Markets Snap Two-week Winning Spree
Mumbai: Despite a tail-end recovery, the domestic markets snapped their two-week winning spree as the S&P BSE Sensex dropped by 198 points to 28,599.03 and the NSE Nifty slipped by 87 points to 8,779.85 during the week.
Selling pressure from operators in view of a rise in inflation and lower industrial output in July coupled with fresh foreign capital outflows caused losses on the markets. Wholesale inflation soared to a two-year high of 3.74 per cent in August.
However, the consumer inflation eased to a five-month low of 5.05 per cent in August, mainly because of a slower rate of price increase in vegetables as well as food and beverages. Industrial output contracted by 2.4 per cent in July, reflecting the worst performance in 8 months, mainly due to decline in output in manufacturing and capital goods sectors.
Selling pressure from operators in view of a rise in inflation and lower industrial output in July coupled with fresh foreign capital outflows caused losses on the markets. Wholesale inflation soared to a two-year high of 3.74 per cent in August.
The Sensex resumed lower at 28,481.09 and dropped to 28,251.31 due to heavy selling pressure on fears of rising interest by Federal Reserve. However, the 30-share index recovered afterwards to 28,778.64 on fresh buying on receding fears of hike in the US interest rates before ending at 28,599.03, showing a loss of 198.22 points, or 0.69 per cent.
The BSE barometer had gained 1,015 points, or 3.65 per cent, in the previous two weeks. The NSE Nifty dropped by 86.85 points, or 0.98 per cent, to 8,779.85. The 50-share index had gained 294.15 points, or 3.43 per cent, in the last two weeks. Meanwhile, Finance Minister Arun Jaitley expressed hope that RBI will keep in mind the decline in retail inflation while deciding on interest rates at its policy review meeting on October 4.
Source: PTI
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A woman was killed and four other civilians were injured in Uri in Jammu and Kashmir's Baramulla district as the Pakistan army intensified artillery fire across the Line of Control (LoC) in Kashmir, officials said, adding that a large number of houses have also been damaged in the cross-border shelling.
Reports state that a Pakistani shell struck the vehicle the woman was traveling in, resulting in her death. The woman was identified as Nargis Bashir, and some of her family members had boarded a vehicle to flee from the Razarwani village in Uri that was hit by the mortar and artillery shells from Pakistan.
In an attempt to educate and make people aware about the consequences of war amid Pakistan's continuous firing in the border states, the Delhi government did a mock drill to test air raid sirens installed at the Public Works Department (PWD) at ITO and asked people to not react out of panic.
District Magistrate (Central) G. Sudhakar also urged people to remain calm and not be alarmed when they hear the sirens.
At least twice, sirens sounded during the drill, which started at 3 pm.
PWD Minister Parvesh Verma said 40-50 more such sirens will be installed across the national capital, each of which will cover an area of 8 km.
Residents present in Rajouri along the Line of Control have started moving to safer areas after heavy cross-border shelling and attempted drone and missile attacks last night by Pakistan. All drone and missile attacks were intercepted and foiled by India's air defence system.
#WATCH | J&K | Residents of Rajouri living along the LOC have started moving to safer areas after heavy cross-border shelling and attempted drone and missile attacks last night by Pakistan.
— ANI (@ANI) May 9, 2025
All drone and missile attacks were intercepted by India's air defence system and foiled,… pic.twitter.com/XITK0CsejT
Pakistan has claimed that its Economic Affairs Division account on social media has been hacked and called the post where it appealed for more loans from the international community owing to losses from Operation Sindoor "fake."
In a post on X, Pakistan's Ministry of Foreign Affairs Fact Checker shared a picture of the post and mentioned that it was "fake." Additionally, it asserted that the account had undergone hacking.
A missile-like object is found deep inside the Dal Lake after loud explosions were heard on Saturday morning in Srinagar, which is a major tourist attraction. The defense ministry also confirms that Pakistan has intruded into Srinagar's airspace in a press release.
Since the early hours of Saturday morning (10th May), Srinagar has been rocked with multiple explosions, and now electricity is taken off in various places across Kashmir. The reason for this is yet to be determined, as reports indicate multiple places in Kashmir have lost power. The Indian Army released a statement after the press briefing, where they mentioned that they have attacked and neutralized multiple terrorist launchpads in a coordinated fire assault, razing them to cinders.