Rally extends

Nifty50: 17,325 ▲ 103 (+0.6%)
Sensex: 57,943 ▲ 350 (+0.6%)

• Amid the hopes of Russia-Ukraine peace talks and positive cues from international indices, the market closed in the green for the second consecutive day.
• Meanwhile, international crude oil prices continue to remain volatile. Consequently, the fuel prices in India are rising and could lead to building up of inflationary pressure. 
• Out of the Nifty50 pack, 32 stocks ended in the green.

Among the Nifty sectoral indices, Pharma (+1.5%) and Financial services(+1.0%) were the top gainers, while Media (-1.22%) and PSU Bank (-0.8%) were the top losers.  

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Here are the top stories of the day.

Bharti Airtel extends rally 

Shares of Airtel rose on the back of strong investor interest. Recently, the company prepaid ₹8,815 crore of spectrum dues to cut down interest expenses. In the last three months, this is the second payment by the company on the back of strong cash flow generation, equity infusion and borrowing at lower interest rates.  

The telecom major is also planning to obtain a 4.7% stake in Indus Towers from Vodafone for an amount of ₹2,388 crore, at ₹187.88 per share - about 15% lower than today’s close. 

Oil prices cool off

Oil prices dived this week as Shanghai went into lockdown and reignited fears of  a drop in energy demand in China. This has impacted the global oil market as China is the world's largest consumer of crude.

Meanwhile, US crude oil prices are down nearly 8% so far this week.

India’s GDP to grow 7.8% in FY23

India is expected to be the fastest growing economy in the Asia Pacific region in FY23, according to an S&P Global report. The rating agency has pegged India’s GDP growth forecast at 7.8% for the upcoming financial year. Meanwhile, Asia Pacific nations’ GDP growth rate is expected at 5.1% in 2022, and about 4.5% in the 2023-2025 period. 

The report also noted that consumer inflation is a major challenge for India, as oil and other commodity prices remain elevated. S&P Global expects India's average consumer inflation to be at 5.4% in FY23.

IPO corner

On Day 1, the IPO of edtech player Veranda Learning Solutions was subscribed 74%. Retail investors showed strong interest with the retail portion being oversubscribed around 4 times. Click here to apply for this IPO on Upstox. 

Meanwhile, steel products maker Hariom Pipe Industries will launch its ₹130 crore IPO tomorrow. Click here to pre-apply for this IPO.

Good to know

What is hard landing?

Hard landing is a term borrowed from the aviation industry. It refers to a shift in the economy from rapid growth to a sudden slowdown, occasionally leading to recession. Such an event occurs when the government takes measures to balance inflation. 

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