Indian equity markets closed the week on a weaker note, with benchmark indices slipping amid sustained foreign investor selling and a sharp rise in global crude oil prices.

The Nifty 50 declined by 0.73 per cent over the week and fell 0.74 per cent on the final trading session to settle at 23,997. Meanwhile, the BSE Sensex dropped 582 points on the day, ending at 76,913, marking a weekly loss of 0.97 per cent.

Market sentiment remained cautious as geopolitical tensions, particularly disruptions in the Strait of Hormuz, continued to unsettle global markets. The situation has contributed to elevated crude oil prices, which climbed to around $126 per barrel — their highest level in four years — raising concerns over inflation and potential fuel price increases.

The surge in oil prices has also put pressure on the Indian rupee and heightened fears of capital outflows, given India’s dependence on energy imports.

Sectorally, most indices ended in negative territory. Metal, public sector banking, realty and FMCG stocks were among the worst performers. However, information technology and pharmaceutical shares showed relative resilience, providing some support to the market.

Broader markets presented a mixed picture. While the Nifty Midcap100 index edged down by 0.28 per cent, the Nifty Smallcap100 index managed to gain 1.62 per cent during the week, indicating selective buying interest beyond large-cap stocks.

Despite the overall weakness, early corporate earnings for the fourth quarter of FY26 offered some optimism. Investors appeared to favour defensive and consumption-driven sectors such as healthcare, telecom and energy, which outperformed amid the volatility.

Analysts noted that persistent geopolitical risks and inflationary pressures could keep the US Federal Reserve inclined towards a tighter monetary stance through 2026, adding to uncertainty around interest rates globally.

Looking ahead, the Nifty 50 is expected to trade within a narrow range of 23,500 to 24,500 in the near term. The banking index underperformed the broader market, with the Bank Nifty ending the week at 54,863, down 2.56 per cent.

Experts anticipate continued consolidation in banking stocks, with the index likely to move within a broad band of 54,000 to 57,500, driven largely by stock-specific action during the ongoing earnings season.

With IANS inputs

Businesses and bulk users woke up to a sharp spike in fuel costs on Labour Day, with state-run oil marketing companies raising prices of commercial LPG cylinders by an average of Rs 993 — a move that came without any prior public discussion and is expected to ripple through food and service sectors.

In Delhi, a 19 kg commercial LPG cylinder now costs Rs 3,071.50, up from Rs 2,078.50, while in Mumbai the price has climbed to Rs 3,024 from Rs 2,031. This is the third increase since late February, when geopolitical tensions in West Asia began driving up crude oil prices. Restaurants, caterers and small businesses are likely to pass on the burden, potentially pushing up prices of meals and delivery services.

The price shock coincides with tighter rules for LPG access. From 1 May, new booking restrictions have come into force: urban consumers must now wait 25 days between cylinder bookings, up from 21 days, while the interval in rural areas has been extended to as much as 45 days.

In addition, a Delivery Authentication Code (DAC) system has been made mandatory. Consumers will receive a one-time password on their registered mobile number when booking a refill, which must be provided at delivery, replacing earlier verification methods such as physical documents.

The twin moves — higher commercial prices and stricter booking norms — have drawn attention for their timing, landing on Labour Day and affecting both businesses and households dependent on regular fuel access.

Even as these changes take effect, oil companies have kept several key fuel prices unchanged. In a statement issued early on Friday, IndianOil said there has been no revision in aviation turbine fuel (ATF) for domestic airlines, nor in the retail rates of petrol, diesel and subsidised LPG cylinders.

According to the company, about 80 per cent of petroleum products have seen no price change, around 4 per cent have become cheaper, and 16 per cent — mainly industrial fuels — have recorded increases in line with global benchmarks.

ATF prices, usually revised at the start of each month, were left untouched as companies opted to absorb rising input costs. Household LPG cylinders (14.2 kg), used by roughly 330 million consumers, also remain at existing rates, as does kerosene supplied through the public distribution system.

Despite holding retail prices steady, reports indicate that oil marketing companies are facing mounting financial strain as they continue to sell fuels at unchanged rates while procuring crude at elevated prices exceeding $120 per barrel. Industry sources suggest they may seek government support to offset growing under-recoveries.

Selective price increases, however, have been implemented for premium petrol, bulk diesel and ATF used in international aviation, aligning those segments more closely with global trends.

The developments underscore a calibrated but uneven pricing strategy — shielding household consumers on paper while shifting a growing share of the burden onto commercial users and tightening access through new booking constraints.

With PTI inputs

Indian equity markets recovered part of their early losses on Thursday, with the BSE Sensex and Nifty 50 rebounding in afternoon trade after a weak start to the session.

By 1:44 pm, the Sensex was down 423.95 points, or 0.55 per cent, at 77,072.41, while the Nifty fell 155.15 points, or 0.64 per cent, to 24,022.50. The Nifty managed to reclaim the key psychological level of 24,000 after slipping below it earlier in the day, while the Sensex recovered nearly 800 points from its intraday low.

Market breadth remained negative, with declines outpacing advances, indicating that selling pressure persisted despite the partial recovery.

Analysts attributed the rebound primarily to value buying, as investors stepped in to pick up stocks after benchmark indices had dropped more than 1.2 per cent during morning trade. Buying interest was particularly visible in information technology and pharmaceutical stocks.

V.K. Vijayakumar of Geojit Investments said investor focus is gradually shifting towards companies reporting stronger-than-expected fourth-quarter earnings and offering positive business outlooks, creating selective opportunities despite broader uncertainty.

The session also coincided with the monthly derivatives expiry for the Sensex, which typically leads to heightened volatility. The India VIX, a measure of market volatility, eased slightly from its intraday high, reflecting some stabilisation in investor sentiment.

Global factors continued to influence market direction. Brent crude prices, which had surged earlier to multi-year highs amid geopolitical tensions, moderated during afternoon trade. Oil prices had spiked following reports that Donald Trump was set to review new military options related to Iran, raising concerns over supply disruptions in the Middle East.

From a technical perspective, analysts noted that the Nifty’s immediate support lies in the 23,900–23,800 range, while resistance is seen between 24,200 and 24,300. A sustained move above higher levels would be required to confirm a stronger upward trend.

Market participants are expected to remain cautious in the near term, with movements likely to be driven by global developments, oil price fluctuations and domestic earnings announcements.

With PTI inputs

Indian equity markets fell sharply on Thursday, with the BSE Sensex plunging more than 1,200 points and the Nifty 50 slipping close to the 23,800 mark, as a surge in crude oil prices and weak global signals dampened investor sentiment.

By late morning, the Sensex was down 1,226 points, or 1.58 per cent, at 76,270, while the Nifty dropped 370 points, or 1.53 per cent, to 23,806. The broader market also witnessed heavy selling, with declining shares significantly outnumbering gainers, indicating widespread pressure across sectors.

The downturn follows a brief recovery in the previous session, but renewed concerns over global energy prices and persistent foreign investor selling weighed heavily on the market.

A sharp rise in crude oil prices emerged as a key trigger. Brent crude climbed around 5 per cent to trade near $124 per barrel, fuelling fears of inflation and potential disruption to global supply chains. The spike comes amid geopolitical tensions and discussions led by Donald Trump with oil producers over possible supply constraints linked to Iran.

Higher oil prices are particularly concerning for India, one of the world’s largest importers of crude, as they threaten to push up inflation, weaken the currency and strain economic growth.

Global market sentiment also remained fragile. Overnight, US equities closed mixed, while Asian markets traded lower, reflecting uncertainty following signals from the Federal Reserve that it would maintain a cautious stance on interest rates.

The Fed has held rates steady in the range of 3.50 to 3.75 per cent, adopting a wait-and-watch approach as inflation remains above target levels.

Foreign institutional investors continued to exert pressure, offloading equities worth over Rs 2,400 crore in the previous session. Sustained outflows from overseas investors have been a major drag on large-cap stocks in recent weeks.

Market volatility also spiked, with the India VIX rising more than 11 per cent, signalling heightened nervousness among investors amid geopolitical uncertainty and sharp movements in oil prices.

Selling was broad-based across sectors. Banking, auto, realty and metal stocks all recorded notable declines, while mid-cap and small-cap indices also slipped. The Nifty IT index was among the few segments to remain resilient.

Among individual stocks, Bajaj Finance led the gainers, while several others, including InterGlobe Aviation and Axis Bank, featured among the major losers.

Meanwhile, the Indian rupee weakened to a record low against the US dollar, reflecting concerns over rising energy costs and global monetary tightening. Bond yields also edged higher, tracking movements in US yields and oil prices.

Analysts said the market remains in a fragile phase, with downside risks persisting as long as geopolitical tensions and inflationary pressures continue to dominate investor sentiment.

With PTI inputs

Global equities delivered a patchy performance on Wednesday, taking cues from a subdued session on Wall Street, while oil prices surged more than 3 per cent amid lingering uncertainty over how — and when — the Iran conflict will end.

US futures hinted at a tentative stabilisation, with contracts for the S&P 500 and the Dow Jones Industrial Average inching up by less than 0.1 per cent.

Attention remained fixed on the Federal Reserve, which was widely expected to leave its benchmark interest rate unchanged at 3.6 per cent as it concludes its policy meeting later in the day. Policymakers largely view this level as a balancing act — restrictive enough to curb inflation by dampening borrowing and spending, but not so tight that it risks derailing hiring or pushing up unemployment.

Across Europe, markets leaned negative in early trade. Britain’s FTSE 100 fell 0.6 per cent to 10,269.06, Germany’s DAX slipped 0.3 per cent to 23,958.39, and France’s CAC 40 dropped 0.6 per cent to 8,054.38.

Asian markets offered a more upbeat counterpoint — though not without caveats. Japan remained shut for a public holiday, but elsewhere gains were more visible. South Korea’s Kospi climbed 0.8 per cent to 6,690.90, Hong Kong’s Hang Seng jumped 1.7 per cent to 26,111.84, and China’s Shanghai Composite rose 0.7 per cent to 4,107.51.

Australia’s S&P/ASX 200 edged 0.3 per cent lower to 8,687.00, Taiwan’s Taiex slipped 0.6 per cent, while India’s Sensex advanced 0.9 per cent — a reminder that risk appetite hasn’t entirely vanished, just become selective.

Oil, meanwhile, stole the spotlight — and not in a reassuring way. Brent crude for June delivery climbed 3.1 per cent to USD 114.70 a barrel, while July contracts rose 3 per cent to USD 107.61. For context, Brent had been hovering near USD 70 before hostilities escalated in late February.

Benchmark US crude followed suit, gaining 3.4 per cent to USD 103.32 a barrel.

Markets are also closely watching the OPEC after the United Arab Emirates announced it would exit the cartel from Friday. With OPEC accounting for roughly 40 per cent of global oil supply, the move has injected fresh uncertainty into an already tense energy landscape. The UAE, one of the group’s biggest producers, has long chafed under output limits, signalling a desire to pump more.

Initially, the news nudged prices lower on expectations of increased supply.

“The UAE's exit will increase (oil) output,” ING Bank strategists Warren Patterson and Ewa Manthey wrote in a research note. “The UAE has been increasingly frustrated over recent years by its output being constrained by OPEC production quotas, which have kept it well below its potential.”

“However, before this can be tapped, there must be a resolution in the Persian Gulf that allows for uninhibited energy flows through the Strait of Hormuz once again," they added.

That caveat is doing a lot of heavy lifting. With US-Iran negotiations stuck and the Strait of Hormuz — through which roughly a fifth of global oil once flowed — still largely shut, near-term price movements hinge heavily on whether the vital corridor reopens.

Tehran has floated reopening the strait if Washington lifts its naval blockade, but the US appears unwilling to entertain any agreement that sidesteps Iran’s nuclear programme — leaving both sides entrenched.

Back on Wall Street, Tuesday’s session saw a pullback from recent highs. The S&P 500 fell 0.5 per cent, the Dow dipped 0.1 per cent, and the Nasdaq slid 0.9 per cent.

Tech and AI-linked stocks led the retreat, suggesting that even market favourites are not immune to nerves. Broadcom dropped 4.4 per cent, Nvidia fell 1.6 per cent and Micron Technology lost 3.9 per cent. Investors are also bracing for earnings from Alphabet, Amazon, Microsoft and Meta Platforms later on Wednesday.

In currency markets, the US dollar edged up to 159.77 Japanese yen from 159.62 yen, while the euro slipped slightly to USD 1.1701 from USD 1.1712.

For now, markets seem caught between two competing forces: cautious confidence in central bank stability, and a geopolitical overhang that refuses to fade.

With AP/PTI inputs

The Enforcement Directorate has provisionally attached assets worth Rs 3,034.9 crore in connection with the Reliance Communications (RCom) bank fraud case, taking the total value of assets linked to investigations involving the Reliance Anil Ambani Group to over Rs 19,344 crore.

The action has been carried out under provisions of the Prevention of Money Laundering Act (PMLA), with the agency stating that the move is aimed at preventing the dissipation of assets and safeguarding the interests of lenders and the public.

The case is being examined by a special investigation team set up on the directions of the Supreme Court of India, focusing on alleged diversion and laundering of funds within the group.

The probe stems from multiple FIRs registered by the Central Bureau of Investigation following complaints by major financial institutions, including the State Bank of India, Punjab National Bank, Bank of Baroda and Life Insurance Corporation of India.

According to investigators, RCom and its affiliated entities had secured loans from domestic and international lenders, with outstanding dues amounting to approximately Rs 40,185 crore.

Among the assets attached are high-value properties linked to the promoter group, including a residential flat in Mumbai’s Usha Kiran building, a farmhouse in Khandala near Pune, and land in Sanand, Ahmedabad. The agency has also attached 7.71 crore shares of Reliance Infrastructure held through a group entity associated with a private family trust.

The ED alleged that certain assets were structured in a manner intended to shield them from liabilities arising from personal guarantees extended by Anil Ambani to lenders. It claimed these properties were meant for the benefit of the promoter family rather than for recovery by banks whose loans later turned non-performing assets.

Under the legal framework of the PMLA, such attached assets can eventually be restored to legitimate claimants, including banks that have suffered losses, following due process.

The agency said investigations are ongoing as it continues efforts to trace and secure assets linked to alleged financial irregularities in the case.

With IANS inputs

Google has announced that users in India can now store Aadhaar-based verifiable credentials in Google Wallet, enabling secure and convenient identity verification for a range of everyday services.

The feature, developed in collaboration with the Unique Identification Authority of India (UIDAI), allows individuals to confirm their identity directly from their devices without relying on physical documents. It is designed with privacy safeguards such as selective disclosure, ensuring that only the necessary information is shared when required.

According to the company, the new capability can be used for purposes such as age verification at entertainment venues and facilitating trusted interactions across digital platforms. Early partners include PVR INOX for age checks and rewards, BharatMatrimony for verified profiles, and Atlys for simplifying international visa applications.

Additional collaborations are expected, with Mygate planning to use the system for verifying delivery and service personnel, and Snabbit exploring its use for trust-based checks within the gig economy.

Google said security, privacy and interoperability are central to the rollout, with the technology aligned to global standards for digital identity.

The company also highlighted similar developments in other markets, noting that users in countries such as Singapore, Taiwan and Brazil can now create digital ID passes linked to passport data and store them in Google Wallet for both online and in-person verification.

Digital identification tools are increasingly being positioned as a simpler alternative to physical documents, offering quick access and improved convenience.

Separately, Google said it has expanded its AI-powered Search Live feature worldwide, allowing users to engage in real-time, voice- and camera-based interactions. The update is supported by its latest model, Gemini 3.1 Flash Live, which the company says enables more natural and multilingual conversations.

With IANS inputs

China has stepped in to halt the proposed acquisition of artificial intelligence startup Manus by US technology group Meta, underscoring growing scrutiny over foreign involvement in advanced domestic technologies.

The country’s National Development and Reform Commission (NDRC) announced on Monday that it would prohibit the foreign takeover of Manus, although it did not explicitly name Meta.

Al Jazeera reported that the intervention reflects rising concern in Beijing about the transfer of Chinese-developed AI expertise and intellectual property to overseas buyers, particularly from the United States.

The legal basis for overturning the deal remains unclear, especially given that Manus is headquartered in Singapore. It is also uncertain how regulators would unwind a transaction that has already been completed.

Manus, originally founded with Chinese ties but now operating from Singapore, develops general-purpose AI agents capable of carrying out complex tasks with minimal human input. The company has positioned itself as a player in next-generation automation tools.

In a brief statement, the NDRC said its decision was made in accordance with national laws and regulations. Meta, headquartered in California, responded by stating that the acquisition complied with all relevant legal requirements and that it expected a satisfactory outcome following discussions with regulators.

The dispute has drawn attention in Washington as well. A spokesperson for the White House said the US administration would continue to protect American technology firms from what it described as inappropriate foreign interference.

Meta first revealed plans to acquire Manus in December, in what was seen as an unusual move by a major US technology company to purchase an AI business with strong links to China. The acquisition was expected to bolster Meta’s artificial intelligence capabilities across its platforms.

At the time, Meta said the deal would eliminate any ongoing Chinese ownership in Manus and that the company would cease its operations within China.

However, Chinese authorities indicated in January that they would review whether the acquisition aligned with domestic regulations. The scrutiny followed a series of restructuring steps by Manus. After raising $75 million in a funding round led by US venture capital firm Benchmark in May 2025, the company shut its offices in China and laid off staff before shifting operations to Singapore.

This relocation allowed its parent company, Butterfly Effect, to re-establish itself outside China, potentially avoiding both US investment restrictions on Chinese AI firms and Chinese controls on the overseas transfer of technology and capital.

China’s attempt to block the deal comes shortly before a planned summit in Beijing between US President Donald Trump and Chinese President Xi Jinping in mid-May, adding another layer of tension to an already complex technological rivalry between the two countries.The intervention reflects rising concern in Beijing about the transfer of Chinese-developed AI expertise and intellectual property to overseas buyers, particularly from the United States.

The legal basis for overturning the deal remains unclear, especially given that Manus is headquartered in Singapore. It is also uncertain how regulators would unwind a transaction that has already been completed.

Manus, originally founded with Chinese ties but now operating from Singapore, develops general-purpose AI agents capable of carrying out complex tasks with minimal human input. The company has positioned itself as a player in next-generation automation tools.

In a brief statement, the NDRC said its decision was made in accordance with national laws and regulations. Meta, headquartered in California, responded by stating that the acquisition complied with all relevant legal requirements and that it expected a satisfactory outcome following discussions with regulators.

The dispute has drawn attention in Washington as well. A spokesperson for the White House said the US administration would continue to protect American technology firms from what it described as inappropriate foreign interference.

Meta first revealed plans to acquire Manus in December, in what was seen as an unusual move by a major US technology company to purchase an AI business with strong links to China. The acquisition was expected to bolster Meta’s artificial intelligence capabilities across its platforms.

At the time, Meta said the deal would eliminate any ongoing Chinese ownership in Manus and that the company would cease its operations within China.

However, Chinese authorities indicated in January that they would review whether the acquisition aligned with domestic regulations. The scrutiny followed a series of restructuring steps by Manus. After raising $75 million in a funding round led by US venture capital firm Benchmark in May 2025, the company shut its offices in China and laid off staff before shifting operations to Singapore.

This relocation allowed its parent company, Butterfly Effect, to re-establish itself outside China, potentially avoiding both US investment restrictions on Chinese AI firms and Chinese controls on the overseas transfer of technology and capital.

China’s attempt to block the deal comes shortly before a planned summit in Beijing between US President Donald Trump and Chinese President Xi Jinping in mid-May, adding another layer of tension to an already complex technological rivalry between the two countries.

Global oil prices moved higher over the weekend as stalled peace talks between the United States and Iran dampened hopes of a near-term resolution to the conflict.

Brent crude surged more than 2 per cent on Sunday, before easing slightly to trade at around $106.99 per barrel by early Monday, Al Jazeera reported. The gains came after expectations of a second round of ceasefire negotiations between Washington and Tehran faltered.

Despite the geopolitical uncertainty, Asian equity markets opened on a positive note. Japan’s Nikkei 225 rose about 0.9 per cent, while South Korea’s KOSPI advanced 1.5 per cent in early trading.

Diplomatic efforts appeared to lose momentum after US President Donald Trump cancelled a planned visit to Pakistan by envoys Steve Witkoff and Jared Kushner. The decision followed the departure of Iran’s foreign minister Abbas Araghchi from Islamabad before any direct engagement could take place.

Araghchi has since travelled to Russia, arriving in Saint Petersburg for talks with President Vladimir Putin, as Tehran explores alternative diplomatic avenues to break the impasse. His visit follows a brief stop in Oman, highlighting intensified regional consultations.

The uncertainty comes amid a fragile ceasefire between the US and Iran. Trump last week announced an extension of the two-week truce, though no clear timeline has been set for a comprehensive agreement.

Meanwhile, tensions in the Strait of Hormuz continue to disrupt global energy flows. Iranian threats targeting commercial shipping have significantly reduced traffic through the vital waterway, which typically carries around one-fifth of the world’s oil and natural gas supplies.

According to maritime data, only 19 commercial vessels passed through the strait on Saturday, a sharp decline from the pre-conflict average of around 129 daily transits.

Analysts warn that continued disruption in the region could keep oil prices elevated, even as broader financial markets attempt to look past the geopolitical risks.

Indian equity benchmarks opened on a firm note on Monday, supported by positive global signals and broad-based buying across key sectors.

The 30-share BSE Sensex advanced around 0.6 per cent to trade at 77,121.97 in early deals, gaining roughly 457 points. The broader Nifty 50 also moved higher, rising 150 points, or 0.62 per cent, to 24,047.

Markets were buoyed by gains in sectors such as real estate, pharmaceuticals, information technology, automobiles and banking. Sectoral indices reflected the momentum, with Nifty Realty and Nifty Pharma leading the rally, followed by IT, auto and PSU banking stocks.

In contrast, some financial stocks, including Axis Bank, Shriram Finance and Bajaj Finance, faced selling pressure and featured among the early laggards.

Broader markets outperformed the benchmarks, with midcap and smallcap indices climbing up to 1 per cent. Meanwhile, the India VIX, a gauge of market volatility, eased more than 2 per cent to 19.24, indicating relatively calmer investor sentiment.

Analysts noted that the Nifty remains in a largely sideways to slightly negative trend, with immediate support seen in the 23,800–23,900 range and resistance near 24,200. They cautioned that a decisive breakout above resistance levels would be needed for sustained upside.

Domestic sentiment has been aided by developments such as the India–New Zealand free trade agreement and ongoing deal activity, including Sun Pharma’s acquisition of Organon assets. However, global factors continue to play a crucial role.

Investors are closely monitoring the outcome of the upcoming US Federal Reserve policy meeting, key macroeconomic indicators and earnings from major global technology firms, all of which are expected to influence market direction.

Rising crude oil prices remain a concern, with Brent crude trading above $107 per barrel and US West Texas Intermediate also posting sharp gains. Persistent geopolitical tensions, particularly in the Middle East, and recent weakness in the rupee may keep volatility elevated in the near term.

Elsewhere in Asia, markets showed a mixed trend. Japan’s Nikkei surged nearly 2 per cent, while South Korea’s KOSPI also recorded strong gains. Hong Kong’s Hang Seng edged marginally higher.

On Wall Street, US indices ended the previous session in positive territory, with the S&P 500 rising 0.80 per cent and the Nasdaq gaining 1.63 per cent, lending further support to global risk sentiment.

With IANS inputs

The Indian rupee slipped further in early trading on Monday, extending its losing streak to five consecutive sessions amid sustained demand for the US dollar and growing global uncertainty.

At the interbank foreign exchange market, the rupee opened at 94.25 against the US dollar before weakening slightly to 94.27, marking a decline of 11 paise from its previous close of 94.16 on Friday.

Currency traders said the rupee has come under pressure due to a mix of domestic and international factors, including rising crude oil prices and a perceived easing of regulatory controls by the Reserve Bank of India. Heightened geopolitical tensions have also pushed investors towards safer assets, boosting demand for the dollar.

The dollar index, which measures the strength of the US currency against a basket of six major currencies, edged down 0.09 per cent to 98.44. However, this offered only limited support to the rupee as broader market sentiment remained cautious.

Global oil benchmark Brent crude rose 1.16 per cent to USD 106.55 per barrel in futures trading, adding to concerns for oil-importing countries such as India and putting additional pressure on the domestic currency.

Market participants noted that foreign institutional investors have resumed selling भारतीय equities after a brief buying phase, reflecting a shift in sentiment amid persistent geopolitical risks. Data showed overseas investors offloaded shares worth Rs 8,827.87 crore on Friday.

Despite the near-term weakness, India’s foreign exchange reserves have climbed above USD 703 billion as of mid-April, providing a buffer against external shocks.

According to Amit Pabari, managing director of CR Forex Advisors, the rupee is likely to remain under pressure in the short term. While a softer dollar may offer some relief, uncertainty continues to dominate global markets.

He added that the currency could find support in the 92.80–93.20 range, while movements between 93.50 and 94.50 are expected to define its near-term trajectory.

Meanwhile, domestic equity markets showed resilience. The benchmark BSE Sensex rose 518.96 points, or 0.68 per cent, to 77,183.17, while the broader NSE Nifty gained 131.30 points, or 0.55 per cent, to 24,029.25 in early trade.

With PTI inputs

A rise in global fuel prices linked to Iran war has boosted demand for electric vehicles, with Chinese manufacturers — led by #BYD — capitalising on increased interest across Asia and Europe.

China, the world’s largest EV producer, is seeing its automakers expand overseas even as access to the United States market remains limited due to tariffs and regulatory scrutiny.

Industry executives say higher oil prices are prompting consumers to shift towards EVs for long-term savings.

“Consumers feel the daily savings when oil prices increase. EVs help them save money every day,” Stella Li, executive vice president at BYD, said at the Beijing Auto Show.

She added that demand is currently outpacing supply. “Our demand is much higher than what we can supply,” Li said.

Chinese EV makers remain largely excluded from the US due to trade barriers and concerns over subsidies and data security.

However, companies like BYD are reporting growing traction in markets such as Brazil, the United Kingdom and across Europe.

“We survive and are successful without the US market today,” Li said, indicating a strategic pivot towards alternative regions.

Technology push and innovation

BYD is betting on new “flash charging” technology, which it says can add hundreds of kilometres of driving range within minutes—addressing one of the biggest barriers to EV adoption.

Chinese automakers are increasingly competing on technology rather than just pricing, with advancements in batteries, charging infrastructure and software integration.

At the Beijing Auto Show, the scale of innovation was evident, with over 1,400 vehicles on display and companies showcasing developments beyond cars, including robotics and future mobility solutions.

Rising competition and global partnerships

Foreign automakers such as Volkswagen, Toyota and Ford are increasingly partnering with Chinese firms to stay competitive in the EV space.

Examples include collaborations on battery technology, driver-assistance systems and joint EV development.

At the same time, competition within China remains intense, with multiple manufacturers engaged in price wars and rapid product rollouts.

Despite global expansion, Chinese EV makers face challenges at home. BYD has seen domestic sales decline in recent months amid pricing pressure, even as its sales in Europe rose sharply in early 2026.

Li indicated that consolidation in the sector is likely as competition intensifies.

“History suggests not all will survive,” she said.

The shift towards EVs has accelerated globally amid energy price volatility and climate concerns.

China’s dominance in EV manufacturing, supported by supply chains in batteries and components, has positioned its companies to benefit from changing global demand patterns, even as geopolitical tensions shape market access.