Financial Summary: Thursday, October 29, 2026

UK Accelerates 3% GDP Defense Target to 2030, Pledges Billions to Ukraine

The UK has advanced its defense spending target to 3% of GDP by 2030, with Prime Minister Keir Starmer committing billions in aid to Ukraine.

Rupee Gains 11 Paise to 95.17 as Crude Oil Retreats on Iran Peace Hopes

The rupee gained 11 paise to 95.17 against the dollar as crude oil futures fell on hopes of revived US-Iran peace talks, easing supply concerns.

Fed Holds Rates at 3.9% as Chair Warns Inflation Still Too High

The Federal Reserve maintained its benchmark interest rate at 3.9%, despite ongoing inflation concerns, with gold and silver prices rising modestly in early trade.

Sensex surges 905 points as Fed pause and crude dip spark rally

Indian equities closed sharply higher on Thursday, with the Sensex jumping 905 points and the Nifty ending above 22,900, driven by the Federal Reserve's pause on rate hikes and a decline in crude oil prices. Adani Ports, Kotak Bank, Adani Enterprises, Trent, and Maruti Suzuki emerged as top gainers, while the broader market rallied across sectors. The indices settled at their day's highs, reflecting strong bullish sentiment.

Jio Platforms Extends Rally, Becomes India's Second Most Valued Firm

Jio Platforms extended its post-listing rally, rising 5% on its debut day to reach a market capitalization of ₹13.70 trillion, making it India's second most valuable company. Analysts at Dolat Capital see potential beyond telecom, as investors await the firm's first quarterly results.

Alphabet Q3 Miss Triggers 10% Stock Drop, Nasdaq Futures Fall 300 Points

Alphabet's Q3 earnings miss, hit by heavy AI spending and cash burn, sent shares down 10% in extended trading, pulling Nasdaq futures 300 points lower. Concerns over AI spending resurfaced, as the US Federal Reserve held rates at 3.75%-4%, stabilizing financial conditions, while Asian markets showed mixed reactions.

Hero MotoCorp Q2 profit jumps 42% to ₹1,861 crore on scooter, EV surge

Hero MotoCorp reported a 42% year-on-year jump in Q2 FY27 net profit to ₹1,861 crore, driven by strong scooter and electric vehicle sales, with revenue rising 23%.

BFSI Summit Panel Projects Digital Access to Lift MF Investor Base to 200 Million

At the BFSI Insight Summit 2026, panelists forecast digital access could swell India's mutual fund investor base to 200 million, while discussions centered on lower taxes for foreign investment and value investing. Sebi is exploring a domestic AI model for the securities market and reviewing FPI compliance and SME framework changes.

Textiles Ministry halves PLI turnover threshold to ₹100 crore for Round 4

The Textiles Ministry has halved the PLI scheme's turnover threshold to ₹100 crore for Round 4 applications, set to open on November 1, aiming to broaden participation among smaller manufacturers. The scheme, extended until fiscal 2033-34, targets boosting domestic manufacturing and investments.

Damodaran Prices Anthropic at Zero to $4 Trillion Ahead of IPO

Aswath Damodaran has pegged Anthropic's pre-IPO valuation at a range of zero to $4 trillion, highlighting significant uncertainty around AI economics. The valuation gap and high-profile skepticism could pose challenges for the upcoming listing.

Alphabet Q2 earnings miss as AI begins eroding search revenue

Alphabet's Q2 results fell short of expectations, with revenue missing the $128.2 billion mark.

Samsung posts record Q3 profit as AI memory chip demand surges

Samsung Electronics reported a third-quarter profit in line with estimates, driven by rising demand for AI memory chips.