Stock Market LIVE: Sensex sheds 100 pts; Nifty flat; Metal shines; Media drags | Mint – Mint

Markets got a boost last week as inflation in the United States slowed by more than expected last month. China also relaxed some of its strict anti-COVID measures, which have been hurting the world’s second-largest economy and raised hopes for more growth from China.

14 Nov 2022, 10:46:44 AM IST

Axis Securities has a recommendation on Healthcare Global Enterprise and Karnataka Bank

Healthcare Global Enterprise: Outpacing the Industry Growth

HCG has outpaced the industry growth and reported a revenue CAGR of 19% and new patients’ registration CAGR of 24.6% over FY16-FY19. HCG’s ARPOB reached 37,000 (+3.0% Q2FY23 YoY) due to high-end works and is expected to improve further with the increase in the volume of international patients. We recommend a BUY with a rating on the stock with a target price of 330/share.

Karnataka Bank: We should see an upside from here on with company’s overall performance further improving in coming quarters. We recommend a BUY rating on the stock with a target price of 148/share, implying an upside of 10% from the CMP. 

14 Nov 2022, 10:28:50 AM IST

India’s active cases fall below 10k for the first time since April 2020 

Covid-19 cases in India witnessesd a decline with the country reporting a single-day rise of 547 new infections, the lowest since April 8, 2020, according to the Union Health Ministry data updated on Monday. With this, the country’s cumulative caseload has gone up to 4,46,66,924.

The count of active cases has fallen below 10,000 for the first time since April 2020, while the death toll due to the disease has climbed to 5,30,532 with one fatality being reported from Maharashtra, the data updated at 8 am showed. (Read More)

14 Nov 2022, 10:23:44 AM IST

Apollo Hospitals shines in today’s trading; gains 3% 

Apollo Hospitals

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Apollo Hospitals
14 Nov 2022, 10:18:09 AM IST

Ashika Stock Broking on today’s market: The elevated support level for the market now stands at 17950 followed by 17500

Tirthankar Das, technical & derivative analyst, retail, Ashika Stock Broking Ltd: On the technical front, Nifty formed a long bullish candle with a gap up opening on the daily chart and surpassed the Jan’22 high of 18350 carrying higher high-low, indicating of extended rally in days to come. Nifty since the past few days of trading session has led the Index to breach past the falling trend line which confirms that the primary trend is up and is well placed to accelerate the upward momentum hereon, aptly supported by global cues. India VIX, which gauges market volatility, has also recorded five month’s range breakdown and is trading below 16, indicating low risk perception among market participants. Formation of higher high low in benchmark Nifty is well supported by across sector participation against such, the elevated support level for the market now stands at 17950 followed by 17500 as it happens to be the 50 days EMA and the breakout point from the 12 months falling trend line. The momentum indicator RSI (relative strength index) is presently at 68 slightly closer to overbought situation however present setup indicates that Nifty is on the path to challenge the all-time high of 18600 in coming sessions. During the day Nifty is likely to open on a flat note and lower levels of 18200-18235 need to be utilized for initiating long position for an upside target of 18600.

14 Nov 2022, 10:08:07 AM IST

Media index lags in today’s sessions, tumbles more than 1.5% with Sun TV dragging the index

Media Index

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Media Index
14 Nov 2022, 10:06:02 AM IST

Sam Bankman-Fried’s downfall sends shockwaves through crypto

Sam Bankman-Fried received numerous plaudits as he rapidly achieved superstar status as the head of cryptocurrency exchange FTX: the saviour of crypto, the newest force in Democratic politics and potentially the world’s first trillionaire.

Now the comments about the 30-year-old Bankman-Fried aren’t so kind after FTX filed for bankruptcy protection Friday, leaving his investors and customers feeling duped and many others in the crypto world fearing the repercussions. Bankman-Fried himself could face civil or criminal charges.

“Sam what have you done?,” tweeted Sean Ryan Evans, host of the cryptocurrency podcast Bankless, after the bankruptcy filing. (PTI)

14 Nov 2022, 09:58:50 AM IST

After sacking 50% workforce, Elon Musk’s Twitter lays off over 4,400 contractual workers: Report

After sacking about 50% of Twitter’s workforce, Elon Musk has reportedly laid off at least 4,400 contractual workers at the social media company. “Update: company sources tell me that yesterday Twitter eliminated ~4,400 of its ~5,500 contract employees, with cuts expected to have a significant impact on content moderation and the core infrastructure services that keep the site up and running. People inside are stunned,” tweeted Platformer’s Casey Newton. (Read More)

14 Nov 2022, 09:44:15 AM IST

Japan’s Nikkei falls from 2-month high as SoftBank tumbles

Japan’s Nikkei share average fell on Monday from a two-month high hit in the previous session, as investors chose to book profits and market heavyweight SoftBank Group tumbled after its Vision Fund investment arm reported another big quarterly loss.

The Nikkei index fell 0.76% to 28,047 by the midday close, while the broader Topix dropped 0.65% to 1,964.90.

“Investors sold stocks for profit-taking after the Nikkei rose sharply in the previous session,” said Shigetoshi Kamada, general manager at the research department of Tachibana Securities.

SoftBank Group tanked 12.28% to become the biggest drag on the Nikkei, after the technology start-up investor posted a heavy loss at its Vision Fund investment arm for a third consecutive quarter. (Reuters)

14 Nov 2022, 09:42:30 AM IST

India’s LIC jumps 9% after surge in qtrly profit

Shares of Life Insurance Corporation of India rose as much as 9.1% on Monday, their best intra-day percentage gain since listing in May, after the country’s largest insurer reported a surge in quarterly profit on Friday.

LIC’s profit after tax surged to 159.52 billion Indian rupees ($1.98 billion) in the July-September quarter, from 14.34 billion rupees a year earlier, boosted mainly by the transfer of nearly $1.8 billion from policy holders’ fund to shareholders’ fund. (Reuters)

14 Nov 2022, 09:39:13 AM IST

Dr Reddy’s Laboratories tumbles in early trading; sheds 4%

Dr Reddy's Labaratories

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Dr Reddy’s Labaratories
14 Nov 2022, 09:37:06 AM IST

Cryptocurrency prices today crash: Bitcoin falls 5%; dogecoin, Shiba Inu tumble 10% each

Cryptocurrency prices continued to fall over the weekend with the world’s largest and most popular digital token Bitcoin price today was trading nearly 5% lower at $16,103. The global crypto market cap today remained below the $1 trillion mark, as it was almost down over 5% in the last 24 hours to $845 billion, as per CoinGecko.

On the other hand, Ether, the coin linked to the ethereum blockchain and the second-largest cryptocurrency, also plunged by more than 6% to $1,191. (Read More)

14 Nov 2022, 09:35:27 AM IST

Geojit Financial Services on today’s market: The quality of the rally has improved with the participation of high quality large-caps

Dr V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services: “The market construct favours continuation of the rally to new record level in Nifty. The momentum in the market is evident in the 4 straight weeks of gains and FIIs turning buyers in all the last 11 trading days. FIIs are likely to continue buying since the dollar index has declined sharply to 106.6 from the recent high of around 114. DIIs are unlikely to sell big when the market momentum is so strong. Moreover, SIP inflows have crossed 13000 crores a month- a record. The quality of the rally has improved with the participation of high-quality large-caps like HDFC twins, RIL, Infosys and TCS. Bank Nifty at record highs can provide resilience to the market. The prospects of banks continue to improve. Nifty IT has more room to go up since fears of slowdown in tech spending need not materialise.”

14 Nov 2022, 09:26:52 AM IST

Metal Index jumps in early trading, adds more than 1.5% value with most stocks in green

Metal Index

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Metal Index
14 Nov 2022, 09:25:50 AM IST

Bikaji Foods IPO: What GMP signals as all eyes set on share listing date

Shares of Bikaji Foods International are soon going to hit secondary markets as Bikaji Foods IPO listing date is highly likely on 16th November 2022. One of India’s India’s largest FMCG brand’s public offers was subscribed to 26.67 times whereas its QIB portion was subscribed to 80.63 times of the company’s offer. After the allotment of shares, bidders are eagerly waiting for Bikaji Foods IPO listing date. Meanwhile, ahead of the listing date, the grey market is dropping hints about the kind of listing the FMCG brand would have. According to market observers, shares of Bikaji Foods International are trading at a premium of 35 to 40 in the grey market today. (Read More)

14 Nov 2022, 09:23:14 AM IST

Indices open flat on Monday with Hindalco and Powergrid gaining in early trading

Sensex at Open

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Sensex at Open
14 Nov 2022, 09:11:48 AM IST

INR vs USD today: Rupee jumps sharply against US dollar today, after biggest weekly gain in 4 years

The Indian rupee today extended last week’s gains against the US dollar by rising to 80.51. The rupee had closed at 80.79 against the greenback on Friday, after jumping 2% in the previous week, its biggest weekly gain in four years. The rupee got a boost amid a broader weakening of the dollar after lower-than-expected US inflation reading boosted expectations that US Federal Reserve will go for smaller-sized rate hikes in future. (Read More)

14 Nov 2022, 09:07:44 AM IST

Inox Green Energy IPO: GMP, subscription status on day 2. Should you apply or skip?

Inox Green Energy Services, a subsidiary of Inox Wind, launched its initial public offering (IPO) on Friday, November 11, 2022 and the three-day long issue will conclude on Tuesday, November 15, 2022. The company has fixed a price band of 61 to 65 per share for its initial share sale. The company on Thursday said that it collected 333 crore from anchor investors ahead of its public issue.

As per market observers, Inox Green Energy shares are commanding a premium (GMP) of 6 in the grey market today. The shares of the company are expected to list on stock exchanges BSE and NSE on Wednesday, November 23, 2022. (Read More)

14 Nov 2022, 09:06:12 AM IST

Sensex in the flat-to-red territory at the preopen session; Adani Power, LIC, Nykaa in focus

Sensex at Preopen

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Sensex at Preopen
14 Nov 2022, 08:58:50 AM IST

Reliance Securities Stock in Focus for today: Indus Towers


Indus Towers (CMP 192)

In view of better business prospects, likely increase in infra spend by telecom operators, bigger opportunity from 5G roll out and attractive dividend yield of ~5-6%, we have BUY on Indus Towers with a Target Price of Rs225, valuing the stock at a P/E multiple of 10x FY24E earnings.

Intraday Picks


For today’s trade, short position can be initiated in the range of 1135- 1145 for the target of Rs.1115 with a strict stop loss of 1152.


For today’s trade, long position can be initiated in the range of 1980- 1995 for the target of Rs.2015 with a strict stop loss of 1968.


For today’s trade, long position can be initiated in the range of 810- 815 for the target of Rs.835 with a strict stop loss of 800.

14 Nov 2022, 08:57:13 AM IST

Medanta operator Global Health IPO: What GMP reflects ahead of listing date

After the closure of the subscription, bidders are eagerly waiting for Global Health IPO or Medanta IPO listing date, which is most likely on 16th November 2022. The public issue worth 2,205.57 crore was subscribed 9.58 times in three days of bidding from 3rd to 7th November 2022. Meanwhile, the grey market is also dropping signals in regard to listing premium one can expect from the public issue. As per the market observers, shares of Global Health Ltd which operates the multi-speciality Medanta Hospital chain in India, are available at a premium of 23 in the grey market today. (Read More)

14 Nov 2022, 08:53:21 AM IST

Smartphone chip firm MediaTek CEO sees ‘incremental’ move away from Taiwan

Tensions between China and the United States are pushing some manufacturer companies to talk about moving some of their supply chain away from Taiwan as well, although it’s “incremental,” the head of Taiwan’s most important smartphone chip design firm told Reuters over the weekend. (Read More)

14 Nov 2022, 08:47:47 AM IST

Kaynes Technology IPO: GMP rises as last day of issue today. Check subscription status

Kaynes Technology India Limited’s (KTIL) initial public offering (IPO) opened for public subscription on Thursday, November 10, 2022 and will conclude today i.e., Monday, November 14. The price band for the issue is 559-587 per share. The company collected 257 crore from anchor investors ahead of its initial share sale. The IPO got subscribed 1.10 times on the second day of subscription on Friday.

As per market observers, Kaynes Tech shares are available at a premium (GMP) of 115 in the grey market today, higher from 75 in the previous session. The company’s shares are expected to list on November 22, 2022. (Read More)

14 Nov 2022, 08:46:59 AM IST

Funds vanish at bankrupt crypto exchange FTX; probe underway

Collapsed cryptocurrency trading firm FTX confirmed there was “unauthorized access” to its accounts, hours after the company filed for Chapter 11 bankruptcy protection Friday.

The embattled company’s new CEO John Ray III said Saturday that FTX is switching off the ability to trade or withdraw funds and taking steps to secure customers’ assets, according to a tweet by FTX’s general counsel Ryne Miller. FTX is also coordinating with law enforcement and regulators, the company said.

Exactly how much money is involved is unclear, but analytics firm Elliptic estimated Saturday that USD 477 million was missing from the exchange. Another $186 million was moved out of FTX’s accounts, but that may have been FTX moving assets to storage, said Elliptic’s co-founder and chief scientist Tom Robinson.

A debate formed on social media about whether the exchange was hacked or a company insider had stolen funds, a possibility that cryptocurrency analysts couldn’t rule out.

Until recently, FTX was one of the world’s largest cryptocurrency exchanges. It was already short billions of dollars when it sought bankruptcy protection Friday and its former CEO and founder, Sam Bankman-Fried, resigned. (PTI)

14 Nov 2022, 08:46:22 AM IST

Stocks to Watch: LIC, Adani Power, Emami, JK Cement, Nykaa, Patanjali, NHPC, Glenmark Pharma, Punjab & Sind Bank, and Godrej Properties

Bharat Forge, Godrej Industries, Abbott India, Apollo Tyres, Biocon, GMR, IRCTC, and SpiceJet will be among the stocks in focus as they declare their September quarter earnings today. (Read More)

14 Nov 2022, 08:32:41 AM IST

FPIs invest ₹19,000 cr in equities in Nov on softening US inflation, dollar

Foreign investors have infused close to 19,000 crore in Indian equities so far this month, primarily due to moderating trend in the US inflation and softening of the dollar.

This came following a net outflow of just 8 crore last month and 7,624 crore in September, data with the depositories showed.

Prior to these outflows, Foreign Portfolio Investors (FPIs) were net buyers in August to the tune of 51,200 crore and nearly 5,000 crore in July. Before that, foreign investors were net sellers in Indian equities for nine months in a row which started in October last year.

VK Vijayakumar, Chief Investment Strategist at Geojit Financial Services, believes that FPIs are likely to buy more in the coming days as inflation in the US is showing a moderating trend, and dollar and US bond yields are declining. (PTI)

14 Nov 2022, 08:18:01 AM IST

Patanjali posts 31% decline in net profit during second quarter

Patanjali Foods has posted a decline of 31.6% in its standalone net profit to 112.30 crore in the quarter that ended September 30, against 164.30 crore net profit in the year-ago period.

The fast-moving consumer goods firm has posted a jump of 42% in its standalone revenue to 8,514 crore against 5,995 crore in the year-ago period.

The FMCG’s standalone operating profit or Ebidta was down 41.1% to 194.6 crore, against 330.2 in the corresponding period the previous year.

The company said its margin was 2.3% against 5.5% in the year-ago period. (ANI)

14 Nov 2022, 08:16:01 AM IST

INDIA BONDS-Bond yields seen inching up on profit taking; Oct inflation data key

Indian government bond yields are expected to open marginally higher on Monday, as traders look to secure profit after the benchmark bond yield posted its biggest weekly drop in nine months in the previous week.

However, the moves are likely to remain capped, going into domestic retail inflation data due after the day’s trading hours.

The benchmark 10-year yield is likely to be in a 7.28%-7.33% band for the session, a trader with a private bank said. The yield ended lower for a fifth straight session at 7.3069% on Friday, after tumbling 16 basis points last week.

“There is some pullback in U.S. yields, and looking at Friday’s closing trend, we may see some reversal in local bond yields as well,” the trader said. “Inflation figure however remains the key driver for the near term, and bonds may be in a thin range today.” (Reuters)

14 Nov 2022, 08:10:20 AM IST

Fed’s Waller: May cut size of hikes, but not ‘softening’ fight against inflation

The U.S. Federal Reserve may consider slowing the pace of rate increases at its next meeting but that should not be seen as a “softening” in its commitment to lower inflation, Federal Reserve Gov. Christopher Waller said on Sunday.

Markets should now pay attention to the “endpoint” of rate increases, not the pace of each move, and that endpoint is likely still “a ways off,” Waller said in response to a series of questions on monetary policy at an economic conference organized by UBS in Australia. “It depends on inflation.”

“We’re at a point we can start thinking maybe of going to a slower pace,” Waller said, but “we’re not softening…Quit paying attention to the pace and start paying attention to where the endpoint is going to be. Until we get inflation down, that endpoint is still a ways out there.” (Read More)

14 Nov 2022, 08:08:55 AM IST

India’s wheat planting gathers momentum, acreage up nearly 10%

Indian farmers have planted wheat on 4.5 million hectares since Oct. 1, when the current sowing season began, up 9.7% from a year ago, the latest data from the farm ministry showed on Friday.

The Ministry of Agriculture & Farmers’ Welfare will keep updating the provisional crop sowing figures as it gathers more information from state governments.

In India, wheat is mainly produced in the northern states of Punjab, Haryana, Uttar Pradesh and the central state of Madhya Pradesh.

The planting figures are also subject to revision depending on weather conditions. (Read More)

14 Nov 2022, 08:01:01 AM IST

Rustomjee Group firm Keystone Realtors’ IPO opens today. Should you subscribe?

Keystone Realtors Ltd (KRL), which sells properties under the brand ‘Rustomjee’, will be launching its initial public offering (IPO) on Monday, November 14, 2022, and investors will be allowed to subscribe till Wednesday, November 16. The Mumbai-based real estate developer has fixed a price band of 514-541 a share. The company on Friday said it has collected over 190 crore from anchor investors ahead of its issue.

The company is looking to raise 635 crore through the initial share sale, which consists of a fresh issue of equity shares aggregating up to 560 crore and an Offer-For-Sale (OFS) worth 75 crore by promoters. (Read More)

14 Nov 2022, 07:51:07 AM IST

Nykaa shares: Morgan Stanley invests ₹153 crore in FSN E-Commerce Ventures

After hitting a 52-week low of 162.50 on Thursday’s session, FSN E-Commerce Ventures Ltd has been continuously attracting buying interest from FIIs. Latest FII to invest in this fashion stock is Morgan Stanley. In a bulk deal executed on 11th November 2022, Morgan Stanley Asia (Singapore) has bought 8,213,050 Nykaa shares paying 186.40 apiece. This means Morgan Stanley Asia (Singapore) has bought Nykaa shares worth 1,53,09,12,520 or 153 crore.

On 10th November 2022, Norway’s Norges Bank on account of the Government Petroleum Fund bought 3,981,350 Nykaa shares at 173.35 per share price. This means Norges Bank has invested 69,01,67,022.5 or 69 crore. On 10th November 2022, another FII Aberdeen Standard Asia Focus PLC bought 4,272,334 Nykaa shares paying 173.18 apiece. This means Aberdeen Standard Asia Focus PLC invested 73,98,82,802.12 or around 74 crore. This means in the last two days, three FIIs of big repute have bought Nykaa shares worth 290 crore. (Read More)

14 Nov 2022, 07:49:24 AM IST

Punjab & Sind Bank to take call on ₹300 crore QIP in fourth quarter: MD Saha

State-owned Punjab & Sind Bank would take a call on raising equity capital through qualified institutional placement (QIP) after taking into account third quarter numbers and pace of loan growth, the bank’s managing director Swarup Kumar Saha said.

As far as capital adequacy is concerned, the bank is well-capitalised at 15.68 per cent and it can easily take care of business growth this year, he told PTI in an interaction.

However, he said, “There is a need to build some buffer on the equity side. So, we would plan a small amount of capital mobilisation either through equity or bonds, say 250 crore or 300 crore.

14 Nov 2022, 07:48:51 AM IST

Archean Chemical IPO: What GMP reflects ahead of share allotment date

After a strong response given by investors in three days biding from 9th to 11th November 2022, bidders are eagerly waiting for the Archean Chemical IPO allotment date, which is most likely on 16th November 2022. The initial public offering (IPO) of Archean Chemical Industries Limited got subscribed 32.23 times while its retail portion was subscribed 9.96 times. Meanwhile, the grey market premium (GMP) of Archean Chemical IPO is signalling strong vibes. According to market observers, shares of Archean Chemical Industries Limited are available at a premium of 85 in the grey market today. (Read More)

14 Nov 2022, 07:38:35 AM IST

Fusion Microfinance IPO share listing soon. What GMP signals?

After the allotment of shares, bidders of the IPO (Initial Public Offering) are eagerly waiting for the Fusion Microfinance IPO listing date, which is most likely on 15th November 2022. In three days of bidding from 2nd to 4th November 2022, the public issue worth 1,103.99 got subscribed 2.95 times whereas its retail portion was subscribed 0.51 times. Meanwhile, the grey market premium (GMP) of Fusion Microfinance IPO is signalling a tepid listing of the public issue as shares of Fusion Microfinance Ltd are available at a premium of 7 in the grey market today. (Read More)

14 Nov 2022, 07:36:11 AM IST

Adani Power on Friday posted a consolidated net profit of ₹696 crore

Adani Power on Friday posted a consolidated net profit of 696 crore for the September quarter of 2022-23, mainly due to higher one-time income.

In the year-ago period, it incurred a net loss of 231 crore, a company statement said.

Total income was 52 per cent higher at 8,446 crore as against 5,572 crore in the September quarter of 2021-22.

The increase in revenue was aided by improved tariffs under long-term power purchase agreements (PPAs) on account of higher prices of imported coal as well as improved merchant/short-term tariffs due to more demand.

Revenue in the quarter includes one-time income of 912 crore, primarily in the form of higher other income on account of late payment surcharge, it said. (PTI)

14 Nov 2022, 07:35:19 AM IST

LIC’s Q2 net zooms multifold to ₹15,952 cr on gains from higher sales, investments

A 27% jump in premium income and massive gains from changes in its accounting policy along with investment income helped national insurer LIC on Friday report a multifold jump in net income at 15,952 crore in Q2 from 1,434 crore a year ago.

More than 40 per cent of the net income came in from profit from investments which reached 6,798.61 crore, but down from the year-ago period when it had booked 6,961.14 crore.

The bottom line was also boosted by gains from changes in its accounting policy, the nation’s financial powerhouse said in exchange filings.

In the June quarter, which was its first earnings after going public in May with an over 20,530-crore IPO, the insurer had reported a net profit of just 682.9 crore. (PTI)

14 Nov 2022, 07:31:39 AM IST

Go First under DGCA scanner over cancelled flights, delays

Wadia Group-promoted Go First airline has come under the scanner of aviation regulator Directorate General of Civil Aviation (DGCA) on account of a surge in passenger inconvenience due to non-existent flights and massive flight delays, Mint has learnt. “The DGCA will look into the matter and due process will be followed,” a senior aviation ministry official told Mint.

There has been a surge in passenger complaints on social media platforms wherein passengers are finding out after arrival at the airport that the flight they are supposed to take, does not exist, two people aware of the development said. (Read More)

14 Nov 2022, 07:29:20 AM IST

FMCG company Emami declares 400% dividend, posted muted performance in Q2

With a market valuation of 20,511 Cr, Emami Limited is a large-cap company that engages in the FMCG industry. With a remarkable segment of well-known household brand names including BoroPlus, Navratna, Fair and Handsome, Zandu Balm, Mentho Plus Balm, Fast Relief, and Kesh King, Emami Limited is one of the leading personal and healthcare businesses in India. The company has released its Q2 earnings along with a 400% dividend.

The company declared net sales of 807.36 crore in Q2FY23 compared to 777.1 crore in Q2FY22, representing a YoY growth of 3.9%. The company declared revenue from operations of 813.75 crore in Q2FY23 compared to 787.12 crore posted in Q2FY22, representing a YoY growth of 3.4%. The company reported an EBITDA of 195.38 crore in Q2FY23 compared to 277.18 crore posted in Q2FY22, representing a fall of -29.5% YoY. The company reported a net profit of 184.18 crore in Q2FY23 compared to 185.27 crore posted in Q2FY22, representing a YoY fall of -0.6%. The company’s EPS stood flat at 4.17 per share. (Read More)

14 Nov 2022, 07:28:27 AM IST

Wall Street on Friday rallied for the best week since June on rate hopes

Wall Street piled more gains Friday onto its mammoth rally from a day earlier to close out its best week since the summer.

The S&P 500 rose 0.9% a day after soaring 5.5% for its best day in more than two years. The Dow Jones Industrial Average added 32 points to its surge of more than 1,200 from a day earlier, while the Nasdaq composite jumped 1.9%.

Markets got a boost after China relaxed some of its strict anti-COVID measures, which have been hurting the world’s second-largest economy. Hopes for more growth from China helped not only stocks but also oil prices to rise, with U.S. crude gaining 2.9% to $88.96 per barrel.

The main reason for this week’s euphoria in markets was a report on Thursday showing inflation in the United States slowed by more than expected last month. That raised hopes the worst of inflation may have passed and the Federal Reserve can be less aggressive about raising interest rates to get it under control, though analysts cautioned high inflation could be slow to fall and some called Wall Street’s big rally overdone. (AP)

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