Weekly market wrap: Sensex tanks 1,070 pts; Nifty slips below 24,750 on global tensions, inflation cooldown
The Indian equity markets ended the week in the red as escalating geopolitical tensions and global economic uncertainty weighed on investor confidence. The US-Iran conflict, Israeli military strikes, and nervousness over US-China trade talks triggered widespread selling. The Sensex dropped by 1,070.39 points (1.30%) to close at 81,118.60, while the Nifty 50 fell 284.45 points (1.14%) to settle at 24,718.60.
Despite the fall, the BSE Mid-Cap and Small-Cap indices showed relative strength, losing only 0.90% and 0.13%, respectively.
The week started with optimism but ended sharply lower following geopolitical flare-ups and fears of rising crude oil prices. India's CPI inflation cooled to 2.82% in May—the lowest since 2019—led by easing food prices.
Among stock movers: HDFC Bank fell after an FIR; MCX gained on SEBI's green light; Glenmark soared on drug launch; M&M and JSW Steel dropped despite healthy output.
Global cues were mixed with China, UK, and Japan showing economic strain, while US inflation rose moderately.
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Time of India
43 minutes ago
- Time of India
Adani's Haifa port unaffected by Iranian missile strikes, operations normal: Sources
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India.com
an hour ago
- India.com
India's miser king…had Rs 20355767000000 net worth, owned many diamonds, huge amount of gold, but smoked used cigarette, eat in tin plate, name was…
New Delhi: There are thousands of stories about the legacy of India's royal families. Wealth worth crores, diamonds, jewels, real estate, kings and maharajas had no dearth of wealth. Palaces spread over thousands of acres were filled with queens and princesses. The king whose story we are telling today, had so much wealth that diamonds were weighed in kilos and gold and silver in tons. In those days, he had more than 50 Rolls Royce cars. So much money that he was among the richest people not only in India but in the world. This is the story of the Nizam of Hyderabad State. India's first billionaire The title of India's first billionaire is with the seventh Nizam of Hyderabad, Mir Osman Ali Khan. He had so much wealth that it is difficult to estimate it. He had a treasure of gems like diamonds, gold, silver, sapphire and topaz. There was so much gold that trucks loaded with gold bricks used to be parked in the garden. He had assets worth 236 billion dollars i.e. about Rs 2,03,55,76,70,00,000. Diamond paperweight Mir Osman Ali Khan had a 185 carat Jacob diamond, which he used as a paperweight. The price of this paperweight was Rs 1350 crore. He had 20 lakh pounds in cash in his palace. He had dozens of palaces to live in, but he spent most of his time in Falaknuma Palace built in the middle of Hyderabad. It is said that he had so many diamonds that an Olympic size swimming pool could be filled with them. Owner of Falaknuma Palace This palace was built by Hyderabad's Prime Minister Nawab Sir Vikar-ul-Umar in 1893, but the credit for making it luxurious goes to the last Nizam of Hyderabad, Asaf Jah VII. In that era, the cost of building this palace was Rs 40 lakh. The palace is built on an area of 32 acres. 220 rooms, world's largest dining table Falaknuma Palace has a total of 220 rooms. Seeing the beauty of the palace, Times Magazine had featured it on its cover page. Falaknuma Palace has the world's largest dining table, which is made of seven different pieces. 101 people can sit and eat together on this 80 feet long table. How much wealth According to a report in the British newspaper 'The Independent', the Nizam of Hyderabad had a total wealth of 236 billion dollars between 1886-1967. The Nizam of Hyderabad donated five tons (5000 kg) of gold to the Indian government during the 1965 war with China. A great miser Hyderabad's Nizam Mir Osman Ali was the richest person in India but he was equally miserly. Nizam's miserliness was such that he would not even leave people's used cigarettes. According to historians Dominic Lapierre and Larry Collins' book 'Freedom at Midnight', Mir Osman Ali was infamous for his miserliness. Whenever a guest came to his palace and left his unsatisfied cigarette, Nizam would pick up his used and unsatisfied cigarette and start smoking it. Utensils of gold and silver, but tin plates for himself Nizam did not spend on himself. Nizam wore the same cap for 35 years in his life and he never got his clothes ironed. Nizam's miserliness was such that despite having gold and silver utensils, he himself used to eat in tin utensils. Dominique Lapierre and Larry Collins wrote about Nizam's miserliness in their book that he had so many gold utensils that 200 people could eat together in them, but he himself used to eat in old tin utensils. Usurping people's cars Nizam had no dearth of luxury cars, 50 Rolls Royce was parked in his garage, but whenever he saw luxury cars in his capital, he would forcibly ask for that car as a gift from the owner. Despite having thousands of cars, he used to travel in a rickety car.
Mint
an hour ago
- Mint
Wall Street week ahead: Spotlight on Israel-Iran conflict, Fed rate decision, oil prices
Major focus of the Wall Street investors in the week ahead will be on the Israel-Iran conflict and US Federal Reserve's monetary policy decision. Last Friday, Israel launched massive assault on Iran's nuclear amd military sites. On Saturday, Israel's Prime Minister Benjamin Netanyahu vowed to continue to strike hard at Iran and said the goal of the Israeli operation is two fold - to foil Iran's nuclear ambitions and to stop its ballistic missiles programme. Due to the conflict, oil prices rallied on worries about the crude supply. The price of a barrel of benchmark US crude soared 7.3% to $72.98. Brent crude, the international standard, rose 7% to $74.23 for a barrel. Iran is one of the world's major producers of oil. If a war becomes wider, it could slow the flow of Iranian oil and keep the price of crude and gasoline higher across the world. The US central bank's Monetary Policy Committee is widely expected to leave the key rate unchanged. Next week, market participants will also see the release of data on the US retail sales, housing starts and building permits. On June 16 (Monday), a report on Empire State manufacturing survey for June will be released. On June 17 (Tuesday), separate reports on US retail sales for May, Import Price Index for May, Industrial Production for May, and Home Builder Confidence Index for June will be released. On June 18 (Wednesday), separate reports on housing starts for May, building permits for May, and FOMC interest-rate decision will be declared. Fed Chairman Jerome Powell will hold a press conference. On June 20 (Friday), separate reports on Philadelphia Fed manufacturing survey for June and US leading economic indicators for May will be released. Following companies are due to report first quarter results in the week ahead — Lennar, Jabil Inc., Kirkland's, Vince, Accenture, Kroger, and CarMax. US stocks slumped on Friday on worries over escalating conflict in the West Asia following Israel's attack on Iranian nuclear and military targets. The S&P 500 declined 1.13% to end the session at 5,976.97 points. The Nasdaq fell 1.30% to 19,406.83 points, while the Dow Jones Industrial Average shed 1.79% to 42,197.79 points. In the bond market, the yield on the 10-year Treasury rose to 4.41% from 4.36%. Gold prices jumped as investors searched for safe-heaven to park their funds. An ounce of gold rose 1.4%.
