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
The Pope's itinerary
Sunday, February 3, 2019 - Rome to Abu Dhabi
1pm: departure by plane from Rome / Fiumicino to Abu Dhabi
10pm: arrival at Abu Dhabi Presidential Airport
Monday, February 4
12pm: welcome ceremony at the main entrance of the Presidential Palace
12.20pm: visit Abu Dhabi Crown Prince at Presidential Palace
5pm: private meeting with Muslim Council of Elders at Sheikh Zayed Grand Mosque
6.10pm: Inter-religious in the Founder's Memorial
Tuesday, February 5 - Abu Dhabi to Rome
9.15am: private visit to undisclosed cathedral
10.30am: public mass at Zayed Sports City – with a homily by Pope Francis
12.40pm: farewell at Abu Dhabi Presidential Airport
1pm: departure by plane to Rome
5pm: arrival at the Rome / Ciampino International Airport
Know your Camel lingo
The bairaq is a competition for the best herd of 50 camels, named for the banner its winner takes home
Namoos - a word of congratulations reserved for falconry competitions, camel races and camel pageants. It best translates as 'the pride of victory' - and for competitors, it is priceless
Asayel camels - sleek, short-haired hound-like racers
Majahim - chocolate-brown camels that can grow to weigh two tonnes. They were only valued for milk until camel pageantry took off in the 1990s
Millions Street - the thoroughfare where camels are led and where white 4x4s throng throughout the festival
How has net migration to UK changed?
The figure was broadly flat immediately before the Covid-19 pandemic, standing at 216,000 in the year to June 2018 and 224,000 in the year to June 2019.
It then dropped to an estimated 111,000 in the year to June 2020 when restrictions introduced during the pandemic limited travel and movement.
The total rose to 254,000 in the year to June 2021, followed by steep jumps to 634,000 in the year to June 2022 and 906,000 in the year to June 2023.
The latest available figure of 728,000 for the 12 months to June 2024 suggests levels are starting to decrease.
Lexus LX700h specs
Engine: 3.4-litre twin-turbo V6 plus supplementary electric motor
Power: 464hp at 5,200rpm
Torque: 790Nm from 2,000-3,600rpm
Transmission: 10-speed auto
Fuel consumption: 11.7L/100km
On sale: Now
Price: From Dh590,000
The specs
Engine: 3.0-litre six-cylinder turbo
Power: 398hp from 5,250rpm
Torque: 580Nm at 1,900-4,800rpm
Transmission: Eight-speed auto
Fuel economy, combined: 6.5L/100km
On sale: December
Price: From Dh330,000 (estimate)
Cryopreservation: A timeline
- Keyhole surgery under general anaesthetic
- Ovarian tissue surgically removed
- Tissue processed in a high-tech facility
- Tissue re-implanted at a time of the patient’s choosing
- Full hormone production regained within 4-6 months
Company%20Profile
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BACK%20TO%20ALEXANDRIA
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Bob%20Marley%3A%20One%20Love
%3Cp%3E%3Cstrong%3EDirector%3A%3C%2Fstrong%3E%C2%A0Reinaldo%20Marcus%20Green%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStarring%3A%C2%A0%3C%2Fstrong%3EKingsley%20Ben-Adir%2C%20Lashana%20Lynch%2C%20James%20Norton%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ERating%3A%3C%2Fstrong%3E%C2%A02%2F5%3C%2Fp%3E%0A
COMPANY%20PROFILE
%3Cp%3E%3Cstrong%3EName%3A%20%3C%2Fstrong%3EKinetic%207%3Cbr%3E%3Cstrong%3EStarted%3A%3C%2Fstrong%3E%202018%3Cbr%3E%3Cstrong%3EFounder%3A%3C%2Fstrong%3E%20Rick%20Parish%3Cbr%3E%3Cstrong%3EBased%3A%3C%2Fstrong%3E%20Abu%20Dhabi%2C%20UAE%3Cbr%3E%3Cstrong%3EIndustry%3A%3C%2Fstrong%3E%20Clean%20cooking%3Cbr%3E%3Cstrong%3EFunding%3A%3C%2Fstrong%3E%20%2410%20million%3Cbr%3E%3Cstrong%3EInvestors%3A%3C%2Fstrong%3E%20Self-funded%3C%2Fp%3E%0A
HIJRA
Starring: Lamar Faden, Khairiah Nathmy, Nawaf Al-Dhufairy
Director: Shahad Ameen
Rating: 3/5
All the Money in the World
Director: Ridley Scott
Starring: Charlie Plummer, Mark Wahlberg, Michelle Williams, Christopher Plummer
Four stars
Specs
Engine: 51.5kW electric motor
Range: 400km
Power: 134bhp
Torque: 175Nm
Price: From Dh98,800
Available: Now
Match info
Manchester United 1
Fred (18')
Wolves 1
Moutinho (53')
UAE currency: the story behind the money in your pockets
COMPANY%20PROFILE
%3Cp%3E%3Cstrong%3EName%3A%20%3C%2Fstrong%3ESmartCrowd%0D%3Cbr%3E%3Cstrong%3EStarted%3A%20%3C%2Fstrong%3E2018%0D%3Cbr%3E%3Cstrong%3EFounder%3A%20%3C%2Fstrong%3ESiddiq%20Farid%20and%20Musfique%20Ahmed%0D%3Cbr%3E%3Cstrong%3EBased%3A%20%3C%2Fstrong%3EDubai%0D%3Cbr%3E%3Cstrong%3ESector%3A%20%3C%2Fstrong%3EFinTech%20%2F%20PropTech%0D%3Cbr%3E%3Cstrong%3EInitial%20investment%3A%20%3C%2Fstrong%3E%24650%2C000%0D%3Cbr%3E%3Cstrong%3ECurrent%20number%20of%20staff%3A%3C%2Fstrong%3E%2035%0D%3Cbr%3E%3Cstrong%3EInvestment%20stage%3A%20%3C%2Fstrong%3ESeries%20A%0D%3Cbr%3E%3Cstrong%3EInvestors%3A%20%3C%2Fstrong%3EVarious%20institutional%20investors%20and%20notable%20angel%20investors%20(500%20MENA%2C%20Shurooq%2C%20Mada%2C%20Seedstar%2C%20Tricap)%3C%2Fp%3E%0A
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Company%20Profile
%3Cp%3E%3Cstrong%3ECompany%20name%3A%3C%2Fstrong%3E%20Cargoz%3Cbr%3E%3Cstrong%3EDate%20started%3A%3C%2Fstrong%3E%20January%202022%3Cbr%3E%3Cstrong%3EFounders%3A%3C%2Fstrong%3E%20Premlal%20Pullisserry%20and%20Lijo%20Antony%3Cbr%3E%3Cstrong%3EBased%3A%3C%2Fstrong%3E%20Dubai%3Cbr%3E%3Cstrong%3ENumber%20of%20staff%3A%3C%2Fstrong%3E%2030%3Cbr%3E%3Cstrong%3EInvestment%20stage%3A%3C%2Fstrong%3E%20Seed%3C%2Fp%3E%0A
Inside%20Out%202
%3Cp%3E%3Cstrong%3EDirector%3A%C2%A0%3C%2Fstrong%3EKelsey%20Mann%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStarring%3A%3C%2Fstrong%3E%C2%A0Amy%20Poehler%2C%20Maya%20Hawke%2C%20Ayo%20Edebiri%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ERating%3A%20%3C%2Fstrong%3E4.5%2F5%3C%2Fp%3E%0A
Killing of Qassem Suleimani
Herc's Adventures
Developer: Big Ape Productions
Publisher: LucasArts
Console: PlayStation 1 & 5, Sega Saturn
Rating: 4/5
Naga
%3Cp%3E%3Cstrong%3EDirector%3A%C2%A0%3C%2Fstrong%3EMeshal%20Al%20Jaser%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStarring%3A%C2%A0%3C%2Fstrong%3EAdwa%20Bader%2C%20Yazeed%20Almajyul%2C%20Khalid%20Bin%20Shaddad%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ERating%3A%20%3C%2Fstrong%3E4%2F5%3C%2Fp%3E%0A
UAE currency: the story behind the money in your pockets
65
%3Cp%3E%3Cstrong%3EDirectors%3A%20%3C%2Fstrong%3EScott%20Beck%2C%20Bryan%20Woods%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStars%3A%20%3C%2Fstrong%3EAdam%20Driver%2C%20Ariana%20Greenblatt%2C%20Chloe%20Coleman%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ERating%3A%20%3C%2Fstrong%3E2%2F5%3C%2Fp%3E%0A
A timeline of the Historical Dictionary of the Arabic Language
- 2018: Formal work begins
- November 2021: First 17 volumes launched
- November 2022: Additional 19 volumes released
- October 2023: Another 31 volumes released
- November 2024: All 127 volumes completed
25%20Days%20to%20Aden
%3Cp%3EAuthor%3A%20Michael%20Knights%3C%2Fp%3E%0A%3Cp%3EPages%3A%20256%3C%2Fp%3E%0A%3Cp%3EAvailable%3A%20January%2026%3C%2Fp%3E%0A
The specs
Engine: 2.0-litre 4-cyl
Power: 153hp at 6,000rpm
Torque: 200Nm at 4,000rpm
Transmission: 6-speed auto
Price: Dh99,000
On sale: now
THE SPECS
Engine: 1.5-litre turbocharged four-cylinder
Transmission: Constant Variable (CVT)
Power: 141bhp
Torque: 250Nm
Price: Dh64,500
On sale: Now
If you go
The flights
Emirates and Etihad fly direct to Nairobi, with fares starting from Dh1,695. The resort can be reached from Nairobi via a 35-minute flight from Wilson Airport or Jomo Kenyatta International Airport, or by road, which takes at least three hours.
The rooms
Rooms at Fairmont Mount Kenya range from Dh1,870 per night for a deluxe room to Dh11,000 per night for the William Holden Cottage.
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
Labour dispute
The insured employee may still file an ILOE claim even if a labour dispute is ongoing post termination, but the insurer may suspend or reject payment, until the courts resolve the dispute, especially if the reason for termination is contested. The outcome of the labour court proceedings can directly affect eligibility.
- Abdullah Ishnaneh, Partner, BSA Law
Specs
Engine: Dual-motor all-wheel-drive electric
Range: Up to 610km
Power: 905hp
Torque: 985Nm
Price: From Dh439,000
Available: Now
The specs
Engine: 4.0-litre V8 twin-turbocharged and three electric motors
Power: Combined output 920hp
Torque: 730Nm at 4,000-7,000rpm
Transmission: 8-speed dual-clutch automatic
Fuel consumption: 11.2L/100km
On sale: Now, deliveries expected later in 2025
Price: expected to start at Dh1,432,000
How to register as a donor
1) Organ donors can register on the Hayat app, run by the Ministry of Health and Prevention
2) There are about 11,000 patients in the country in need of organ transplants
3) People must be over 21. Emiratis and residents can register.
4) The campaign uses the hashtag #donate_hope
UFC%20in%20Abu%20Dhabi
%3Cp%3E%3Cbr%3E%3Cstrong%3EUFC%20112%3A%3C%2Fstrong%3E%20Invincible%20(April%2010%2C%202010)%3Cbr%3E%3Cbr%3E%3Cstrong%3EUFC%20Fight%20Night%3A%20%3C%2Fstrong%3ENogueira%20v%20Nelson%20(April%2011%2C%202014)%3Cbr%3E%3Cbr%3E%3Cstrong%3EUFC%20242%3A%3C%2Fstrong%3E%20Khabib%20v%20Poirier%20(September%207%2C%202019)%3Cbr%3E%3Cbr%3E%20%3Cbr%3E%3Cstrong%3EFight%20Island%201%3C%2Fstrong%3E%3Cbr%3E%3Cbr%3E%3Cstrong%3EUFC%20251%3A%3C%2Fstrong%3E%20Usman%20v%20Masvidal%20(July%2012%2C%202020)%3Cbr%3E%3Cbr%3E%3Cstrong%3EUFC%20on%20ESPN%3A%3C%2Fstrong%3E%20Kattar%20v%20Ige%20(July%2016%2C%202020)%3Cbr%3E%3Cbr%3E%3Cstrong%3EUFC%20Fight%20Night%3A%20%3C%2Fstrong%3EFigueiredo%20v%20Benavidez%202%20(July%2019%2C%202020)%3Cbr%3E%3Cbr%3EUFC%20on%20ESPN%3A%20Whittaker%20v%20Till%20(July%2026%2C%202020)%3Cbr%3E%3Cbr%3E%20%3Cbr%3E%3Cstrong%3EFight%20Island%202%3C%2Fstrong%3E%3Cbr%3E%3Cbr%3E%3Cstrong%3EUFC%20253%3A%20%3C%2Fstrong%3EAdesanya%20v%20Costa%20(September%2027%2C%202020)%3Cbr%3E%3Cbr%3E%3Cstrong%3EUFC%20on%20ESPN%3A%3C%2Fstrong%3E%20Holm%20v%20Aldana%20(October%204%2C%202020)%3Cbr%3E%3Cbr%3E%3Cstrong%3EUFC%20Fight%20Night%3A%3C%2Fstrong%3E%20Moraes%20v%20Sandhagen%20(October%2011%2C%202020)%3Cbr%3E%3Cbr%3E%3Cstrong%3EUFC%20Fight%20Night%3A%3C%2Fstrong%3E%20Ortega%20v%20Korean%20Zombie%20(October%2018%2C%202020)%3Cbr%3E%3Cbr%3E%3Cstrong%3EUFC%20254%3A%20%3C%2Fstrong%3EKhabib%20v%20Gaethje%20(October%2024%2C%202020)%3Cbr%3E%3Cbr%3E%3Cbr%3E%3Cbr%3E%3Cstrong%3EFight%20Island%203%3Cbr%3E%3Cbr%3EUFC%20on%20ABC%3A%3C%2Fstrong%3E%20Holloway%20v%20Kattar%20(January%2016%2C%202021)%3Cbr%3E%3Cbr%3E%3Cstrong%3EUFC%20on%20ESPN%3A%3C%2Fstrong%3E%20Chiesa%20v%20Magny%20(January%2020%2C%202021)%3Cbr%3E%3Cbr%3E%3Cstrong%3EUFC%20257%3A%20%3C%2Fstrong%3EPoirier%20v%20McGregor%202%20(January%2024%2C%202021)%3Cbr%3E%3Cbr%3E%20%3Cbr%3E%3Cbr%3EUFC%20267%3A%20Blachowicz%20v%20Teixeira%20(October%2030%2C%202021)%3Cbr%3E%3Cbr%3EUFC%20280%3A%20Oliveira%20v%20Makhachev%20(October%2022%2C%202022)%3C%2Fp%3E%0A
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THE BIO
Born: Mukalla, Yemen, 1979
Education: UAE University, Al Ain
Family: Married with two daughters: Asayel, 7, and Sara, 6
Favourite piece of music: Horse Dance by Naseer Shamma
Favourite book: Science and geology
Favourite place to travel to: Washington DC
Best advice you’ve ever been given: If you have a dream, you have to believe it, then you will see it.
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What is blockchain?
Blockchain is a form of distributed ledger technology, a digital system in which data is recorded across multiple places at the same time. Unlike traditional databases, DLTs have no central administrator or centralised data storage. They are transparent because the data is visible and, because they are automatically replicated and impossible to be tampered with, they are secure.
The main difference between blockchain and other forms of DLT is the way data is stored as ‘blocks’ – new transactions are added to the existing ‘chain’ of past transactions, hence the name ‘blockchain’. It is impossible to delete or modify information on the chain due to the replication of blocks across various locations.
Blockchain is mostly associated with cryptocurrency Bitcoin. Due to the inability to tamper with transactions, advocates say this makes the currency more secure and safer than traditional systems. It is maintained by a network of people referred to as ‘miners’, who receive rewards for solving complex mathematical equations that enable transactions to go through.
However, one of the major problems that has come to light has been the presence of illicit material buried in the Bitcoin blockchain, linking it to the dark web.
Other blockchain platforms can offer things like smart contracts, which are automatically implemented when specific conditions from all interested parties are reached, cutting the time involved and the risk of mistakes. Another use could be storing medical records, as patients can be confident their information cannot be changed. The technology can also be used in supply chains, voting and has the potential to used for storing property records.
A list of the animal rescue organisations in the UAE
Read more about the coronavirus
