Markets rebounded sharply with the Sensex surging 1,300 points and Nifty rising 445 points to close near 23,000, recovering from yesterday’s massive sell-off of over 13 lakh crore rupees. The rally was fuelled by reports suggesting Iran’s new Supreme Leader Mojtaba Khamenei has agreed to negotiate with the US, boosting global sentiment. However, the Indian crude oil basket hit an all-time high of $157.04 per barrel, surpassing the previous high of $156.29, driven by escalating tensions, logistical bottlenecks, and rising insurance costs. Prime Minister Narendra Modi warned of long-lasting impacts from the West Asia conflict, stating that India’s economic fundamentals remain strong but readiness is essential. Goldman Sachs cut India’s GDP forecast for 2026 to 5.9 percent from 6.5 percent and raised inflation projections to 4.6 percent. Swiggy hiked platform fees to 17.58 rupees, aligning with Zomato’s recent 19 percent increase, signalling pricing pressure in the food delivery sector. India’s drug regulator intensified surveillance on GLP-1 weight loss drugs following a flood of generic semaglutide after patent expiry.
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