Tech stocks, including Infosys and Oracle Financial Services Software, gained up to 3% on Monday, lifting the Nifty IT index over 1% even as the broader market remained under pressure.

The Nifty IT index climbed 1.2% to around 28,049, emerging as the only sectoral index trading in the green. Meanwhile, the BSE Sensex and Nifty 50 fell over 1% as the rupee hit a fresh record low and bond yields surged to all-time highs, weighing on investor sentiment.

Today’s Top IT Gainers

Oracle Financial Services Software emerged as the top gainer on the IT pack, rising over 3%. Shares of LTIMindtree, Coforge and Tech Mahindra climbed more than 2% each, while Mphasis and Persistent Systems gained nearly 2% each.

Heavyweights Infosys and Wipro shares rose over 1% each, while those of Tata Consultancy Services (TCS) and HCL Technologies made marginal gains, as seen at 11.15 am. The sharp gains pulled up the total value of all companies on the Nifty IT index to Rs 1,752 crore.

The AI Story

The IT stocks had seen a sharp decline recently. OpenAI last Monday announced the launch of OpenAI Deployment Company with an initial investment of $4 billion, designed to help organisations build and deploy AI systems they can rely on every day across their most important work. This retriggered worries around AI-led disruption in India’s IT sector.

Strong earnings by tech giants pushed the Nasdaq to record high levels last week, but the Nifty IT index fell. “IT firms are making reasonable headway in AI-driven opportunities, although it will not be enough to compensate for deflationary headwinds. Offsetting growth headwinds amid high competitive intensity will be challenging. Margin headwinds are manageable by further flexing cost levers,” said Kotak Equities.
As global AI giants rallied, IT stocks on Dalal Street plunged. The Nifty IT index has plunged around 12% in one month, with the IT heavyweights hitting fresh 52-week lows last week. However, Nasdaq tumbled more than 1.5% on Friday. On Dalal Street meanwhile, IT stocks jumped.

Rupee At Record Low

The renewed investor optimism may also have been driven by the weakening rupee. Rupee dropped to a fresh all-time low of 96.18 against the US dollar on Monday, eclipsing its previous record of 96.1350. The Indian currency is Asia’s worst performer so far in 2026, and has ‌dropped 5.5% since the Iran-US war erupted on February ⁠28.
Notably, today marks the fifth consecutive session when the Indian rupee hit a fresh record low as high oil prices sent bond yields soaring to record high levels, denting risk appetite and spooking investors. “Market participants remain cautious amid fears that elevated crude prices may persist for a longer duration despite government measures to control volatility. Near-term rupee range is expected between 95.55–96.25,” said Jateen Trivedi, VP Research Analyst – Commodity and Currency, LKP Securities.

As the IT companies mostly derive their revenue in US dollars, the rupee’s depreciation boosts hopes for better earnings and profitability.

Investors this week will focus squarely on Nvidia’s earnings on Wednesday for clues on the durability of the artificial intelligence-driven rally, said Bajaj Broking.

(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)

Shares of Samsung Electronics rose as much as 7% to their day’s high of Korean Won 2,88,500 after the company entered crucial wage negotiations with its largest labour union in an effort to avoid a strike that could disrupt operations at the world’s biggest memory chipmaker.

As a result, the KOSPI gained more than 1%. According to MSCI data, Samsung Electronics carries a weight of 32% in the index, followed by SK Hynix at 22%, making movements in the two stocks highly influential for the benchmark. In the previous session, Samsung shares had slumped more than 8%, dragging the Kospi down 6%.

Concerns over a major disruption to South Korea’s semiconductor industry eased after efforts by political and corporate leaders to calm tensions between the two sides. Adding to the relief, a Korean court on Monday partially approved an injunction against potential illegal actions by the labour union, according to Yonhap News. Samsung shares climbed as much as 6.7% in Seoul, reversing almost all losses of the previous session.

The development gains significance as any production disruption at Samsung could have broad implications for the global technology supply chain. The company is the world’s largest supplier of memory chips used in products ranging from data centre servers and smartphones to electric vehicles.

The negotiations also highlighted growing labour tensions in South Korea as workers seek a larger share of profits generated by companies such as Samsung and SK Hynix amid the global boom in artificial intelligence infrastructure.
Union leaders and company executives resumed government-mediated negotiations on Monday for a second round of talks. The meeting came after days of rising tensions and failed mediation attempts that had raised investor concerns over possible walkouts at Samsung’s semiconductor facilities in Korea. The union has threatened to begin an 18-day strike from May 21 if its demands are not addressed.
Over the weekend, South Korean Prime Minister Kim Min-Seok urged both sides to resolve the dispute through dialogue. Samsung Executive Chairman Jay Y. Lee also made a rare public appeal, referring to union members as “one family.” The company additionally agreed to the union’s request to replace its lead negotiator with the head of the chip division’s people’s team.
“We will sincerely engage in talks,” Samsung union leader Choi Seung-ho said, according to a Bloomberg report.

The union has been pressing Samsung to increase performance-linked compensation after a sharp recovery in semiconductor earnings fueled by strong demand for AI infrastructure. Labour representatives are demanding that Samsung remove the existing cap on bonuses, allocate 15% of operating profit toward employee bonuses and formally include those terms in employment contracts.

Samsung has proposed allocating 10% of operating profit to bonuses along with a one-time special compensation package that it said exceeds industry standards. Company executives have argued that the union’s demands may not be sustainable over the long term.

(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)

KUWAIT CITY — Kuwait International Airport is open and operating today, with commercial flights continuing their phased recovery after a nearly two-month suspension triggered by regional security concerns tied to tensions with Iran.

The airport reopened its airspace on the evening of Thursday, April 23, 2026, ending one of the longest temporary closures in the facility’s modern history. Passenger flights resumed in stages starting Sunday, April 26, with operations initially limited to Terminals 4 and 5 serving selected destinations.

As of May 18, 2026, Kuwait International Airport remains in Phase 2 of its restart, with Kuwait Airways operating from Terminal 4 and Jazeera Airways based in Terminal 5. Both carriers are gradually expanding their routes and flight frequencies as the facility continues its slow return to normal service.

The two-month suspension, which began February 28, 2026, was a precautionary measure imposed amid regional developments and conflict-related security threats. More than 200,000 passengers were affected during the closure, with many travelers rerouted through Dubai, Doha and Riyadh while Kuwait Airways operated a temporary dual-hub model from bases in other Gulf states.

Director General of Civil Aviation officials have described the current phase as a “careful and gradual return to service,” emphasizing that safety remains the absolute priority as the airport restores full capacity.

Phase 2 launched on May 3, 2026, expanding the number of destinations served by both Kuwait Airways and Jazeera Airways. The airport’s airspace now supports 29 Kuwait Airways routes and 27 Jazeera Airways destinations, according to travel industry tracking data.

International carriers including Emirates have resumed limited operations, though many routes remain at reduced frequencies compared to pre-closure levels. Passengers are being advised to check directly with airlines for real-time flight updates, as schedules remain fluid during the recovery period.

Jazeera Airways, Kuwait’s leading low-cost carrier, has centralized all operations in Terminal 5 and is steadily rebuilding its schedule. A company spokesperson said the airline is “thrilled to be back home” but acknowledged recovery is still in early stages, with flights initially limited to daytime hours between 6 a.m. and 6 p.m..

Terminal 1, which sustained damage during the period of heightened regional tensions, remains closed for repairs with no official reopening timeline announced. All current commercial operations are concentrated in Terminals 4 and 5.

The extended closure severely disrupted Kuwait’s connectivity during the peak spring travel period. Aviation supports tourism, trade and finance in Kuwait, and businesses reliant on air cargo reported major losses while the tourism sector saw sharp declines in visitor numbers.

The partial reopening brings some economic relief, though full recovery is expected to take several more months given that daily flight numbers remain below normal capacity. Officials anticipate a stronger rebound during the summer travel season if operations continue to scale up safely.

Enhanced security screening measures remain in place at both terminals, leading to longer processing times for passengers. Travelers are advised to arrive at least three hours before departure and to check flight statuses multiple times before heading to the airport.

The closure was prompted by regional developments including drone strikes and security threats that forced authorities to suspend operations as a precaution. Repairs to damaged infrastructure and enhanced security protocols across the airport have been major priorities for the Directorate General of Civil Aviation.

Aviation experts note that Kuwait’s experience highlights the vulnerability of critical infrastructure in geopolitically sensitive regions. The swift but cautious reopening reflects improved coordination among Gulf aviation authorities and a strong commitment to passenger safety.

For Kuwaiti and expatriate residents, the partial return of flights has been met with mixed reactions. Many welcomed the ability to fly directly again, while others voiced disappointment over limited destinations and ongoing schedule uncertainties. Social media posts showed travelers celebrating direct flights while others expressed frustration over cancellations and delays.

Regional aviation consultants view the current situation as positive but incomplete. “Kuwait’s quick decision to resume limited operations shows resilience,” said one consultant. “However, full recovery will depend on completing repairs to Terminal 1 and restoring confidence among international carriers.”

The DGCA continues working closely with airlines and international partners to expand the flight schedule safely. Officials say they are prioritizing routes with the highest demand while maintaining strict safety standards throughout the recovery process.

Looking ahead, authorities are focusing on scaling up capacity and preparing Terminal 1 for eventual reopening. Long-term development plans for the airport, including modernization projects, remain active and are expected to support future growth once full operations resume.

The incident has also prompted broader discussions about aviation resilience in the Gulf region. Neighboring countries provided support during the closure, strengthening ties among regional aviation authorities.

For travelers planning to use Kuwait International Airport in the coming weeks, the advice is clear: verify all flight details directly with airlines, allow extra time for security procedures, and remain flexible as schedules continue to evolve.

As flights slowly return and passengers begin to reconnect with the world, Kuwait International Airport’s partial reopening marks an important step toward normalcy. While challenges remain and full capacity is still some time away, today’s operations represent progress and renewed hope for Kuwait’s aviation sector and broader economy.

The skies above Kuwait are once again seeing increasing activity, symbolizing resilience and a cautious but determined return to connectivity after a difficult two-month period. Officials and airlines alike are committed to restoring full service as safely and quickly as conditions allow.

Indian equity markets continue to move between global uncertainty and domestic earnings strength, with foreign flows, crude oil volatility, and macro headlines shaping near-term sentiment. In a conversation with ET Now, Samir Arora, Founder, Helios Capital shared a grounded but cautious reading of the current environment.

On foreign institutional investors, Arora said there is no fresh insight into their behaviour, but sentiment naturally weakens in falling markets. He remarked, “Everybody is a little bit upset… I do not have any new update.” According to him, the current phase is more about sentiment pressure than any structural shift in outlook.

On earnings, Arora noted that corporate results have actually surprised on the upside. He said, “Earnings have been better than one would have imagined,” although he added that the macro backdrop has turned less supportive in the near term. He suggested that while earnings strength was visible earlier, the current cycle is being weighed down by external conditions, even if these could improve if macro issues resolve over time.

On oil prices and currency pressure, Arora downplayed extreme concerns and emphasized that markets tend to overreact. He said, “It is all psychological,” arguing that even higher crude prices do not automatically translate into long-term economic damage. In his view, such shocks are often treated as permanent by markets, even though economies tend to adjust over time.

On portfolio positioning, Arora confirmed that his funds remain almost fully invested despite volatility. He stated, “Yes, absolutely,” and added that cash levels are minimal, saying, “Must be zero… 99% invested.” His approach, he indicated, is driven by staying invested rather than attempting to time macro swings.

On Adani-related stocks, Arora remained strongly positive, calling it a “100%” opportunity. He suggested that institutional participation and renewed buying interest from large investors have helped ease earlier concerns and improve confidence around these names.
On infrastructure, he highlighted that the space is highly selective rather than uniformly attractive, with segments like airports and certain large enterprises standing apart from traditional road and bridge construction businesses. On private banks, he acknowledged that performance has been weak in recent years but maintained that valuations have become attractive, while also pointing out that sustained foreign institutional selling has been a key overhang on the sector.Overall, Arora’s message was that markets often amplify short-term fears while underestimating longer-term adjustments. He summed up the sentiment by saying, “It is all mental… it is psychological,” reflecting his belief that much of the current volatility is driven more by perception than lasting structural damage.

For nearly four decades, The Sunday Times Rich List has been the closest thing Britain has to a national league table of money. This year’s edition reads less like a celebration of enterprise and more like a departures board.

Revolut chief executive Nik Storonsky and the publicity-shy quant trader Alex Gerko have broken into the top 10 for the first time. But the headline story, according to the list’s compiler Robert Watts, is not who has arrived, it is who has gone.

As many as one in six of the individuals and families who appeared on the 2024 ranking are missing from this year’s edition, with the compiler warning that the figures lay bare the scale of Britain’s wealth exodus.

“Many foreign billionaires who have been living in the UK have… dropped out because they have moved away,” Mr Watts said.

The top of the table holds, but the cracks are widening

Sanjay and Dheeraj Hinduja, the British-Indian brothers behind the Mumbai-headquartered Hinduja Group, kept top spot with a combined fortune of £38bn. The rest of the podium was likewise unchanged, with the famously secretive property magnates David and Simon Reuben and Ukrainian-born industrialist Sir Leonard Blavatnik both still sitting on fortunes north of £25bn.

The most dramatic faller was Sir James Dyson. The inventor’s eponymous engineering empire was hit hard by Donald Trump’s swingeing tariff regime, and his estimated net worth nearly halved over the year from £20bn to £12bn, enough to send him tumbling from fourth to 13th. It is not the first time Sir James has tangled with policy: he has been one of the most vocal critics of Rachel Reeves’s inheritance tax changes, branding them “spiteful” and warning of the consequences for British family businesses.

City money muscles into the top 10

If old money is having a wobble, the new money minted in the City of London is flexing. Mr Storonsky cracked the top 10 in the same year his fintech juggernaut was finally granted a UK banking licence and clinched a $75bn valuation in a November funding round.

A place behind him in eighth sat Mr Gerko, the cerebral force behind XTX Markets, the quantitative trading shop that has quietly become one of the City’s biggest tax payers. His estimated fortune sits north of £16bn.

Both men were born in Russia, and both have renounced their citizenship in protest at Vladimir Putin’s illegal invasion of Ukraine — a reminder that the City’s talent pool is global, and mobile.

A tale of two exoduses

The list’s real story, however, is in the gaps.

For the first two decades of this century, Britain’s super-rich enjoyed a near-uninterrupted bull run. Rich List wealth grew by close to 600 per cent between 2000 and 2022, according to The Sunday Times. That run is now over. The number of sterling billionaires in the UK peaked at 177 in 2022; this year’s tally of 157 was barely up on 2025.

Under the survey’s rules, foreign-born residents who leave automatically fall out of the rankings, while British citizens who emigrate remain. Both groups are now visibly thinning. Mr Watts said he had seen a “sharp rise in the number of British nationals now resident in Dubai, Switzerland and Monaco”, warning the “twin exoduses” represented a worrying development for the British economy and the public finances.

His unease is echoed by international data. The Henley Private Wealth Migration Report has the United Kingdom haemorrhaging high-net-worth residents at a faster clip than any other major economy, with the UAE, Italy and Switzerland the biggest beneficiaries.

“Will more of the wealthy now set up or grow their ventures overseas and in doing so create fewer jobs here?” Mr Watts asked. “How much tax – if any – will Rachel Reeves’ Treasury be able to extract from those affluent Brits who have now left the country?”

The Reeves effect

Critics increasingly point the finger at Whitehall. The Chancellor has been accused of accelerating departures with a string of measures aimed at ultra-high-net-worth residents and their assets.

In her first Budget in October 2024, Ms Reeves pressed ahead with the abolition of the non-domicile tax regime, slapped VAT on private school fees, raised capital gains tax and tightened several inheritance tax carve-outs. Her 2025 intervention added a so-called mansion tax on properties worth more than £2m and further narrowed the inheritance tax net.

Advisers say the cumulative effect has been a stampede. Research from consultancy Chamberlain Walker, cited by Business Matters, suggests around 1,800 non-doms left Britain in the months after April’s tax changes — 50 per cent more than the Treasury had pencilled in.

The casualties include some of the City’s biggest names: former Goldman Sachs International chief Richard Gnodde and steel magnate Lakshmi Mittal, both long-standing Rich List fixtures, have moved on. Only one billionaire is recorded as having moved the other way in the past year — the new US ambassador to the Court of St James’s, Warren Stephens.

What it means for SME Britain

For the small and medium-sized businesses that read this magazine, the implications run deeper than schadenfreude over a few moving vans full of Old Master paintings.

Wealthy entrepreneurs are typically the angel investors, family-office backers and growth-stage cheque writers that smaller firms rely on when banks turn cautious. If they decamp to Dubai or Lugano, that capital tends to follow them. The same goes for the philanthropic giving, board memberships and mentoring that often anchor a city’s business community.

The harder question for the Chancellor, and for the firms that depend on a healthy ecosystem of British-based capital, is whether the additional tax raised from those who stay can outweigh the receipts and investment lost from those who leave. On the evidence of this year’s Rich List, that calculation is starting to look uncomfortable.