Sensex Drops 600 Points, Nifty Holds 24,000; RIL, D-Mart Lead Activity

French startup Mistral has launched its latest AI model, Mistral Medium 3, which is making waves by outperforming popular models like Claude Sonnet 3.7 and GPT-4o. This new model is not only efficient but also significantly cheaper, making it accessible for businesses. Mistral Medium 3 can be integrated into various applications through its AI assistant, Le Chat Enterprise. It excels in professional tasks like coding and understanding complex language. With features like easy deployment and hybrid options, it's set to accelerate enterprise usage and promises even more powerful models in the near future.

Google has launched an exciting new project called “100 Zeros” to explore innovative film and TV productions. This initiative, in partnership with Range Media Partners, aims to address the challenges of rising production costs while promoting the use of cutting-edge technologies like Artificial Intelligence (AI). Notably, Google previously supported the indie horror film “Cuckoo” and is now set to release two new films, "Sweetwater" and “LUCID”. The focus is on creating stories that incorporate AI, without relying on YouTube for distribution, which shows a shift towards traditional studios and streaming platforms like Netflix.

The Indian rupee faced its worst day since February 2023, depreciating over 1% to close at 84.83 against the US dollar. This decline is largely due to increased geopolitical tensions following India's military strikes in Pakistan, which raised fears of escalation. Analysts suggest that the rupee's drop is also influenced by a stronger US dollar and rising crude oil prices. Recent events, including drone attacks from Pakistan, have led to heightened uncertainty in the market. If conditions worsen, the rupee could depreciate further, with predictions of it reaching levels between 86.00 and 86.50.

Before the International Monetary Fund (IMF) reviews its financial help to Pakistan, India's Foreign Secretary Vikram Misri urged the IMF Board to carefully consider the facts. He highlighted the lack of success in many past bailout packages given to Pakistan over the last thirty years. With $6.23 billion in outstanding loans to Pakistan, Misri questioned whether these funds effectively supported the country. India is also pushing multilateral banks to restrict aid to Pakistan due to rising tensions and concerns over funding terrorism. The situation is critical, especially after recent violent incidents.

The Indian stock market faced a downturn on Thursday as the Sensex and Nifty indices closed lower due to rising tensions between India and Pakistan. The Sensex fell by 0.51%, while the Nifty dropped by 0.58%. Investors were anxious, leading to profit booking across most sectors, except for a few in the IT space. The volatility index, India VIX, surged, reflecting growing fears of a potential market sell-off. With the rupee's decline against the US dollar, there are concerns that foreign investors might shift their investments to safer options abroad. Overall, the market remains cautious amidst geopolitical uncertainties.

Two former officials of IndusInd Bank are under investigation for insider trading during a period of accounting irregularities in the bank's derivative portfolio. An audit report by Grant Thornton revealed that these officials, Kathpalia and Khurana, traded shares while aware of the bank's financial issues. Between 2023 and 2024, they sold shares worth Rs 239 crore, raising questions about their trading practices. Although earlier reports from the market regulator, Sebi, suggested no wrongdoing, the situation changed when the bank faced a significant drop in its stock price. This scandal has drawn attention to the bank's management and its accountability in handling financial discrepancies.

The recent tensions between India and Pakistan escalated when Pakistani drones attacked various locations along the western borders. The Indian Armed Forces swiftly engaged these threats, ensuring no losses were reported. In Jammu, the situation turned chaotic with loud explosions and a complete blackout as military stations were targeted. Panic spread among residents as heavy artillery fire was reported from Pakistan. Precautionary measures included a blackout at Srinagar airport and the activation of air defense systems. Early Friday, heavy shelling continued along the Line of Control, causing damage to homes and resulting in casualties.

US Vice-President JD Vance recently stated that the ongoing conflict between India and Pakistan is "none of their business," sparking discussion about a shift in American foreign policy. Michael Kugelman, a South Asia expert, believes Vance's comments reflect a trend from the Trump administration that suggests the US should avoid overextending itself in global affairs. While the US expresses hope for de-escalation between the two nations, Kugelman notes that it is unlikely to invest significant diplomatic efforts in mediating their conflict. This stance marks a notable change from previous US involvement in such matters.

Ajay Devgn's movie Raid 2, which hit theaters on May 1, has made quite an impact at the Indian box office. Despite facing competition from films like Akshay Kumar's Kesari Chapter 2, the movie earned an impressive ₹96.11 crore in its first eight days. Although it fell short of the ₹100 crore milestone, it still marked a successful run. Trade analyst Taran Adarsh noted that despite a drop in earnings over the week, Raid 2 is a hit. The film’s high-stakes narrative, featuring a confrontation with a powerful political figure, has attracted audiences, particularly in cities like Chennai and Bengaluru.

Reliance Industries Ltd (RIL) has applied for a trademark for "Operation Sindoor," which refers to India's military action against terrorist bases in Pakistan. This move, along with similar applications from others, aims to use the term for entertainment purposes, including films and web series. Notably, retired Air Force officer Kamal Singh Oberh and lawyer Alok Kumar Kothari have also filed applications to use the trademark for cultural and educational activities. The trademark falls under Class 41, allowing its exclusive use for various entertainment services such as shows, competitions, and exhibitions, sparking interest in how this term will be utilized in arts and media.

Indian AI startup Sarvam has launched Bulbul-V2, an innovative text-to-speech model that supports 11 Indian languages. This Bengaluru-based company promises authentic accents that resonate with Indian speakers. Bulbul-V2 sets new standards for speech AI in India, making technology more accessible with affordable API pricing and low-latency performance. It features human-like speech with adjustable pitch, pace, and loudness, allowing users to customize their audio experience. With the ability to handle mixed-language content and real-time synthesis, Bulbul-V2 aims to be a strong competitor in the global market, enhancing communication across diverse Indian languages.

Air India is making headlines by acquiring six Boeing 777-300 ER planes, ending a seven-year gap in purchasing this type of aircraft. This decision comes as the airline, recently bought by the Tata Group, expands its fleet to meet the rising demand for air travel. The planes, which are known for their long-range capabilities, were previously leased from Etihad Airways. With a significant retrofit program for their older aircraft also underway, Air India is focusing on modernizing its fleet. This strategic move aims to enhance passenger experience and navigate challenges in the global supply chain.

India's $30 billion media and entertainment industry faced a shocking announcement from US President Donald Trump, who declared a 100% tariff on movies made outside the US. This decision has raised concerns among Indian filmmakers, fearing that it could drastically reduce box office earnings as ticket prices soar, potentially impacting revenues that range between ₹800 crore and ₹1,000 crore annually. While some experts predict limited effects due to the small number of Indian films released in the US, others worry about the overall repercussions for the industry. The Indian government has been promoting the country as a global content hub, but Trump's move could challenge these efforts.

Apple Inc. is planning to overhaul its Safari web browser, aiming to incorporate AI-powered search engines. This change comes as they reconsider their longstanding partnership with Google, which has made Google the default search engine for Apple devices. Eddy Cue, Apple’s senior vice president, revealed this during a lawsuit against Alphabet Inc., indicating that other AI options might soon be available. The shift could significantly affect how users search on iPhones, introducing more competition in the AI search market. Investors reacted negatively, causing shares of both Apple and Alphabet to drop. This change marks a new era for Apple as it explores various AI technologies to enhance user experience.

India and the UK are on the verge of finalizing a major trade deal, which has been in the works since Boris Johnson's time as Prime Minister. This deal is crucial for India as it aims to strengthen its position in global supply chains, especially with rising tensions between the US and China. The agreement is expected to enhance India's negotiating power for future agreements with the European Union, potentially benefiting various sectors, including services. The collaboration comes at a time when many countries, including the UK, are looking to reduce their reliance on Chinese imports, making this deal a significant step for India's economy.

The domestic stock market showed slight gains on Wednesday after a volatile trading session, driven by caution following India's launch of "Operation Sindoor" targeting terror sites in Pakistan. This military action aims to retaliate against the recent Pahalgam terror attack. Despite the market's fluctuations during the day, it managed to recover from its lows, with analysts suggesting a mix of cautious optimism and stock-specific activity in the coming days. Foreign investors have been actively buying shares, supporting market resilience even as tensions remain high due to geopolitical issues.

Billionaire Elon Musk's Starlink has finally received approval from the Indian government to start offering satellite internet services, nearly three years after applying. This regulatory nod comes after a thorough review focused on national security. With this approval, Starlink is set to compete with local telecom operators like Jio and Airtel to provide internet to urban families, although its services may be pricier. Satellite internet offers wider coverage and a strong network, making it an attractive option, especially in remote areas. The government has also laid down guidelines for local manufacturing and data security, ensuring that operations align with Indian regulations.

Mumbai's Chhatrapati Shivaji Maharaj International Airport will be closed for six hours on 8 May for essential maintenance work. From 11 AM to 5 PM, both main runways will be shut down to prepare for the upcoming monsoon season. Passengers are advised to check their flight schedules to avoid inconvenience. A notice was given six months prior to airlines, ensuring they could adjust their plans. This maintenance is vital for the airport's infrastructure, allowing specialists to inspect runways and prevent waterlogging issues. Akasa Air and IndiGo have already informed travelers about potential flight changes.