Stock Market Today: Despite growing concerns about political polarisation in Washington, Wall Street’s growing excitement about artificial intelligence contributed to Thursday’s stock market gain.
The chipmaker Nvidia, which benefits from the tech industry’s drive into AI, provided a monstrous projection for upcoming revenues, which helped the S&P 500 rise 0.9%. The Dow Jones Industrial Average lost 35 points, or 0.1%, but the Nasdaq composite increased 1.7% as a result.
Reliance to claim lion’s share of India’s $150 billion e-commerce market
According to analysts at Bernstein, Reliance Retail is best positioned to dominate India’s $150 e-commerce market in the long run, according to a research from May 24.
“In the biggest and fastest-growing e-commerce sector, Reliance Retail-Jio is the player we think is best positioned. In the long run, it will probably grab the lion’s share of the over $150 billion e-commerce industry because of the benefits of its retail network, mobile network, digital ecosystem, and “home field advantage” in a renownedly complex legislative and operating environment, they added.
Stock Market Today: Zee Entertainment Q4 Results
On May 25, Zed Entertainment released its Q4FY23 results, indicating a net loss of 196 crore as opposed to a net profit of 181 crore during the same time the previous year. The media conglomerate’s revenue for the January–March quarter came in at 2,112.1 crore, down 9% from the previous quarter’s figure of 2,323 crore.
In terms of operations, the company’s profits before interest, taxes, depreciation, and amortisation (EBITDA) for the fourth quarter were 151.7 crore, down 71.2% from 526.4 crore during the same time in 2017. Due to lower sales and more strategic investments across the business, the EBITDA for FY23 decreased by 38.2% year over year.
Indian rupee caught between rising Fed rate hike odds and support at 82.80/dollar
Due to the increasing possibility of a future Federal Reserve rate hike and the USD/INR’s failure to rise beyond 82.80, traders expect the Indian rupee will open on Friday with no change.
Non-deliverable forwards predict that the opening rate of the rupee will not deviate significantly from its closing price of 82.74 to the dollar in the previous session.
In recent sessions, despite the dollar’s strength versus other major currencies and Asian rivals, the USD/INR pair has consistently struggled to move above the 82.80-82.90 mark.
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