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Mumbai: Indian stock markets rallied on Monday after the <keyword id="20032950" type="General" weightage="20" keywordseo="BJP-led-government" source="keywords">BJP-led government</keyword> secured a majority in the latest state elections in Maharashtra. The <keyword id="20641216" type="General" weightage="100" keywordseo="Nifty-50" source="keywords">Nifty 50</keyword> index gained more than 1.45 per cent or 346.30 points to open at 24,253.55 points, while the BSE <keyword id="19896382" type="General" weightage="20" keywordseo="Sensex" source="keywords">Sensex</keyword> index surged 1,076 points or 1.36 percent to open at 80,193.47 points. Experts noted that the election results have an impact on the markets today, and if past trends are followed, the markets may witness some rally amid the return of the BJP in the Maharashtra state elections. <keyword id="20161891" type="General" weightage="20" keywordseo="Ajay-Bagga" source="keywords">Ajay Bagga</keyword> Banking and Market Expert stated that "The just concluded elections in Maharashtra, the results of which were declared on November 23rd, will have a positive immediate impact on the stock markets. The landslide win for the BJP lead coalition in the Maharashtra state elections could lead to a short-term boost to the Indian stock markets which have been in a declining mode" He further added "Investors will interpret this mandate as favourable for the capex and infrastructure push that is ongoing in Maharashtra. The beneficiary sectors of this election are industrials, infrastructure, manufacturing, real estate and financials". In the sectoral indices on the National Stock Exchange, <keyword id="20065014" type="General" weightage="20" keywordseo="Nifty-Realty" source="keywords">Nifty Realty</keyword> and <keyword id="19941314" type="General" weightage="20" keywordseo="Nifty-PSU-Bank" source="keywords">Nifty PSU Bank</keyword> rallied with a surge of more than 2 percent, while other major indices also gained more than 1.5 per cent, including Nifty Metal, Nifty Media, and Nifty Oil &amp; Gas. In the Nifty 50 list, 49 stocks gained during the opening session, while only one stock declined. Shri Finance opened as the top gainer in the Nifty 50. The shares of the AdGroup also surged around 2 percent at the time of filing this report. <keyword id="19967296" type="General" weightage="20" keywordseo="Adani-Green" source="keywords">Adani Green</keyword> also climbed around 4 percent. "We are most likely to break the falling 20-day average that lies at 24,030, which will be the first time that'd happen since the record high of 27th September. Seasonality trends between now and the end of the year have been historically positive, with the Nifty rising 80% of the time during this period with an average return of over 4 per cent" Akshay Chinchalkar, Head of Research, Axis Securities. In other Asian markets, Japan and South Korea indices rallied. The Nikkei 225 index surged more than 1.5 percent, South Korea's Kospi also rose by 1.5 percent, Taiwan's Weighted Index was up by 0.48 percent, while Hong Kong's Hang Seng index was down marginally by 0.14 percent at the time of filing this report.

Nifty, Sensex rallied around 1.5 % after Maharashtra election results, Experts noted short term rally

India's <keyword id="22879519" type="General" weightage="20" keywordseo="organised-gold-loan-market" source="keywords">organised gold loan market</keyword> is projected to double in the next five years to Rs 14.19 lakh crore despite expected moderation in growth due to stricter regulations, according to a <keyword id="19938520" type="General" weightage="20" keywordseo="PwC-India" source="keywords" meta.keywordsubtype="org" meta.entityname="PwC India" meta.hostid="153" meta.entityid="PwC India">PwC India</keyword> report. In fiscal 2023-24, the organised <keyword id="21627536" type="General" weightage="100" keywordseo="gold-loan-market" source="keywords">gold loan market</keyword> demonstrated substantial growth, reaching a valuation of Rs 7.1 lakh crore, according to the report titled 'Striking gold: The rise of India's gold loan market' . "It is expected to reach around Rs 14.19 lakh crore by FY 2029 at a five-year CAGR of 14.85 %," it said. Indian families own massive quantities of gold, estimated at 25,000 tonne. Existing gold holdings with <keyword id="19895507" type="General" weightage="20" keywordseo="Indian-households" source="keywords">Indian households</keyword> are valued at roughly Rs 126 lakh crore, the report said. It further said the gold loan market is poised to see moderate growth over the next two years, as gold lenders are facing increased scrutiny from regulatory authorities regarding loan-to-value (LTV) maintenance and auction-related procedures. "The second-largest player in the gold loan market being inactive would have an impact on market growth in FY25," the report said. Also, the <keyword id="19899808" type="General" weightage="20" keywordseo="rbi" source="keywords">RBI</keyword>'s advisory to <keyword id="19938300" type="General" weightage="20" keywordseo="NBFCs" source="keywords">NBFCs</keyword> on cash disbursement, which limits the amount of cash disbursal to Rs 20,000, could push customers to rely on the unorganised sector. The regulator has also raised concerns about the evaluation process for lending activities through fintech startups. The increased regulatory scrutiny and revised guidelines have led to a dip in the share prices of leading NBFCs, PwC said. "Gold loan lenders are expected to use this period to ensure that they are compliant with all regulatory guidelines while undertaking several measures to optimise their middle and back offices through digitisation initiatives," it said. Lenders are also expected to implement cost optimisation initiatives that will help drive up the bottom-line profitability of their companies and enhance investor confidence which has slightly depleted as a result of the regulatory scrutiny. Furthermore, the report said rising gold prices over the past financial year may also drive lenders to take a cautious approach to lending rates and pricing as any downward movement in gold prices will result in a substantial LTV breach that will further create operational issues for lenders in the form of auctions. "The growth of the gold loan market is expected to be steered by both banks and NBFCs," the report said. The emergence of digital gold loan aggregator platforms and their strategic collaboration with gold loan lenders such as banks and NBFCs will be a key driving factor for the growth of the industry, enabling gold loan lenders to tap into a previously untapped segment of digitally savvy customers. "While the forecasted growth of the gold loan market means potential growth for all players, the impact on the players may vary. Banks are expected to benefit from their lower interest rates," PwC said. Jaikrishnan G, Partner (Financial Services), PwC India said lending against gold is the oldest form of credit. It remains one of the most attractive options for consumer as well as lenders. "High return-on-assets, manageable risk, timely regulatory interventions, growing adoption, tech-enabled operating models have all contributed to sector growth. As India embraces the vision of Viksit Bharat, gold loans will provide much needed liquidity and credit access to growing small and medium entrepreneur segments," he said. The report further said growth by NBFCs is expected to be fuelled by their expansion and increased outreach to regions with low penetration, bringing new credit customers to the financial services ecosystem. Also, fintechs will play a critical role in bringing in the required technology and innovation into the industry, thus helping lenders to create unique product propositions to boost growth, it said. <keyword id="20037818" type="General" weightage="20" keywordseo="South-India" source="keywords">South India</keyword> contributes to a vast extent, as it emerges as the dominant market for gold loans, with 79.1% share of the total outstanding loans. The report also noted that an assumption can be made that the entire Rs 126 lakh crore worth of gold will not be available for pledging due to various reasons like jewelry belonging to religious institutions, jewellery with emotional value, and certain jewellery held by individuals who are not in need of finance.

Gold loan market projected to double in 5 years to Rs 14.19 lakh crore, says PwC India's report

In a significant diplomatic move, Prime Minister Narendra Modi met with Maldives President Mohamed Muizzu at <keyword id="20751669" type="General" weightage="20" keywordseo="Hyderabad-House" source="keywords" meta.keywordsubtype="org" meta.entityname="Hyderabad House" meta.hostid="261" meta.entityid="Hyderabad House">Hyderabad House</keyword> in Delhi on Monday. This visit is widely seen as an effort to reset ties between the two nations after a year of tense relations. <keyword id="20101322" type="General" weightage="20" keywordseo="President-Muizzu" source="keywords">President Muizzu</keyword>, who arrived in India on Sunday for a five-day visit, received a red carpet welcome. During a joint press briefing, President Muizzu expressed heartfelt gratitude to India, thanking President Droupadi Murmu, <keyword id="19899320" type="General" weightage="20" keywordseo="PM-Modi" source="keywords">PM Modi</keyword> and the people of India for their warm reception. He emphasised the Maldives' deep-rooted ties with India, noting that tourism — especially Indian visitors—remains a crucial pillar of the Maldivian economy. “India is our largest source market for tourists, and we hope to welcome even more Indian visitors in the future,” Muizzu remarked. Key areas of cooperation discussed included economic ties and maritime security, critical given the Maldives' position in the Indian Ocean. Following their talks, India granted the financially struggling Maldives a rollover of USD 100 million in Treasury bills, in addition to formalising a <keyword id="23458604" type="General" weightage="20" keywordseo="currency-swap-agreement" source="keywords">currency swap agreement</keyword> and a ₹3,000 crore currency swap. Prime Minister Modi characterised the "development partnership" as a key component of India-Maldives relations, asserting that India has consistently prioritised the needs of the Maldivian people. "Our development partnership is vital to our relationship with the Maldives, and we have always placed importance on the priorities of its people. This year, SBI rolled over USD 100 million in Treasury Bills, and a USD 400 million currency swap agreement was signed based on the Maldives' requirements," he explained. <div type="Article" hostid="261" msid="106837748" title="Withdraw troops by mid-March, Maldives tells India" mstype="2" mssubtype="0"></div>In September, India announced that the <keyword id="19934368" type="General" weightage="20" keywordseo="State-Bank-of-India" source="keywords" meta.keywordsubtype="org" meta.entityname="State Bank of India" meta.hostid="261" meta.entityid="State Bank of India">State Bank of India</keyword> would purchase Maldivian government bonds worth USD 50 million, following a similar USD 50 million transaction in May 2024. Additionally, Prime Minister Modi and President Muizzu witnessed the first <keyword id="20563654" type="General" weightage="20" keywordseo="RuPay-card" source="keywords">RuPay card</keyword> payment transaction launched in the Maldives and virtually inaugurated the runway at Hanimaadhoo International Airport. Modi stated that India and the Maldives would soon be connected through UPI. "Recently, we launched the RuPay card in the Maldives, and in the future, we will link both countries via UPI," he said during a joint press briefing. Muizzu also expressed his desire to conclude a <keyword id="19945642" type="General" weightage="20" keywordseo="Free-Trade-Agreement" source="keywords">Free Trade Agreement</keyword> with India, a step he believes will open the door to greater Indian investment in the Maldives. Modi emphasised India's commitment to supporting the Maldives through various initiatives, including supplying essential commodities and Covid vaccines, inaugurating airports, and constructing social housing. He noted that a new drinking water project is now operational on 28 islands, providing clean water to over 30,000 residents. The leaders also discussed the opening of consulates in Addu and Bengaluru. Tensions between India and the Maldives escalated following Muizzu's election last year, which saw a shift towards a pro-China stance and the promise to withdraw Indian troops stationed in the archipelago. His visit to China before India in January had raised eyebrows in New Delhi, as it was perceived as a slight. However, since attending Modi's swearing-in ceremony for a third term in June, Muizzu has moderated his anti-Indian rhetoric, signalling a thaw in relations. External Affairs Minister S Jaishankar has stated that the discussions provided "a new impetus" to the relationship. This meeting likely marks a positive turn in Indo-Maldivian relations, setting the stage for further cooperation between the two South Asian neighbours. (With inputs from agencies) <div type="Article" hostid="261" msid="112094153" title="Maldives President Muizzu thanks India for economic support, affirms hope of signing FTA" mstype="2" mssubtype="0"></div>

Maldives President Muizzu met with PM Modi in Delhi today. Here’s how it went!

<ul class="summary-list"><li>Russia's Sberbank says it is processing transactions with India smoothly, despite Western sanctions.</li><li>Sanctions prevent Sberbank from using US dollars, euros, and the SWIFT network.</li></ul>Sberbank — Russia's largest lender — has no problems processing payments with India, a top executive told <a target="_blank" class="" href="https://www.reuters.com/business/finance/russias-sberbank-says-india-business-booming-despite-western-sanctions-2024-09-03/">Reuters on Tuesday.</a>"Sberbank is a full participant in all Indian payment and interbank systems," Anatoly Popov, Sberbank's deputy CEO, told Reuters. "There are no restrictions on its operations."State-controlled Sberbank has been sanctioned by the <a target="_blank" class="" href="https://home.treasury.gov/news/press-releases/jy0608">US</a> and the <a target="_blank" class="" href="https://www.reuters.com/business/finance/new-eu-sanctions-russia-target-sberbank-commission-head-tells-paper-2022-04-16/">European Commission.</a> It cannot process transactions in the US dollar, the euro, and via the SWIFT bank messaging network.But Sberbank — which processes up to 70% of Russian exports to India — has pivoted to transactions in rubles and rupees for its trade with India. Popov told Reuters that nine out of 10 transactions involving these currencies take just a few hours to complete.This is in contrast with transactions that involve <a target="_blank" class="" href="https://www.businessinsider.com/russia-economy-all-china-banks-refuse-yuan-ruble-transfers-sanctions-2024-8">Chinese banks</a>, who are so spooked by US secondary sanctions that many of the larger banks have stopped processing payments with Russia.Popov told the news agency that business between India and Russia boomed in 2022 following sweeping sanctions over Moscow's full-scale invasion of Ukraine. The South Asian country became an "alternative" market for Russia.Reuters reported that Sberbank boosted its presence in India, expanding its staff count by 150% this year.While India has become a <a target="_blank" class="" href="https://www.businessinsider.com/russia-economy-divert-oil-exports-europe-india-china-circumvent-sanctions-2023-12">top buyer of Russian oil,</a> there are fewer Indian products Russia needs.Last year, Russia acknowledged there were <a target="_blank" rel="" class="" href="https://markets.businessinsider.com/news/currencies/russia-india-ruble-rupee-sanctions-trade-imbalance-yuan-weapons-deficit-2023-5">problems with billions of Indian rupees</a> it had made from exports to India, which it needed to con. The amount has fallen since as Russian firms have managed to use the money to pay Indian exporters, <a target="_blank" rel=" nofollow" class="" href="https://www.reuters.com/markets/currencies/india-russia-central-banks-renew-talks-mechanism-expand-local-currency-trade-2024-08-14/">Reuters</a> reported last month.

Russia's largest bank says it has no problems transacting with India

Mumbai: Indian <keyword id="19900617" type="General" weightage="20" keywordseo="stock-markets" source="keywords">stock markets</keyword> opened at a new high on Friday, with both indices continuing the bull run. The <keyword id="20641216" type="General" weightage="20" keywordseo="Nifty-50" source="keywords" meta.keywordsubtype="org" meta.entityname="Nifty 50" meta.hostid="261" meta.entityid="Nifty 50">Nifty 50</keyword> index opened closer to its 52-week high, while the <keyword id="19896382" type="General" weightage="100" keywordseo="Sensex" source="keywords">Sensex</keyword> opened above the 83,000 mark for the first time. The Nifty 50 index opened at 25,430.45, gaining 41.55 points or 0.16 percent, while the BSE Sensex opened at 83,091.55 points, a surge of 128.84 points or 0.16 percent. Global markets are rallying ahead of the Fed rate cuts, and <keyword id="19991358" type="General" weightage="20" keywordseo="Indian-markets" source="keywords">Indian markets</keyword> are continuously reaching new highs, reflecting strong investor confidence. "The focus is totally on the Fed action and Fed speak of Sep 18th. But the Sep 12th Indian markets action is pointing to a classical flows pattern of equity markets getting inflows as the US dollar weakens on the back of Fed rate cuts. Markets will move sharply in anticipation of this. Some minor risk off is possible early next week, in the lead up to the FOMC announcement on Sep 18th night time in India. FIIs have cut the "caution" out from our "cautious optimism" and made us ardently "optimistic" said Ajay Bagga, Banking and market expert. In the sectoral indices on the National Stock Exchange, Nifty Media led in gains, followed by Nifty Metal and Nifty PSU Bank. In the Asian markets on Friday, there was mixed movement, with Japan's Nikkei index falling 0.89 percent, along with flat movement in South Korea's KOSPI. Meanwhile, Hong Kong's stock index surged 1.16 percent, and Taiwan's Taiwan Weighted also gained marginally, by 0.14 percent at the time of filing this report. The U.S. markets on Thursday marked the fourth consecutive session of gains, with the S&amp;P index gaining 0.75 percent, while the Nasdaq surged 1 percent by the closing bell. The European markets also closed with positive gains after the EU announced rate cuts of 25 basis points. Germany's DAX surged 1.02 percent, France's CAC index gained 0.51 percent, while the UK's FTSE index gained 0.57 percent on Thursday. The Indian stock markets hit a record-breaking milestone on Thursday, with both Sensex and Nifty closing at record highs. This surge was driven by broad-based buying across sectors, reflecting strong investor confidence and robust market sentiment. The Sensex skyrocketed by 1,439.55 points to close at 82,962.71, while the Nifty surged by 395.40 points, closing at 25,313.85 points.

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Nifty, Sensex rallied around 1.5 % after Maharashtra election results, Experts noted short term rally

ANI

Gold loan market projected to double in 5 years to Rs 14.19 lakh crore, says PwC India's report

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Maldives President Muizzu met with PM Modi in Delhi today. Here’s how it went!

BI India Bureau

Russia's largest bank says it has no problems transacting with India

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Indian markets open at record high, Sensex above 83,000 and Nifty above 25,400

ANI

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