Markets Rebound; Trade Higher In Early Trade

Equity benchmark indices climbed in early trade on Thursday amid continuous foreign fund inflows and buying in index major Reliance Industries.

The 30-share BSE Sensex climbed 77.64 points to 61,270.94 in early trade. The broader NSE Nifty advanced 27.7 points to 18,117.55.

From the Sensex firms, Larsen & Toubro, Bajaj Finance, Titan, Tata Steel, Bajaj Finserv, State Bank of India, Tata Consultancy Services, NTPC and Reliance Industries were the biggest gainers.

Power Grid, HCL Technologies, Tech Mahindra, ITC, Maruti and ICICI Bank were the laggards.

Foreign Institutional Investors (FIIs) were net buyers on Wednesday as they bought equities worth Rs 1,338 crore, according to exchange data.

In Asian markets, Shanghai and Hong Kong quoted in the green, while Seoul traded lower.

The US markets had ended in the negative territory on Wednesday.

"From the market perspective, more important than the expected dovish rate hike of 25 basis points by the Fed is the Fed chief's comment that "the case of avoiding a recession is more likely than having a recession". Market is likely to remain resilient with limited volatility," said V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services.

The strength of the rupee and the continued buying by FIIs will impart strength to the market, Vijayakumar added.

The US Federal Reserve reinforced its fight against high inflation on Wednesday by raising its key interest rate by a quarter percentage point to the highest level in 16 years.

But the Fed also signalled that it may now pause its streak of 10 rate hikes, which have made borrowing for consumers and businesses steadily more expensive.

"Fed hike seems like this is the last rate hike, but rate cuts could happen later only if there is significant deterioration in economic activity or inflation cools off. This led to sell off in US markets but may not have a material impact on India in the short run as RBI has paused the rate hikes and there is weakness in crude oil price," said Hemang Jani, Head - Equity Strategy, Broking & Distribution, MOFSL.

The BSE benchmark had declined 161.41 points or 0.26 per cent to settle at 61,193.30 on Wednesday. The Nifty fell 57.80 points or 0.32 per cent to end at 18,089.85.

Meanwhile, global oil benchmark Brent crude gained 0.37 per cent to USD 72.60 per barrel.

(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)

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Markets Rebound; Trade Higher In Early Trade

Equity benchmark indices climbed in early trade on Thursday amid continuous foreign fund inflows and buying in index major Reliance Industries.

The 30-share BSE Sensex climbed 77.64 points to 61,270.94 in early trade. The broader NSE Nifty advanced 27.7 points to 18,117.55.

From the Sensex firms, Larsen & Toubro, Bajaj Finance, Titan, Tata Steel, Bajaj Finserv, State Bank of India, Tata Consultancy Services, NTPC and Reliance Industries were the biggest gainers.

Power Grid, HCL Technologies, Tech Mahindra, ITC, Maruti and ICICI Bank were the laggards.

Foreign Institutional Investors (FIIs) were net buyers on Wednesday as they bought equities worth Rs 1,338 crore, according to exchange data.

In Asian markets, Shanghai and Hong Kong quoted in the green, while Seoul traded lower.

The US markets had ended in the negative territory on Wednesday.

"From the market perspective, more important than the expected dovish rate hike of 25 basis points by the Fed is the Fed chief's comment that "the case of avoiding a recession is more likely than having a recession". Market is likely to remain resilient with limited volatility," said V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services.

The strength of the rupee and the continued buying by FIIs will impart strength to the market, Vijayakumar added.

The US Federal Reserve reinforced its fight against high inflation on Wednesday by raising its key interest rate by a quarter percentage point to the highest level in 16 years.

But the Fed also signalled that it may now pause its streak of 10 rate hikes, which have made borrowing for consumers and businesses steadily more expensive.

"Fed hike seems like this is the last rate hike, but rate cuts could happen later only if there is significant deterioration in economic activity or inflation cools off. This led to sell off in US markets but may not have a material impact on India in the short run as RBI has paused the rate hikes and there is weakness in crude oil price," said Hemang Jani, Head - Equity Strategy, Broking & Distribution, MOFSL.

The BSE benchmark had declined 161.41 points or 0.26 per cent to settle at 61,193.30 on Wednesday. The Nifty fell 57.80 points or 0.32 per cent to end at 18,089.85.

Meanwhile, global oil benchmark Brent crude gained 0.37 per cent to USD 72.60 per barrel.

(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)

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Go First Airlines Owes $798 million To Financial Creditors

Indian airline Go First, which filed for bankruptcy on Tuesday, owes financial creditors Rs 65.21 billion ($798 million), its bankruptcy filing showed.

As of April 30, Go First Air had not defaulted on any of these dues, it said in the filing, which was seen by Reuters.

"However, considering the present financial situation of the corporate applicant, defaults to financial creditors would be imminent," the filing said.

Lenders were not aware of the airline's plans to file for voluntary insolvency and will meet soon to take stock of the situation, said two people familiar with the matter. They spoke on condition of anonymity as they are not allowed to speak to the media.

The filing lists Central Bank of India, Bank of Baroda, IDBI Bank, Axis Bank and Deutsche Bank among Go First's financial creditors.

Deutsche Bank declined to comment. Emails sent to the other banks were not immediately answered.

The airline's total liabilities to all creditors stand at 114.63 billion rupees, the filing shows. This includes dues to banks, financial institutions, vendors and aircraft lessors.

"Currently, the assets of the company are not sufficient to meet its liabilities," the airline said in the filing.

The company has defaulted on payments to operational creditors, including 12.02 billion rupees to vendors and 26.60 billion rupees to aircraft lessors.

It has received notices from lessors for termination of aircraft lease agreements and some have started actions against the company to ground or repossess aircraft, the filing said.

Six lessors have also invoked letters of credit issued to them by lenders, it said.

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Airfare Likely To Rise Due To Go First Cancellations: Travel Agents' Body

No-frills carrier Go First filing for insolvency proceedings and cancelling flights is bad for the airline industry as the move will reduce capacity and could push airfares in certain routes, travel agents' grouping TAAI said on Wednesday.

Bogged down by an acute financial crunch due to grounding of more than half of its fleet amid P&W engine supply troubles, Go First has cancelled flights for three days starting May 3.

Besides, the Wadia group-owned airline has filed for voluntary insolvency resolution proceedings under the Insolvency and Bankruptcy Code (IBC).

"It is bad for the (airlines) industry... It is such a fragile industry... we lost crores of rupees in Kingfisher Airlines, in Jet Airways and we have another one going into insolvency (proceedings)," Travel Agents Association of India (TAAI) President Jyoti Mayal told PTI.

The developments at Go First, which has been flying for more than 17 years, also come at a time when the domestic air traffic is on an upward trajectory.

Ms Mayal said that right now there is demand for air travel as it is holiday time and "we do expect fares going up in sectors it (Go First) was flying. In the coming weeks, fares are likely to go up." Regarding booked tickets, she said it is the company that has to provide refunds and if it goes into insolvency, the rules are different. "Those are the challenges we are going to be facing".

In a statement, TAAI expressed concern over the sudden cancellation of flights by Go First.

"The cancellations and refunds of tickets to its members and consumers have raised concerns at TAAI, who fear that travel agents will be adversely affected, presenting a significant financial blow as they struggle to revive post Covid," it said.

TAAI also said it has been asking for measures to address airline defaults. "The association has been advocating for protection through insurance on tickets or placing monies in an escrow account with the government as protection for the entire ecosystem," it said, adding that the government needs to bring policies to safeguard consumer's and service provider's money.

TAAI has around 2,800 members.

In the summer schedule that is on from March 26 to October 28, Go First is to operate 1,538 flights per week.

(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)

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Airfare Likely To Rise Due To Go First Cancellations: Travel Agents' Body

No-frills carrier Go First filing for insolvency proceedings and cancelling flights is bad for the airline industry as the move will reduce capacity and could push airfares in certain routes, travel agents' grouping TAAI said on Wednesday.

Bogged down by an acute financial crunch due to grounding of more than half of its fleet amid P&W engine supply troubles, Go First has cancelled flights for three days starting May 3.

Besides, the Wadia group-owned airline has filed for voluntary insolvency resolution proceedings under the Insolvency and Bankruptcy Code (IBC).

"It is bad for the (airlines) industry... It is such a fragile industry... we lost crores of rupees in Kingfisher Airlines, in Jet Airways and we have another one going into insolvency (proceedings)," Travel Agents Association of India (TAAI) President Jyoti Mayal told PTI.

The developments at Go First, which has been flying for more than 17 years, also come at a time when the domestic air traffic is on an upward trajectory.

Ms Mayal said that right now there is demand for air travel as it is holiday time and "we do expect fares going up in sectors it (Go First) was flying. In the coming weeks, fares are likely to go up." Regarding booked tickets, she said it is the company that has to provide refunds and if it goes into insolvency, the rules are different. "Those are the challenges we are going to be facing".

In a statement, TAAI expressed concern over the sudden cancellation of flights by Go First.

"The cancellations and refunds of tickets to its members and consumers have raised concerns at TAAI, who fear that travel agents will be adversely affected, presenting a significant financial blow as they struggle to revive post Covid," it said.

TAAI also said it has been asking for measures to address airline defaults. "The association has been advocating for protection through insurance on tickets or placing monies in an escrow account with the government as protection for the entire ecosystem," it said, adding that the government needs to bring policies to safeguard consumer's and service provider's money.

TAAI has around 2,800 members.

In the summer schedule that is on from March 26 to October 28, Go First is to operate 1,538 flights per week.

(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)

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Markets Decline In Early Trade Ahead Of Fed's Interest Rate Decision

Benchmark indices fell in early trade on Wednesday, halting their eight days of rally, ahead of the US Federal Reserve's interest rate decision and weak global market trends.

Also, fall in index majors Reliance Industries, ICICI Bank, Infosys and HDFC added to the weak trend in equities.

The 30-share BSE Sensex declined 330.27 points to 61,024.44. The broader NSE Nifty fell 97.05 points to 18,050.60.

From the Sensex firms, Tech Mahindra, Infosys, Reliance Industries , Tata Consultancy Services, Bajaj Finserv, ICICI Bank, Bajaj Finance, Axis Bank and HDFC were the major laggards.

NTPC, Nestle, Hindustan Unilever, Asian Paints, Power Grid and Tata Motors were among the gainers.

In Asian markets, Seoul and Hong Kong traded lower, while Shanghai quoted in the green.

The US markets had ended lower on Tuesday.

"Key indices are likely to be under pressure in early trade ahead of the US Fed meeting on interest rate later today. Investors are likely to exercise caution as global equity markets too are trending lower fearing any further rate hike could push key economies into recession and temper growth going ahead," Prashanth Tapse, Senior VP (Research), Mehta Equities Ltd said in his pre-market opening quote.

Rallying for the eighth straight day, the BSE benchmark had climbed 242.27 points or 0.40 per cent to settle at 61,354.71 on Tuesday. The Nifty went up 82.65 points or 0.46 per cent to finish at 18,147.65.

Meanwhile, global oil benchmark Brent crude climbed 0.03 per cent to USD 75.34 per barrel.

Foreign Institutional Investors (FIIs) were net buyers on Tuesday as they bought equities worth Rs 1,997.35 crore, according to exchange data.

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Markets Decline In Early Trade Ahead Of Fed's Interest Rate Decision

Benchmark indices fell in early trade on Wednesday, halting their eight days of rally, ahead of the US Federal Reserve's interest rate decision and weak global market trends.

Also, fall in index majors Reliance Industries, ICICI Bank, Infosys and HDFC added to the weak trend in equities.

The 30-share BSE Sensex declined 330.27 points to 61,024.44. The broader NSE Nifty fell 97.05 points to 18,050.60.

From the Sensex firms, Tech Mahindra, Infosys, Reliance Industries , Tata Consultancy Services, Bajaj Finserv, ICICI Bank, Bajaj Finance, Axis Bank and HDFC were the major laggards.

NTPC, Nestle, Hindustan Unilever, Asian Paints, Power Grid and Tata Motors were among the gainers.

In Asian markets, Seoul and Hong Kong traded lower, while Shanghai quoted in the green.

The US markets had ended lower on Tuesday.

"Key indices are likely to be under pressure in early trade ahead of the US Fed meeting on interest rate later today. Investors are likely to exercise caution as global equity markets too are trending lower fearing any further rate hike could push key economies into recession and temper growth going ahead," Prashanth Tapse, Senior VP (Research), Mehta Equities Ltd said in his pre-market opening quote.

Rallying for the eighth straight day, the BSE benchmark had climbed 242.27 points or 0.40 per cent to settle at 61,354.71 on Tuesday. The Nifty went up 82.65 points or 0.46 per cent to finish at 18,147.65.

Meanwhile, global oil benchmark Brent crude climbed 0.03 per cent to USD 75.34 per barrel.

Foreign Institutional Investors (FIIs) were net buyers on Tuesday as they bought equities worth Rs 1,997.35 crore, according to exchange data.

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