Markets

The Indian rupee dropped 45 paise to 94.67 against the U.S. dollar in interbank trading, opening at 94.58 before weakening further. A decline of this size raises import costs, especially for dollar-priced crude oil, and signals possible pressure on inflation.

State Bank of India reports Q4 results today, with analysts expecting muted profit growth due to treasury losses even as loan growth and margins stay stable. The bank's board will separately consider a fundraising plan of up to $2 billion on May 12.

GIFT Nifty is trading around 45 points below Thursday's Nifty 50 close, signalling a mildly weak open for Indian equities. A bigger concern is Brent crude surging past $100 a barrel after fresh US strikes on Iran, which could pressure India's import bill, the rupee, and fuel-sensitive sectors.

Kotak Mahindra Bank has received RBI approval to buy up to 9.99% stakes in AU Small Finance Bank and Federal Bank. The move signals a financial investment play by Kotak, with AU Small Finance shares rising about 1% on the news.

The S&P 500 and Nasdaq Composite closed at fresh record highs Wednesday, lifted in part by a pullback in oil prices. Reports that a U.S.-Iran nuclear deal may be near drove crude lower, easing energy cost pressures across markets.

Brent crude fell as much as 12% to $96.75 a barrel and WTI dropped up to 13% after Iran indicated it was weighing a new US proposal to end the war. The prospect of a diplomatic deal raised expectations that Iranian oil exports, currently curtailed by sanctions, could return to global supply.

Oil prices fell below $100 a barrel on Thursday as traders reassessed the risk of U.S.-Iran tensions disrupting supply through the Strait of Hormuz. A sustained drop could ease fuel costs and inflation pressure in oil-importing economies, including India.

The RBI has approved Kotak Mahindra Bank to hold up to 9.99% stakes in AU Small Finance Bank and Federal Bank. The clearance positions Kotak as a significant minority shareholder in both mid-tier lenders while staying below the threshold that triggers stricter regulatory review.

The RBI has approved Kotak Mahindra Bank to acquire up to 9.99% of Federal Bank's share capital, the maximum allowed without triggering a deeper ownership review. The move positions Kotak as a potential top institutional shareholder in the Kerala-based lender, with actual purchases yet to be disclosed.

Bajaj Auto announced a Rs 5,633-crore share buyback, its largest ever, offering to repurchase up to 46.94 lakh shares at Rs 12,000 each, a 16% premium to the last closing price. The buyback covers 1.68% of paid-up equity capital and signals strong cash reserves.

Eight major Indian companies including Ambuja Cements, BHEL, Godrej Properties, and Tata Technologies reported profit growth in Q4 results on May 4. Ather Energy also narrowed its quarterly loss, signaling improving economics for the EV two-wheeler maker.

The Indian rupee fell 39 paise to close at an all-time low of 85.23 against the dollar, pressured by Brent crude near $110 per barrel and persistent foreign capital outflows. Higher oil import costs and a stronger dollar are the core drivers.

US stock futures for the Dow, S&P 500, and Nasdaq declined after reports emerged that an American warship was turned back in the Strait of Hormuz. The incident raised fears of disruption to one of the world's most critical oil shipping routes.

The Nifty 50 rose 121 points to close at 24,119 on Tuesday, but both indices finished well below intraday highs as the rupee hit a record low against the dollar. Currency weakness raises import costs and could dampen foreign investor appetite for Indian assets.

Sensex jumped ~700 points and Nifty crossed 24,200 on Monday as investors reacted to early state election result trends. IT and Realty led gains across a broadly higher market, though elevated volatility signals traders are hedging until final counts are confirmed.

The BSE Sensex surged 1,000 points, or 1.3%, to an intraday high of 77,911, while the Nifty 50 rose 1.2% to 24,290, adding roughly ₹4 lakh crore in investor wealth. Election result trends were the primary driver of the sharp broad-based rally.

ICICI Bank reported a sharp drop in provisions, pointing to improved loan quality and stronger bad-debt recoveries. HDFC Bank chose a cautious path, prioritizing margins and asset quality over volume, and expects deposit growth to outpace credit growth.

IEX shares dropped 7.5% intraday to ₹125.35 after CERC released draft norms for market coupling, which would aggregate orders across all power exchanges into a single price-clearing algorithm. The move threatens IEX's near-monopoly on traded volumes, putting its transaction-fee revenue model under structural pressure.

The BSE Sensex gained 377 points by midday Thursday after reversing early losses, with SBI and Trent among the top gainers. The recovery came despite a fragile global backdrop, pointing to domestic buying support holding up sentiment.

The Nifty 50 has broken above the 24,300, 24,400 resistance zone, a level analysts consider critical for sustaining bullish momentum. A confirmed hold above this range could open the path toward the 24,800, 25,000 target zone.