Trade Financial News

buying at the fag-end. The 30-share BSE Sensex rose 111 points at 72,776 and the Nifty rose 48 points to 22,104.05. Stocks that were in focus include names like Varun Beverages, which rose 0.73%, BEML, which increased 14.5%, and Piramal Pharma, whose shares jumped 2.7% on Monday.

GameStop's share price skyrocketed Monday after the man who became the face of "meme stock" mania in 2021 with his enthusiastic promotion of the struggling video game retailer emerged from a three-year hiatus. On Sunday evening, Keith Gill, the trader known on some social media platforms as Roaring Kitty, posted an illustration of a person holding a video game controller while leaning forward on a chair on the social media platform X. On no other news, GameStop's stock more than doubled in early trading, prompting several temporary volatility-related halts by the New York Stock Exchange. The shares were up about 74% at the close, adding billions in market value in a matter of hours.

Asian shares hovered around 15-month highs on Tuesday and the dollar was firm ahead of highly anticipated U.S. inflation data, while Japanese bonds were squeezed as the central bank pulled back a little on its bond buying programme. MSCI's broadest index of Asia-Pacific shares outside Japan climbed slightly and hit its highest since early 2023 in morning trade, as a strong rally in Hong Kong shares extended into a fourth consecutive week.

Having displaced the US, China is back in the top spot as India’s biggest trade partner, with bilateral trade hitting $118.4 billion in fiscal 2023-24, according to Global Trade Research Initiative data. This was made up of $101.7 billion in imports by India, up 3.2%, and $16.7 billion in Indian exports, up 8.7%.

Stock market today: Despite a downturn in morning session, the Indian stock market showcased its resilience by demonstrating a significant recovery, closing higher on Monday. The Nifty 50 index concluded 48 points higher at 22,104, while the BSE Sensex ended 111 points higher at 72,776. The Bank Nifty index surged 333 points and settled at 47,754.

Sensex gained 111.66 points, or 0.15%, to close at 72,776.13, while the Nifty 50 settled 48.85 points, or 0.22%, higher at 22,104.05. Nifty 50 formed a ‘Bullish Hammer’ candlestick pattern on the daily chart, which indicates short term bullish trend reversal. Also Read: Indian stock market: 7 key things that changed for market overnight - Gift Nifty, India inflation to GameStop rally “Hence, a move above Monday high could lead to positivity in the near term.

Buy or sell stocks: Despite a gapdown opening, the Indian stock market demonstrated a significant recovery, closing higher on Monday. The Nifty 50 index concluded 48 points higher at 22,104, while the BSE Sensex ended 111 points higher at 72,776. The Bank Nifty index surged 333 points and settled at 47,754.

Sensex gained 111.66 points, or 0.15%, to close at 72,776.13, while the Nifty 50 settled 48.85 points, or 0.22%, higher at 22,104.05. “The positive takeaway was that Nifty ended above the psychological 22,100 mark, aided by sluggish WTI oil prices and investors reinforcing bets for Federal Reserve’s September interest rate cuts. While mixed global cues hardly enthused local investors, concerns over strong FII selling in the month so far along with caution in the poll season kept the upside limited with investors also trading with caution ahead of the inflation announcement," said Prashanth Tapse, Senior VP (Research), Mehta Equities Ltd.

India signed an agreement to operate the Chabahar Port in Iran for 10 years, the United States has warned that «anyone» considering business deals with Tehran needs to be aware of the «potential risk of sanctions.» The US State Department Principal Deputy Spokesperson, Vedant Patel, however, also said that it will let the Indian government speak on its foreign policy goals. «We are aware of these reports that Iran and India have signed a deal concerning the Chabahar Port, I would let the government of India speak to its own foreign policy goals, vis-a-vis the Chabahar Port as well as its own bilateral relationship with Iran,» Vedant Patel said in the press briefing on Monday (local time).

A major fire broke out in a vast shopping complex in the Polish capital that housed some 1,400 shops and service outlets

A federal fraud trial has begun for the owner and chief financial officer of a hedge fund that collapsed

Stocks that traded heavily or had substantial price changes on Monday: Incyte, Squarespace rise; Chimera Investment, Amazon fall

The leaders of Greece and Turkey have met for talks that were supposed to underline their efforts to put aside decades-old disputes but also revealed deep divisions between them

U.S. stocks drifted to a mixed finish, remaining near their record heights

Skeptics betting against video-game retailer GameStop Corp. are facing a more than $1 billion loss after the company’s share price roughly tripled this month.

U.S. airlines are trying to kill a new rule requiring them to disclose fees more quickly when consumers shop for flights

Tioga Capital, Semantic Ventures, Cherry Ventures, Starkware, and Cyber fund have joined the round for X10 as it emerges from stealth.Led by Revolut's former head of crypto, Ruslan Fakhrutdinov, X10 promises users the execution speed and features of a centralised exchange, but with full self-custody and settlement of trades on-chain.X10 says that while centralised exchanges have the advantage of an extensive portfolio and great latency and throughput, they also have a massive flaw: security and transparency. "The FTX situation, where users only got back a third of their funds, serves as a wake-up call for the industry.

The Solana (SOL) price has jumped back up to test $150 from earlier session lows under $140 amid a surge in trading volumes, as traders await a barrage of upcoming US economic data releases later in the week.

India and Iran signed a 10-year contract on Monday for the management of Chabahar port, putting the seal on what’s envisaged as a gamechanger in regional connectivity, rivalling China’s Belt and Road Initiative and being an alternative to Gwadar port in Pakistan. Shipping minister Sarbananda Sonowal travelled to Tehran for the signing of the new 10-year contract between India Ports Global Ltd (IPGL) and Ports & Maritime Organisation of Iran (PMO). ET was the first to report on the new Chabahar contract in its May 13 edition. Under the contract, IPGL will equip and operate the port for the duration of the contract. At the end of the 10-year period, both sides will extend their cooperation in Chabahar. IPGL will invest about $120 million in equipping the port, officials said. India has also offered a rupee credit window equivalent to $250 million for mutually identified projects aimed at improving Chabahar-related infrastructure, they said.

Markets are caught in electoral turbulence with volatility spiking ahead of the results. Sensex and Nifty had run up in anticipation, and are now in choppy trades. Comparisons with previous poll years is fraught because markets tend to deliver outcomes with weak correlation to poll results.

potato prices will likely continue to pinch Indian households until the new crop comes to the market in December. Tomato prices have fallen by 40% in the past two days at Delhi's Azadpur Mandi, the largest fruit and vegetable wholesale market in Asia, due to increased arrivals from Himachal Pradesh, Rajasthan, Uttar Pradesh, Haryana and Punjab, traders said. On the contrary, potato traders said prices will firm up further by another 5-10% as untimely rains have affected the tuber crop and because of cold storage owners releasing potatoes in a way so that the stock can meet domestic consumption till the arrival of the new crop. Trade sources from Uttar Pradesh, the largest producer of potatoes, said the government has already launched a drive to see whether the cold storage facilities in Agra, the centre of the state's potato trade, were hoarding the tuber to jack up prices. «Once the election is over, there will be state-wide monitoring of the movement of potatoes,» one of them said.