Virginia Supreme Court strikes down Democrats’ redistricting plan in US | US Midterm Elections 2026 News

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Virginia’s top court has thrown out a new electoral map that was crafted to flip four Republican-held US congressional seats to Democrats, handing President Donald Trump’s party a victory in the run-up to the November midterm elections.

The court ruled that the state’s Democratic-led legislature violated procedural requirements when it placed the constitutional amendment on the ballot to authorise the mid-decade redistricting. Voters narrowly approved the amendment on April 21, but the court’s ruling renders the results of that vote meaningless.

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“This violation irreparably undermines the integrity of the resulting referendum vote and renders it null and void,” the court said in its opinion.

Democrats had hoped to win as many as four additional US House seats under Virginia’s redrawn map, as part of an attempt to offset Republican redistricting elsewhere at the urging of President Donald Trump. That ruling, combined with a recent US Supreme Court decision severely weakening the Voting Rights Act, has supercharged the Republicans’ congressional gerrymandering advantage heading into this year’s midterm elections.

The ruling could bolster Republican hopes of keeping their majority in the US House in the midterms. Democrats pursued the Virginia measure as part of a nationwide battle over redrawing US district boundaries that the Republican president initiated last year.

In its ruling, the Virginia court agreed with Republican claims that the state’s Democratic-majority legislature did not follow proper procedure in approving the referendum before it was put to the voters. A day after the referendum, a county judge blocked the state from certifying the results, calling the ballot language “flagrantly misleading”.

Trump reacted to the decision on Truth Social, calling it a ‘huge win for the Republican Party, and America, in Virginia”.

“The Virginia Supreme Court has just struck down the Democrats’ horrible gerrymander. MAKE AMERICA GREAT AGAIN! President DONALD J TRUMP.”

Republican advantage

The Virginia court’s ruling adds to Republican momentum in the redistricting fight. It came on the heels of the US Supreme Court ruling, powered by its conservative majority, that eviscerated a key provision of the Voting Rights Act, opening the door for Republican-led Southern states to dismantle Democratic-held majority-Black and majority-Latino districts. Black and Latino voters tend to support Democratic candidates.

Already, Republican-controlled states, such as Louisiana, Alabama and Tennessee, have taken steps towards drawing new maps in time for the November elections, even postponing party primary elections to give lawmakers time.

Trump last year pushed Texas Republicans to rip up their electoral map and draw new district lines targeting five Democratic US House incumbents. After Texas did so, California Democrats reconfigured their state’s districts, targeting five Republican incumbents. Other states have followed suit.

Virginia voters approved the Democratic-backed map in an April 21 special election by a 51.7 percent to 48.3 percent margin, according to an Associated Press tally. The referendum was the final step in a complicated legislative manoeuvre to sidestep a constitutional amendment, passed by voters in 2020, that had put redistricting in the hands of a bipartisan commission.

If Virginia’s map remains invalidated, Republicans could eventually gain an advantage in as many as 10 House seats nationwide, pending the outcome of current Republican redistricting efforts in Louisiana, Alabama and Tennessee.

Republicans can afford to lose only two net seats in November’s elections to maintain control of the US House.

The process of redrawing maps, known as redistricting, generally occurs once per decade to reflect population changes as measured by the national census conducted every 10 years. The ongoing and recently completed redistricting efforts by Republican- and Democratic-held state legislatures, on the other hand, have been motivated by a desire for partisan advantage.

The US Supreme Court’s ruling only accelerated the fight. In addition to the states that are already seeking to reshape their maps immediately, other states have made clear they intend to pursue a maximally partisan approach to redistricting before the 2028 election.

Under Virginia state law, two consecutive legislatures – with a state election in between – must approve a proposed constitutional amendment before it can be put to a vote.

The Democratic legislative majority approved the amendment in October, days before the November state election. Democrats, who gained additional legislative seats in that vote, then passed the amendment for a second time in January and scheduled the referendum for April.

Republicans filed multiple lawsuits, claiming there was no intervening election since early voting had already started when the amendment was first passed and that lawmakers violated other procedural steps in advancing the measure.



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Japan Airlines to test humanoid robots for baggage handling at Haneda


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Air travel already feels automated in many ways. You scan your ticket, drop your bag and move along. Now, another part of the airport experience is starting to change.

At Haneda Airport, one of the busiest airports in Japan, humanoid robots are preparing to join ground crews. The effort comes from Japan Airlines, which plans to test machines that can help move baggage and cargo right on the tarmac.

The project brings together Japan Airlines’ ground service teams and GMO AI & Robotics, a robotics business within GMO Internet Group, to test how these systems could fit into real airport operations.

The long-term goal is to support a more sustainable way to run airport operations as demand continues to grow.

AI ROBOT NOW HELPS TRAVELERS AT SAN JOSÉ AIRPORT

A robot stands in front of a baggage cart near a passenger airplane.

Japan Airlines plans to test humanoid robots at Haneda Airport to help ground crews move baggage and cargo on the tarmac. (Kurt “Cyberguy” Knutsson)

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Why airports are turning to humanoid robots

Airports are under pressure from two directions at once. Passenger numbers keep rising, while the number of available workers is shrinking.

Japan is feeling that squeeze more than most. Tourism continues to surge, yet the working-age population is declining. That creates a gap that is hard to fill with traditional hiring alone. Japan Airlines employs thousands of ground crew workers, highlighting the scale of the challenge.

Instead of redesigning airport systems from scratch, companies are exploring humanoid robots that can fit into existing workflows. A robot shaped like a person can move through the same spaces, use the same equipment and work alongside human crews without major changes.

 

The humanoid robot handling airport baggage

The machines being tested come from Unitree Robotics. One model, known as the G1, is compact enough to move through tight spaces yet capable of lifting and pushing cargo. It stands a little over four feet tall and weighs about 77 pounds. The design folds for storage, which matters in crowded airport environments.

What makes it useful isn’t size alone. The robot uses sensors like 3D LiDAR and depth cameras to understand its surroundings. It can recognize objects, adjust its movement and even respond to voice input.

During a recent demonstration, the robot pushed cargo onto a conveyor belt and signaled to a nearby worker. That interaction may sound small, yet it shows how machines and humans can coordinate in real time. These early demonstrations are designed to evaluate how robots can safely assist in real airport conditions rather than operate independently.

 

How humanoid robots learn to handle baggage

Before a robot ever touches a suitcase, it spends time in a virtual world. Engineers create a digital version of the machine and train it using simulations. Nvidia provides tools like Isaac Simulator, where robots practice tasks again and again without real-world risk.

Motion capture data helps the robot copy human movement. Then reinforcement learning refines those actions through repetition. Once the system performs reliably in simulation, the behavior transfers to the physical robot. This process, often called Sim2Real, helps reduce mistakes when the robot enters a busy environment like an airport.

HUMANOID ROBOTS HIT MASS PRODUCTION IN CHINA

A humanoid robot stands near a baggage cart.

Japan Airlines and GMO AI & Robotics are testing whether humanoid robots can safely support real airport ground operations. (Kurt “Cyberguy” Knutsson)

 

What humanoid robots will and will not do on airport tarmacs

Even as automation expands, airlines are drawing clear boundaries. Robots are expected to take on repetitive, physically demanding tasks. That includes moving baggage, loading cargo and assisting with equipment.

In the future, they could also support a wider range of tasks, such as cabin cleaning or operating certain types of ground support equipment. GMO AI & Robotics also sees workers shifting toward supervision, decision-making and robot management as the technology matures.

Still, critical responsibilities remain with people. Airports are busy, unpredictable environments where workers, aircraft and ground equipment operate close together. For now, the goal is to learn where humanoid robots can safely help crews while reducing physical strain.

 

The bigger picture for humanoid robots in airports

Attempts to automate airport work are not new. Traditional robots have struggled in unpredictable settings where objects move, people walk through work zones and conditions change quickly. Humanoid robots offer a different approach. Their human-like form lets them adapt without requiring major infrastructure changes.

Japan’s trial will run through 2028, giving airlines time to evaluate performance and refine how these machines fit into daily operations. The rollout is expected to follow a phased approach, starting with observation and testing before expanding into more practical use cases. If the results hold up, similar systems could appear in airports around the world.

JOB-KILLING ROBOT LEARNS AT WORK, AND IT’S COMING TO THE FACTORY FLOOR

A humanoid robot bends over near a baggage cart.

Humanoid robots could eventually help airports handle baggage faster, reduce worker strain and support busier travel schedules. (Kurt “Cyberguy” Knutsson)

 

What this means to you

If you fly in the U.S., you likely will not see robots on the tarmac tomorrow. Still, what happens in Japan could signal where airports everywhere are headed. If these trials work, similar systems could show up at major U.S. airports. That could mean faster baggage handling and fewer delays during busy travel periods.

It could also change working conditions for airport crews. Robots may take on the heaviest lifting, which could reduce injuries and make jobs more sustainable over time. At the same time, new questions will follow. Airlines will need to prove these systems are safe, reliable and ready for real-world pressure before expanding them across busy U.S. airports.

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Kurt’s key takeaways

Robots moving baggage on an airport tarmac may take a minute to get used to. Still, it makes more sense once you understand the reason behind the trial. Airports are getting busier, and ground crews are already doing tough physical work under real pressure. If these robots can safely take on some of the heaviest stuff, they could give workers more support and help flights move more smoothly. The real test will be how well people and machines work together when the airport is busy and every minute matters.

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If robots start handling your luggage, would you trust them to get it right every time? Let us know by writing to us at CyberGuy.com.

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Broker’s call: Escorts Kubota (Hold)


Target: ₹3,530

CMP: ₹3,148.80

The Agri Machinery segment delivered a strong performance in FY26, with Escorts Kubota reporting its highest-ever domestic tractor volumes of 1,26,994 units, up 14.9 per cent yoy, supported by healthy rural demand, government support measures, and strong traction in Southern and Western markets. However, the industry growth of 23.4 per cent outpaced the company due to Escorts’ relatively lower presence in high-growth regions.

To bridge market gaps and strengthen market share, the company launched 13 new tractor models during the year, including “Paddy Special” tractors targeted at Southern markets. The non-tractor farm machinery business continued its strong momentum, delivering over 35 per cent CAGR over the past three years, while management remains confident of sustaining over 20 growth over the next three years.

The export business witnessed strong acceleration in FY26, with tractor export volumes rising 33.8 per cent yoy to 6,676 units, significantly outperforming the broader industry growth of about 7 per cent.

Management remains focused on long-term growth through new product launches, localisation, export expansion, captive financing, and planned greenfield expansion. However, management expects the domestic tractor industry to remain broadly flat in FY27 amid a high base, commodity inflation, and monsoon-related uncertainties.

We continue to maintain our Hold rating on the stock with a target price of ₹3,530 (earlier: ₹3,590)

Published on May 8, 2026

‘Make up their own minds’: Pentagon releases first tranche of UFO files | Space News

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The United States Department of Defense has released its first tranche of previously classified files on unidentified flying objects (UFOs), following an order from US President Donald Trump in February.

The release on Friday contained 162 files dating back decades, including documents from the FBI, the Department of State, and the US space agency, NASA. It was accompanied by the launch of a new, heavily stylised website to house the documents, using white typewriter-style font against a black background.

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In a statement, the Pentagon did not draw any determinations on the photos and files released, saying many had been only screened for security purposes and “have not yet been analysed for resolution of any anomalies”.

“While past administrations sought to discredit or dissuade the American people, President Trump is focused on providing maximum transparency to the public, who can ultimately make up their own minds about the information contained in these files,” the statement said.

Several government agencies, including the Energy Department, NASA, the FBI, and the Office of the Director of National Intelligence, were involved in the release.

Trump has framed the initiative as part of an effort to create more transparency, in line with his previous orders to release records related to the assassinations of President John F Kennedy, his brother, Senator Robert F Kennedy and civil rights leader Martin Luther King Jr. Those files offered few new details beyond what was already known.

His February order to release files on UFOs and unidentified aerial phenomena (UAP) came amid a surge in attention after former US President Barack Obama said during a podcast interview that aliens were “real”, although he had not seen one and none were being held in government facilities.

Obama later clarified that he “saw no evidence during my presidency that extraterrestrials have made contact with us”.

Critics have accused Trump of using the release of files connected to high-interest subjects to divert attention from his political woes, notably the Department of Justice’s handling of investigative files related to financier Jeffrey Epstein.

In January, the Department of Justice said it had completed its legally mandated release of files related to Epstein, whose influential social circle once included Trump. Lawmakers have repeatedly said the disclosures do not appear complete.

In February, US Representative Thomas Massie, a leading Republican critic of Trump, decried the UFO release as the “ultimate weapon of mass distraction”.

Sightings and anomalies

It remained to be seen how impactful the new documents would be. They contained no clear, immediate revelations.

For example, one file details an FBI interview with an individual identified as a drone pilot who, in September 2023, reported seeing a “linear object” with a light bright enough to “see bands within the light” in the sky.

“The object was visible for five to 10 seconds and then the light went out and the object vanished,” according to the FBI interview.

Another file is a NASA photograph from the Apollo 17 mission in 1972, showing three dots in a triangular formation.

In an accompanying caption, the Pentagon said that “there is no consensus about the nature of the anomaly” but that a new, preliminary analysis indicated that it could be a “physical object”.

Interest in UFOs and UAPs has persisted for decades and has spanned presidential administrations. In 2022, Congress created a Pentagon office to investigate and declassify related material. That year, a House panel held the first public hearing on the subject in more than 50 years.

The office’s first report, released in 2024, revealed hundreds of new UAP incidents.

However, it found no evidence that the US government had ever confirmed a sighting of alien technology. It further rebutted claims that the US government had recovered alien technology or confirmed evidence of alien life.



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Country music superstar sets internet on fire with new song, reactions pour in from fans


Koe Wetzel dropped new music for his fans on Friday, and the reactions are overwhelmingly positive.

Wetzel is one of the most talented acts in country music, and he recently sent shockwaves through the industry with the announcement of his new album “The Night Champion.”

Hype is off the charts for the country megastar, and he’s now spinning people up with a new track.

A portrait of country music star Koe Wetzel.

Koe Wetzel speaks at the Omni Nashville Hotel on March 20, 2026 in Nashville, Tennessee. ((Photo by Jason Kempin/Getty Images))

Koe Wetzel releases new song “Hurts Like You.”

Wetzel released “Hurts Like You” – a song that will be on “The Night Champion” – for fans early Friday morning, and it’s another example of his unique style.

You can give it a listen below, and let me know your thoughts at David.Hookstead@outkick.com.

It didn’t take long at all for people to sound off in the comments with plenty of reactions. Below are a few of the remarks left on the YouTube video:

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  • Song is SOOOO good!!! Glad we finally have it playing in our ears!! The guitar solo is sickkkk!!!!
  • Happy Friday!! What a banger for Mother’s Day weekend
  • Hell yeah Koe!!
  • FINALLY!!!!!!!!!
  • HELL YA LET’S GO!!!!
  • Thanks Koe for another banger 🙌
  • Never disappoints. 🤘🏻🤘🏻🤘🏻
  • Great new drop! Was looking forward to this!!!!
Singer Koe Wetzel performing on the Palomino Stage at Stagecoach Festival in Indio, California

Singer Koe Wetzel performs on the Palomino Stage during day 2 of the Stagecoach Festival in Indio, Calif., on April 26, 2025. (Scott Dudelson/Getty Images)

There’s no question that Wetzel has a rabid following, and continues to build a powerful brand in the country music world.

ZERO BS. JUST DAKICH. TAKE THE DON’T @ ME PODCAST ON THE ROAD. DOWNLOAD NOW!

“The Night Champion” might be what takes him to the next level. Every single released so far has been excellent.

I highly recommend checking “Time Goes On.”

Koe Wetzel standing on stage at Spotify House during CMA Fest in Nashville

Koe Wetzel performs at Spotify House during CMA Fest 2024 on June 8 in Nashville, Tenn. (Ed Rode/Getty Images)

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What do you think of Wetzel’s latest release and upcoming album? Let me know at David.Hookstead@outkick.com.



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Vi clone written in BASIC proves old habits :wq hard



Offbeat

A few hundred lines of Yabasic recreate just enough to keep modal editing muscle memory alive

The veteran editor Vi turns 50 this year, and what better way to celebrate than to write a version in BASIC?

The code was created by Lee Tusman, who likes to be a little out of step with the latest IT industry fads. Not strictly a professional programmer, Tusman, whose background is in art, began looking at BASIC in 2025. Specifically, Yabasic, an open source BASIC interpreter for Unix and Windows.

“For a modern BASIC, it’s quite fun to use,” Tusman wrote.

“I made my own cyber-hoss racing game, a command line game inspired by the UFO50 and Flash game Quibble Race. I also tinkered with the internals of the text version of The Oregon Trail, and built a clone, a simple version of Dope Wars economic simulation game.”

All of which brought Tusman to code up a version of the veteran text editor Vi, using BASIC because… well… it was there.

“I’ve been using Neovim (and before that, Vim) for years and years. I’ve never made a text editor before. But I decided it could be fun to try to implement my own.”

Inspired by tools such as Offpunk, a text-based browser, “I thought I could likely build an ULTRA simple editor with a minimum of Vim commands. How hard could it be?”

In this instance, not too hard at all. It only took a few hundred lines of Yabasic code to get a minimal blank page working before Tusman began adding simple commands. Before long, the editor had reached the point where it was possible to open a file, start a new one, and save.

“This was satisfying as I was now able to open the actual code for my vi.bas program and poke around and edit it.”

There’s no wrapping in Tusman’s editor – 80 characters is the limit – but fire up the code from the GitHub repository, and a reasonable simulacrum of the venerable editor, along with a lot of its sometimes esoteric shortcuts, runs up.

The Register asked Tusman why he chose Vi. “I chose Vi because I already use it, and of course, once you’re addicted to it, it’s hard to want to use any other style of editor.”

So what’s missing? “Many things! But I’m purposefully not trying to rebuild a complete Vim. I just wanted something usable with as much functionality as I could build in as short and straightforward a program as I could write. Notably, most of it is ‘if this key is pressed, do this.'”

As for future development, “I don’t know how much I’d add,” Tusman said. “I’ve only been using the program a week or so, but haven’t found much I completely miss from Neovim. I’m speculating here, but maybe I’d optionally add back in line numbers, and I haven’t found a way to prevent errors when the screen gets resized that works cross-platform.”

In his post, Tusman notes that while the code won’t win any prizes for its beauty, it is functional and can be tinkered with. It’s also in the public domain, and so could be forked if there’s a function that a BASIC wrangler can’t do without.

A look at the source certainly brought back some memories for this hack, who cut his teeth on TI BASIC in the very early 1980s and hasn’t gone near the language since uninstalling Visual BASIC 6 decades ago.

“It’s not only the best Vi clone I’ve found written in a BASIC implementation,” Tusman wrote. “I think it’s the only one!” ®



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South Africa’s top court revives impeachment inquiry against president | Politics News

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The scandal centres on a large sum of foreign currency stolen from President Cyril Ramaphosa’s farmhouse in 2020.

South Africa’s highest court has cleared the way for the revival of impeachment proceedings against President Cyril Ramaphosa, ruling that parliament’s decision to block an inquiry four years ago was inconsistent with the constitution.

Ramaphosa avoided impeachment proceedings in 2022 after his governing African National Congress (ANC) party used its parliamentary majority to reject a recommendation by an independent panel that he face an inquiry into the theft of a large sum of cash from his farmhouse two years earlier. The scandal, dubbed “Farmgate”, sparked accusations that he had failed to properly account for the source of the money hidden in a sofa.

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On Friday, the Constitutional Court’s Chief Justice Mandisa Maya said: “The vote of the National Assembly taken on 13 December 2022 … is inconsistent with the Constitution, invalid, and it is set aside.”

The court ordered that the independent panel’s report be referred to an impeachment committee.

The case was brought by two opposition parties – the Economic Freedom Fighters (EFF) and the African Transformation Movement (ATM). The EFF has called on Ramaphosa, who has been in power since 2018, to resign.

Ramaphosa has denied any wrongdoing, saying the money came from the sale of buffalo at his farm.

An impeachment committee is due to review evidence against him before deciding whether to recommend formal proceedings. However, even if it does, the president would still likely survive a vote in the lower house of parliament, where a two-thirds majority is required to remove him from office. Ramaphosa’s ANC retains more than one-third of the seats in the National Assembly, despite losing its majority in 2024.

The allegations against Ramaphosa surfaced in June 2022 after South Africa’s former head of the State Security Agency, Arthur Fraser, accused him of attempting to cover up the theft at his farm. Fraser alleged that about $4m in foreign currency had been stolen. Ramaphosa disputes the total, maintaining that $580,000 was taken.

Since then, the president has faced repeated accusations that he sought to conceal the theft to avoid explaining why such a large amount of foreign currency was being stored at one of his properties rather than in a bank.

Following the ruling, Ramaphosa’s office said he respected the court’s judgement and that no one was above the law.

The impeachment committee is expected to take several months before deciding whether to vote for an inquiry.



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76ers favored in NBA Playoffs Game 3 with Embiid back and Anunoby out


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I put out a MAX play on this series before it began. This is the first time I’ve ever done that, and honestly, my record for MAX plays in the NBA in the past three years is something like 8-1. The one loss was a regular season future that didn’t hit. So, when I feel like it should be a MAX play, I usually hit. I won’t say I’m nervous about this, but I can’t say I feel great about the Knicks being up 2-0 over the 76ers at the moment, considering I need this to go six games.

The New York Knicks look like one of the two best teams in the NBA Playoffs. They have a deep team that is actually healthy when it matters, and they haven’t been run into the ground all season by a coach that is hell-bent on winning regular season games. I honestly don’t think Mike Brown has done anything transformational with this team, and I’d argue there isn’t much different going on with the team aside from better depth than last season.

Philadelphia 76ers' Vj Edgecombe driving to the basket during basketball game.

Philadelphia 76ers’ Vj Edgecombe drives to the basket during the second half of Game 1 in the second-round NBA playoffs against the New York Knicks in New York on May 4, 2026. (Seth Wenig/AP)

Still, in four wins against the Hawks, they showed they were clearly the better team. Even in the two losses, they looked like the better team, losing both games by one point, with a chance to win in the final possession in both games. The biggest issue for me is that OG Anunoby will likely miss this game. While it is apparently a very minor hamstring strain, it makes more sense for the team to rest him for a game and then bring him back. That’s very similar to the strategy that the 76ers took with Joel Embiid.

Of the two teams, the Philadelphia 76ers are significantly more used to playing without key players than the Knicks. Embiid misses more games than he plays, and Paul George was suspended this season. This opens the door for the 76ers to get a win in the game. They weren’t elite at home in the regular season, and they’ve only won one of three playoff games at home in the postseason. However, this is a bit of a do-or-die for them. They need to win this game. What adjustments can they make?

76ERS VS KNICKS SECOND-ROUND SERIES PREDICTED TO GO AT LEAST SIX GAMES IN MUST-WATCH NBA MATCHUP

Tyrese Maxey of the Philadelphia 76ers celebrating on the basketball court

Tyrese Maxey of the Philadelphia 76ers celebrates during Game 5 of the first round of the 2024 NBA Playoffs against the New York Knicks at Madison Square Garden in New York City on April 30, 2024. (Nathaniel S. Butler/NBAE/Getty Images)

If Anunoby is out, the 76ers have two advantages from Game 2. Embiid will be back and give them a boost, and the Knicks will be down one of their best defenders, and someone who has been a reliable scorer this postseason. Tyrese Maxey hasn’t had a game where he fully took over – Game 2 looked like it would be, but he slowed down in the second half, and ultimately the 76ers lost a game they should’ve won. Expect Maxey and Embiid to both play well today, and for the Philly faithful to have the arena rocking.

OG Anunoby of the New York Knicks celebrating a shot during a basketball game at Madison Square Garden

OG Anunoby of the New York Knicks celebrates a shot during the first half against the Philadelphia 76ers at Madison Square Garden in New York City on April 30, 2024. (Elsa/Getty Images)

Combine a Knicks team that got a very minor punch (but one they need to be cautious about) with the return of a Philadelphia superstar, and a return home for the team, and you get a great recipe for a win for the 76ers. Maybe I’m a fool for betting on them to win the game when I already have a big bet on them winning two games in the series. However, this is one they have to win to have any hope. If they lose this, a sweep is far too realistic.

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If you’ve already bet the over 5.5 games, as I did, you can bet a unit on the Knicks to try and get a little bit of money back. However, it’s probably too early to start looking to hedge. I expect the 76ers to be rejuvenated, ready to fight, and have the advantage in this one. Give me Philadelphia to cover the -1.5. I strongly suggest keeping an eye on the injury report before you tail.

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For more sports betting information and plays, follow David on X/Twitter: @futureprez2024 



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India joins global rally, but trails peers on earnings outlook: MOFSL


Global markets are currently pricing in 20-40 per cent earnings-per-share growth, compared with India's expected 18 per cent growth, making corporate earnings the key driver for future market returns.

Global markets are currently pricing in 20-40 per cent earnings-per-share growth, compared with India’s expected 18 per cent growth, making corporate earnings the key driver for future market returns.

Indian equities have joined the recent rebound in global markets, with nearly 94 per cent of Nifty and BSE-200 constituents delivering gains in April, yet benchmark indices continue to lag major global peers, according to a strategy report by Motilal Oswal Financial Services.

The Nifty 50 remains around 8 per cent below its September 2024 peak and nearly 5 per cent below pre-war levels, even as several global indices have surged to fresh highs following the March sell-off.

“This broad-based recovery is in line with global markets. India, however, is lagging,” the report said.

Global markets are currently pricing in 20–40 per cent earnings-per-share (EPS) growth, compared with India’s expected 18 per cent growth, making corporate earnings the key driver for future market returns.

fund flows

The US, South Korea and Taiwan markets have outperformed, driven largely by strong global fund allocation towards artificial intelligence and semiconductor manufacturing themes, where India has relatively lower exposure, it said.

At the same time, domestic institutional investors (DIIs) continued to provide strong support to the market amid sustained foreign selling. DIIs invested $5.4 billion in April, marking the 12th month of significant buying activity, barring February 2026.

In contrast, foreign portfolio investors (FPIs) have remained net sellers of Indian equities this year, pulling out around $21 billion, while DIIs have infused nearly $33 billion during the same period.

The brokerage said commodity prices, particularly crude oil, remain a major near-term risk for Indian equities and corporate profitability.

“If crude remains above $100, it will squeeze corporate margins,” the report said.

Crude impact

Elevated crude prices are closely watched by markets as India imports more than 80 per cent of its oil requirements, making sectors such as aviation, paints, chemicals and consumer goods vulnerable to input cost pressures.

On valuations, MOFSL said large-cap stocks currently offer better comfort compared with the small- and mid-cap segments. The Nifty-50 is trading at 19.1 times forward earnings, around 9 per cent below its long-period average, while small- and mid-cap indices continue to trade at premium valuations.

“SMID continue to trade at a premium, suggesting a more stretched risk-reward profile in those segments,” the report said.

Published on May 8, 2026