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The rupee fell 7 paise to trade at 84.47 against the US dollar in early trade on Thursday weighed down by a muted trend in domestic equities and strength of the American currency in the overseas markets. <keyword id="20024982" type="General" weightage="20" keywordseo="Forex-traders" source="keywords">Forex traders</keyword> said the latest <keyword id="20064878" type="General" weightage="20" keywordseo="Federal-Open-Market-Committee" source="keywords">Federal Open Market Committee</keyword> (FOMC) minutes reveal a significant shift in the Federal Reserve's outlook. The Fed is likely to put downward pressure on short-term interest rates, reducing the appeal of dollar-denominated assets and contributing to the decline in the Dollar Index. At the interbank foreign exchange, the rupee opened at 84.45 and moved in a tight range and touched 84.47 against the greenback, registering a fall of 7 paise over its previous close. On Wednesday, the rupee depreciated by 11 paise to close at 84.40 against the US dollar. "The 84.50 level remains a strong support for the USD/INR pair. <keyword id="23456490" type="General" weightage="20" keywordseo="RBI-interventions" source="keywords">RBI interventions</keyword>, coupled with anticipated capital inflows -- such as Godrej Properties' Rs 4,000 crore QIP and Univest's USD 16 million capital raise -- are expected to support the rupee further," CR Forex Advisors MD Amit Pabari said. Pabari further added that the USD/INR pair is likely to encounter resistance near the 84.50 mark, with expectations of trading within the 83.80 to 84.50 range, showing a slight downward bias. Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, was trading higher by 0.14 per cent at 106.22. Brent crude, the global oil benchmark, fell 0.18 per cent to USD 72.70 per barrel in futures trade. In the domestic equity market, the 30-share BSE Sensex rose 68.21 points or 0.09 per cent to 80,302.29 in morning trade, while Nifty was up 34.20 points or 0.14 per cent to 24,309.10 points. Foreign Institutional Investors (FIIs) infused Rs 7.78 crore in the capital markets on a net basis on Wednesday, according to exchange data. SEE ALSO:<a href="https://www.businessinsider.in/business/auto/news/honda-activa-e-and-qc1-electric-scooters-unveiled-in-india-to-go-on-sale-in-2025/articleshow/115725242.cms" target="_self"></a> <a href="https://www.businessinsider.in/business/auto/news/honda-activa-e-and-qc1-electric-scooters-unveiled-in-india-to-go-on-sale-in-2025/articleshow/115725242.cms" target="_self">Honda Activa e and QC1 electric scooters unveiled in India, to go on sale in 2025</a><a href="https://www.businessinsider.in/tech/news/indias-pc-market-reaches-new-high-with-4-49-million-shipments-in-q3-2024/articleshow/115719599.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/news/indias-pc-market-reaches-new-high-with-4-49-million-shipments-in-q3-2024/articleshow/115719599.cms" target="_blank">India’s PC market reaches new high with 4.49 million shipments in Q3 2024</a><a href="https://www.businessinsider.in/tech/mobile/news/realme-gt-7-pro-with-snapdragon-8-elite-chipset-launched-starting-at-59999/articleshow/115689685.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/mobile/news/realme-gt-7-pro-with-snapdragon-8-elite-chipset-launched-starting-at-59999/articleshow/115689685.cms" target="_blank">Realme GT 7 Pro with Snapdragon 8 Elite chipset launched starting at ₹59,999</a>

Rupee falls 7 paise to 84.47 against US dollar in early trade

<keyword id="19991358" type="General" weightage="100" keywordseo="Indian-markets" source="keywords">Indian markets</keyword> are navigating choppy waters as global economic shifts, from rate cuts to evolving political climates, create new pressure points across the financial landscape, according to a recent report by ANI attributed originally to the Union Bank of India. The domestic stock and bond markets showed signs of strain, with <keyword id="19910363" type="General" weightage="20" keywordseo="bond-yields" source="keywords">bond yields</keyword> witnessing slight adjustments. India’s 10-year government bond yield dipped to 6.82%, a decrease from the previous session, reflecting cautious investor sentiment as the markets react to shifting global indicators. Meanwhile, the 5-year bond yield remained steady at 6.76%, a signal of lingering hesitation amid economic unpredictability. In the currency market, the rupee faced a notable decline, ending the day at ₹84.3725 against the US dollar, slipping from its prior close of ₹84.2800. Market analysts point to significant capital outflows as a key factor, with investors moving funds to perceived safer assets overseas. This migration has weighed heavily on the rupee, underlining the currency’s vulnerability in an environment of global economic flux. India’s stock market bore the brunt of this volatility, with key indices falling over 1%, effectively erasing the gains of a previous rally. This abrupt drop reportedly reflects renewed investor anxiety, largely triggered by the recent <keyword id="20189882" type="General" weightage="20" keywordseo="US-presidential-election" source="keywords">US presidential election</keyword> results. Experts suggest that the election has introduced a fresh layer of uncertainty, not only for the US economy but for global markets, impacting everything from policy decisions to investor sentiment. Analysts are also keeping a close eye on upcoming decisions by central banks, which will likely shape the path forward for the Indian equities market. Commodities showed contrasting trends, with Brent crude prices falling on lower demand expectations, as economic indicators point toward cautious spending globally. Gold, on the other hand, experienced a modest rise as investors sought refuge in safe-haven assets, highlighting a shift towards risk aversion among market participants. Globally, major central banks made coordinated efforts to sustain economic growth, with the Bank of England (BoE) announcing a 25 basis-point cut, lowering its benchmark rate to 4.75%. The BoE’s Monetary Policy Committee (MPC) largely backed this move to counter inflation, which has been declining, albeit gradually. Across the Atlantic, the US Federal Reserve mirrored this action with its own 25 basis-point cut, a sign of confidence in the ongoing economic recovery. Both rate cuts, though modest, signal a global trend towards caution as economies work to balance growth with stability. In Asia, the People’s Bank of China (PBoC) maintained its supportive stance. Governor Pan Gongsheng sought to reassure foreign investors by reaffirming the PBoC’s commitment to growth-oriented policies. Pan emphasized enhanced communication and pledged to open China’s financial services sector further, aiming to attract more international participants. Europe, meanwhile, faced mixed economic signals. Germany reported a steep 2.5% drop in industrial production in September, signalling a slowdown in manufacturing, while the Eurozone saw a mild 0.5% rise in retail sales, reflecting cautious consumer optimism in the region. Adding another layer to the global economic landscape, the European Union’s Climate Change Service warned that 2024 could be the hottest year on record, underscoring urgent climate challenges just as the UN COP29 climate summit approaches. The summit, set to take place in Azerbaijan, aims to rally increased funding for climate action, though tempered expectations linger in light of recent US political shifts. On the domestic front, Niti Aayog CEO BVR Subrahmanyam spoke about India’s potential role in pivotal global trade agreements, specifically the Regional Comprehensive Economic Partnership (RCEP) and the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP). These partnerships, Subrahmanyam suggested, could bolster India’s Micro, Small, and Medium Enterprises (MSME) sector, which currently accounts for 40% of India’s exports, offering a strategic advantage for Indian trade in an interconnected world. As the Indian markets digest these developments, experts believe continued volatility could be the theme for the coming months. (with ANI inputs)

Indian markets under pressure as global rate cuts stir uncertainty, new report says

<ul><li>FPIs turned <keyword id="20625148" type="General" weightage="20" keywordseo="net-sellers" source="keywords">net sellers</keyword> in the <keyword id="20459350" type="General" weightage="20" keywordseo="Indian-stock-markets" source="keywords">Indian stock markets</keyword> in October 2024.</li><li>FPIs offloaded stocks worth ₹94,017 crore in October as per NSDL data.</li><li><keyword id="19896382" type="General" weightage="20" keywordseo="Sensex" source="keywords">Sensex</keyword> has fallen from its all-time high of 85,978 points to now trading at 79,389 points.</li></ul><keyword id="20015748" type="General" weightage="100" keywordseo="Foreign-Portfolio-Investors" source="keywords">Foreign portfolio investors</keyword> (FPIs) have again turned net sellers in Indian stock markets in October 2024, after having remained net buyers in the past four months on a trot, contributing to the nearly 8% decline in benchmark indices from the peak. They offloaded stocks worth ₹94,017 crore in October, data made available by National Securities Depository Limited (NSDL) showed. In June, July, August, and September, they bought stocks worth ₹26,565 crore, ₹32,365 crore, ₹7,320 crore, and ₹57,724 crore, respectively. FPIs had fuelled the bull run in the stock market, barring the latest slump. As per definition, Foreign Portfolio Investment (FPI) involves an investor buying foreign financial assets. Sensex has fallen from its all-time high of 85,978 points to now trading at 79,389 points. The recent sessions have been bearish for the indices, attributable to fund outflows and lower-than-expected Q2 earnings of India Inc. On Thursday, the Sensex settled at 79,389.06 points, down 553.12 points or 0.69 per cent, while the Nifty closed at 24,205.35 points, down 135.50 points or 0.56 per cent. "We expect the consolidation to continue in the short term; a reversal in trend will depend on a slowdown in FIIs selling intensity and the outcome of the US presidential election," said Vinod Nair, Head of Research, Geojit Financial Services, recently. Interestingly, at a time when overseas investors were net sellers in Indian equities, domestic institutional investors stayed net buyers, largely making up for the outflows by foreign investors. They accumulated stocks worth thousands of crores more than FPIs in October, data showed. This has likely cushioned the stock indices from a sharp fall. With inputs from ANI. SEE ALSO: <a href="https://www.businessinsider.in/tech/mobile/news/oneplus-13-announced-with-snapdragon-8-elite-6000mah-battery-and-more/articleshow/114842638.cms">OnePlus 13 announced with Snapdragon 8 Elite, 6,000mAh battery and more</a> <a href="https://www.businessinsider.in/tech/mobile/news/indian-smartphone-shipments-up-3-in-q3-vivo-leads-the-market/articleshow/114840345.cms">Indian smartphone shipments up 3% in Q3, Vivo leads the market</a> <a href="https://www.businessinsider.in/tech/mobile/webstories/upcoming-smartphones-launching-in-india-in-november-2024/slidelist/114836760.cms">Upcoming smartphones launching in India in November 2024</a>

October marks highest-ever monthly stock sales by foreign portfolio investors

<ul class="summary-list"><li>China's exports surged 8.7% in August, hitting a two-year high of nearly $309 billion.</li><li>Despite strong exports, China's domestic demand remains weak, with imports up just 0.5%.</li></ul>China's exports are booming, but profits could be under pressure, recent data from the country showed.China's exports rose 8.7% in August from a year ago to nearly $309 billion — a two-year high, official data showed on Tuesday. This beat a 6.5% increase expected by economists polled by Reuters. August marked the start of <a target="_blank" class="" href="https://www.freightos.com/freight-resources/beating-peak-season-blues-shipping-freights-busiest-season/">peak shipping season</a> ahead of Christmas.Imports, meanwhile, edged up by just 0.5% in August from a year ago — a sign that <a target="_blank" class="" href="https://www.businessinsider.com/china-economy-weak-domestic-demand-factory-activity-amid-strong-export-2024-7">domestic demand</a> was still weak. Economists had expected a 2% year-on-year rise in imports.While China's robust exports have been supporting the country's flagging economy amid weak demand, data suggest that exporters have been slashing prices to stay competitive — a trend <a target="_blank" href="https://www.oxfordeconomics.com/resource/the-latest-export-from-china-is-deflation/">some economists</a> have flagged.A <a target="_blank" class="" href="https://www.bloomberg.com/news/articles/2024-09-10/china-s-exports-beat-estimates-in-rare-bright-spot-for-economy?srnd=homepage-asia">Bloomberg</a> analysis on Tuesday also showed that the volume of Chinese exports was rising faster than the increase in value in recent months.Meanwhile, official data released on Monday showed China's <a target="_blank" class="" href="https://www.stats.gov.cn/sj/zxfb/202409/t20240909_1956310.html">Producer Price Index</a> — which measures the price of goods at the factory gate — falling 1.8% from a year ago.It was the 23rd straight month the PPI was in the negative zone, sparking concerns about a "deflation spiral" whereby people could delay their purchases on expectations of further price declines, further dragging the economy.Bank of America wrote in a Monday note that China needs more policy support to restore consumer and industrial demand because its latest inflation data suggested "underlying inflation momentum remains weak and domestic demand has yet to see a meaningful improvement."<h2 id="261ea0c6-2225-440d-9ca4-5ad154ef5c6a">China's under fire for dumping cheap goods on the global market</h2>The latest data from China showed the country is still struggling to turn its economy around following the pandemic. It's dealing with numerous challenges including an epic property crisis, a high youth unemployment rate, and geopolitical tensions.While China's strong export performance is supporting its economy, it's not going down well with the West, which has <a target="_blank" rel="" href="https://www.businessinsider.com/western-countries-name-shame-china-economy-industrial-overproduction-profits-g7-2024-5">been lining up to criticize China</a> over its barrage of cheap exports flooding the world's markets. They say China's dumping and unfair trade practices have hurt their economies.The US and European Union have already slapped high tariffs on Chinese electric vehicles — a key <a target="_blank" class="" href="https://www.businessinsider.com/china-economy-new-growth-areas-electric-vehicles-batteries-solar-property-2024-1">growth area</a> Beijing is eying in its economic pivot.Beijing has consistently pushed back on the West's criticisms. Chinese authorities say the West's accusations are protectionist and aimed at containing China's economic growth.

People in China still aren't buying enough stuff — so exporters are slashing prices to push more overseas sales

<keyword id="20021345" type="General" weightage="20" keywordseo="TVS-Motor-Company" source="keywords" meta.keywordsubtype="org" meta.entityname="TVS Motor Company" meta.hostid="153" meta.entityid="TVS Motor Company">TVS Motor Company</keyword> expects to grow faster than the competition across domestic and <keyword id="20108266" type="General" weightage="20" keywordseo="international-markets" source="keywords">international markets</keyword> this fiscal, riding on the back of new <keyword id="22697277" type="General" weightage="20" keywordseo="product-launches" source="keywords">product launches</keyword> and strengthening of operations across key regions, according to CEO KN Radhakrishnan. He noted that in the <keyword id="20046426" type="General" weightage="20" keywordseo="domestic-market" source="keywords">domestic market</keyword>, the company expects growth momentum to continue with normal monsoons likely to add strength to the <keyword id="19929089" type="General" weightage="20" keywordseo="rural-markets" source="keywords">rural markets</keyword>. In international markets, Radhakrishnan exuded hope to perform better in key markets like Africa this year while expanding operations in other regions like the Middle East and Latin America. "Our strong product portfolio; our unwavering focus on the consumers, quality, new products and attractive quality and technology, we are confident that we will outperform the industry both in the domestic and international markets," Radhakrishnan said in an analyst call. He noted that the growth momentum is likely to be maintained with the budget focusing on employment generation, continued higher commitment to infrastructure and rural economy. "We are expecting rural markets to recover. With the expected normal monsoon, we could witness robust growth in Q2," Radhakrishnan stated. He noted that for the first time the company is witnessing that the rural areas were doing slightly better than the urban markets. The improving road infrastructure and economic environment will drive the demand for two-wheeler mobility, he added. The <keyword id="21048623" type="General" weightage="20" keywordseo="two-wheeler-segment" source="keywords">two-wheeler segment</keyword> has got a huge opportunity in the medium and the long term given the challenges in mobility as well as also investments from the government on the infrastructure and road development, he said. The company, which has earmarked over Rs 1,000 crore capex this year, is gearing up to introduce one product each in the electric and internal combustion engine segments in the ongoing quarter. A significant proportion of the earmarked capital is expected to go towards the design and development of new products, Radhakrishnan stated. "I want to highlight that the company will be launching one product in ICE and one product in EV in this quarter and that will further strengthen our range of product portfolio," he said. Commenting on international business, Radhakrishnan said that the Red Sea issue has led to challenges in terms of enhanced transit periods for overseas dispatches. He noted that <keyword id="62356" type="General" weightage="100" keywordseo="TVS" source="Orion">TVS</keyword> has taken enough countermeasures to mitigate these challenges and the situation is likely to improve in the ongoing quarter. Certain select African markets are facing challenges due to currency devaluation and persistent inflation, he said. "However, considering the base effect in our assessment, the possibility of further decline in Africa is low. We feel that we will be doing better in Africa this year," he added. He further said: "Besides, Latin America gives us a huge opportunity. We have started exporting to LATAM. In Asia, we are seeing some challenges in Bangladesh, but we are hopeful that things will settle down soon." The Middle East is also a huge opportunity for TVS and the company is strengthening its operations in the region, he stated. For the April-June quarter this fiscal, <keyword id="46156" type="General" weightage="20" keywordseo="TVS-Motor" source="Orion">TVS Motor</keyword> Company reported a 6 per cent year-on-year increase in consolidated net profit at Rs 461 crore. Total income rose to Rs 10,448 crore for the period under review as compared to Rs 9,142 crore in the year-ago period.

TVS confident of outperforming industry in domestic, global markets following new product launches, ops strengthening

<ul class="summary-list"><li>US stocks dipped slightly on Monday as investors await key employment data this week.</li><li>Economists predict about 145,000 new jobs in September, with the unemployment rate steady at 4.2%.</li></ul>US stocks edged lower on Monday as investors prepare for a wave of employment data this week.Job openings data on Tuesday, the ADP employment report on Wednesday, initial jobless claims on Thursday, and the September jobs report on Friday are on the docket this week for investors to parse through.Economists expect about 145,000 jobs added to the economy in September, with the unemployment rate staying flat at 4.2%.With the Fed shifting its focus from inflation to the jobs market, the employment data could have a sizable impact on the future path of interest rate cuts.Here's where US indexes stood at 9:55 a.m. on Monday:<ul><li><a target="_blank" href="https://markets.businessinsider.com/index/s&amp;p_500?utm_source=markets&amp;utm_medium=ingest%3Futm_source%3Dmarkets&amp;utm_medium=ingest&amp;utm_medium=ingest&amp;utm_source=markets">S&amp;P 500</a>: 5,732.41, down 0.1%</li><li><a target="_blank" href="https://markets.businessinsider.com/index/dow_jones?utm_source=markets&amp;utm_medium=ingest%3Futm_source%3Dmarkets&amp;utm_medium=ingest&amp;utm_medium=ingest&amp;utm_source=markets">Dow Jones Industrial Average</a>: 42,105.75, down 0.5% (208 points)</li><li><a target="_blank" href="https://markets.businessinsider.com/index/nasdaq_composite?utm_source=markets&amp;utm_medium=ingest%3Futm_source%3Dmarkets&amp;utm_medium=ingest&amp;utm_medium=ingest&amp;utm_source=markets">Nasdaq composite</a>: 18,162.27, up 0.2%</li></ul>Overseas, investors saw extreme price moves in Asian stock markets on Monday.The CSI 300 <a target="_blank" class="" href="https://www.businessinsider.com/china-boost-economy-stock-market-bazooka-stimulus-sentiment-rally-pboc-2024-9">soared 8.5% on Monday in its best day since 2008,</a> after the China government announced various stimulus measures aimed at revitalizing its economy. That's in addition to a 16% surge in the index last week.On the flip side, Japan's stock market, as measured by the Nikkei 225, tumbled about 5% on Monday as investors reacted to its ruling party choosing Shigeru Ishiba as the country's next Prime Minister.Here's what else is going on:<ul><li><a target="_blank" class="" href="https://www.businessinsider.com/directv-dish-network-merge-form-pay-tv-titan-2024-9">DirecTV and Dish Network are combining to form a massive pay-TV provider.</a></li><li><a target="_blank" class="" href="https://www.businessinsider.com/dockworker-strike-what-will-be-impacted-prices-inflation-martime-longshoremen-2024-9">A dockworker strike at shipping ports across the East Coast could occur on Tuesday, leading to potential supply chain disruptions.</a></li><li><a target="_blank" class="" href="https://markets.businessinsider.com/news/stocks/trump-media-stock-valuation-unjustifiable-even-after-70-drop-strategist-2024-9">Trump Media stock is down 70% since going public. One expert warns its $3 billion valuation is too rich.</a></li></ul>In commodities, bonds, and crypto:<ul><li><a target="_blank" href="https://markets.businessinsider.com/commodities/oil-price">West Texas Intermediate</a> crude oil was down 0.29% to $67.98 a barrel. <a target="_blank" href="https://markets.businessinsider.com/commodities/oil-price">Brent crude</a>, the international benchmark, was lower by 0.21% to $71.39 a barrel.</li><li><a target="_blank" href="https://markets.businessinsider.com/commodities/gold-price">Gold</a> was down 0.27% to $2,661.30 an ounce.</li><li>The 10-year Treasury yield was higher by 1 basis point at 3.764%.</li><li><a target="_blank" href="https://markets.businessinsider.com/currencies/btc-usd">Bitcoin</a> was lower by 2.47% to $63,991.</li></ul>

Stock market today: US indexes drop as investors prepare for wave of jobs data this week

India's diversified entity <keyword id="19896958" type="General" weightage="20" keywordseo="ITC" source="keywords" meta.keywordsubtype="org" meta.entityname="ITC" meta.hostid="153" meta.entityid="ITC">ITC</keyword> plans to open more hotels overseas with neighbouring countries and the Middle East as primary target markets after opening of its first international property here, company Chairman and Managing Director <keyword id="20049280" type="General" weightage="20" keywordseo="Sanjiv-Puri" source="keywords">Sanjiv Puri</keyword> said on Thursday. The company's arm <keyword id="20032522" type="General" weightage="20" keywordseo="ITC-Hotels" source="keywords" meta.keywordsubtype="org" meta.entityname="ITC Hotels" meta.hostid="153" meta.entityid="ITC Hotels">ITC Hotels</keyword>, which had opened 22 new properties in the last 24 months, plans to add another 70 hotels in the next five years in India as part of expansion plans in the <keyword id="20402233" type="General" weightage="20" keywordseo="hospitality-sector" source="keywords">hospitality sector</keyword>. Besides the hotels business, the company will look for opportunities to expand the presence of <keyword id="19931572" type="General" weightage="20" keywordseo="FMCG" source="keywords" meta.keywordsubtype="org" meta.entityname="FMCG" meta.hostid="153" meta.entityid="FMCG">FMCG</keyword> and other verticals in new overseas markets as well. "We are open to exploring opportunities that come about. I think we have strong credentials in hospitality which we can take outside India now. Very clearly at the moment the focus is on proximal markets, be it for hospitality, be it for FMCG...," Puri said here at a press conference after the opening of the 352-room luxury property, <keyword id="20911944" type="General" weightage="20" keywordseo="itc-ratnadipa" source="keywords">ITC Ratnadipa</keyword> here. He said as the company explores and understands a place for a particular business, it may look at it as a market for other verticals as well. Citing the example of Nepal, Puri said,"We started with other businesses and are now looking at hospitality (there). Here (in Sri Lanka) we have started with hospitality...as we explore and understand the place, we will look at possibilities in some of our other sectors as well." On overseas expansion of the hospitality business, while the company's focus is more on 'proximal markets', he said,"We are open to it if there are some interesting opportunities beyond it. We will certainly be interested in pursuing that." When asked if ITC is looking at the Middle East as a market for the hospitality business, he said it is a vibrant economy right now with terrific growth plans and "if opportunity comes our way then we will certainly explore that". Puri also said the company will look to expand in more destinations in Sri Lanka going forward. "This (opening of ITC Ratnadipa) is the starting point and yes, we want to expand and grow the economy and contribute to the development of tourism in Sri Lanka," he said. When asked about ITC's overall expansion plans in the hospitality sector, he said,"We have a very healthy pipeline of 70 hotels in five years." All these 70 hotels are for the Indian domestic market and most of them will be the upscale segments. He, however, said "(For) overseas we're just starting our journey. So we have not yet got to the stage to start putting a number right here." On investments planned for the overall expansion, he did not share a specific number but said "between renovation and new properties will spend somewhere between Rs 700 crore to Rs 1,000 crore a year". When asked about the progress of the demerger of ITC Hotels and its planned public listing, Puri said it is happening in line with the indicated timelines and is expected "before the second half of this year or the end of this year". At its new property here, the company had invested about USD 500 million. It was inaugurated on Thursday by Sri Lankan President Ranil Wickremesinghe. The ITC Ratnadipa or 'Island of Gems' has 352 guest rooms, suites and service apartments, each with private balconies with waterfront views. Earlier in the day, speaking at the opening of the new hotel, Puri said,"It is very natural for us to specifically focus on markets in proximal areas, encouraged also by our Prime Minister's (Narendra Modi) vision of neighbourhood first where Sri Lanka has a very special position. ITC is deeply committed to growing our presence and contributing to hospitality in the region." 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ITC plans to open more hotels overseas: CMD Sanjiv Puri

New Delhi [India], July 24 (ANI): Indian Benchmark indices opened in negative territory as the <keyword id="19908389" type="General" weightage="20" keywordseo="Union-Budget" source="keywords">Union budget</keyword> proved to be a non-event to the <keyword id="20346556" type="General" weightage="20" keywordseo="market-participants" source="keywords">market participants</keyword>. The <keyword id="19896382" type="General" weightage="20" keywordseo="Sensex" source="keywords">Sensex</keyword> opened in red at 80,343.38, down 85.43 or 0.11 per cent while the <keyword id="19896381" type="General" weightage="20" keywordseo="Nifty" source="keywords">Nifty</keyword> 40 also opened in red at 24445.00, down 34 points or 0.14 per cent. The Bank Nifty showed a similar trend opening at 51657.70, lower by 120.60 points or 0.23 per cent. Among the sectoral stocks Bank, Auto, Financial Services, IT, Pharma, Private Bank, Realty, and Healthcare traded in red during the initial hours of the trade. On the other hand the sectoral stocks of FMCG, Media, Metal, PSU Bank, Consumer Durables, Oil and Gas traded in red. The <keyword id="19925636" type="General" weightage="100" keywordseo="stock-market" source="keywords">stock market</keyword> experienced significant volatility during the announcements of the Union Budget on Tuesday. Following the presentation of the Union <keyword id="15478236" type="General" weightage="20" keywordseo="Budget-2024" source="Orion">Budget 2024</keyword>, domestic indices closed marginally down on the last day. During the trade hours last day, the stocks of consumer durables, FMCG, and pharma sectors saw buyers flowing following the incentives proposed by the Finance Minister. The greater emphasis on employment, skilling, and continued infrastructure spending affected the market movement on Tuesday. "Overall budget has proved to be a non-event, with Indian markets falling and then recovering during the day itself. DIIs bought strongly, while FIIs unloaded a large amount on <keyword id="20402622" type="General" weightage="20" keywordseo="budget-day" source="keywords">Budget Day</keyword>. DIIs went in short and are holding a massive Rs 125,000 crore in cash, which will get allocated slowly. That will support the markets, with massive liquidity sitting on the sidelines waiting to buy at every dip. The risk will now come from a global deterioration," said Ajay Bagga, a banking and market expert. The overseas investors turned net sellers in the Indian market on Tuesday after almost a week. The foreign investors offloaded the stock worth Rs 2,975.3 crore on the budget day. While the domestic investors were the net buyers with Rs 1,418 crore as per the National Stock Exchange (NSE) data. "Technically, the Nifty 50 charted a small negative candle with a long lower shadow, resembling a bullish hammer pattern, suggesting potential for a rebound. Despite recent volatility, the index has held above its 10-day and 20-day EMAs for several weeks, indicating resilience," said Varun Aggarwal MD, Profit Idea. Asian markets mirrored Wall Street's losses, with Japan's Nikkei 225 and South Korea's Kospi both trading lower on Wednesday. Hong Kong's Hang Seng index futures pointed to a flat opening. In the US, major indices closed slightly lower on Tuesday amidst earnings reports from Alphabet and Tesla. The Dow Jones declined by 57.35 points (0.14 per cent) to 40,358.09, the S&amp;P 500 dropped 8.67 points (0.16 per cent) to 5,555.74, and the Nasdaq Composite edged down by 10.22 points (0.06 per cent) to 17,997.35. Tesla shares fell 2 per cent in regular trading and an additional 8 per cent in after-hours trading, while Alphabet saw a modest increase of 0.1 per cent.

Nifty, Sensex yet to cheer Union Budget 2024 as stock markets open in red

Smaller stocks have emerged as markets' favourites so far this year, giving big returns to investors amid optimism over the country's macroeconomic fundamentals and surge in <keyword id="22447586" type="General" weightage="20" keywordseo="domestic-liquidity" source="keywords">domestic liquidity</keyword>. Till July 16 this year, the BSE midcap gauge has jumped 10,984.72 points or 29.81%, while the smallcap index has surged 11,628.13 points or 27.24%. In comparison, the BSE 30-share benchmark Sensex has rallied 8,476.29 points or 11.73% so far this year. "The primary reason for the outperformance of midcap and smallcap stocks is the surge in domestic liquidity. A substantial amount of domestic money is flowing into these segments through mutual funds, portfolio management services (PMS), and direct investments," said Sunil Nyati, Managing Director, Swastika Investmart Ltd. We are currently in a structural bull market, where midcap and smallcap stocks tend to outperform, he noted. "While largecap stocks have also performed well, they have lagged behind midcap and smallcap stocks due to selling by <keyword id="19932515" type="General" weightage="20" keywordseo="foreign-institutional-investors" source="keywords">foreign institutional investors</keyword> (FIIs)," Nyati added. Stock markets are closed today on account of Muharram. Experts said equity markets are experiencing a prolonged bull run, and it is during this time that the midcap and smallcap segments tend to outshine their larger counterparts. "We are currently in a <keyword id="22447587" type="General" weightage="20" keywordseo="global-bull-market" source="keywords">global bull market</keyword> led by the US, while our market is outperforming other emerging markets due to strong fundamentals and abundant domestic liquidity. "Although there are valuation concerns, particularly in the midcap and smallcap segments, the large-cap space still has room for further upside. Furthermore, foreign institutional investors have now shifted to a buying mood after aggressively selling in the first half of 2024," Nyati said. The BSE midcap gauge hit its all-time high of 48,175.21 on July 16 this year, while the smallcap index reached its lifetime peak of 54,617.75 on July 8. The BSE benchmark hit its record high of 80,898.3 on July 16. "The outperformance of midcap and smallcap indices compared to the Sensex this year can be attributed to sector-specific strengths in technology, healthcare, and consumer goods, coupled with their lower valuations and higher growth potential in a booming economy," said Arvinder Singh Nanda, Senior Vice President, Master Capital Services Ltd. The midcap index tracks companies with a market value that is on average one-fifth of blue-chips, while smallcap firms are almost a tenth of that universe. "There is some froth in the midcap and smallcap space, and the risk of a correction exists. However, timing this correction is challenging amid the current flood of liquidity. While there is no immediate trigger for a correction, any policy changes or earnings disappointments could potentially serve as catalysts," Nyati said. The market is likely to continue its rally, provided there are no negative surprises from the upcoming Budget, he noted. "Clear signs of impending rate cuts in the US could lead to aggressive FII inflows into emerging markets like India, further boosting our market," Nyati added. According to analysts, smaller stocks are generally bought by local investors, while overseas investors focus on blue-chips or large firms. Experts said active participation from domestic investors has played a big role in pushing the broader market counters. According to Nanda, the future trajectory of midcap and smallcap indices depends on several factors, including economic conditions, corporate earnings performance, investor sentiment, and global market dynamics. "While the current rally suggests strong momentum driven by sectoral strengths and <keyword id="19933340" type="General" weightage="20" keywordseo="investor-optimism" source="keywords">investor optimism</keyword>, corrections can occur due to profit-taking, changes in market sentiment, or external shocks," Nanda added.

Small stocks reap big gains this year; BSE midcap index jumps 30%

The Indian <keyword id="19949639" type="General" weightage="20" keywordseo="rupee" source="keywords">rupee</keyword> appreciated 11 paise to 83.84 against the US <keyword id="19904292" type="General" weightage="20" keywordseo="dollar" source="keywords">dollar</keyword> in early trade on Monday, mirroring a positive momentum in domestic equities and fresh foreign fund inflows. <keyword id="19950258" type="General" weightage="20" keywordseo="forex" source="keywords">Forex</keyword> traders said the weakening of the American currency in the overseas <keyword id="19913381" type="General" weightage="20" keywordseo="market" source="keywords">market</keyword> and retreating crude oil prices also supported investor sentiments. At the interbank foreign exchange, the rupee opened at 83.88 against the greenback, then gained ground and touched 83.84, registering a gain of 11 paise over its previous close. On Friday, the rupee moved in a tight range and settled just 1 paisa lower at 83.95 against the American currency. Over the past shortened week, the rupee showed minimal fluctuation and narrowly steered clear of the critical 84 mark. "The rupee emerged as the least volatile among its peer currencies, a testament to the RBI's decisive actions, which were further reflected in the nearly USD 5 billion dip in India's forex reserves from the record high of USD 675 billion," CR Forex Advisors MD Amit Pabari said. Pabari further said that in the near term, while the RBI may cap the rupee's decline near the 84 level, significant appreciation also seems unlikely. "This outlook is influenced by India's widening trade deficit, which has ballooned to USD 23.5 billion, driven by a surge in oil imports and sluggish export growth," he said. This week, all eyes are on the Jackson Hole meeting, where global central bankers will gather for their annual conference. The spotlight will be on US Federal Reserve Chairman Jerome Powell's speech, as markets eagerly await insights into the Fed's monetary policy outlook, Pabari said. Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, was trading lower by 0.26 per cent to 102.19. Brent crude, the global oil benchmark, declined 0.19 per cent to USD 79.53 per barrel. On the domestic equity market front, Sensex advanced 116.78 points, or 0.15 per cent, to 80,553.62 points. The Nifty rose 68.35 points, or 0.28 per cent, to 24,609.50 points. Foreign institutional investors (FIIs) were net buyers in the capital markets on Friday, as they purchased shares worth Rs 766.52 crore, according to exchange data. Meanwhile, India's forex reserves dropped by USD 4.8 billion to USD 670.119 billion for the week ended August 9, the Reserve Bank of India said on Friday. In the previous reporting week, the kitty jumped by USD 7.533 billion to an all-time high of USD 674.919 billion. SEE ALSO: <a href="https://www.businessinsider.in/tech/mobile/news/google-pixel-9-pro-fold-launched-in-india-at-172999-but-you-cant-get-your-hands-on-it-right-now/articleshow/112517193.cms">Google Pixel 9 Pro Fold launched in India at ₹1,72,999, but you can’t get your hands on it right now</a> <a href="https://www.businessinsider.in/stock-market/news/ipo-scam-two-victims-from-hyderabad-lose-over-11crore-in-fake-ipo-scams/articleshow/112488051.cms">IPO scam – Two victims from Hyderabad lose over ₹11 crore in fake IPO scams</a> <a href="https://www.businessinsider.in/tech/news/indias-wearables-market-decline-for-the-first-time-as-smartwatch-shipments-fall/articleshow/112397246.cms">India’s wearables market decline for the first time as smartwatch shipments fall</a>

Rupee rises 11 paise to 83.84 against US dollar in early trade

Italian <keyword id="19946118" type="General" weightage="20" keywordseo="luxury" source="keywords">luxury</keyword> carmaker <keyword id="20673655" type="General" weightage="100" keywordseo="Maserati" source="keywords" meta.keywordsubtype="org" meta.entityname="Maserati" meta.hostid="153" meta.entityid="Maserati">Maserati</keyword> believes <keyword id="19895063" type="General" weightage="20" keywordseo="India" source="keywords">India</keyword> has the potential to be among its top ten global markets in the mid term with the country's <keyword id="20041662" type="General" weightage="20" keywordseo="entrepreneurs" source="keywords">entrepreneurs</keyword> driving its sales, according to the company's Head of Overseas Markets, <keyword id="22976712" type="General" weightage="20" keywordseo="philippe-claverol" source="keywords">Philippe Claverol</keyword>. The company, which on Friday launched its <keyword id="22975850" type="General" weightage="20" keywordseo="granturismo" source="keywords">GranTurismo</keyword> model with prices starting at Rs 2.72 crore, is also studying the feasibility of introducing its <keyword id="19906970" type="General" weightage="20" keywordseo="electric-vehicle" source="keywords">electric vehicle</keyword> range in India. "Maserati is a luxury brand, so we don't look at huge volume for us. A big market for us is a market where we sell 500 cars a year... but I think in mid term, in few years, I think in India, we can reach this kind of 500 (units a year)," Claverol told PTI here on the sidelines of the launch. He, however, said volume isn't "an objective in itself" for Maserati. He further said,"I know who are the top markets of Maserati worldwide. I think India can become one of the top 10 markets for Maserati in the mid term." Currently, North America, Italy, Switzerland, China, Japan, Australia, Taiwan and the UAE are the top global markets for Maserati and India with less than 50 units sold last year is still a small market, he added. Yet, Claverol said, India is an important market for Maserati. "It is a land of entrepreneurs. A vast majority, 80 per cent of our customers in India are entrepreneurs," he said. Also, India is a country with a lot of appreciation for luxury products, he said, adding "we feel that there is a good match". In order to enhance its presence in India, Maserati is expanding sales network, he said. Maserati already has a <keyword id="20400384" type="General" weightage="20" keywordseo="dealership" source="keywords">dealership</keyword> in Mumbai and opened a new one on Friday here in the national capital and will open one in Bengaluru later this year, Claverol said. "We see that the North India market is bigger actually than the Mumbai market and we also think that Bengaluru is the third pillar. This dealership expansion is also because we want to go where the markets are in terms of volume," he said. Asked about plans for launching electric vehicles in India, Claverol said Maserati has the electric version of the conventional engine models under the Folgore range globally and the company will study the feasibility of bringing it in India. "We will, with our partners, start to look at how is the market, how to train our people, how to train the technicians, how to analyse, how to build the right offer, the pricing, the charging solution, and so on, and then, once we will be ready, we will look at the pricing, and we will obviously try to launch the Folgore range as well," he said. Asked about the timeline for a possible launch of the electric range, he said,"The sooner, the better. The cars are available."

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