Indian equities headed for record closing highs as foreign funds piled into the market, lured by the promise of faster economic growth and an extended pause on interest rates.
Equities rebounded from this year’s lows touched in March as global funds, disappointed by China’s uneven recovery, boosted their holdings of Indian stocks to capitalise on one of the fastest growth rates among major world economies.
Global investors have bought more than $7 billion of local stocks since March, on track for the biggest quarterly purchases since the end of 2020, as China’s patchy economic recovery also helped to boost India’s appeal.
The benchmark S&P BSE Sensex jumped as much as 0.2 per cent to 63,295.98 on Thursday, breaking past the previous record closing high of 63,284.19 in December.
The NSE Nifty 50 Index also climbed, approaching unprecedented closing levels.
The rally may have more legs, with the Jefferies Financial Group saying last month that it was only a matter of time before the Sensex hits the 100,000 level.
India’s stock market has been supported by a stable earnings outlook and also by a rebound in Adani Group stocks after short seller Hindenburg Research’s report earlier in the year triggered a heavy sell-off.
MSCI India Index constituents’ earnings are projected to grow by 11.9 per cent this year, the second-fastest pace in Asia and other emerging markets, according to data compiled by Bloomberg Intelligence.
Data released last week showed India’s economy grew by 7.2 per cent in the year to March 2023, higher than the 7 per cent median estimate in a Bloomberg survey.
The finance ministry expects the economy to expand by 6.5 per cent in the current year, higher than 5.2 per cent forecast for China by the International Monetary Fund.
The Sensex has bounced back by about 10 per cent after briefly entering correction territory in March.
Steady earnings from lenders in the March quarter and expectations of a revival in rural consumption are also supporting sentiment in the $3 trillion stock market.
On Thursday, India's central bank kept interest rates on hold for its second straight meeting, citing easing inflation pressures, but warned about an uncertain global outlook.
The benchmark repurchase rate was left at 6.50 per cent by the Reserve Bank of India, Governor Shaktikanta Das announced in a webcast, in line with expectations.
“The Monetary Policy Committee decided to remain focused on withdrawal of accommodation to ensure that inflation progressively aligns with the target while supporting growth,” Mr Das said.
“Headline inflation still remains above the target [but] being within the tolerance band is not enough. Our goal is to achieve the target of 4 per cent going forward.”
Inflation hit a peak of 7.79 per cent in April last year, well above the RBI's target range of 2 per cent to 6 per cent, before slowly easing to 4.7 per cent in April.
India's economy expanded by 6.1 per cent from January to March, the final quarter of the fiscal year, to take annual growth to 7.2 per cent.
The South Asian nation of 1.4 billion people, which recently overtook China to become the world's most-populous country, is one of the fastest-growing major economies.
Central banks around the world, including the RBI, have rapidly increased borrowing costs to tame consumer prices made worse by Russia's invasion of Ukraine.
Despite easing inflation, Mr Das cautioned that a key risk factor was the warming El Nino weather phenomenon, which could weaken the monsoon and lift crop prices, stoking inflation.
Agriculture is a key cornerstone of India's economy and the annual monsoon is crucial to its food output.
“Close and continued vigil on the evolving inflation outlook is absolutely necessary, especially as the monsoon outlook and the impact of El Nino remains uncertain,” Mr Das said.
“Geopolitical tensions, uncertainties around the monsoon and international commodity prices, especially sugar and rice and also crude oil, and the volatility in global financial markets pose upside risks to inflation.”
Headline inflation was projected to hit 5.1 per cent in the 2023 to 2024 financial year, he said.
Agencies contributed to this report
Profile
Co-founders of the company: Vilhelm Hedberg and Ravi Bhusari
Launch year: In 2016 ekar launched and signed an agreement with Etihad Airways in Abu Dhabi. In January 2017 ekar launched in Dubai in a partnership with the RTA.
Number of employees: Over 50
Financing stage: Series B currently being finalised
Investors: Series A - Audacia Capital
Sector of operation: Transport
Mohammed bin Zayed Majlis
Fight card
Bantamweight
Siyovush Gulmamadov (TJK) v Rey Nacionales (PHI)
Lightweight
Alexandru Chitoran (ROM) v Hussein Fakhir Abed (SYR)
Catch 74kg
Tohir Zhuraev (TJK) v Omar Hussein (JOR)
Strawweight (Female)
Weronika Zygmunt (POL) v Seo Ye-dam (KOR)
Featherweight
Kaan Ofli (TUR) v Walid Laidi (ALG)
Lightweight
Leandro Martins (BRA) v Abdulla Al Bousheiri (KUW)
Welterweight
Ahmad Labban (LEB) v Sofiane Benchohra (ALG)
Bantamweight
Jaures Dea (CAM) v Nawras Abzakh (JOR)
Lightweight
Mohammed Yahya (UAE) v Glen Ranillo (PHI)
Lightweight
Alan Omer (GER) v Aidan Aguilera (AUS)
Welterweight
Mounir Lazzez (TUN) Sasha Palatnikov (HKG)
Featherweight title bout
Romando Dy (PHI) v Lee Do-gyeom (KOR)
Mohammed bin Zayed Majlis
EXPATS
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More on Quran memorisation:
The Facility’s Versatility
Between the start of the 2020 IPL on September 20, and the end of the Pakistan Super League this coming Thursday, the Zayed Cricket Stadium has had an unprecedented amount of traffic.
Never before has a ground in this country – or perhaps anywhere in the world – had such a volume of major-match cricket.
And yet scoring has remained high, and Abu Dhabi has seen some classic encounters in every format of the game.
October 18, IPL, Kolkata Knight Riders tied with Sunrisers Hyderabad
The two playoff-chasing sides put on 163 apiece, before Kolkata went on to win the Super Over
January 8, ODI, UAE beat Ireland by six wickets
A century by CP Rizwan underpinned one of UAE’s greatest ever wins, as they chased 270 to win with an over to spare
February 6, T10, Northern Warriors beat Delhi Bulls by eight wickets
The final of the T10 was chiefly memorable for a ferocious over of fast bowling from Fidel Edwards to Nicholas Pooran
March 14, Test, Afghanistan beat Zimbabwe by six wickets
Eleven wickets for Rashid Khan, 1,305 runs scored in five days, and a last session finish
June 17, PSL, Islamabad United beat Peshawar Zalmi by 15 runs
Usman Khawaja scored a hundred as Islamabad posted the highest score ever by a Pakistan team in T20 cricket
Cases of coronavirus in the GCC as of March 15
Saudi Arabia – 103 infected, 0 dead, 1 recovered
UAE – 86 infected, 0 dead, 23 recovered
Bahrain – 210 infected, 0 dead, 44 recovered
Kuwait – 104 infected, 0 dead, 5 recovered
Qatar – 337 infected, 0 dead, 4 recovered
Oman – 19 infected, 0 dead, 9 recovered
Company Profile:
Name: The Protein Bakeshop
Date of start: 2013
Founders: Rashi Chowdhary and Saad Umerani
Based: Dubai
Size, number of employees: 12
Funding/investors: $400,000 (2018)
Winners
Best Men's Player of the Year: Kylian Mbappe (PSG)
Maradona Award for Best Goal Scorer of the Year: Robert Lewandowski (Bayern Munich)
TikTok Fans’ Player of the Year: Robert Lewandowski
Top Goal Scorer of All Time: Cristiano Ronaldo (Manchester United)
Best Women's Player of the Year: Alexia Putellas (Barcelona)
Best Men's Club of the Year: Chelsea
Best Women's Club of the Year: Barcelona
Best Defender of the Year: Leonardo Bonucci (Juventus/Italy)
Best Goalkeeper of the Year: Gianluigi Donnarumma (PSG/Italy)
Best Coach of the Year: Roberto Mancini (Italy)
Best National Team of the Year: Italy
Best Agent of the Year: Federico Pastorello
Best Sporting Director of the Year: Txiki Begiristain (Manchester City)
Player Career Award: Ronaldinho
The Energy Research Centre
Founded 50 years ago as a nuclear research institute, scientists at the centre believed nuclear would be the “solution for everything”.
Although they still do, they discovered in 1955 that the Netherlands had a lot of natural gas. “We still had the idea that, by 2000, it would all be nuclear,” said Harm Jeeninga, director of business and programme development at the centre.
"In the 1990s, we found out about global warming so we focused on energy savings and tackling the greenhouse gas effect.”
The energy centre’s research focuses on biomass, energy efficiency, the environment, wind and solar, as well as energy engineering and socio-economic research.
Killing of Qassem Suleimani
KILLING OF QASSEM SULEIMANI
SPECS
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Defined benefit and defined contribution schemes explained
Defined Benefit Plan (DB)
A defined benefit plan is where the benefit is defined by a formula, typically length of service to and salary at date of leaving.
Defined Contribution Plan (DC)
A defined contribution plan is where the benefit depends on the amount of money put into the plan for an employee, and how much investment return is earned on those contributions.
The specs
Engine: 3.9-litre twin-turbo V8
Power: 640hp
Torque: 760nm
On sale: 2026
Price: Not announced yet
The specs
Engine: 6.2-litre supercharged V8
Power: 712hp at 6,100rpm
Torque: 881Nm at 4,800rpm
Transmission: 8-speed auto
Fuel consumption: 19.6 l/100km
Price: Dh380,000
On sale: now
Traits of Chinese zodiac animals
Tiger:independent, successful, volatile
Rat:witty, creative, charming
Ox:diligent, perseverent, conservative
Rabbit:gracious, considerate, sensitive
Dragon:prosperous, brave, rash
Snake:calm, thoughtful, stubborn
Horse:faithful, energetic, carefree
Sheep:easy-going, peacemaker, curious
Monkey:family-orientated, clever, playful
Rooster:honest, confident, pompous
Dog:loyal, kind, perfectionist
Boar:loving, tolerant, indulgent
RESULTS
5pm: Maiden (PA) Dh80,000 1,200m
Winner: Shafaf, Sam Hitchcott (jockey), Ahmed Al Mehairbi (trainer)
5,30pm: Wathba Stallions Cup Handicap (PA) Dh70,000 1,200m
Winner: Noof KB, Tadhg O’Shea, Ernst Oertel
6pm: The President’s Cup Listed (TB) Dh380,000 1,400m
Winner: Taamol, Jim Crowley, Ali Rashid Al Raihe
6.30pm: The President’s Cup Group One (PA) Dh2,500,000 2,200m
Winner: Rmmas, Tadhg O’Shea, Jean de Roualle
7pm: Arabian Triple Crown Listed (PA) Dh230,000 1,600m
Winner: Ihtesham, Szczepan Mazur, Ibrahim Al Hadhrami
7.30pm: Handicap (PA) Dh80,000 1,400m
Winner: AF Mekhbat, Antonio Fresu, Ernst Oertel
Various Artists
Habibi Funk: An Eclectic Selection Of Music From The Arab World (Habibi Funk)
How to watch Ireland v Pakistan in UAE
When: The one-off Test starts on Friday, May 11
What time: Each day’s play is scheduled to start at 2pm UAE time.
TV: The match will be broadcast on OSN Sports Cricket HD. Subscribers to the channel can also stream the action live on OSN Play.
