11:11 | NSE IPO push, US oil reserve release and Trump-Xi talks in focus

Good morning.

Markets are navigating a heavy mix of geopolitics, energy, and earnings today. CNBC-TV18 has learned that NSE is likely to accelerate its IPO paperwork, while the Trump administration plans to loan 53.3 million barrels of crude from the US Strategic Petroleum Reserve to calm oil markets rattled by the war in West Asia.

Investors are also closely watching the upcoming Trump-Xi meeting in Beijing for signals on trade, AI, and words on the war.

Beijing buys Iran's oil—but won't fight its wars

When Iranian Foreign Minister Abbas Araghchi flew to Beijing this week, he came looking for something more than warm words. He left with exactly that. China called Iran a "trustworthy strategic partner," condemned the US-Israeli campaign, and said all the right things. But as Xi Jinping prepares to host Donald Trump in Beijing on May 14-15, the limits of that partnership are becoming more apparent. The clearest signal of where Iran sits in Beijing's priorities may come from what Xi and Trump discuss – or don't.

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Gold, silver prices rise ahead of US inflation data, Trump-Xi meeting

Gold and silver prices traded higher on Tuesday (May 12) as investors monitored developments in the West Asia, awaited key US inflation data and tracked upcoming talks between US President Donald Trump and Chinese President Xi Jinping.

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US to loan 53.3 million barrels of oil from Strategic Petroleum Reserve

The Trump administration said on Monday it will loan energy companies 53.3 million barrels ‌of crude from the US Strategic Petroleum Reserve as part of a global agreement to calm oil markets that have spiked on the US-Israeli war with Iran.

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Exclusive | NSE likely to file DRHP earlier than expected, sources say

The National Stock Exchange of India (NSE) is likely to fast-track the filing of its draft red herring prospectus (DRHP), as the number of retail shareholders expected to tender shares in the proposed initial public offering (IPO) remains negligible, sources told CNBC-TV18.

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Former RBI guv Subbarao says further rupee weakness could trigger rate hikes

Former Reserve Bank of India Governor Duvvuri Subbarao said markets may be able to absorb further depreciation in the rupee, but warned that persistent weakness in the currency could eventually prompt interest rate hikes by the central bank.

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Explained - What is causing the steep sell-off in IT stocks on Tuesday

Shares of Indian IT companies, Infosys Ltd., TCS Ltd., HCLTech Ltd., and other large and midcap peers are trading with losses of up to 4% on Tuesday, May 12, after the latest announcement made by OpenAI.

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Here's how Vedanta benefits from the government move to cut effective royalty rates

Shares of Vedanta Ltd., the recently demerged mining conglomerate led by Anil Agarwal, are trading with gains of over 2.5% on Tuesday, May 12, after the latest move by the government on royalties involving oil and gas production.

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Ex-OpenAI exec Sutskever says he spent a year gathering proof of alleged Altman dishonesty

Former OpenAI chief scientist Ilya Sutskever testified on Monday that he spent about a year gathering evidence for the ChatGPT maker's board that CEO Sam Altman had displayed a "consistent pattern of lying."

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Q4 Results LIVE Updates

Its an earnings-heavy day on the Dalal Street today. Nifty 50 stock Dr Reddy's Laboratories is scheduled to report its numbers. Dixon Tech, Berger Paints, Nazara Tech, INOX India, Cohance Lifesciences, Gopal Snacks, Kalpataru, KPR Mill, Max Financial Services, MobiKwik, MTAR Tech, Novartis, Pfizer, Religare, Keystone Developers, Sagility, Tata Power, Torrent Power, Texmaco Rail, V-Guard Industries, are among the other important results to watch out.

LIVE updates here

Tamil Nadu Chief Minister Vijay orders closure of 717 liquor shops near schools, temples and mosques

Tamil Nadu Chief Minister Joseph Vijay has ordered the closure of 717 state-run liquor outlets located near places of worship, educational institutions and bus stands. The directive was issued on Tuesday, May 12, two days after he took oath as Chief Minister.

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AI Wrap

Here' s a roundup of all the key developments overnight in the world of Artificial Intelligence:

A delegation of tech leaders will accompany President Donald Trump for his meeting with Chinese President Xi Jinping. Tesla’s Elon Musk, Apple’s Tim Cook, BlackRock’s Larry Fink, and Blackstone’s Stephen Schwarzman are among the business leaders invited to join him. The meeting marks the first direct high-level US-China AI dialogue since 2024.

OpenAI is expanding its enterprise push with the launch of the OpenAI Deployment Company, or DeployCo. The venture has reportedly secured over $4 billion from 19 investors, including TPG, Goldman Sachs and SoftBank, and plans to place specialised engineers directly inside client organisations to build and scale AI systems.

In California, Microsoft CEO Satya Nadella testified in the Musk-versus-Altman trial, saying Elon Musk never raised concerns with him over Microsoft’s multibillion-dollar investment in OpenAI. Referring to the brief ouster of Sam Altman in 2023, Nadella described the episode as “amateur city”. Altman is expected to testify later this week.