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Ex-Tamil Nadu BJP chief Annamalai officially separated from the BJP on June 5 and soon after revealed his intention to start a new political movement "We The Leader".

The Times of India

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Oil India strikes natural gas in third Andaman offshore well

State-run Oil India Limited (OIL) has announced the discovery of natural gas in its third exploratory well, Vijayapuram-3, located off the Andaman Islands. This finding further strengthens the hydrocarbon potential of the region, with gas confirmed through continuous flaring and pressure build-up. OIL has now established hydrocarbon presence in two of its three wells in the Andaman offshore block.

The Economic Times (India)

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US stocks today: Nasdaq crashes 1,100 pts, Dow 600 pts as chip stocks slide; jobs data fuels rate hike fears

Wall Street's nine-week winning streak ended with a thud on Friday, as red-hot technology stocks suffered their largest daily decline this year after a hot May jobs report fueled fears of a hawkish policy pivot from the U.S. Federal Reserve.Selling was concentrated among chip stocks and other technology favorites that have surged higher in recent weeks as the Nasdaq Composite Index and S&P 500 rose repeatedly to fresh highs.All three major U.S. stock indexes closed sharply lower, with ‌plunging chip stocks ⁠dragging the ⁠tech-laden Nasdaq down by its largest one-day percentage loss since last year.The S&P 500 ended its nine-week run of Friday-to-Friday gains, its longest weekly winning streak since one that ended in December 2023."After the record run we've seen the last nine weeks in equities, specifically tech and semiconductors, the dam just broke today," said Ryan Detrick, chief market strategist at Carson Group in Omaha. "Obviously, the stronger-than-expected jobs report puts the Fed in a tough spot regarding any interest rate cut for the rest of the year. And the market is throwing a fit by hitting the big winners so far this year."Rising interest rates and the Iran war weighed on sentiment heading into the weekend, but many investors said they expected tech stocks to continue rallying."The market ⁠reaction today ‌was more driven by positioning rather than fundamentals," said Ohsung Kwon, chief equity strategist at Wells Fargo. "The semiconductor sector was way overbought. That's why we're seeing the selloff. I don't think it's the end of the semi bull market." The U.S. economy added 172,000 jobs ⁠in May, according to the Labor Department, more than double analyst expectations, while the unemployment rate held firm at 4.3%. The robust report was double-edged: it provided reassurance of U.S. economic health, but all but killed any hopes of an interest rate cut from the Fed in the near future.Financial markets are pricing in a growing likelihood of a rate hike at the conclusion of the Fed's December meeting, according to CME's FedWatch tool.Fading hopes for a near-term resolution to the Middle East war and reopening the Strait of Hormuz are stirring fears that energy price pressures could morph into wider, systemic inflation. Iran reaffirmed its support for Hezbollah and demanded that Israel withdraw its troops from southern Lebanon, further complicating efforts to secure a near-term peace deal that would include the resumption of traffic through the ‌crucial strait. U.S. President Donald Trump's administration has negotiated three truces, and while fighting has been greatly reduced, the two sides continue to trade airstrikes.According to preliminary data, the S&P 500 lost 199.64 points, or 2.63%, to end at 7,384.67 points, while the Nasdaq Composite lost 1,117.38 points, or 4.16%, to 25,713.58. The ⁠Dow Jones Industrial Average fell 684.53 points, or 1.33%, to 50,877.40.Nvidia, the largest company by market value, fell sharply, as did smaller rivals Intel, Micron, AMD and Broadcom. Lululemon Athletica slumped after the athletic apparel maker cut its annual profit forecast and projected second-quarter earnings well below Wall Street estimates. Cooper Companies rose after the contact lens maker beat estimates for second-quarter results.Cryptocurrency firms Coinbase and Strategy were pulled lower by bitcoin's sharp drop. S&P Global said it would not change the eligibility requirements for its major indices, which effectively rules out a swift entry for Elon Musk's SpaceX to the benchmark S&P 500 after it goes public in what would be the world's biggest initial public offering.S&P Dow Jones Indices will announce the results following its rebalancing after markets close. Chipmaker Marvell Technology, which boasts over $270 billion in valuation, is among the contenders to be added to the benchmark index.

News18 (India)

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Heat Escape Rush Swells Traffic In Himachal, Nearly 7.8 Lakh Vehicles Enter Shimla Region

Kullu SP Madan Lal Kaushal said between 25,000 and 27,000 small and large vehicles have entered the district as tourists continue to arrive in large numbers.

News in Frames | Bringing water to a scorching desert

The Indira Gandhi Canal serves as a critical water supply resource for Jaisalmer and thousands of remote desert villages; yet scarcity persists, with many still relying on ancestral wells as concerns over groundwater depletion and canal maintenance remain

The Economic Times (India)

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US stocks today: US stocks hits new closing highs on tech strength, Middle East deal hopes

Wall Street's main indexes hit record closing highs on Friday and posted weekly and monthly gains as Dell results drove tech shares higher, while investors awaited details on a potential U.S.-Iran deal. President Donald Trump said in a social media post that he would make a final decision on the Iran deal on Friday. ‌Tehran earlier said it ⁠was ⁠looking for action, not words, when it came to an agreement.Dell surged after raising its full-year profit and revenue forecasts on Thursday. The tech sector climbed, fueled by gains in chip stocks.Peers Hewlett Packard Enterprise and Super Micro Computer gained. Microsoft climbed.The software services index also advanced.Earlier in the session, all three indexes hit intraday record highs, cruising on renewed optimism around AI and strong earnings growth, despite concerns about the Iran war's impact on inflation and the global economy.According to preliminary data, the S&P 500 gained 16.11 points, or 0.21%, to end at 7,579.74 points, while ⁠the Nasdaq ‌Composite gained 53.74 points, or 0.20%, to 26,971.21. The Dow Jones Industrial Average rose 363.48 points, or 0.72%, to 51,032.45.EARNINGS-DRIVEN RALLY"There's definitely euphoric sentiment in the market around AI. The rally has really ⁠been driven by earnings," said Ohsung Kwon, chief equity strategist at Wells Fargo.He suggested investors buy and hold AI stocks, then earn extra income by selling call options at prices much higher than the current stock price.Melissa Brown, head of investment decision research at SimCorp, said over the past few weeks volume has gone up, which suggests more people are coming into the market.The S&P 500 was on track for a ninth consecutive weekly gain, its longest winning streak since December 2023.The S&P 500 communications services sector dropped, as Alphabet declined. Consumer staples shares were weak with heavyweights Costco and Walmart both ‌down.The S&P automaker index dropped after reports the Trump administration wants North American-built vehicles to have 82% regional content to qualify for preferential treatment under the U.S.-Mexico-Canada Agreement.Shares of General Motors and U.S.-listed shares of Stellantis fell. U.S. economic data on ⁠Thursday showed inflation increased at its fastest pace in three years in April, while GDP for the first quarter was revised lower to a 1.6% annual rise. The Fed's Kansas City President Jeffrey Schmid warned the energy shock may not be temporary. Vice Chair for Supervision Michelle Bowman said a persistent rise in inflation might require tighter monetary policy.Money markets expect the Federal Reserve to keep interest rates steady for the rest of the year, with expectations of a 25-basis-point hike in December. Among other movers, Gap shares tumbled after the apparel retailer cut its annual sales forecast, while American Eagle Outfitters dropped after keeping its annual comparable sales forecast unchanged.

Madhya Pradesh: Children walk kilometres daily for water in Umaria village amid severe crisis

Children in Mali village of Madhya Pradesh’s Umaria district are walking kilometres every day to fetch water as a severe water crisis grips the region. From dry wells to extreme heatwave conditions

Siddaramaiah Resigns as Karnataka CM After 8 Years | DK Shivakumar Set for Big Power Shift | News18

In a significant political shift, Karnataka's Chief Minister Siddaramaiah resigns after eight years, paving the way for D.K. Shivakumar's leadership. Amidst emotional farewells and protests, the Congress party navigates internal dynamics and cabinet negotiations, hinting at a complex power transition. -newsNews18 Mobile App - https://onelink.to/desc-youtube

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The Economic Times (India)

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