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Asia
The Hindu BusinessLine

Domestic flows help cash market defy correction

Indian equities may have fallen sharply in early 2026, but the cash market did not freeze. On the contrary, trading activity increased. In fact, trading activity rose. The average daily turnover (ADT) in the cash market climbed from ₹1.02-lakh crore in December 2025 to ₹1.35- lakh crore in March 2026, even as benchmark indices corrected about 15 per cent. Such resilience during a sell-off was last seen during the Covid-led market crash. The difference this time lay in who was driving the trade. Foreign portfolio investors (FPIs) pulled out nearly ₹1.3-lakh crore in the first three months of 2026, but mutual funds pumped in about ₹1.5-lakh crore, helped by steady SIP flows. The result was a market correction without the usual collapse in cash-market activity, unlike the previous three corrections (see table). In fact, the cash market strength continued even after broader equity sentiment recovered. Cash ADT stood above ₹1.4-lakh crore in both April and May, hitting a two-year high. This indicates that the turnaround was not confined to the correction phase alone. For the January-May period, FPI outflows and mutual fund purchases stood at ₹2.25- lakh crore and ₹2.44-lakh crore, respectively. The latest episode also highlights a structural change in market ownership. During the Covid sell-off, foreign investors remained the dominant force in the market. Over the years, however, domestic institutions have steadily increased their presence. The shift became evident by March 2025, when domestic institutional investor (DII) ownership surpassed that of FPI. The DII share of ownership in Nifty 500 companies expanded from 14.9 per cent in March 2020 to 20.9 per cent in March 2026, an all-time high. Meanwhile, the FPI share dropped from 19.9 per cent to a new low of 17.1 per cent during the same period. The growing influence of domestic investors is also evident in their buying firepower. During the Covid-led sell-off, mutual funds invested a net ₹41,304 crore in equities between January and March 2020. In comparison, net investments by mutual funds during the first three months of 2026 stood at ₹1.53-lakh crore, nearly four times higher. For the January-May period, the figure rose to ₹2.87-lakh crore. This jump underscores the larger role domestic institutions now play in absorbing selling pressure during market corrections. The resilience in turnover has also been aided by a revival in participation among non-institutional investors, particularly in the small- and mid-cap segments. Activity in these pockets had slowed during the correction but has since picked up. “Small- and mid-cap stocks are seeing greater participation from non-institutional investors. Activity in these segments had fallen earlier but has picked up in recent months. That has helped support turnover in the cash market,” said Deepak Jasani, an independent market veteran. Interestingly, the resilience in the cash segment stands in contrast to developments in the derivatives market. While cash market ADT rose during the correction, derivatives turnover remained below the levels seen before SEBI tightened norms in the F&O segment. Average daily derivatives turnover across exchanges declined from ₹472-lakh crore in December 2025 to ₹462-lakh crore in May 2026. However, it has recovered significantly from the low of ₹296-lakh crore recorded in December 2024, shortly after the new regulations came into effect. The sharp decline in late 2024 followed SEBI’s measures aimed at curbing excessive speculation, including higher contract sizes for index derivatives and other changes to the trading framework. Since then, market participants have gradually adapted to the new environment.

Domestic flows help cash market defy correction
Asia
The Hindu BusinessLine

Tech Query: Ashok Leyland, Persistent Systems, Jupiter Life Line Hospitals, Inox Wind - What is the outlook? Where are these stocks headed?

I have bought Ashok Leyland shares at ₹162. Can I accumulate now or wait? What is the outlook? Ashok Leyland (₹157): The trend is down since March.. However, the monthly chart paints a different picture. The 21-Month Moving Average (MMA) has been giving very good support since 2022. The recent bounce is also happening from this 21-MMA. That leaves the bias positive and keeps the chance high for the stock to breach ₹173, a key resistance. Such a break can trigger a fresh rally to ₹270 in a year or two. You can accumulate on dips at ₹149. Keep the stop-loss at ₹128. Move the stop-loss higher to ₹163 as soon as the stock goes up to ₹180. Revise the stop-loss higher to ₹195 and ₹220 when the price touches ₹215 and ₹245 respectively. Exit the stock at ₹260. Can I buy Persistent Systems now? Buy investment time frame will be three to four years? Persistent Systems (₹4,728): The short-term picture is weak. The stock has been struggling to rise past ₹5,600. That keeps it vulnerable fall to ₹4,200-₹4,000, a crucial support zone. Failure to bounce back from this support zone will increase the danger of the price tumbling towards ₹3,500. A strong bounce either from ₹4,000 itself or from ₹3,500 will have the potential to target ₹6,500 on the upside. Considering your investment time frame, you can buy stock in three tranches at ₹4,230, ₹4,110 and ₹3,760. Keep the stop-loss at ₹3,120. Move the stop-loss up to ₹4,640 when the price goes up to ₹5,120. Revise the stop-loss higher to ₹5,380, ₹5850 and ₹6,120 when the price touches ₹5,750, ₹6,050 and ₹6,230 respectively. Exit the stock at ₹6,380. Jupiter Life Line Hospitals (₹1,336): The trend is down since March last year. This fall is happening inside a bear channel. Within that the stock is now moving up from the lower end of this channel. Resistance is in the ₹1,430-₹1,450 region which can be tested in the short term. A downward reversal from this resistance zone will keep the bear channel intact. That in turn can drag the share price down to ₹1,200-₹1,000 in the coming months. A strong break above ₹1,450 is needed to mark the end of the downtrend. Only then the sentiment can turn positive, and the share price can rise to ₹1,800-₹1,900. It is better to stay out of this stock for now. You can consider entering this stock only if it breaks above ₹1,450 from here. I am having Inox Wind shares. My purchase price is ₹129. Can I accumulate now and hold it for one year? Inox Wind (₹90): The long-term trend is down. There are no signs of a bullish reversal yet. Strong resistances are at ₹95 and ₹110. As long as the stock stays below ₹110, there is a danger of seeing a fall to ₹63 in the coming months. In a worst-case scenario, the downside can remain open to see ₹43 as well. A strong break above ₹110 is needed to get a breather. That can trigger a relief rally to ₹140. Ideally the stock has to rise past ₹150 to indicate that the downtrend has ended. Only then the upside will open up for a fresh rally to ₹200 and higher. But that looks unlikely at the moment. Exit the stock and accept the loss. Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments. We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.

Tech Query: Ashok Leyland, Persistent Systems, Jupiter Life Line Hospitals, Inox Wind - What is the outlook? Where are these stocks headed?
Europe
BBC Business

Elon Musk's SpaceX raises $75bn ahead of record stock market debut

SpaceX has raised $75bn (£56bn) from financial firms ahead of it becoming a publicly traded company on Friday, in what is expected to be the highest-value stock listing in history. In a filing with the US Securities and Exchange Commission, the space exploration and artificial intelligence (AI) company said it had sold $75bn in shares priced at $135 each. The share price matches the estimate SpaceX gave last week, leaving the firm's expected initial stock market value to be nearly $1.8tn. At that value, chief executive Elon Musk - already the richest man in the world - is set to become the world's first trillionaire. Once shares start trading, their value could rise or fall depending on how many shares are made available for sale, and how strong the demand is for those shares. If the company's shares sell at or above $135 when trading opens on Friday, SpaceX will immediately become one of the most valuable public companies in the world. However, it is up to investors to decide if they think the shares are worth that much. Interest in acquiring a stake in SpaceX among investment funds and individuals, often referred to as "retail investors," is increasingly expected to be high. Certain financial analysts have already set target prices for the shares above SpaceX's $135 estimate, including the global brokerage Oppenheimer which said on Thursday it expects the company to hit $190 a share. The public price for a share in the company is ultimately decided through what is essentially an auction on the open stock market. Tom Mueller, who was the first official employee of SpaceX and is now the founder of Impulse Space, told the BBC's Michelle Fleury that "it's unbelievable" to see what the company has become. Mueller left SpaceX in 2020 and maintains a considerable financial interest in the firm.

Elon Musk's SpaceX raises $75bn ahead of record stock market debut
North America
CNBC Finance

5 takeaways from airline CEOs' biggest annual gathering

RIO DE JANEIRO — Hundreds of airline leaders gathered in Brazil this week at the International Air Transport Association's annual assembly to discuss high fuel costs, sharply lower profits, engine reliability issues and elusive emission reduction goals, among other things. Toward the end of the assembly in Rio de Janeiro, news broke that Iran and Israel traded strikes for the first time since a ceasefire went into effect in April. For airline executives who have faced ongoing turmoil since the first U.S. and Israeli strikes on Iran on Feb. 28, it seemed like just one more blip in the whipsawing chaos of 2026. Those airline leaders' stance so far has been to wait and see. Fuel costs have more than doubled in some places since the beginning of the Iran war, as the Strait of Hormuz, a key shipping lane, has been effectively closed for much of the time. IATA said airlines globally are absorbing a $100 billion increase in their fuel costs this year, which along with airspace closures due to Middle East attacks curtailing travel, will likely halve airline profits this year. Willie Walsh, the outgoing director general of the organization, said net profits will fall from $45 billion in 2025 to $23 billion in 2026, and that net margins would drop from 4.2% last year to 2% this year. While fares are up, airlines haven't been able to cover the full fuel bill this year, so profits will take a hit. Etihad Airways, based in Abu Dhabi, in the United Arab Emirates, initially felt the effect of the Middle East turmoil this year with lower demand. But Antonoaldo Neves, group chief executive officer of Etihad Aviation Group, said in an interview that the number of tickets are about the same as pre-conflict, seasonally adjusted. United Airlines CEO Scott Kirby, who runs the second-most profitable airline in the U.S., said customers continue to book, even though fares are up about 20% and could rise further if fuel costs continue to increase. He said the resilient bookings surprised even him. "I think the economy is stronger than people think," he told CNBC in an interview. The U.S. is also more insulated from oil supply shocks than other regions because it produces so much. Summer bookings are strong, and airlines are also getting better at managing capacity with high fuel prices, cutting more unprofitable routes and reducing frequencies. The big question remains what happens after the main summer and fall peaks. "That bodes well for a strong northern summer peak season," Walsh said of current trends. "The big unknown is how long travelers and shippers can tolerate the higher costs of connectivity." "If prices will remain the same, yeah, for sure, less people be able to afford to travel," said Kamil Al-Awadhi, former Kuwait Airways CEO and IATA's vice president for Africa and the Middle East.

5 takeaways from airline CEOs' biggest annual gathering
Asia
The Hindu BusinessLine

Andhra govt inks deal with Canva for visual communication in govt schools

The Andhra Pradesh government has inked a deal with Canva to provide free access to the visual communication and design platform for all public school students in the State. The deal was struck on June 18 between the Education Department, Samagra Siksha and Canva, which will also benefit teachers and Education Department officials. "Andhra Pradesh has become the first State in India to facilitate statewide access to Canva for Education for all government school students, teachers and education department officials," an official release said on Saturday. Through this partnership, students will gain access to world-class tools that enable them to create presentations, projects, infographics, videos, graphics and other visual learning content. It will help them to develop essential digital, communication, design-thinking and problem-solving skills required in the 21st-century economy. Based on technical feasibility, Canva will be integrated with the government's LEAP (Learning Excellence in Andhra Pradesh) App, Google workspace ecosystem and chromebooks being deployed in schools. The initiative will create a seamless digital learning environment while enhancing classroom engagement and student creativity, the release said. "Teachers will receive phased capacity-building support through a Training of Trainers (ToT) model. The programme will also promote the responsible and effective use of Artificial Intelligence tools in classrooms, enabling educators to leverage emerging technologies while ensuring safe learning environments," it said. State Council of Education Research and Training (SCERT) will develop dedicated Telugu and English template libraries aligned with the State curriculum and Foundational Literacy and Numeracy (FLN) goals, enabling digital content creation to be more accessible and relevant for students and teachers alike. Besides incorporating robust privacy safeguards, role-based permissions and teacher-controlled AI features to ensure student safety and data protection, the platform will be implemented across the state in four phases to ensure smooth adoption and capacity building. "Through this partnership, Andhra Pradesh is empowering every government school student with access to world-class digital tools that were once available only to a privileged few," said State Human Resource Minister Nara Lokesh. This initiative is another step towards building a future-ready generation and transforming Andhra Pradesh into India's knowledge and innovation capital, he said.

Andhra govt inks deal with Canva for visual communication in govt schools
Asia
The Hindu BusinessLine

Mutual Funds returns

The funds with highest scores are assigned five star rating while the funds with lowest scores are assigned one star rating. Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments. We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.

Mutual Funds returns
Europe
BBC Business

Elon Musk's stratospheric rise to trillionaire status - in charts

Elon Musk became the world's first trillionaire on Friday, following the record-breaking stock market debut of his company SpaceX. With a current estimated net worth of about $1.11tn, according to Bloomberg, Musk sits well above wealthy billionaires topping rich lists, including Google co-founders Larry Page and Sergey Brin, Amazon founder Jeff Bezos, and boss of French luxury goods group LVMH, Bernard Arnault. Musk - who first made waves in the tech industry in the late 1990s - hasn't always topped the rich list though. In January 2020, he was only the 35th richest person in the world, with a fortune of around $28bn. But his wealth took off that year as the value of his two biggest companies - electric carmaker Tesla and space exploration and AI firm SpaceX - began to grow sharply. Musk holds large stakes in both businesses. The long-scroll chart below traces this volatile journey over the last six years. His wealth trajectory mimics a jagged mountain range, with dramatic surges and steep declines driven by swings in Tesla's share price, the rising value of SpaceX, and shifts in political and investor sentiment during his time in the Trump administration. By January 2021, the tech mogul had risen to become the world's richest person, briefly overtaking Jeff Bezos. But his fortune dipped in 2022 amid a downturn in US tech stocks, and fell sharply again in early 2025, as investor concerns over his role in the Trump administration coincided with a slump in Tesla's share price. Each time, he has come back stronger. Now a trillionaire, Musk is almost four times richer than his nearest rival Larry Page, and more than five times richer than Meta boss Mark Zuckerberg. But what does a thousand billion dollars (that's a one followed by 12 zeros) actually look like? The chart below breaks this unimaginable sum down, dot by dot, comparing his total wealth to other high-profile figures, government spending budgets and luxury assets. It's important to remember that Musk's wealth is mainly made up of stock holdings that can rise or fall depending on investor sentiment. Indeed in February, the tech mogul said on X that less than "0.1%" of his net worth was held in cash. Musk currently owns a 12% stake in Tesla, a company with a market valuation of around $1.5tn, and a 42% stake in SpaceX, which is now worth more than $2tn. Many of his shares have been pledged as collateral against personal loans.

Elon Musk's stratospheric rise to trillionaire status - in charts
Asia
The Hindu BusinessLine

Unified authority to monitor Periyar river cleanliness important; lives at stake: Keralam HC

The Keralam High Court has stressed the need for a unified authority to monitor the cleanliness of the Periyar river, saying that lives of millions are at stake and all stakeholders, including the State government, need to behave responsibly and discharge their obligations. A bench of Chief Justice Soumen Sen and Justice Syam Kumar V M noted that in view of the importance of the Periyar river in the State, the need for a unified authority to monitor it "does not require any further emphasis." The court said that the government had earlier suggested the creation of an Integrated River Basin Conservation and Management Plan back in September, 2025. "The lives of millions are at stake and we should not wait for doomsday to arrive. We expect all the stakeholders to behave responsibly and discharge their obligations in order to ensure that all preventive and remedial measures are taken to save the Periyar river," the bench said. The observation came while hearing a plea to curb the pollution of Periyar river by preventing dumping of effluents into it from industries and the Aluva Market. The petitioner, K S R Menon, told the court that there was an urgent need to have a unified authority to monitor the purity of the river as no such body was in existence currently. The bench also directed the Kerala State Pollution Control Board to give a revised time schedule for setting up a Sewage Treatment Plant (STP), to curb pollution of the river, and to strictly follow the same as such a system was "essential for protection of bio-diversity and the flora and fauna" connected with the waterbody. It issued the direction after the Board told the court that the earlier timeline given by it could not be followed due to the state assembly polls. Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments. We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.

Unified authority to monitor Periyar river cleanliness important; lives at stake: Keralam HC
Asia
The Hindu BusinessLine

India, South Korea discuss deeper cooperation in digital governance and public services

The talks between Minister of State for Personnel Jitendra Singh and Korean Interior and Safety Minister Yun Hojung focused on a proposed MoU covering e-governance, AI applications in public services, capacity building and grievance redress systems. | Photo Credit: iStockphoto India and South Korea on Saturday discussed possible cooperation between the two countries in digital governance, e-government, public administration, capacity building and citizen-centric service delivery. The discussion came up during a meeting between Republic of Korea Minister of Interior and Safety Yun Hojung and Union Minister of State for Personnel Jitendra Singh. The two leaders, accompanied by respective delegations, held bilateral talks lasting over an hour, a statement issued by the Personnel Ministry said. Singh said that the ministries concerned of both the countries are in active discussion for finalisation of a Memorandum of Understanding (MoU) to promote cooperation in the field of public administration and government innovation. Discussions between the two sides focused on strengthening collaboration in areas such as digital transformation of government services, application of emerging technologies, including Artificial Intelligence, in public administration, capacity building of civil servants, citizen participation in governance, and best practices in public grievance redressal systems, it said. Welcoming the Korean delegation, Singh highlighted India’s significant strides in digital governance, public service delivery, and grievance redressal mechanisms under the leadership of Prime Minister Narendra Modi. The Union minister said India and Korea are both vibrant democracies with shared values, heritage and commitment to rule of law. He said that both the countries are bound together by the historical ties of the marital connection between Princess Suriratna of Ayodhya and King Suro of then Gaya’s confederacy and stressed that the strong bonds still have great resonance. Singh also talked about the recent visit of President Lee Jae Myung that has led to forward-looking outcomes across key sectors including trade and investment, ports and maritime affairs, digital and fintech, science and technology, culture, sports, etc. He highlighted Indiaâs initiatives such as CPGRAMS (Centralised Public Grievance Redress and Monitoring System) portal, Digital Life Certificate for pensioners and the use of technology-enabled governance platforms to improve service delivery and transparency. The Korean side shared experiences in smart governance, digital public services, and disaster and safety management, the statement said.

India, South Korea discuss deeper cooperation in digital governance and public services