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Nifty, Sensex Surge as Kotak Mahindra and Axis Bank Lead Banking Rally
- Nifty Bank index hit a record high above 57,000, driven by strong gains in banking stocks.
- Kotak Mahindra Bank and Axis Bank shares surged nearly 3% in early trade, leading the rally.
- The rally followed RBI’s recent repo rate and CRR cuts, boosting positive sentiment in the sector.
- Sensex rose over 300 points, while Nifty climbed above 25,100, with all major indices in green.
- Broader market optimism was supported by upbeat global cues and strong volumes in financial stocks.
Wholesale Inflation Drops to 14-Month Low of 0.39% in May
- Wholesale price inflation (WPI) fell to 0.39% in May, the lowest in 14 months.
- The decline was driven by easing prices in food, fuel, and manufactured products.
- Vegetable prices dropped sharply, with a deflation of 21.62% in May.
- Retail inflation also eased, reaching a six-year low of 2.82% during the same period.
- The sustained decline in inflation allowed the RBI to cut interest rates to 5.5%.
Canadian FPI Assets in India Rise by Rs 28,000 Crore Amid G7 Summit
- Canadian foreign portfolio investment (FPI) in India has surged by Rs 28,000 crore since February.
- May 2025 saw record FPI inflows into India, totaling Rs 19,860 crore, the highest this year.
- The rise is driven by improved investor sentiment and positive Indian economic indicators.
- India-Canada economic ties remain strong despite recent diplomatic tensions.
- PM Modi will attend the G7 Summit in Canada, signaling renewed bilateral cooperation.
Arun Srinivas Appointed as Meta’s New India Head Amid Leadership Reshuffle
- Arun Srinivas has been named managing director and head of Meta’s India operations, effective July 1, 2025.
- Srinivas currently leads Meta’s ads business in India and has worked with top advertisers since 2020.
- He brings nearly 30 years of experience from companies like Hindustan Unilever, Reebok, Ola, and WestBridge Capital.
- Srinivas will focus on aligning business, innovation, and revenue priorities to drive Meta’s growth in India.
- He will report to Sandhya Devanathan, who now oversees both India and Southeast Asia for Meta.
Tariff Gap with China Narrows: India Reassesses Market Access and Trade Strategy with US
- The US and China have agreed to sharply reduce tariffs, narrowing the tariff gap with India.
- India’s earlier export advantage to the US is eroding as Chinese goods now face lower US tariffs.
- Indian policymakers are recalibrating trade strategies and market access to stay competitive in the US.
- Ongoing India-US trade talks focus on tariff relief, market access, and a possible interim trade deal by fall.
- Indian exporters face stiffer competition and must improve efficiency as the tariff differential shrinks.
CBI Raids Supertech, Top Executives Booked for ₹126 Crore IDBI Bank Fraud
- CBI filed FIR against Supertech, its promoters, and directors for ₹126 crore IDBI Bank fraud.
- Accused allegedly used forged documents to obtain and divert loan funds from IDBI Bank.
- Five locations in Noida and Ghaziabad were raided; incriminating documents and ₹28.5 lakh cash seized.
- The loan account was declared a wilful default and marked as fraudulent by the bank.
- Investigation ongoing; Supertech claims settlement process with IDBI Bank is underway.