The Economic Times (India)
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The combined market valuation of seven of the top 10 valued firms eroded by Rs 1.54 lakh crore last week, with Reliance Industries taking the biggest hit.In a holiday-shortened last week, the BSE benchmark Sensex dropped 639.61 points, or 0.84 per cent, and the NSE Nifty declined 171.55 points, or 0.72 per cent.From the top 10 pack, Reliance Industries, HDFC Bank, Bharti Airtel, ICICI Bank, Tata Consultancy Services (TCS), Bajaj Finance and Hindustan Unilever faced erosion in their valuations, while State Bank of India, Larsen & Toubro and Life Insurance Corporation of India (LIC) were the gainers.The market valuation of Reliance Industries dropped by Rs 46,078.3 crore to Rs 17,87,039.40 crore.HDFC Bank's valuation eroded by Rs 33,333.06 crore to Rs 11,46,641.84 crore.The valuation of Bharti Airtel tumbled Rs 25,408.96 crore to Rs 11,14,886.53 crore and that of TCS dived Rs 22,920.58 crore to Rs 8,15,480.75 crore.The market capitalisation (mcap) of Hindustan Unilever diminished by Rs 13,169.46 crore to Rs 5,04,210.54 crore.Bajaj Finance's valuation declined by Rs 7,253.24 crore to Rs 5,63,262.33 crore and that of ICICI Bank dipped by Rs 6,311.41 crore to Rs 9,00,589.91 crore.However, the mcap of Larsen & Toubro jumped Rs 20,608.43 crore to Rs 5,60,836.64 crore.State Bank of India's mcap climbed Rs 13,753.62 crore to Rs 8,89,831.54 crore and that of LIC went up by Rs 6,040.37 crore to Rs 5,20,484.06 crore.Reliance Industries remained the most valued domestic firm followed by HDFC Bank, Bharti Airtel, ICICI Bank, State Bank of India, TCS, Bajaj Finance, Larsen & Toubro, LIC and Hindustan Unilever.
India needs to remain watchful on the inflation front as rising fuel prices, a weakening rupee and the risk of a below-normal monsoon threaten to rekindle price pressures, the finance ministry said just days before the Reserve Bank of India's monetary policy decision.In its monthly economic review for May, the Department of Economic Affairs said the economy remains "cautiously resilient", with domestic fundamentals largely holding up despite growing global and domestic uncertainties.Also Read: RBI to hold rates in June; majority now expect hike by year-end: Poll"The confluence of elevated global energy prices, a depreciating rupee, rising upstream cost pressures and the prospect of a below-normal monsoon calls for sustained policy vigilance," the ministry said.The assessment comes ahead of the RBI's Monetary Policy Committee meeting next week, with the policy decision due on June 5. Expectations of a tighter policy stance have increased amid concerns over inflationary pressures and efforts to support the rupee, which touched a record low of nearly 97 against the US dollar earlier this month.While retail inflation remained below the RBI's 4% target in April, the ministry cautioned that wholesale price pressures have accelerated sharply, raising the risk that higher input costs could eventually feed into consumer prices.Producer inflation climbed to a more than three-and-a-half-year high in April as elevated energy prices pushed up manufacturing costs. Data from the Ministry of Commerce and Industry showed the wholesale price index rose 8.30% year-on-year, up from 3.88% in March and well above economists' expectations of 5.50%.Also Read: RBI’s currency printing cost falls 23.5% in FY26 despite rise in cash circulationThe ministry also warned that the fallout from the West Asia conflict poses a significant risk to India's inflation and external-sector outlook, particularly through disruptions to energy supplies."The duration of the Strait of Hormuz disruption remains the 'single most consequential variable for India's external and price outlook'," it said.According to the review, higher crude oil prices, tighter global financial conditions and slowing world growth are creating headwinds for the Indian economy that cannot be fully insulated from external shocks."Policy will need to remain agile across monetary, fiscal, and structural dimensions to navigate this period of compounded uncertainty, external and climatic, while keeping medium-term growth objectives firmly in view," the ministry said.
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.
Wockhardt shares rallied sharply on Friday, surging 7.87% to hit Rs 1,910.50 after the pharmaceutical company received a major regulatory boost for its breakthrough antibiotic, Zaynich. Notably, the stock has climbed nearly 12% in just the last two trading sessions, reflecting strong investor optimism following the development.In an exchange filing, Wockhardt announced that the Central Drugs Standard Control Organisation (CDSCO) has approved the import and marketing of its indigenously discovered and developed first-in-class antibiotic, Zaynich (Zidebactam/Cefepime), in India.The approval covers the treatment of adult patients suffering from complicated urinary tract infections (cUTI), including pyelonephritis, as well as cases involving concurrent Gram-negative bacteremia.The nod is backed by strong results from the pivotal ENHANCE-1 Phase 3 clinical trial, a multinational, randomised, double-blind study comparing Zaynich with Meropenem — one of the widely used antibiotics for severe infections.The results significantly favoured Zaynich. The study showed that 89% of patients treated with Zaynich achieved clinical cure and microbiological eradication, compared with 68.4% in the Meropenem arm, delivering a treatment advantage of 20.6%.Even more striking were the outcomes in high-risk bacteremia patients, where Zaynich posted an 89% response rate versus just 44% for Meropenem, highlighting its potential as a game-changing therapy in severe drug-resistant infections.The company stated that Zaynich could emerge as a critical weapon against carbapenem-resistant infections — an area where existing treatment options like colistin and polymyxins often face limitations due to toxicity and weaker efficacy. Importantly, the drug is designed to combat metallo-β-lactamase (MBL)-mediated resistance, one of the toughest and most widespread antibiotic resistance mechanisms in India.Wockhardt Shares: Price trend and technical outlookWockhardt shares have surged nearly 27% over the past month, while the stock has skyrocketed an astounding 946% in the last three years, turning investor wealth nearly 10-fold during the period. The company currently commands a market capitalisation of around Rs 28,777 crore.On the technical front, Trendlyne data indicates that Wockhardt’s 14-day Relative Strength Index (RSI) stands at 72.3. An RSI above 70 is generally considered overbought, suggesting the stock could witness some profit-booking or a short-term pullback after the recent sharp rally.However, the overall trend remains firmly bullish, with the stock trading above all 8 out of 8 key simple moving averages (SMAs), indicating sustained strength in momentum.(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)
The S&P 500 and the Nasdaq posted record closing highs on Thursday after news reports said the U.S. and Iran had reached a draft agreement to extend their ceasefire for 60 days, while investors also digested key inflation data.The news was first reported by Axios, which said that negotiations on Iran's nuclear program would be held during the truce period, but that the plan still needed the approval of President Donald Trump."Traders are on a hair trigger with the back-and-forth on deal news, and have been leaning long to avoid getting trampled by a better-than-expected outcome. The harder part is that the inflationary forces may not abate as fast as markets want," said Jamie Cox, managing partner at Harris Financial Group. Economic data showed U.S. inflation increased at its fastest pace in three years in April, driven by higher energy prices amid the Iran war. Meanwhile, U.S. GDP for the first quarter was revised lower to a 1.6% annualized increase, with momentum expected to slow this quarter.According to preliminary data, the S&P 500 gained 43.50 points, or 0.58%, to end at 7,563.71 points, while the Nasdaq Composite gained 239.79 points, or 0.91%, to 26,917.47. The Dow Jones Industrial Average rose 24.11 points, or 0.04%, to 50,666.29. The S&P 500 healthcare index posted strong gains. Eli Lilly advanced after CVS Health said it would restore the drugmaker's weight-loss injection, Zepbound, to its coverage and add its newly approved obesity pill Foundayo.Tech shares also moved higher. Microsoft gained after news website the Information reported that the company would release a new coding model next week.Marvell Technology rose after UBS raised its target price to $230 from $195.The company's shares have more than doubled so far this year.Snowflake shares soared after the data analytics firm lifted its annual product revenue forecast and announced a five-year AI infrastructure deal worth $6 billion with Amazon Web Services.Peers Datadog and MongoDB also climbed.Renewed confidence in AI and earnings growth momentum have underscored the recent rally despite the Middle East tensions, which have increased inflationary expectations."Markets continue to look through these risks because the global economy and corporate earnings remain relatively resilient," said Jitania Kandhari, deputy CIO, solutions and multi-assets, at Morgan Stanley Investment Management."Geopolitical instability could ultimately accelerate spending in areas tied to AI, including cybersecurity, defense technology, energy infrastructure and supply-chain resiliency, reinforcing the long-term investment case."While the S&P 500 is trading at roughly 21 to 22 times forward earnings versus a trailing 10-year average of 19.7 times, investors are less concerned because earnings expectations are rising faster than stock prices, Kandhari said. Among other movers, Dollar Tree climbed after the discount retailer lifted its full-year profit forecast, while Best Buy also rose after the electronics vendor forecast second-quarter sales above estimates. Drone companies rose after the Wall Street Journal reported that the Trump administration was in talks to fund drone firms. Shares of Unusual Machines surged.