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The <keyword id="19899810" type="General" weightage="20" keywordseo="Reserve-Bank-of-India" source="keywords" meta.keywordsubtype="org" meta.entityname="Reserve Bank of India" meta.hostid="261" meta.entityid="Reserve Bank of India">Reserve Bank of India</keyword> announced the decision of the newly formed six-member MPC (<keyword id="19913109" type="General" weightage="20" keywordseo="Monetary-Policy-Committee" source="keywords">Monetary Policy Committee</keyword>) today, following the conclusion of the three-day meeting, which began on October 7, 2024. Treading along expected lines, RBI rate-setting panel left the repo rate unchanged at 6.5% for the 10th consecutive time, in its 51st meeting today. The decision was made by a majority, with 5 out of 6 members voting for leaving the rate unchanged. This is the fourth bi-monthly monetary policy review for FY25, and the first since three external members were appointed to the panel earlier this month. The tenure of the previous three members had come to an end on October 4, 2024. While the outgoing members include Ashima Goyal (emeritus professor, Indira Gandhi Institute of Development Research), Shashanka Bhide (honorary senior advisor, National Council of Applied Economic Research); and Jayanth R. Varma(professor, Indian Institute of Management, Ahmedabad), the income members are Ram Singh (Director, Delhi School of Economics), Saugata Bhattacharya, an economist; and Nagesh Kumar (Director and chief executive, Institute for Studies in Industrial Development). <h2>Wait and Watch </h2>RBI also changed its policy stance to neutral, while remaining committed to growth and bringing down inflation to its target of 4%. This means that at present, the bank is not inclined to either increase or decrease the interest rates, but will take a call depending on macroeconomic conditions and prevailing factors. "Taking all these factors into consideration, the real GDP growth for 2024-25 is projected at 7.2%, with Q2 at 7%, Q3 at 7.4% and Q4 at 7.4%", he said. As for inflation, Das highlighted that headline inflation had softened significantly in July and August and even food inflation experienced a certain degree of correction during these two months. Keeping this in mind, CPI inflation for 2024-25 i.e. current year is projected at 4.5%, with Q2 at 4.1%, Q3 at 4.8% and Q4 at 4.2%. CPI for first quarter of next financial year i.e. 2025-26 is estimated at 4.3%. "It's with a lot of effort that inflation horse has been brought to the stable, i.e. closer to the target and within the tolerance span, compared to its place or heightened levels two years ago. We have to be very careful about opening the gate, as the horse may simply hold again. We must keep the horse in tight leash, so that we do not lose control", Das added. Most economists had anticipated a change in the central bank's current policy stance of 'withdrawal of accommodation'. This policy stand indicates that any interest rate cuts are presently off the table. However, given the ongoing geopolitical crisis and Fed's jumbo rate cut by 50-basis points last month, RBI may bring about a cut in interest rates, sooner than later. However, since food inflation remains high at 5.42% as of July 2024, experts had also estimated that now might not have been a good time for RBI to bring down interest rates. Moreover, PMI (purchase managers index) indices, which help in gauging the health of manufacturing and service sectors in the country, presently stand at a multi-month low, and even the core sector output is witnessing a contraction after 42 straight months. As Suman Chowdhury, Executive Director &amp; Chief Economist, Acuité Ratings &amp; Research had highlighted, the current circumstances are not really conducive for RBI to opt for any affirmation action towards an easier monetary policy. "While the fear of the inflation “elephant” may have subsided with the CPI headline print well within 4.0% over the last two months and a favorable monsoon, the concerns around the stability of food inflation still linger among policy makers. The RBI may wait till December 2024 or February 2025 to make a rat cut, he continued. <h2>Housing sector rejoices</h2>From the point of view of homebuyers, the relatively affordable home loan interest rate regime will continue at a critical time for the Indian housing market - the festive season - amid rising housing prices and tapered sales. Q3 2024 saw average housing prices rise by a cumulative 23% in the top 7 cities even as average prices in these markets collectively rose to approximately Rs 8,390 per sq. ft. by Q3 2024-end, from Rs 6,800 per sq. ft. in Q3 2023. "The unchanged home loan rates are much-needed demand support in the ongoing festive quarter. We are expecting faster sales momentum in Q4 2024 when compared to the preceding quarter. This year's festive quarter may see similar demand to that seen in this period a year ago, if not higher. Over 1.27 lakh units were sold across the top 7 cities back in Q4 2023. Unchanged interest rates will play and important role in achieving and maintaining this momentum", says Anuj Puri, Chairman - ANAROCK Group

RBIs MPC meet concludes today: Repo rate left unchanged at 6.5%

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>Stock index trades were mixed Tuesday morning.</li><li>Estimate-beating earnings from three banks set a positive tone on Tuesday.</li></ul>Stocks were mixed Tuesday morning as traders assessed the latest earnings, though several results before the bell helped strike a positive tone in early trading.A trio of Wall Street banks — Citigroup, Goldman Sachs, and Bank of America — all topped third-quarter estimates, potentially giving more firepower to this week's rally.Stocks notched a winning session on Monday that drove the <a target="_blank" href="https://markets.businessinsider.com/index/s&amp;p_500?utm_medium=ingest&amp;utm_source=markets">S&amp;P 500</a> and <a target="_blank" href="https://markets.businessinsider.com/index/dow_jones?utm_medium=ingest&amp;utm_source=markets">Dow Jones Industrial Average</a> to record closing highs. Estimate-beating reports from JPMorgan and Wells Fargo last week are also helping drive bullish momentum, though gains were more muted as trade kicked off on Tuesday. International oil prices were down sharply, with Brent crude falling 4.27% to $74.15.Though Middle Eastern tensions sparked a rush in oil prices this month, the market's depreciation follows reports that Israel will limit its retaliation against an earlier Iranian missile strike.While earnings will be this week's focal point, investors will also watch for September's retail sales and initial jobless claims to release on Thursday. Among Fed commentary, governor Adriana Kugler and president Mary Daly will speak on Tuesday.Here's where US indexes stood shortly after the 9:30 a.m. opening bell on Tuesday:<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&amp;utm_medium=ingest&amp;utm_source=markets">S&amp;P 500</a>: 5,864.41, up 0.08%</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&amp;utm_medium=ingest&amp;utm_source=markets">Dow Jones Industrial Average</a>: 42,791.76, down 0.63% (-273.46 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&amp;utm_medium=ingest&amp;utm_source=markets">Nasdaq composite</a>: 18,534.01, up 0.14%</li></ul>Here's what else is going on:<ul><li><a target="_blank" href="https://markets.businessinsider.com/news/stocks/financial-stocks-bank-cyclicals-investment-advise-jobs-data-morgan-stanley-2024-10?_gl=1*co3rbk*_ga*MTMxNDIwNDI1Ni4xNjc1Njg3OTU4*_ga_E21CV80ZCZ*MTcyODk5NDM3MS43MjkuMS4xNzI4OTk1OTI5LjYwLjAuMA..">Financial stocks are being woefully underappreciated by investors</a>, Morgan Stanley says.</li><li><a target="_blank" href="https://markets.businessinsider.com/news/stocks/stock-market-outlook-crash-collapse-black-swan-nassim-taleb-bubble-2024-10?_gl=1*l21opq*_ga*MTMxNDIwNDI1Ni4xNjc1Njg3OTU4*_ga_E21CV80ZCZ*MTcyODk5NDM3MS43MjkuMS4xNzI4OTk2MDU3LjEwLjAuMA..">Risk of collapse looms as markets are the most fragile in 20 years</a>, says "Black Swan" author Nassim Taleb.</li><li><a target="_blank" href="https://www.businessinsider.com/us-recession-risk-soft-landing-labor-unemployment-rate-consumer-confidence-2024-10">The US risks being caught off-guard by a recession</a>, Paul Dietrich says.</li><li><a target="_blank" href="https://www.businessinsider.com/fed-waller-rate-cuts-easing-hot-economy-monetary-policy-2024-10">Fed Governor Waller wants "more caution" on Fed rate cuts as economic data stays hot.</a></li><li><a target="_blank" href="https://markets.businessinsider.com/news/stocks/stock-market-outlook-overvalued-sp500-bullish-earnings-momentum-rally-valuations-2024-10?_gl=1*1vwi8z1*_ga*MTMxNDIwNDI1Ni4xNjc1Njg3OTU4*_ga_E21CV80ZCZ*MTcyODk5NDM3MS43MjkuMS4xNzI4OTk2NTMxLjYwLjAuMA..">The stock market is overvalued by 8%, but Piper Sandler says that's no reason to sell</a>.</li></ul>In commodities, bonds, and crypto:<ul><li><a target="_blank" href="https://markets.businessinsider.com/commodities/oil-price?type=wti&amp;utm_medium=ingest&amp;utm_source=markets&amp;utm_medium=ingest&amp;utm_source=markets">West Texas Intermediate</a> crude oil dropped 4.19% to $70.73 a barrel.<a target="_blank" href="https://markets.businessinsider.com/commodities/oil-price?utm_medium=ingest&amp;utm_source=markets"> Brent crude</a>, the international benchmark, fell 3.92% to $74.41 a barrel.</li><li><a target="_blank" href="https://markets.businessinsider.com/commodities/gold-price?utm_medium=ingest&amp;utm_source=markets">Gold</a> was nearly flat at $2,666.4 an ounce.</li><li>The 10-year Treasury yield slid two basis points to 4.049%.</li><li><a target="_blank" href="https://markets.businessinsider.com/currencies/btc-usd?utm_medium=ingest&amp;utm_source=markets">Bitcoin</a> was inched 0.07% lower to $65,918.</li></ul>

Stock market today: Indexes trade mixed as investors sift through big bank earnings

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

Both <keyword id="20204377" type="General" weightage="20" keywordseo="indices" source="keywords">indices</keyword>, <keyword id="19896381" type="General" weightage="20" keywordseo="Nifty" source="keywords">Nifty</keyword> and <keyword id="19896382" type="General" weightage="20" keywordseo="Sensex" source="keywords">Sensex</keyword> opened the day in red. As of 9:30 am, Nifty was down by 0.05% trading at 24,420.30 points, while Sensex was down by 0.15% and was trading at 80,254.37 points as of 9:30 am. All broad market indices opened the day in the green, except for Nifty 50, 100, 200, 500, and midcap and smallcap 50 opened in red. India VIX was up by 1.17%. Amidst sectoral indices, Bank, auto, metal, financial services, PSU, and <keyword id="61519" type="General" weightage="20" keywordseo="Private-banks" source="Orion">private banks</keyword> opened the day in the red. Continuing its momentum from yesterday, <keyword id="6912" type="General" weightage="20" keywordseo="Maruti" source="Orion">Maruti</keyword> opened the day in green and was up by 1.66%. Grasim, Divis Labs, Eicher Motors, and Britannia were the top gainers in early trade this morning. On the other hand, Mahindra and Mahindra, JSW Steel, Axis Bank, Dr. Reddy, and Kotak Bank were among the leading laggards. As Mr. Aditya Gaggar, Director of Progressive Shares, notes, "A strong rally in the auto counters helped the index end on trade at another record level of 24,433 yesterday. The index has breached its previous high convincingly by forming a big green candle and opening the door for further rallying towards the 24,520–24,600 zone. At the same time, 24,340 will be considered strong immediate support. BankNifty oscillates in a well-maintained range of 52,260–52,720; a breakout on either side is a must (mostly on the higher side, considering the strong uptrend). The auto segment ended its consolidation of over 2 weeks with a strong breakout indicating the resumption of its uptrend". "Post the strong breakout, follow-up buying was witnessed in the <keyword id="20421583" type="General" weightage="20" keywordseo="FMCG-segment" source="keywords">FMCG segment</keyword> which boosted our confidence to remain bullish on the sector (ITC is on the verge of a major breakout). Sugar counters regained their momentum and some of them have already given a strong breakout (Andhra Sugar and Dalmia Sugar) and some are at the cusp of a major breakout (Balrampur Chini and Renuka Sugar). We continue to remain positive in the <keyword id="20350923" type="General" weightage="20" keywordseo="Pharma-space" source="keywords">pharma space</keyword>", he continued. Shrikant Chouhan, Head of Equity Research, Kotak Securities noted that among sectors, the auto index gained over 2% while intraday profit booking was witnessed in select IT, oil, and gas stocks. "Currently, 24,300/80,000 would act as a key support zone for trend-following traders. We believe, that as long as the market is trading above it, the bullish sentiment will likely continue. On the higher side, 24,500 -24,600/80,500-80,800 would be the immediate resistance zones for day traders", he said.

Stock Market Today: Maruti, Grasim, and Eicher Motors take lead in early trade

<ul class="summary-list"><li>This post originally appeared in the Insider Today newsletter.</li></ul>Welcome back to our Sunday edition. Are your internal meetings dragging? Dropbox CEO Drew Houston recommends <a target="_blank" href="https://www.businessinsider.com/dropbox-uses-jeff-bezos-amazon-memo-first-meeting-culture-2024-10">memo-first meetings</a> inspired by Jeff Bezos.On the agenda today:<ul><li>What an afternoon in two grocery store parking lots <a target="_blank" href="https://www.businessinsider.com/pennsylvania-grocery-store-voters-talk-economy-inflation-harris-trump-2024-10">reveals about the election</a>.</li><li><a target="_blank" href="https://www.businessinsider.com/refurbished-iphones-market-apple-sales-slump-android-cell-phones-cheaper-2024-10">Apple should be worried</a> about Gen Z's love of secondhand iPhones.</li><li>Investment banking made a multibillion-dollar rebound, <a target="_blank" href="https://www.businessinsider.com/wall-street-q3-investment-banking-boom-could-be-upended-2024-10">but risks remain</a>.</li><li>How a 24-year-old cloud-seeding wunderkind <a target="_blank" href="https://www.businessinsider.com/rainmaker-augustus-doricko-cloud-seeding-el-segundo-2024-10">plans to save the world</a>.</li></ul>But first: A new business is in the ascendancy at Blackstone.If this was forwarded to you, <a target="_blank" href="https://www.businessinsider.com/subscription/newsletter/insider-today-sunday-edition">sign up here</a>. Download Insider's app <a target="_blank" href="https://www.insider.com/app">here.</a><h3 id="58506b3b-b008-4ead-9e90-71439c9e98dd">This week's dispatch</h3><h2 id="445f5814-a55f-4878-a10e-9b6683bfa158">Giving credit where it's due</h2>First, Blackstone was known for its private equity prowess. Then it was real estate. Now, the investing giant has more in <a target="_blank" href="https://www.businessinsider.com/blackstone-third-quarter-earnings-private-credit-insurance-unit-aum-2024-10">credit and insurance</a> assets than in either area.The $1.1 trillion asset manager now has $354.7 billion in assets in the unit that puts together and makes loans, with company president <a target="_blank" href="https://www.businessinsider.com/jon-gray-blackstone-profile-succession-schwarzman-interview-ceo-bumble-oatly-2021-1?r=gray-teaser">Jonathan Gray</a> announcing this week that it manages "the largest third-party private-credit business in the world."The boom in private credit at Blackstone reflects a broader shift in <a target="_blank" href="https://www.businessinsider.com/private-credit-lenders-middle-market-deals-2023-11">how companies borrow</a>. Banks have pulled back from lending, opening up an opportunity for so-called nonbank lenders. Apollo for example has set a goal to manage <a target="_blank" href="https://www.businessinsider.com/apollo-global-management-investor-day-presentation-one-trillion-private-lending-2024-10">$1.2 trillion in private loans</a> by 2029."Everywhere in the world, banks are being asked to do less, and investors are being asked to do more," Apollo CEO Marc Rowan said when outlining the target.JPMorgan boss Jamie Dimon has sounded the alarm on the trend, saying "there could be <a target="_blank" href="https://www.businessinsider.com/jamie-dimon-private-credit-market-risks-retail-investors-debt-investing-2024-5">hell to pay</a>" if the private-credit market wobbles.But given the returns on offer to investors — Blackstone's private-credit arm generated a 16.7% return over the past 12 months — it looks as if it's just getting started.<h2 id="8de1f093-db58-438e-a296-ab09ff92ad5c">An afternoon with a bellwether</h2><div type="image" title="Photo illustration of Kamala Harris and Donald Trump" height="750" width="1000" msid="114397813" hostid="261" sizebytes="44240"></div>Northampton, Pennsylvania, is one of the state's two bellwether counties. It voted for Barack Obama twice, Donald Trump in 2016, and Joe Biden in 2020. BI's Alice Tecotzky spent a day speaking with voters, and a mayor, in the crucial swing district.Many talked about inflation and the economy, but with very different ideas of who is to blame. The mayor of Easton, a Democratic-leaning city, said the election will likely be decided by voters' impression of the economy — and their grocery bills.<a target="_blank" href="https://www.businessinsider.com/pennsylvania-grocery-store-voters-talk-economy-inflation-harris-trump-2024-10">Here's what voters said</a>.<h2 id="69bad2e5-a5bf-4ba9-b958-e3eff00ffc5b">The used-phone revolution is here</h2><div type="image" title="An old and broken phone on a pedestal with heart emojis" height="1000" width="2000" msid="114397811" hostid="261" sizebytes="136754"></div>Ghosts from Apple's past are coming back to haunt it. The market for refurbished phones is taking off, and sellers believe this is their moment to seize.Environmental concerns, high prices, and uncertainty around the AI that companies are putting into their new devices are just some of the reasons customers are turning to used tech — and Apple should be scared.<a target="_blank" href="https://www.businessinsider.com/refurbished-iphones-market-apple-sales-slump-android-cell-phones-cheaper-2024-10">Inside the rise of refurbished phones</a>.<h2 id="8d221ec2-a40e-4d73-80e7-638d6c30f428">Hold the champagne</h2><div type="image" title="Man in a suit exits the Wall Street subway station" height="3333" width="5000" msid="114397815" hostid="261" sizebytes="762740"></div>Investment banking is on the rebound, with banks like Goldman Sachs walloping Wall Street's expectations. Dealmaking fees this quarter brought the firms out of a two-year M&amp;A slump. And investment bank revenue increased by an average of 30% at Goldman, JPMorgan, Bank of America, Citigroup, and Morgan Stanley.It's still too early to pop any bottles, though. Interest-rate hikes, the upcoming election, and other external factors could put a damper on investment banking's resurgence.<a target="_blank" href="https://www.businessinsider.com/wall-street-q3-investment-banking-boom-could-be-upended-2024-10">What's in the cards for the banks</a>.Also read:<ul><li><a target="_blank" href="https://www.businessinsider.com/goldman-sachs-3q-results-dealmaking-trading-resurgence-david-solomon-2024-10">Things are looking up for Wall Street, and Goldman's third-quarter results show why</a></li></ul><h2 id="dc96d953-8312-4bf5-8432-dfb9ba5779e5">A wunderkind rainmaker</h2><div type="image" title="Augustus Doricko sits in a desk with a huge American flag on the back wall." height="3739" width="4985" msid="114397816" hostid="261" sizebytes="612242"></div>With his new company, cloud-seeding startup Rainmaker, Augustus Doricko has launched a God-fearing, cigarette-loving tech hub in El Segundo, California."Respect to Zuck, but I certainly hope the next cohort of people that build great things do it in the real world," Doricko told BI.<a target="_blank" href="https://www.businessinsider.com/rainmaker-augustus-doricko-cloud-seeding-el-segundo-2024-10">Do you remember the rain</a>?This week's quote:"All tech grads are having a tough time right now."— Alex Diaz, a computer science major who says <a target="_blank" href="https://www.businessinsider.com/tech-graduate-job-market-ai-layoffs-2024-10">he's applied to hundreds of jobs and is still unemployed</a>.More of this week's top reads:<ul><li>Wall Street is on a mission to <a target="_blank" href="https://www.businessinsider.com/why-finance-giants-goldman-sachs-blackstone-perfect-search-generative-ai-2024-10">make search sexy</a>.</li><li>Why Amazon is embracing YouTube <a target="_blank" href="https://www.businessinsider.com/inside-amazon-branded-entertainment-playbook-amy-powell-2024-10">instead of fighting it</a>.</li><li>Meet the standup comedians <a target="_blank" href="https://www.businessinsider.com/americas-hottest-comedy-club-linkedin-satire-unhinged-ceos-2024-10">satirizing your boss on LinkedIn</a>.</li><li>Citi's regulatory nightmare still <a target="_blank" href="https://www.businessinsider.com/citi-jane-fraser-regulators-occ-frb-consent-orders-asset-cap-2024-10">haunts CEO Jane Fraser</a>.</li><li>A product manager shares the résumé that <a target="_blank" href="https://www.businessinsider.com/product-manager-shares-resume-cisco-consulting-pivot-big-tech-interview-2024-10">landed him a $180,000 Cisco job</a>.</li><li>Four steps a woman used to be on track to <a target="_blank" href="https://www.businessinsider.com/plan-retire-45-after-earning-26k-first-job-heres-how-2024-10">retire at 45</a>.</li><li>A 28-year-old VC partner shares her surefire ways to <a target="_blank" href="https://www.businessinsider.com/how-to-get-job-venture-capital-no-finance-career-2024-10">move up the ranks</a>.</li><li>America's chipmaking push will continue <a target="_blank" href="https://www.businessinsider.com/us-semiconductor-chip-production-continue-harris-trump-presidency-arizona-jobs-2024-10">no matter who gets elected</a>.The Insider Today team: <a target="_blank" href="https://www.businessinsider.com/author/dan-defrancesco">Dan DeFrancesco</a>, deputy editor and anchor, in New York. <a target="_blank" class="" href="https://www.businessinsider.com/author/jordan-parker-erb">Jordan Parker Erb</a>, editor, in New York. Grace Lett, editor, in Chicago. <a target="_blank" class="" href="https://www.businessinsider.com/author/amanda-yen">Amanda Yen</a>, fellow, in New York.</li></ul>

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RBIs MPC meet concludes today: Repo rate left unchanged at 6.5%

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

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Stock market today: Indexes trade mixed as investors sift through big bank earnings

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

ANI

Stock Market Today: Maruti, Grasim, and Eicher Motors take lead in early trade

Ira Alok Puranik

Insider Today: Blackstone's juggernaut

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