Here are the top stories this evening:
Inflation data, Fed interest rate decision major factors to drive markets this week: Analysts
The inflation data for May and the US Fed interest rate decision are the crucial factors that would dictate terms in the equity market this week, analysts said. Moreover, foreign fund trading activity, movement of rupee and crude oil prices would be the other key monitarables for the markets, they added.
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India's power demand jumps by 45,000 Megawatt in a year; ensuring 23 to 23.5 hour supplies: Minister
India’s power demand this year has jumped by a record 40,000-45,000 MW per day as an intense heat wave sweeps through northern parts of the country, the economy expands, and electricity reaches millions of unelectrified homes, Power Minister RK Singh has said.
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Crypto extends tumble into weekend after US inflation data
Bitcoin and Ether fell on Sunday amid a broader retreat by the cryptocurrency complex in the wake of data showing US inflation hitting a fresh 40-year high.
Ether declined as much as 5% to $1,445.56, its lowest level since March 2021, while Bitcoin dropped to as low as $27,264.65, its lowest since May 12. Virtually all top tokens tracked by Bloomberg were down Sunday, especially the likes of Dogecoin and Avalanche.
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FPIs pull out Rs 14,000 crore from Indian equities in June on global, domestic concerns
Wary of the scenario on the global and domestic fronts, foreign investors continued to withdraw from Indian equity markets and pulled out close to Rs 14,000 crore in this month so far. With this, net outflow by foreign portfolio investors (FPIs) from equities reached Rs 1.81 lakh crore so far in 2022, data with depositories showed.
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Top-10 most valued firms lose over Rs 2.29 lakh crore in m-cap
The market capitalisation (m-cap) of the top-10 most valued companies eroded by over Rs 2.29 lakh crore last week, with Life Insurance Corporation taking the biggest hit. On a weekly basis, the domestic equity benchmarks witnessed heavy selling.
The Sensex tumbled 1,465.79 points or 2.63 per cent, while the Nifty lost 382.50 points or 2.31 per cent as investors rushed to safer assets because elevated crude oil prices triggered inflation fears. On a weekly basis, the domestic equity benchmarks witnessed heavy selling.
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China warns of risk of war over Taiwan while pledging peace
China’s defense chief issued one of the country’s strongest warnings yet about the risk of war over Taiwan, even as he reaffirmed Beijing’s commitment to maintain peace in Asia.
In a speech to the region’s biggest security conference Sunday, Chinese Defense Minister Wei Fenghe repeatedly expressed Beijing’s willingness to fight to prevent a formal split by the democratically elected government in Taipei.
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Rajesh Exports to set up Rs 24,000-crore display fab facility in Telangana
Jewellery exporter Rajesh Exports-owned entity Elest has signed an agreement with Telangana to set up a display fab facility involving Rs 24,000 crore of capital outlay as a part of India’s $10-billion Semicon India scheme, marking India’s first display fab facility to come up in Telangana.
Karnataka-based Elest was incorporated for the purpose of manufacturing innovative technology products such as AMOLED displays, Lithium-ion cells, batteries and electric vehicles, among others.
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