Top headlines: 4-1 for BJP at polls; Morgan Stanley lowers Sensex target

Business Standard brings you the top headlines on Friday

Verdict day: Four-one for BJP, including prize state UP; AAP sweeps Punjab

The BJP raced towards a second straight win in politically crucial Uttar Pradesh and dominated the score chart in three other states while the Aam Aadmi Party announced its national presence with a landslide victory in Punjab, its triumph redrawing India's political map and diminishing the Congress even further.

As votes were counted on Thursday for elections to five states held over February and March, the possible four-one score for India's ruling party underscoring its political prowess. The BJP was also ahead in Uttarakhand, Manipur and Goa, according to trends and results on the Election Commission website. Read more

Morgan Stanley cuts FY23 earnings forecast by 8%; lowers Dec Sensex target

Morgan Stanley has cut its forecast for corporate earnings growth for fiscal 2022-23 (FY23) by 8 per cent amid the sharp rise in oil prices, which it said could fuel inflation and cast a shadow on how India Inc performs over the months ahead. All this, it said, will also impact economic growth in FY23.

“Indian stocks have held up remarkably well despite the rise in oil prices, possibly due to a combination of a change in macro funding mix to FDI, falling oil intensity in GDP, high real relative policy rates and a strong domestic bid on stocks. That said, the length of the military action in Ukraine could determine its impact on earnings and multiples. FY23 earnings estimates have been cut by 8 per cent to reflect lower GDP growth forecasts,” wrote Ridham Desai, head of India research and India equity strategist at Morgan Stanley in a co-authored report with Sheela Rathi and Nayant Parekh. Read more

Asia stocks surge, Europe opens lower after oil prices rise

Asian markets surged while Europe opened lower Thursday after oil prices recovered some of a decline the day before that had eased inflation fears.

Futures for Wall Street's benchmark S&P 500 index and the Dow Jones Industrial Average were down 0.4per cent as Russian attacks on Ukraine intensified two weeks as fighting entered its third week. Read more

Reliance Retail terminates sub-lease of 950 Future stores

In a fresh twist in the fight to gain supremacy in the Indian retail market, billionaire Mukesh Ambani's Reliance Retail has slapped notices on Future Retail for terminating sub-leases of 950 stores it had taken over previously.

In stock exchange filings, the Kishore Biyani-led debt-laded Future Group firms said they have been served notices to terminate the lease of 835 Future Retail stores and 112 Future Lifestyle stores. Read more