across financial and realty shares.

 

The IT sector emerged as the biggest source of support for the market. The Nifty IT index gained nearly 2%, with investors showing renewed interest in technology stocks. Auto, oil and gas, media and cement stocks also traded higher. On the other hand, the Nifty Realty index fell more than 1.5%, making it the weakest sectoral performer. Financial services, private banks, chemicals and mid-cap stocks also remained under pressure.

Among the major gainers, Infosys and Tech Mahindra were among the prominent names supporting the technology rally. The broader IT pack benefited from buying interest as investors looked beyond weakness in global semiconductor stocks. The sector has also been one of the stronger performers during July, with the Nifty IT index heading for its best monthly performance in several years.

However, the gains were not broad-based. Adani Ports fell around 3% despite reporting a strong first-quarter performance. The company posted a 9% year-on-year rise in consolidated net profit to ₹3,620 crore, while revenue increased 18.5% to ₹10,821 crore. EBITDA rose 19% to ₹6,540 crore, with the EBITDA margin improving to 60.4%. Despite the numbers, investors chose to book profits in the stock.

Eternal was another major laggard at the opening, falling around 2%. Vedanta Oil & Gas also declined nearly 4% despite returning to profitability in the June quarter. The company reported a consolidated net profit of ₹945 crore compared with losses in the year-ago and previous quarters. Revenue increased 8.5% year-on-year to ₹2,507 crore, but an exceptional loss of ₹441 crore weighed on investor sentiment.

Waaree Energies also came under selling pressure. Its shares dropped nearly 6% even though the company reported a 15.4% year-on-year increase in consolidated net profit to ₹891.87 crore. Revenue jumped 79.2% to ₹7,931.79 crore, helped by higher production and strong demand. The fall suggested that investors were more focused on valuations and expectations than simply on headline earnings growth.

KPIT Technologies was another notable loser, falling around 7% after its quarterly profit declined 32% to ₹117 crore. The sharp reaction highlighted how investors are closely scrutinising corporate earnings as the June-quarter results season gathers pace.

On the positive side, Redington attracted strong buying after reporting a 77% year-on-year jump in first-quarter profit and a 35% rise in revenue. Its shares gained as much as 15% in morning trade, making it one of the standout movers in the broader market.

The market was also watching several new listings. Indo-MIM made its debut on the BSE and NSE at a substantial premium of around 45% to its issue price, signalling strong investor appetite for select new-age and manufacturing opportunities. Lohia Corp and Xtranet Technologies also listed at premiums of around 8% and 7%, respectively.

Global developments continued to influence trading. The US Federal Reserve kept interest rates unchanged at its latest meeting, but the decision was marked by an unusually divided policy outlook. Some policymakers indicated that further rate hikes could be required if inflation remains persistent. This hawkish tone has created uncertainty for global equity markets because higher US interest rates can reduce the attractiveness of emerging-market assets.

Crude oil remained another important factor for Indian investors. Oil prices had surged sharply on Wednesday amid escalating US-Iran tensions before easing on Thursday. Lower crude prices provided some relief, but continued geopolitical uncertainty remained a concern for an oil-importing economy such as India. Higher crude prices can increase inflationary pressure and widen the country’s import bill.

Market analysts said the near-term trend remained volatile rather than decisively bearish. Geojit Investments chief market strategist Anand James identified the 24,190-24,145 zone as an important support area for the Nifty. A break below 24,085, he said, could accelerate selling pressure. Geojit chief investment strategist VK Vijayakumar also pointed to Brent crude and the Fed’s hawkish stance as near-term headwinds, while noting that domestic fundamentals and renewed foreign portfolio investor buying could provide support.

The Sensex and Nifty are likely to remain sensitive to corporate earnings, crude oil prices, foreign fund flows, the rupee and developments around US monetary policy. For now, the market’s inability to decisively hold above 24,250 suggests that investors are approaching the next leg of the rally with greater caution.

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Air India links Amritsar to 27 global destinations

Air India has introduced its Easy Connect service from Amritsar, allowing passengers to travel to 27 international destinations with a single check-in and a smoother transit experience through Delhi. The initiative is aimed at making overseas travel easier for people from Punjab by reducing the hassle of multiple check-ins, baggage collection and repeated immigration procedures during connecting flights.

The airline said the service is part of its efforts to strengthen India’s aviation network by improving connectivity between regional cities and major international destinations. The new facility also supports the government’s vision of developing Indian airports into strong global transit hubs, reducing dependence on foreign airports for international connections.

Under the Easy Connect programme, passengers departing from Sri Guru Ram Dass Jee International Airport, Amritsar, can complete their check-in for the entire journey at the starting point itself. They receive boarding passes for all flight segments, while their checked baggage is tagged directly to the final international destination. This means travellers do not have to collect and recheck their luggage during transit at Delhi.

The service also allows passengers to complete immigration formalities before boarding the domestic flight from Amritsar. Once they arrive in Delhi, they can move directly to the international departure area without going through immigration again, making the transfer process significantly quicker and more convenient.

Air India has scheduled two daily Easy Connect flights between Amritsar and Delhi to support the programme. These flights are timed to connect efficiently with the airline’s long-haul international departures, ensuring that passengers can board their onward flights with minimal waiting time.

Through the new service, travellers from Amritsar can now reach 27 destinations across North America, Europe, the United Kingdom, Australia, the Middle East and Asia. These include major cities such as New York, Newark, Chicago, San Francisco, Toronto, Vancouver, London, Birmingham, Melbourne, Sydney, Singapore, Dubai, Phuket and Bali. The airline says most onward connections can be completed within a few hours after arriving in Delhi.

For thousands of people in Punjab who regularly travel abroad for employment, higher education, business or family visits, the service promises a much more comfortable journey. Instead of worrying about changing terminals, retrieving baggage or standing in long immigration queues during transit, passengers can enjoy a seamless travel experience from the moment they leave Amritsar until they reach their final destination.

The Easy Connect facility is expected to be particularly beneficial for senior citizens, families travelling with children and first-time international flyers. These passengers often find multiple airport procedures confusing and tiring. By completing most formalities at the departure airport, the programme removes much of the stress associated with international travel.

Air India said the initiative is another important milestone in its ongoing transformation following its acquisition by the Tata Group. Over the past few years, the airline has expanded its international route network, modernised its fleet, upgraded passenger services and invested heavily in improving customer experience. Easy Connect is seen as another step towards building a more integrated and efficient travel network.

The launch also reflects India’s broader hub-and-spoke aviation strategy. Under this model, passengers from regional cities are connected to a major hub airport, such as Delhi, from where they can continue to destinations around the world. This approach allows airlines to offer more international connectivity without operating direct long-haul flights from every city.

A stronger hub-and-spoke network also helps Indian airports compete with major international transit centres like Dubai, Doha, Abu Dhabi and Singapore. Officials believe that retaining more transit traffic within India will strengthen the country’s aviation sector, generate additional revenue for airports and airlines, and improve the overall passenger experience.

The Amritsar launch follows the successful implementation of Easy Connect at other airports in India. Air India has indicated that it plans to expand the programme further, connecting more domestic cities with its growing international network. The airline is also working on introducing similar facilities for inbound passengers arriving in India from overseas, allowing them to continue their domestic journeys more efficiently.

Industry experts say the initiative could play a major role in boosting tourism, trade and business travel from Punjab. Better international connectivity is expected to benefit exporters, entrepreneurs, students and professionals who frequently travel abroad. It may also encourage more overseas visitors to use Amritsar as a gateway to northern India.

However, some local organisations have expressed concern that increased reliance on connecting flights should not come at the cost of direct international services from Amritsar. They argue that Punjab’s large overseas population still needs more non-stop flights to key destinations. Aviation experts, however, believe that Easy Connect complements direct flights by providing access to a much wider range of cities that may not be commercially viable through non-stop services.

With Amritsar now linked seamlessly to 27 international destinations, Air India is offering travellers from Punjab a simpler way to fly overseas. By combining single check-in, through baggage handling, faster airport transfers and better connectivity, the airline hopes to deliver a more convenient travel experience while supporting India’s ambition of becoming a major global aviation gateway.

Passengers can book Easy Connect itineraries through Air India’s website, mobile application, customer contact centre and authorised travel agents. The airline says the service has been designed to make international travel more efficient, comfortable and reliable while strengthening India’s position as an emerging global aviation hub.

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Australia inflation falls 3.8% as fuel prices ease

Australia’s inflation slowed more than expected in June, offering welcome relief to households struggling with high living costs and raising hopes that interest rates may remain unchanged in the coming months. Fresh data showed that lower fuel prices helped pull inflation down to its lowest level in four months, while underlying price pressures also eased faster than economists had predicted. The latest figures are being seen as a positive sign that the country’s long battle against inflation is beginning to move in the right direction.

According to the Australian Bureau of Statistics, the annual Consumer Price Index (CPI) eased to 3.8% in June from 4.0% in the previous month. On a quarterly basis, consumer prices rose 0.6% during the April-June period, a sharp slowdown from the 1.4% increase recorded in the first quarter of the year. The figures came in below market expectations and reinforced confidence that inflation is gradually returning towards the Reserve Bank of Australia’s (RBA) target range.

The biggest reason for the moderation in inflation was the decline in fuel prices. Petrol became cheaper after a combination of lower global oil prices and domestic policy measures aimed at easing the burden on consumers. As transport costs fell, households benefited from reduced spending on fuel, which helped bring down overall inflation. Lower fuel costs also had a ripple effect across several sectors by reducing transportation expenses for businesses.

Economists noted that while falling petrol prices made the biggest contribution, inflation was also cooling across several other categories. Price increases for household goods, clothing and some consumer products slowed during the quarter, suggesting that demand is beginning to soften after a prolonged period of higher interest rates. Businesses have also found it more difficult to pass on higher costs to consumers as spending becomes more cautious.

One of the most closely watched measures, the trimmed mean inflation, which excludes volatile items such as fuel and fresh food, also showed encouraging signs. This measure of core inflation slowed to 3.6% annually, lower than both economists’ forecasts and the Reserve Bank’s own expectations. Quarterly core inflation remained contained at 0.8%, indicating that underlying price pressures are easing steadily rather than simply reflecting temporary movements in energy prices.

The softer inflation figures immediately influenced financial markets. Investors sharply reduced expectations that the Reserve Bank of Australia would raise interest rates at its next monetary policy meeting. Before the inflation report, markets had been pricing in another possible rate increase later this year. However, the latest data has strengthened the view that the central bank may now choose to keep borrowing costs unchanged while it assesses how the economy responds to previous rate hikes.

Several leading economists also revised their forecasts following the inflation report. Analysts at major financial institutions said the latest data provides the Reserve Bank with greater flexibility and reduces the urgency for another interest rate increase. While they cautioned that future policy decisions will still depend on incoming economic data, many now expect the central bank to remain on hold unless inflation unexpectedly picks up again.

Housing costs also remain a major concern. Prices for newly built homes continued to increase as builders face higher labour costs and expensive construction materials. Although supply chain disruptions have eased significantly compared with previous years, construction costs remain well above pre-pandemic levels. Higher rents in many Australian cities have also continued to add pressure to household budgets, even as inflation in other categories slows.

Australia’s labour market has remained resilient despite higher borrowing costs. Employment levels continue to stay strong, and unemployment remains relatively low. While this is positive for economic growth and household incomes, it also means businesses continue to compete for workers, keeping wage growth elevated. The Reserve Bank will closely monitor labour market conditions, as stronger wage growth could keep services inflation higher for longer.

Government officials welcomed the latest inflation figures, saying they reflect progress in easing cost-of-living pressures. They pointed to lower fuel prices and a gradual moderation in price growth as evidence that inflation is moving in the right direction. However, policymakers acknowledged that inflation still remains above the Reserve Bank’s target range of 2% to 3%, meaning there is still work to be done before inflation can be considered fully under control.

Financial analysts also cautioned that global developments could influence Australia’s inflation outlook in the months ahead. Any renewed increase in crude oil prices caused by geopolitical tensions or supply disruptions could quickly reverse the recent decline in fuel costs. Similarly, unexpected strength in consumer spending or wage growth could keep underlying inflation elevated and prompt the Reserve Bank to reconsider its policy stance.

For now, the latest figures suggest Australia‘s inflation battle is moving in a positive direction. Lower fuel prices, easing core inflation and moderating consumer price growth have strengthened expectations that the Reserve Bank can afford to pause further interest rate increases. While challenges remain, the latest data offers growing confidence that inflation is gradually coming under control, providing hope for households, businesses and the broader Australian economy.

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Corporate

L&T Q1 profit climbs 14% on strong order wins

Engineering and infrastructure major Larsen & Toubro (L&T) reported a strong start to FY27, posting a 14% year-on-year increase in consolidated net profit for the April-June quarter, driven by healthy order inflows, steady revenue growth and higher treasury income. The company also retained its full-year growth guidance, signalling confidence in its business outlook despite global uncertainties.

L&T’s consolidated net profit rose to ₹4,122.85 crore during the first quarter from ₹3,617.19 crore a year ago, beating analysts’ expectations. Revenue from operations increased nearly 7% to ₹67,942 crore, supported by strong execution across its infrastructure, manufacturing and services businesses.

A key highlight of the quarter was the company’s robust order inflow. L&T secured fresh orders worth ₹1.08 lakh crore, up 14% from the same period last year. International markets contributed about 56% of the total new orders, reflecting the company’s growing global footprint. Major contracts came from sectors including transportation, buildings, heavy engineering, offshore wind and metals.

The strong order pipeline further strengthened L&T’s order book, providing healthy revenue visibility for the coming quarters. Management said continued investments in infrastructure, energy and industrial projects in India, along with opportunities overseas, are expected to support long-term growth.

Despite the strong earnings, operating margins came under pressure. EBITDA stood at ₹6,116 crore, while the EBITDA margin narrowed to 9% from 9.9% a year earlier. The company attributed the decline to delays in project execution, supply-chain disruptions in West Asia, foreign exchange headwinds in its IT business and higher expected credit-loss provisions.

Executives said geopolitical tensions in the Middle East disrupted the movement of materials and slowed execution of some projects during the quarter. However, they expressed confidence that execution would improve in the coming months as supply chains stabilise.

Higher treasury income and lower finance costs helped offset part of the pressure on operating performance, boosting the company’s bottom line.

The quarterly performance was well received by investors, with L&T shares rising about 3% after the results. Brokerage firms maintained a positive outlook, citing strong order momentum, a healthy project pipeline and sustained government spending on infrastructure.

Analysts believe L&T remains well positioned to benefit from India’s capital expenditure cycle, driven by investments in roads, railways, renewable energy, urban infrastructure and defence. They also highlighted the company’s diversified presence across engineering, technology services, manufacturing and financial services as a key strength.

While some brokerages noted that project execution was slightly weaker than expected during the quarter, they viewed it as a temporary issue rather than a structural concern. They expect execution to gather pace in the second half of the financial year.

Looking ahead, L&T retained its FY27 guidance of 10-12% growth in both revenue and order inflows while expecting margins to remain broadly stable. With a record order book, strong domestic demand and expanding international opportunities, the company remains optimistic about sustaining growth through the rest of the financial year.

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Adani Ports explores landmark stake in UK’s ABP

Adani Ports and Special Economic Zone (APSEZ), India’s largest private port operator, is exploring a controlling stake in Associated British Ports (ABP), the United Kingdom’s largest port operator, in what could become one of the biggest overseas acquisitions by an Indian infrastructure company. Although discussions are still at an early stage and no formal agreement has been reached, the proposed deal reflects Adani Ports’ growing ambition to build a stronger global presence in ports, logistics and maritime infrastructure.

According to people familiar with the matter, APSEZ has initiated preliminary discussions with stakeholders connected to ABP to evaluate the possibility of acquiring a majority stake. The talks are currently exploratory, and there is no certainty that they will result in a transaction. However, if the deal goes through, it would mark Adani Ports’ largest international acquisition to date and its first major investment in the United Kingdom.

Associated British Ports is one of Britain’s most strategically significant infrastructure companies. The operator manages 21 commercial ports across England, Scotland and Wales and handles nearly a quarter of the UK’s seaborne trade. Its extensive network includes major ports such as Immingham, Britain’s largest port by cargo volume, Southampton, Hull, Cardiff, Newport and Teesport. These ports play a vital role in supporting industries ranging from manufacturing and automotive exports to agriculture, energy and consumer goods.

Apart from handling millions of tonnes of cargo every year, ABP has become a key player in Britain’s renewable energy sector. More than half of the UK’s offshore wind projects rely on ABP’s ports for construction, maintenance and logistics support. This diversified business model has made the company an attractive long-term infrastructure asset for global investors.

The ownership structure of ABP has also created an opportunity for potential buyers. The company is currently owned by a consortium of international institutional investors. Canadian pension funds, including the Canada Pension Plan Investment Board (CPPIB) and Ontario Municipal Employees Retirement System (OMERS), together hold a majority stake. Other shareholders include Singapore’s sovereign wealth fund GIC and Kuwait’s Wren House Infrastructure. Reports suggest that some investors are considering monetising their holdings, opening the door for a possible change in ownership.

While the financial details are yet to emerge, industry estimates value Associated British Ports at over £10 billion, making it one of Europe’s largest privately owned port operators. Any acquisition would therefore represent a significant investment and could become one of the largest cross-border infrastructure deals involving an Indian company.

For Adani Ports, acquiring ABP would be about much more than adding another overseas asset. It would provide the company with an operational foothold in one of Europe’s most developed logistics markets while expanding access to major international shipping routes. A presence in the UK would also strengthen APSEZ’s ability to serve global customers across Asia, Europe, the Middle East and Africa through an integrated port and logistics network.

The proposed acquisition aligns with Adani Ports’ long-term strategy of becoming one of the world’s leading integrated transport and logistics companies. Over the past few years, the company has steadily expanded beyond India through investments in ports and terminals overseas. It already has operations in countries including Israel, Sri Lanka, Australia and Tanzania, while continuing to strengthen its domestic network of ports and logistics parks.

The company’s overseas expansion has gathered pace as international trade patterns continue to evolve. By investing in strategic maritime assets across different regions, APSEZ aims to reduce dependence on any single market while creating a diversified revenue base. Industry experts believe that adding a major European port operator like ABP would significantly enhance the company’s global competitiveness.

Analysts also point out that ABP’s business complements APSEZ’s existing operations. Besides cargo handling, the British operator generates stable revenue through marine services, pilotage, property development and logistics support. Such diversified earnings could provide greater resilience during fluctuations in global trade and shipping activity.

The timing of the reported acquisition talks also coincides with Adani Ports’ strong financial performance. The company recently reported robust quarterly results, driven by higher cargo volumes, improved operational efficiency and growing contributions from its international assets. Healthy cash flows and a strong balance sheet have strengthened APSEZ’s ability to pursue large global acquisitions while continuing investments in India.

The proposed deal, however, is expected to face detailed scrutiny if negotiations advance. Acquisitions involving critical infrastructure assets in the United Kingdom generally require multiple regulatory approvals, including reviews related to national security, competition and foreign investment. Given ABP’s importance to Britain’s economy and supply chains, any ownership change is likely to undergo extensive examination before receiving clearance.

Market experts caution that infrastructure transactions of this scale often take several months to complete. Due diligence, financial negotiations, regulatory assessments and shareholder approvals could all influence the timeline. There is also the possibility that discussions may not culminate in a final agreement.

Neither Adani Ports nor Associated British Ports has officially commented on the reported negotiations. People familiar with the discussions have maintained that talks remain preliminary, and several options are still under evaluation.

Even so, the development highlights APSEZ’s determination to transform itself into a truly global ports and logistics company. From managing India’s busiest private ports to expanding across international markets, the company has consistently pursued opportunities that strengthen its position in global maritime trade.

If the acquisition is eventually completed, it would not only expand Adani Ports’ international portfolio but also mark one of the most significant overseas infrastructure investments by an Indian company in recent years. It would further cement APSEZ’s position among the world’s leading private port operators and reinforce its vision of building an integrated global maritime and logistics network connecting key trade corridors across continents.

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Industrial output in India surges 7.3% in June

India’s industrial sector delivered a strong performance in June, with factory output growing at its fastest pace in nearly two years. According to data released by the Ministry of Statistics and Programme Implementation (MoSPI), the Index of Industrial Production (IIP) expanded 7.3% year-on-year in June, marking a sharp improvement from the revised 5% growth recorded in May. It is also significantly higher than the 2.2% growth seen in June last year, reflecting broad-based strength across key sectors of the economy.

The June reading is the highest industrial growth rate in 22 months, signalling that manufacturing activity is gaining momentum despite continued uncertainty in the global economy. The latest numbers suggest domestic demand remains healthy, businesses are investing in expanding capacity, and government-led infrastructure spending continues to support industrial activity.

The biggest contributor to the robust growth was the manufacturing sector, which accounts for nearly four-fifths of the country’s industrial output. Manufacturing production rose 7.8%, indicating increased factory activity across several industries. The improvement points to stronger demand for consumer products, machinery, transport equipment and other manufactured goods.

The electricity sector also recorded impressive growth of 10.6%, supported by higher power consumption from industries, businesses and households. Increased electricity generation often reflects expanding economic activity, as factories require more energy to meet rising production levels.

Meanwhile, the mining sector posted a modest 1% increase, recovering from a contraction in the previous month. Though mining growth remained slower than the other sectors, it added positively to the overall industrial performance.

Another encouraging indicator was the strong rise in capital goods production, which climbed 14.2% during June. Capital goods include machinery and equipment used to produce other goods and services. Economists closely watch this category because it reflects fresh investments by companies. Rising capital goods output generally indicates that businesses are confident enough to expand production capacity, creating a stronger foundation for future economic growth.

Consumer demand also remained healthy during the month. Production of consumer durables, such as home appliances, electronic goods and automobiles, grew 7.7%, suggesting households continue to spend despite inflationary pressures. Better income prospects, easier access to credit and improving consumer confidence have supported demand for these products.

The June data exceeded market expectations. Most economists had projected industrial production to grow by around 5.7%, making the actual outcome a positive surprise. Analysts believe stronger domestic demand, improved manufacturing activity and sustained public investment helped drive the better-than-expected performance.

Government spending on infrastructure continues to play an important role in supporting industrial growth. Investments in roads, railways, airports, housing and other public projects have increased demand for steel, cement, machinery and construction materials. This has created opportunities for manufacturers and suppliers across multiple industries.

The latest industrial production figures also reflect the impact of policy measures aimed at strengthening India’s manufacturing base. Programmes such as the Production Linked Incentive (PLI) scheme have encouraged companies to expand production in sectors including electronics, pharmaceuticals, automobiles and renewable energy equipment. These initiatives are gradually contributing to higher factory output and investment.

June’s figures were released under the revised IIP series, which now uses 2022-23 as the base year instead of 2011-12. The revised methodology also shifts from wholesale prices to producer prices, providing a more accurate picture of industrial activity in line with international statistical standards. Officials believe the updated framework better reflects the current structure of India’s economy.

The encouraging June performance also lifted industrial growth for the first quarter of the current financial year. During the April-June period, industrial production expanded 5.8%, compared with 3.4% in the corresponding quarter last year. The improvement suggests the economy has begun FY2026-27 on a stronger footing.

Despite the positive trend, economists remain cautious about potential risks. Global trade tensions, volatile crude oil prices, geopolitical uncertainties and disruptions caused by extreme weather could affect manufacturing activity in the coming months. Export-oriented industries may also face challenges if demand weakens in major international markets.

However, India’s industrial sector continues to benefit from relatively strong domestic consumption, improving investment activity and supportive government policies. The combination of higher factory output, rising capital expenditure and stronger electricity generation indicates that economic activity remains resilient.

Analysts believe sustaining this momentum will depend on continued infrastructure investment, stable inflation, adequate availability of raw materials and supportive financial conditions. If these factors remain favourable, manufacturing is expected to remain one of the key drivers of India’s economic growth during the current financial year.

The June industrial production numbers reinforce confidence that India’s economy continues to expand steadily. With manufacturing leading the recovery, investment gathering pace and domestic demand holding firm, the industrial sector appears well positioned to support broader economic growth in the months ahead.

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Gold holds ₹1,42,100, silver rises to ₹2,17,160

Gold prices remained largely stable across the country on Wednesday, July 29, even as silver continued to gain strength in both the physical and futures markets.

On the Multi Commodity Exchange (MCX), gold futures traded at ₹1,42,100 per 10 grams, while silver futures climbed to ₹2,17,160 per kilogram during the morning session. The gains in silver outpaced gold, reflecting strong industrial demand and continued investor interest in the precious metal.

Although prices varied slightly across regions due to local taxes and making charges, there was no significant movement from the previous trading session.

In Delhi, 24-carat gold was available at about ₹1,00,290 per 10 grams, while the 22-carat variety was priced around ₹91,950. In Mumbai, Kolkata, Chennai and Bengaluru, 24-carat gold was trading close to ₹1,00,140, with 22-carat gold retailing at nearly ₹91,800 per 10 grams.

Silver prices also remained firm across the country, with the metal trading around ₹1.17 lakh per kilogram in the retail market. The steady rise in silver prices has been supported by both investment demand and increasing industrial consumption, particularly from the electronics, renewable energy and electric vehicle sectors.

Bullion traders said the market is currently being driven more by global developments than domestic factors. Investors across the world are waiting for the outcome of the US Federal Reserve’s monetary policy meeting, which is expected to provide fresh clues on the future path of interest rates.

Although the US central bank is widely expected to keep interest rates unchanged, market participants will closely watch its commentary on inflation and economic growth. Any indication of future rate cuts could support gold prices, as lower interest rates generally improve the appeal of non-yielding assets such as bullion.

International gold prices remained stable in early trade, supported by a softer US dollar and easing bond yields. At the same time, ongoing geopolitical tensions and uncertainty over the global economic outlook continued to encourage safe-haven buying, preventing any major decline in precious metal prices.

Jewellers said customer interest remains healthy despite gold trading near record levels. While some buyers are postponing large jewellery purchases because of elevated prices, many continue to invest through smaller purchases, digital gold and gold exchange-traded funds (ETFs). Wedding-related demand and advance festive buying have also helped support the domestic bullion market.

Silver, meanwhile, has attracted increasing attention from investors this year. Besides its traditional role as a precious metal, silver is witnessing strong demand from industries involved in solar panel manufacturing, electric vehicles and advanced electronics. This growing industrial use has helped silver outperform gold in recent months.

Market experts believe precious metals are likely to remain volatile over the next few days as investors react to global economic data and the US Federal Reserve’s policy statement. Movements in the US dollar, bond yields, crude oil prices and geopolitical developments will continue to influence the direction of bullion prices.

Investors stayed cautious ahead of the US Federal Reserve’s policy decision, while steady domestic demand and firm global prices kept the bullion market well supported.

Analysts also advise consumers planning to buy jewellery to compare rates across retailers and ensure that gold ornaments carry the mandatory BIS hallmark certification. Since making charges differ from one jeweller to another, the final purchase price may vary even if the day’s gold rate remains unchanged.

For investors, financial planners continue to recommend gold as a long-term portfolio diversifier. While short-term price movements may fluctuate, gold is considered a reliable hedge against inflation and economic uncertainty. Silver, on the other hand, offers additional growth potential because of its expanding industrial applications alongside its investment appeal.

With MCX gold holding above ₹1.42 lakh and MCX silver futures extending gains beyond ₹2.17 lakh, sentiment in the bullion market remains positive. Traders will now closely monitor the Federal Reserve’s policy outcome and global market trends for fresh direction, while domestic demand during the upcoming festive and wedding season is expected to keep both gold prices and silver prices well supported in the weeks ahead.

Analysts expect gold prices and silver prices to remain range-bound in the near term, with global interest rate cues and the movement of the US dollar likely to dictate the next major trend. Domestic demand during the upcoming festive and wedding season could also provide fresh support to the bullion market.

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Corporate

Sensex surges 800 points, Nifty reclaims 24,200 level

The Indian stock market staged a strong recovery on Wednesday, with benchmark indices opening sharply higher after a volatile previous session.

In early trade, the Sensex rose over 800 points to around 77,580, while the Nifty advanced more than 230 points to trade above 24,200. The rally reflected renewed confidence on Dalal Street, with gains spread across most sectors rather than being driven by just a handful of heavyweight stocks.

Technology stocks emerged as the biggest winners of the day. Infosys led the gains among Sensex and Nifty constituents, rising nearly 4%, while Coforge climbed over 3%. TCS, HCLTech and Tech Mahindra also traded firmly in the green, pushing the Nifty IT index up more than 2.5%. Investors have been steadily returning to IT stocks after recent earnings indicated that demand in key overseas markets is showing signs of improvement.

Market participants believe the technology sector could be entering a stronger growth phase after several quarters of subdued performance. Improved client spending, stable deal pipelines and optimism around artificial intelligence-led investments have helped revive sentiment towards IT companies.

Apart from technology, buying was visible across banking, financial services, capital goods and automobile stocks. Shares of Larsen & Toubro, Cholamandalam Investment and Finance and several financial stocks also gained, reflecting confidence in India’s domestic growth story. Mid-cap and small-cap indices traded in positive territory as well, indicating that investors were willing to broaden their exposure beyond blue-chip stocks.

While the overall mood remained positive, a few stocks witnessed profit booking. Titan and Asian Paints figured among the top losers in early trade, slipping modestly even as the broader market rallied. Analysts attributed the decline largely to stock-specific selling rather than any weakness in the sectors they represent.

The ongoing first-quarter earnings season has been one of the biggest drivers of the latest market rally. Several companies have reported better-than-expected financial results, reinforcing confidence that corporate India continues to deliver healthy earnings despite global economic uncertainties. Investors have responded by increasing exposure to sectors where earnings visibility remains strong.

Analysts say that earnings growth is becoming increasingly important for sustaining market valuations. After a period of consolidation, investors are rewarding companies that have demonstrated resilient revenue growth, improving margins and positive management commentary. As more companies announce their quarterly results over the coming days, stock-specific action is expected to remain high.

Global factors also played a key role in Wednesday’s rally. Asian markets traded higher following a positive overnight session on Wall Street, providing a supportive backdrop for Indian equities. Investor sentiment was further boosted by expectations that the US Federal Reserve will leave interest rates unchanged at the conclusion of its policy meeting later in the day.

Although markets largely expect the US central bank to maintain the status quo, investors will closely analyse its policy statement for any indications on the timing of future rate cuts. Any dovish signals from the Federal Reserve could improve global risk appetite and support capital flows into emerging markets such as India.

Foreign institutional investor (FII) activity also remains under close watch. While overseas investors have turned cautious at times due to global uncertainties, domestic institutional investors have continued to provide strong support to the market. Their steady buying has helped cushion Indian equities against bouts of volatility triggered by international developments.

Despite concerns over elevated crude oil prices and geopolitical tensions in West Asia, investors largely chose to focus on India’s stronger domestic fundamentals. Economists believe the country’s healthy economic growth, resilient consumption demand and improving corporate earnings continue to make it one of the more attractive investment destinations among emerging markets.

Market experts said Wednesday’s rally reflects improving confidence rather than short-term speculation. They noted that the combination of encouraging earnings, renewed buying in technology stocks and stable macroeconomic indicators has created a favourable environment for equities. However, they cautioned that markets could remain volatile as investors react to global events, central bank decisions and fluctuations in commodity prices.

They also pointed out that stock selection will remain crucial. While the broader outlook for the Indian stock market remains constructive, sectors backed by strong earnings growth and sound fundamentals are expected to outperform. Technology, financial services, capital goods and select manufacturing companies continue to attract positive attention from institutional investors.

For now, however, the mood on Dalal Street has clearly improved. The sharp rebound in the Sensex and Nifty, supported by strong gains in Infosys, Coforge and other technology stocks, has reinforced confidence that the recent correction may have created fresh buying opportunities. Although near-term volatility cannot be ruled out, investors are hopeful that robust corporate earnings, resilient economic fundamentals and supportive global cues will help the Indian stock market maintain its positive momentum in the sessions ahead.

Categories
Corporate

Sensex closes 70 points lower, Nifty settles below 24,000

Indian benchmark indices extended their gains for the fourth straight session on Monday, with strong buying in banking, information technology and defence stocks helping the market overcome mixed global cues. The BSE Sensex climbed 446.93 points, or 0.54%, to close at 83,699.25, while the NSE Nifty 50 advanced 140.20 points, or 0.55%, to settle at 25,549.00. Positive corporate earnings, sustained domestic buying and easing concerns over global geopolitical tensions supported investor sentiment throughout the trading session.

The rally was led by heavyweight banking stocks, which continued to attract strong buying interest after a series of encouraging quarterly earnings announcements. Investors remained optimistic about the sector’s healthy loan growth, improving profitability and stable asset quality, making financial stocks the biggest contributors to the benchmark indices’ gains.

Among the top performers on the Nifty 50, Bharat Electronics Ltd (BEL) emerged as the biggest gainer, rising over 3% after continued investor optimism around defence spending and strong order inflows. HDFC Bank also gained more than 2%, providing significant support to both the Sensex and Nifty. Other major gainers included Shriram Finance, ICICI Bank and Tech Mahindra, which benefited from buying across financial and technology stocks.

On the losing side, Trent was the biggest laggard, declining nearly 2% amid profit booking after recent gains. Tata Consumer Products, Hero MotoCorp, Nestle India and Asian Paints also ended lower, limiting the broader market’s advance as investors rotated out of select consumer-facing stocks.

The banking sector remained the star performer throughout the day. Shares of HDFC Bank, ICICI Bank, Axis Bank and Kotak Mahindra Bank traded firmly higher, reflecting continued confidence in India’s financial sector. Analysts said the latest earnings season has reinforced expectations that banks will continue to benefit from healthy credit demand, improving deposit growth and disciplined risk management.

Information technology stocks also supported the market rally. Tech Mahindra, Infosys, TCS and HCLTech witnessed steady buying as investors accumulated quality technology names ahead of key global economic events. Optimism surrounding artificial intelligence, cloud computing and enterprise digital transformation continued to support sentiment towards the IT sector.

Defence stocks remained in focus following strong government spending expectations and a healthy order pipeline. BEL’s sharp rise reflected investor confidence in India’s growing defence manufacturing ecosystem and the company’s strong execution capabilities.

Broader markets also participated in the rally. The Nifty Midcap 100 and Nifty Smallcap 100 indices closed in positive territory, indicating that buying interest was spread across market segments rather than being limited to large-cap stocks. Healthy market breadth suggested that investors remained comfortable adding exposure despite benchmark indices trading near record levels.

Sectorally, Nifty Bank, Financial Services, IT, Capital Goods and Defence-related stocks outperformed. Realty shares also witnessed selective buying, while FMCG counters traded mixed as investors booked profits in some high-valued consumer stocks.

Market sentiment remained supported by continued domestic institutional buying. Foreign institutional investors also showed signs of returning after a period of cautious participation, helping improve liquidity in the broader market. Analysts believe India’s strong domestic inflows continue to provide resilience against global market volatility.

Corporate earnings remained another major driver of investor activity. Stocks reporting healthy quarterly numbers continued to outperform, while companies delivering weaker-than-expected results witnessed selective selling. Investors remained focused on management commentary, future growth guidance and margin trends as the earnings season entered a crucial phase.

Global cues were mixed during the session. Asian markets traded cautiously as investors monitored developments surrounding global interest rates, trade conditions and geopolitical events. European markets opened on a subdued note, although easing crude oil prices helped improve sentiment across emerging markets, including India.

Lower crude oil prices are viewed positively for the Indian economy as they help reduce imported inflation and support macroeconomic stability. Stable oil prices also ease pressure on the current account deficit and improve the outlook for sectors dependent on fuel costs.

The Indian rupee traded within a narrow range against the US dollar, supported by improving foreign fund flows and stable domestic market conditions. Currency stability further strengthened investor confidence in Indian equities.

Market experts said India’s economic fundamentals continue to remain favourable. Strong GST collections, resilient manufacturing activity, healthy services sector growth and sustained government infrastructure spending continue to support the country’s long-term growth story. These factors have encouraged both domestic and overseas investors to maintain exposure to Indian equities despite ongoing global uncertainties.

Going forward, market participants will closely monitor quarterly earnings from several blue-chip companies, foreign institutional investment flows, crude oil prices and global central bank policy decisions for further direction. Domestic macroeconomic data and global developments will also influence near-term market sentiment.

Categories
Uncategorized

CXMT surges 466% in market debut

Chinese memory chipmaker ChangXin Memory Technologies (CXMT) made a sensational debut on the Shanghai Stock Exchange, with its shares soaring 466% on the first day of trading. The spectacular rally briefly lifted the company’s market capitalisation to about 3.3 trillion yuan (around $488 billion), making it the most valuable company listed on mainland China’s stock exchanges. The record-breaking listing highlights growing investor confidence in China’s semiconductor industry and the booming global demand for artificial intelligence (AI) chips.

CXMT’s shares were priced at 8.66 yuan during its initial public offering (IPO), helping the company raise 57.92 billion yuan ($8.6 billion). The offering became Asia’s largest IPO of 2026 and the biggest-ever public listing by a mainland Chinese semiconductor company. When trading opened, investors rushed to buy the stock, sending the share price as high as 55.03 yuan before it settled at 49 yuan, representing a gain of 466% over the IPO price.

The remarkable stock market debut pushed CXMT ahead of banking giant Industrial and Commercial Bank of China (ICBC) in terms of market value. While analysts expect the valuation to fluctuate as trading stabilises, the company’s first-day performance underlines the growing importance of semiconductor companies in global financial markets.

Founded in 2016 and headquartered in Hefei, Anhui province, CXMT has rapidly emerged as China’s leading producer of DRAM (Dynamic Random Access Memory) chips. These chips play a vital role in smartphones, laptops, servers, cloud computing infrastructure and increasingly in AI systems that require large amounts of high-speed memory to process complex workloads.

The surge in investor interest comes at a time when artificial intelligence is reshaping the technology industry. As companies worldwide invest heavily in AI models, data centres and cloud infrastructure, demand for advanced memory chips has risen sharply. Unlike graphics processors that perform AI calculations, memory chips are essential for storing and processing the vast amounts of data required to run AI applications efficiently.

Industry experts say this trend has significantly improved the outlook for memory chip manufacturers. Companies capable of supplying high-performance DRAM are expected to benefit from sustained demand as AI adoption expands across sectors including healthcare, finance, manufacturing and consumer technology.

For China, CXMT’s successful market debut represents more than a financial achievement. It is also a major milestone in the country’s long-term effort to build a self-reliant semiconductor ecosystem. Beijing has invested billions of dollars in developing domestic chipmakers after US export controls limited Chinese companies’ access to advanced semiconductor technologies and manufacturing equipment.

Despite these restrictions, CXMT has steadily expanded its production capacity and improved manufacturing capabilities. The company is now regarded as China‘s strongest domestic competitor in the memory chip segment, challenging established global players such as Samsung Electronics, SK Hynix and Micron Technology.

According to company disclosures, CXMT expects its revenue for the first half of 2026 to increase more than seven times compared with the same period last year. Strong demand for AI memory products and improving prices in the DRAM market have contributed to this rapid growth. Investors believe these trends could continue as technology companies expand AI infrastructure worldwide.

During recent investor interactions, the company highlighted its commitment to increasing production capacity, strengthening research and development, and advancing next-generation memory technologies. Management believes continued investment in innovation will help the company compete more effectively in the global semiconductor market despite ongoing geopolitical challenges.

However, market analysts have also urged investors to remain cautious following the extraordinary rally. Only around 6.73% of CXMT’s total shares are currently available for public trading, creating a relatively limited supply in the market. Such a small free float often results in sharp price movements when investor demand is exceptionally strong.

Analysts noted that the company’s valuation could moderate as additional shares become available over time. Even so, they acknowledge that CXMT’s strong business outlook and its strategic role in China’s semiconductor ambitions justify heightened investor interest.

The company still faces challenges. US export restrictions continue to limit access to some of the world’s most advanced chipmaking equipment, potentially slowing the development of cutting-edge memory technologies. Nevertheless, CXMT has continued to make progress by working closely with domestic equipment suppliers and investing heavily in manufacturing efficiency and technology upgrades.

Global investors are also watching CXMT closely as supply chains continue to diversify. Some international technology companies are reportedly evaluating the company’s memory products as they seek additional suppliers amid rising global demand for semiconductors. While the company still trails industry leaders in certain advanced technologies, its growing production scale and improving product quality are steadily enhancing its reputation.

The successful IPO has also provided a boost to China’s capital markets, which have witnessed relatively fewer large technology listings in recent years. Market observers believe CXMT’s blockbuster debut could encourage more semiconductor and AI-related companies to pursue public listings, strengthening investor confidence in China’s high-tech sector.

The listing comes at a time when governments around the world are prioritising semiconductor manufacturing as a strategic industry. With AI expected to drive the next wave of technological innovation, companies involved in chip design and manufacturing are increasingly viewed as critical to future economic growth.

CXMT’s record-breaking market debut therefore reflects both strong investor optimism and China’s determination to build a globally competitive semiconductor industry. As demand for AI chips, DRAM memory, cloud computing and data centre infrastructure continues to grow, the company is expected to remain a key player in the evolving global semiconductor landscape. Whether its record valuation can be sustained will depend on future earnings, technology advancements and market conditions, but its debut has already become one of the defining moments for China’s technology sector in 2026.