Global AI stocks plunged after Broadcom CEO Hock Tan warned that investors are treating artificial intelligence like gambling, raising concerns about excessive valuations and unsustainable spending. He questioned OpenAI’s long-term profitability despite strong revenue growth. South Korea’s Kospi and Japan’s Nikkei declined, while Indian IT stocks rallied amid the global technology selloff.
Bumble shares surge nearly 50% after reports of a potential $1 billion take-private deal with Ithaca Holdings. The proposed buyout comes as the dating app operator faces falling revenue, a shrinking paying user base and declining investor confidence.
The Indian rupee strengthened 177 paise against the US dollar in two days to 94.06 following aggressive RBI market interventions. Key steps include a special dollar window for oil firms and tighter forex derivative rules to defend the Rs 97 level, though macro risks and FII outflows remain.
South Korea’s Kospi plunged over 7% amid concerns about rising competition from Chinese semiconductor makers, triggering a temporary trading curb. Samsung Electronics and SK Hynix suffered sharp losses, while foreign investors sold equities heavily. Weak technology stocks, a softer won and falling bond yields reflected growing market uncertainty and investor anxiety.
Japan’s Nikkei 225 fell 2.64%, extending losses to four sessions as AI-related and semiconductor stocks declined amid Wall Street weakness. Geopolitical tensions and inflation concerns added pressure, with wholesale prices rising 6.8% year-on-year in September. Kioxia Holdings plunged 13.02%, while shipping stocks gained despite broader market weakness.
RBL Bank shares fell up to 8% despite a 170% year-on-year jump in Q2 FY27 net profit to Rs 481.7 crore. Strong net interest income growth and improved asset quality supported performance, while provisions rose. Nuvama raised its target price to Rs 500, citing the ENBD acquisition and FCNR deposit mobilisation, while Dolat Capital retained its Sell rating with a Rs 320 target.
The company last week declared the interim dividend, which marks its first payout since the stock adjusted for its mega demerger earlier this year. The total dividend payout will be Rs 1,955 crore. Vedanta is closely watched by investors for its consistent track record of dividend payments.
Three Nifty 500 stocks, including UPL, Gallantt Ispat, and One97 Communications, closed above their Volume Weighted Average Price (VWAP) on October 12. According to StockEdge scan data, closing above the VWAP reflects strong underlying buying momentum during the trading session.
Vaibhav Vyapaar’s Rs 42.10 crore IPO opens on October 13, 2026, on the NSE SME platform, with a price band of Rs 51–54 per share. The NBFC will use proceeds primarily to strengthen its capital base. FY26 income rose 48%, while profit increased 33%, reflecting improved financial performance and growth.
Brent crude futures fell 61 cents, or 1.05%, to $105 a barrel, while US West Texas Intermediate crude futures declined 92 cents, or 1.05%, to $93 a barrel. Brent settled at $106.65 a barrel on Monday, its highest level since September 15. Oil prices have surged more than 70% this year as the US war on Iran rattled global energy markets.
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