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Foreign investors have withdrawn nearly Rs 20,000 crore from Indian stock markets in just five trading days (November 4–8), continuing a trend of large-scale selling that began last month. Experts say investors are now moving their money to China, largely due to the high valuations presently prevailing in Indian markets. In early November, FPIs have offloaded as much as Rs 19,994 crore in Indian markets. The month prior, i.e., October, was one of the worst months in terms of foreign outflows, with FPIs making a net withdrawal of Rs 94,017 crore. Before this, Indian markets faced such a situation during the pandemic, when FPIs withdrew Rs 61,973 crore from equities in March 2020. <h2>Why Are Investors Leaving? </h2>According to Himanshu Srivastava of Morningstar Investment Research India, two main factors are driving this exodus. First is China's renewed appeal due to lower stock valuations and new economic stimulus measures. In a bid to nudge the domestic economy and bail state governments, China recently approved a 10-trillion yuan (US $1.4 trillion) package. Per reports, approximately 60% of this stimulus focuses on allowing local governments to refinance the mountain of debt on them. Srivastava explains foreign investors are also flocking to US dollar and Treasury yields, which have appreciated significantly in the recent past, leading FPIs to anticipate a stronger US economy going ahead. Moreover, high valuations in Indian markets are discouraging foreign investors from putting more money in the economy. As a result, over the past week, the selling pressure eroded Rs 74,563 crore in market value for Reliance Industries, while Bharti Airtel and ICICI Bank lost Rs 26,274 crore and Rs 22,254 crore, respectively. The combined market valuation of six of the top 10 most-valued firms dipped by Rs 1,55,721.12 crore last week. <h2> Silver linings</h2>Despite the ongoing outflux of funds since last month, November also saw unprecedented applications of about 40–50 new FPI registrations, which are eyeing to enter the Indian market. This was due to markets SEBIs recent relaxation to NRIs, permitting them to participate up to 100% and announcing measures for ease of entry and operations in India. On the other hand, FPIs invested Rs 599 crore in the debt general limit and Rs 2,896 crore in the debt voluntary retention route (VRR) during the period under review. So far this year, FPIs have invested Rs 1.06 lakh crore in the debt market. <li class="whitespace-normal break-words"></li>Going ahead, investors will be looking for certain macroeconomic cues, which include corporate earnings reports, India's inflation (CPI) and industrial production (IIP) data on November 12, the US inflation report on November 13, and wholesale price index (WPI) data on November 14.

FPIs withdraw nearly Rs 20,000 crore from equities in the last 5 trading sessions, make a beeline for China and US

New Delhi: <keyword id="19900795" type="General" weightage="20" keywordseo="foreign-investors" source="keywords">Foreign investors</keyword> pulled out a massive Rs 94,000 crore (around USD 11.2 billion) from the Indian <keyword id="19925636" type="General" weightage="20" keywordseo="stock-market" source="keywords">stock market</keyword> in October, making it the worst-ever month in terms of outflows, triggered by the elevated valuation of domestic equities and attractive valuations of <keyword id="20295104" type="General" weightage="20" keywordseo="Chinese-stocks" source="keywords">Chinese stocks</keyword>. Before this, foreign portfolio investors (FPIs) withdrew Rs 61,973 crore from equities in March 2020. The latest outflow came after a nine-month high investment of Rs 57,724 crore in September 2024. Since June, FPIs have consistently bought equities after withdrawing Rs 34,252 crore in April-May. Overall, FPIs have been net buyers in 2024, except for January, April and May, data with the depositories showed. Looking ahead, the trajectory of global events like geopolitical developments, interest rate movements, progress in the Chinese economy and the outcome of the US Presidential election will play a crucial role in shaping future foreign investment in <keyword id="20014814" type="General" weightage="20" keywordseo="Indian-equities" source="keywords">Indian equities</keyword>, Himanshu Srivastava, Associate Director, Manager Research, Morningstar Investment Research India, said. On the domestic front, key indicators like inflation trajectory, corporate earnings, and the impact of festive season demand will also be closely watched by FPIs as they assess opportunities in the Indian market, he added. According to the data, FPIs recorded a net outflow of Rs 94,017 crore in October. The intensity of net outflows could be gauged from the fact that except for one day, FPIs were net sellers throughout the month, bringing their total investment for 2024 down to Rs 6,593 crore. This relentless selling resulted in about an 8 per cent decline in benchmark indices from their peaks. Several factors contributed towards this massive withdrawal of foreign capital from the Indian equity markets in October. The major among them is the elevated valuations of Indian equities. This has triggered a shift in investments towards China, where valuations are currently more attractive. Additionally, a series of stimulus measures, aimed at bolstering Chinese economic growth has made Chinese equities increasingly appealing to global investors, Srivastava said. Despite the massive FPI selling in financials, this sector is resilient since the valuations are fair and every selling is being absorbed by DIIs and individual investors, particularly HNIs, VK Vijayakumar, Chief Investment Strategist, Geojit Financial Services, said. In addition, FPIs pulled out Rs 4,406 crore from the debt general limit and invested Rs 100 crore from the debt Voluntary Retention Route (VRR) during the period under review. So far this year, FPIs invested Rs 1.06 lakh crore in the debt market.

FPIs withdraw record Rs 94,000 cr from Indian equities in Oct on attractive Chinese valuations

In a major <keyword id="22639726" type="General" weightage="20" keywordseo="diplomatic-breakthrough" source="keywords">diplomatic breakthrough</keyword>, India and China have struck an agreement to defuse tensions along the <keyword id="20140251" type="General" weightage="20" keywordseo="Line-of-Actual-Control" source="keywords">Line of Actual Control</keyword> (LAC), which have been ongoing since the deadly clashes in the Galwan Valley in 2020. The deal, announced just days before the <keyword id="21003379" type="General" weightage="20" keywordseo="BRICS-summit" source="keywords">BRICS summit</keyword>, marks the first concrete step towards restoring peace between the two nations since the conflict began. It includes a structured patrolling plan and <keyword id="23643398" type="General" weightage="20" keywordseo="troop-withdrawals" source="keywords">troop withdrawals</keyword> aimed at preventing future confrontations in the <keyword id="20224053" type="General" weightage="20" keywordseo="Ladakh-region" source="keywords">Ladakh region</keyword>. Indian Foreign Minister <keyword id="20508657" type="General" weightage="20" keywordseo="S-Jaishankar" source="keywords">S. Jaishankar</keyword> described the agreement as a return to pre-2020 conditions, effectively resetting the status quo along the contested border. Troops from both sides will be pulled back to avoid face-offs, while joint patrols will be carried out according to a mutually agreed schedule. This is a notable shift from the tense, militarised standoff that has gripped the LAC over the past four years, where tens of thousands of soldiers were stationed in extreme high-altitude conditions. A key feature of the agreement is the creation of a regular monitoring system to ensure compliance. Monthly review meetings will be held to track progress, signalling a long-term commitment to peace. This structured approach, involving both military and diplomatic channels, could lay the foundation for more robust confidence-building measures. The pact also carries significant economic implications. While India had increased scrutiny of Chinese investments post-2020, bilateral trade has continued to rise, with Indian imports from China surging 56% in recent years. Experts see this agreement as a crucial step toward normalising broader diplomatic and economic ties, potentially allowing stalled business projects to resume. Despite the optimism, challenges remain. Experts caution that this is just the first step in what will be a long road to lasting peace. As former Indian military commander Deependra Singh Hooda noted, “At least the impasse has been broken,” but further confidence-building measures will be critical. The resolution of this border dispute could pave the way for deeper cooperation between the two nations, especially in a global context where both India and China are key players in shaping regional stability. For now, the world watches to see how this agreement will unfold in the months to come.

India and China just reached a landmark agreement to de-escalate border tensions! Here's what happens now

<ul class="summary-list"><li>Olivia Nuzzi has withdrawn her protective order request against her ex-fiancé Ryan Lizza.</li><li>Nuzzi accused Lizza of blackmailing her in an October petition.</li></ul>Olivia Nuzzi, the former <a target="_blank" class="" href="https://www.businessinsider.com/new-york-magazine-parting-ways-olivia-nuzzi-third-party-investigation-2024-10">New York magazine political correspondent</a> who made headlines earlier this year for having a personal relationship with <a target="_blank" class="" href="https://www.businessinsider.com/rfk-olivia-nuzzi-affair-reportedly-open-secret-in-some-circles-2024-9">Robert F. Kennedy Jr</a>., has withdrawn her request for a protective order against her ex-fiancé, fellow journalist Ryan Lizza.In an October petition for a civil protection order, Nuzzi accused Lizza, a Politico reporter, of hacking her devices and <a target="_blank" class="" href="https://www.businessinsider.com/olivia-nuzzi-accuses-ex-fiance-blackmail-amid-rfk-jr-scandal-2024-10">stealing information to blackmail her</a>. Nuzzi alleged her former fiancé tried to convince her to get back together with him and threatened to destroy her career if she refused. Lizza denied the allegations at the time.Politico shares a parent company with Business Insider.An attorney for Nuzzi confirmed to Business Insider that she withdrew the protective order request.BI didn't immediately view the motion, as court documents related to allegations of domestic abuse can only be accessed in person in the DC courthouse."Ms. Nuzzi has no interest in fighting a public relations battle. For insight into her decision, you can refer to the statements in her motion," Nuzzi's attorney, Ari Wilkenfeld, told BI.Lizza did not immediately respond to a request for comment from BI but provided a statement to Semafor's Max Tani."Olivia shamelessly used litigation with false and defamatory allegations as a public relations strategy," Lizza wrote. Nuzzi's withdrawal is the latest turn in the dramatic media story, which began when journalist Oliver Darcy reported in September in his newsletter, Status, that New York Magazine put Nuzzi on leave after learning she engaged in a <a target="_blank" class="" href="https://www.businessinsider.com/olivia-nuzzi-rfk-jr-reaction-vox-media-new-york-magazine-2024-9">personal relationship with Kennedy</a>, who she covered as a presidential candidate.Nuzzi said the relationship wasn't physical. A spokesperson for Kennedy previously said he only met her once.Following a <a target="_blank" class="" href="https://www.businessinsider.com/vox-new-york-mag-law-firm-olivia-nuzzi-rfk-jr-2024-10">third-party investigation</a> into Nuzzi's work, New York magazine said the probe found no inaccuracies or evidence of bias in her reporting. She and the magazine <a target="_blank" class="" href="https://www.businessinsider.com/new-york-magazine-parting-ways-olivia-nuzzi-third-party-investigation-2024-10">parted ways in October</a>.

Olivia Nuzzi withdraws protective order against Ryan Lizza in aftermath of RFK Jr. relationship

Bloodbath on the D-Street entered its fifth straight day today, with <keyword id="19896381" type="General" weightage="20" keywordseo="Nifty" source="keywords">Nifty</keyword> dipping by 218 points to close the day at 24,180.80, much below the 25,000-mark. <keyword id="19896382" type="General" weightage="100" keywordseo="Sensex" source="keywords">Sensex</keyword> also dropped a massive 662 points to close the week at 79,402.29 points. Notably, this was the worst weekly run experienced by the markets over the last 14 months. Clearly, the markets are not in the mood to embrace the impending festivities. Only 12 out of 50 stocks on the Nifty50 advanced today, while the other 38 declined. It was no different on the BSE, where an astounding 3,101 stocks slipped during the day, while just 841 inched up. Smallcaps bore the biggest brunt of this drawdown, with the smallcap 100, 50, 250, and microcaps each sliding by over 2% during the day. Amidst sectors, media, metal, PSU banks, consumer durables, and oil and gas skidded over 2% each today. Gaurav Garg, Research Analyst at Lemonn Markets Desk, explains that on a weekly basis, benchmarks had recorded five consecutive daily losses. Markets appear oversold, with RSI (Relative Strength Index) falling to 27 levels, its lowest in more than a year. Persistent foreign outflows with a record ~97000 crores so far in October, along with disappointing <keyword id="23378466" type="General" weightage="20" keywordseo="Q2-earnings" source="keywords">Q2 earnings</keyword>, have led to sharp valuation corrections in stocks with high multiples as investors adjust their expectations for future growth. Per media reports, investors saw their wealth diminish by a massive Rs 6.80 lakh crore today, largely due to a sharp, 18% dip in the shares of <keyword id="19901053" type="General" weightage="20" keywordseo="IndusInd-Bank" source="keywords">IndusInd Bank</keyword> and uncontrolled exodus of <keyword id="19900795" type="General" weightage="20" keywordseo="foreign-investors" source="keywords">foreign investors</keyword>. Reportedly, IndusInd Bank reported a 40% decline in its net profits for the quarter ended September 30, 2024. "Another major factor contributing to this dip is disappointing earnings reports from Indian companies, especially in the consumption sector, which signal an economic slowdown, particularly in urban consumption," Santosh Meena, Head of Research at Swastika Investmart, said. Mahindra &amp; Mahindra, Larsen &amp; Toubro, NTPC, Adani Ports, Tata Steel, Maruti, Bajaj Finance and Titan were also among the laggards. "Markets continued its downward trajectory as a broader selloff pulled down key benchmarks with Sensex ending below the crucial 80k mark. The dismal Q2 earnings so far has aggravated the investors' woes while persistent <keyword id="21360658" type="General" weightage="20" keywordseo="FII-selling" source="keywords">FII selling</keyword> continued to create havoc in the market," said Prashanth Tapse, Senior VP (Research), Mehta Equities Ltd. On October 24, 2024, i.e. yesterday, foreign investors offloaded a massive Rs 5,062.45 worth of equities, while domestic investors remained net buyers, purchasing around Rs 3,620.47 crore worth of shares. Thus far in October, foreign investors have pulled out a record Rs 97,205.42 crore from Indian markets. Shrikant Chouhan, Head Equity Research, Kotak Securities expects that the "market sentiment will continue to be weighed down by weaker-than-expected Q2FY25 earnings prints and continued weak commentary. FPI flows are expected to remain volatile in the days to come". "Indian equity markets corrected sharply this week as FII continued with selling in Indian markets. Benchmark indices (Nifty 50 and Sensex 30) declined between 2-3% this week. The midcap and the <keyword id="20187540" type="General" weightage="20" keywordseo="smallcap-stocks" source="keywords">smallcap stocks</keyword> witnessed selling pressure. As a result, the BSE Midcap and the BSE Smallcap indices underperformed the larger peers and were down between 5-8% on a weekly basis. All the sectoral indices ended the week in the red with multiple indices seeing a weekly fall in excess of 6%", added Chouhan Per Chouhan, in the coming weeks, key events that will determine the market's course of action include the US elections and the US FOMC meet. Stock specific action will continue based on Q2FY25 financial performance and management commentary. Garg also anticipates that in the near term, the markets will trade rangebound. Market veteran Raamdeo Agrawal, who heads Motilal Oswal Financial Services, called the ongoing <keyword id="22528556" type="General" weightage="20" keywordseo="market-downturn" source="keywords">market downturn</keyword> the "healthiest possible correction".

Massacre continues on Sensex and Nifty as foreign investors withdraw Rs 97,205.42 crore in October

A week after <keyword id="20205753" type="General" weightage="20" keywordseo="US-President" source="keywords">US President</keyword> <keyword id="19919748" type="General" weightage="20" keywordseo="Joe-Biden" source="keywords">Joe Biden</keyword> was caught lagging during his debate with republican candidate Donald Trump, all eyes were on Biden at the <keyword id="19941386" type="General" weightage="20" keywordseo="NATO" source="keywords" meta.keywordsubtype="org" meta.entityname="NATO" meta.hostid="261" meta.entityid="NATO">NATO</keyword> summit in Washington. It is said that he did not slip up much and even delivered a forceful speech that seemed to redeem him in the eyes of some democrats. However, many people — including very influential Hollywood names — remain discontent with Biden’s candidacy and are practically begging him to step down and give the party a fighting chance. Democratic Senator Peter Welch of Vermont became the first in the Senate to explicitly call on 81-year-old Biden to withdraw, citing concerns over his age and fitness. This sentiment echoes the voices of at least eight House Democrats who have also urged Biden not to seek another term. The calls for Biden's withdrawal gained momentum after high-profile figures within the Democratic establishment, including Hollywood actor <keyword id="20013377" type="General" weightage="20" keywordseo="George-Clooney" source="keywords">George Clooney</keyword> and House Speaker Nancy Pelosi, expressed doubts about his candidacy. Clooney, who recently co-hosted a fundraising event that raised nearly $30 million for Biden, penned a scathing editorial in the New York Times, lamenting Biden's perceived decline since his heyday as Vice President. <div type="twitter" handle="EugeneDaniels2" handlename="EugeneDaniels2" favoritecount="0" retweetcount="0" id="1811050245737840818"></div>"It's devastating to say it, but the Joe Biden I was with three weeks ago at the fund-raiser was not the Joe 'big F-ing deal' Biden of 2010," Clooney wrote. "He wasn’t even the Joe Biden of 2020." Biden himself attributed his lacklustre debate performance to jetlag and a cold, factors that he believes impacted his ability to articulate his vision effectively against Trump. But Clooney argues that his performance in the debate underscores a larger concern about his ability to lead the party to victory in November. "Was he tired? Yes. A cold? Maybe. But our party leaders need to stop telling us that 51 million people didn't see what we just saw," Clooney further said. Rob Reiner, another longtime Democratic supporter and Hollywood figure, echoed Clooney's sentiments, emphasising the need for a younger leader to take on Trump. John Cusack, known for his political activism, shifted his stance from supporting Biden to advocating for his withdrawal, aligning with opinions expressed by fellow influencers like Abigail Disney, Michael Douglas, Michael Moore, Reed Hastings, <keyword id="21182120" type="General" weightage="20" keywordseo="Stephen-King" source="keywords">Stephen King</keyword>, and Damon Lindelof, each highlighting varying degrees of concern over Biden's candidacy and the party's chances in the upcoming election. <div type="twitter" handle="StephenKing" handlename="StephenKing" favoritecount="0" retweetcount="0" id="1810276684345573721"></div>These voices reflect a growing unease among influential donors and public figures within the <keyword id="20031929" type="General" weightage="20" keywordseo="Democratic-Party" source="keywords" meta.keywordsubtype="org" meta.entityname="Democratic Party" meta.hostid="261" meta.entityid="Democratic Party">Democratic Party</keyword>. Despite these calls, Biden's campaign remains steadfast, pointing to his commitment to continue running in November. In response to the mounting criticism, Biden is set to address the nation in a televised interview with NBC, aiming to reassure voters and allies alike of his capability to lead. However, with each passing day, the chorus of dissent within the Democratic Party grows louder, casting a shadow over Biden's prospects for reelection. The outcome of these deliberations could prove pivotal in shaping the future of Biden's presidency and the broader landscape of American politics.

George Clooney, Stephen King and many other supporters urge US President Joe Biden to step down from 2024 run

<keyword id="19976119" type="General" weightage="20" keywordseo="Zee" source="keywords">ZEE</keyword> Entertainment Enterprises Ltd and <keyword id="19914172" type="General" weightage="20" keywordseo="Sony" source="keywords">Sony</keyword> Pictures Networks India on Tuesday said they have settled their disputes related to the failed USD 10-billion merger and have agreed to withdraw all claims against each other. The settlement stems from a mutual understanding between the companies to independently pursue future growth opportunities with a renewed purpose and focus on the evolving media and entertainment landscape, signifying the definitive conclusion of all disputes, the two companies said in a joint statement. ZEE Entertainment Enterprises Ltd and Culver Max Entertainment Pvt. Ltd. (CMEPL) have arrived at a comprehensive non-cash settlement, amicably resolving all disputes related to the merger co-operation agreement and the composite scheme of arrangement, it said. Under the agreement, the companies have mutually agreed to withdraw all respective claims against each other, in the ongoing arbitration at the Singapore International Arbitration Centre (SIAC), and all related legal proceedings initiated in the National Company Law Tribunal (<keyword id="6355809" type="General" weightage="20" keywordseo="nclt" source="Orion">NCLT</keyword>) and other forums, it added. The companies will also withdraw the respective composite schemes of Arrangement from the NCLT and inform the relevant regulatory authorities. In January this year, Sony had pulled out from the proposed USD 10-billion merger with ZEE Entertainment Enterprises Ltd citing failure to meet certain "closing conditions" by the Indian firm. The deal collapsed after over two years of announcing it. Subsequently, the two parties went to the courts. SEE ALSO: <a href="https://www.businessinsider.in/tech/mobile/news/apple-iphone-16-to-be-launched-on-september-9-heres-everything-we-know-so-far/articleshow/112828818.cms">Apple iPhone 16 to be launched on September 9 – here’s everything we know so far</a> <a href="https://www.businessinsider.in/stock-market/news/a-company-with-8-employees-looking-to-raise-12-crore-ended-up-getting-applications-worth-over-4700-crore/articleshow/112824522.cms">Delhi firm with just 8 employees seeks ₹12 crore via IPO, gets ₹4,700 crore worth of investor applications!</a> <a href="https://www.businessinsider.in/tech/news/telegram-comes-under-the-scanner-in-india-for-extortion-and-gambling-will-it-be-banned-in-india/articleshow/112807370.cms">Telegram comes under the scanner in India for extortion and gambling – will it be banned in India?</a>

Zee and Sony amicably settle disputes over their failed merger, withdraw claims

About 2.1 per cent or Rs 7,581 crore of the withdrawn Rs 2,000 <keyword id="20481528" type="General" weightage="20" keywordseo="banknotes" source="keywords">banknotes</keyword> have not yet been returned to the <keyword id="19899808" type="General" weightage="20" keywordseo="RBI" source="keywords">RBI</keyword>, about nine months after the deadline to deposit or exchange them at bank branches was over. This essentially means 97.87 per cent of the total value of the high-value Rs 2,000 banknotes are back in the banking system by the end of June 2024, the Reserve Bank of India said in a statement on Monday. The total value of Rs 2000 banknotes in circulation was Rs 3.56 lakh crore at the close of business on May 19, 2023, the date on which RBI decided to withdraw the banknote. The last day for the public to avail of exchange or to deposit high-value Rs 2000 banknotes at the banks was October 7, 2023. However, the window for depositing and/or exchanging the Rs 2,000 banknotes continues to be available at the 19 issue offices of the RBI. Those 19 RBI issue offices are in Ahmedabad, Bangalore, Belapur, Bhopal, Bhubaneswar, Chandigarh, Chennai, Guwahati, Hyderabad, Jaipur, Jammu, Kanpur, Kolkata, Lucknow, Mumbai, Nagpur, New Delhi, Patna, and Thiruvananthapuram. People from within the country can send Rs 2,000 banknotes through India Post from any post office to any of RBI Issue Offices for credit to their bank accounts in India. The Rs 2000 banknotes continue to be legal tender. The Rs 2000 banknote was introduced in November 2016, primarily to meet the currency requirements of the economy expeditiously after the <keyword id="19901049" type="General" weightage="20" keywordseo="withdrawal" source="keywords">withdrawal</keyword> of the legal tender status of all Rs 500 and Rs 1000 banknotes in circulation at that time. The objective of introducing Rs 2000 banknotes was met once banknotes in other denominations became available in adequate quantities. Therefore, the printing of Rs 2000 banknotes was stopped in 2018-19. SEE ALSO:<a href="https://www.businessinsider.in/stock-market/news/vraj-iron-and-steel-ipo-allotment-how-to-check-allotment-ipo-gmp-listing-date-and-more/articleshow/111394752.cms" target="_blank"></a> <a href="https://www.businessinsider.in/stock-market/news/vraj-iron-and-steel-ipo-allotment-how-to-check-allotment-ipo-gmp-listing-date-and-more/articleshow/111394752.cms" target="_blank">Vraj Iron and Steel IPO allotment – How to check allotment, IPO GMP, listing date and more</a><a href="https://www.businessinsider.in/business/telecom/news/reliance-jio-and-airtel-price-hike-new-plans-and-how-you-can-save-money/articleshow/111331794.cms" target="_blank"></a> <a href="https://www.businessinsider.in/business/telecom/news/reliance-jio-and-airtel-price-hike-new-plans-and-how-you-can-save-money/articleshow/111331794.cms" target="_blank">Reliance Jio and Airtel price hike – new plans and how you can save money</a><a href="https://www.businessinsider.in/tech/mobile/webstories/upcoming-smartphones-launching-in-india-in-july-2024/slidelist/111304902.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/mobile/webstories/upcoming-smartphones-launching-in-india-in-july-2024/slidelist/111304902.cms" target="_blank">Upcoming smartphones launching in India in July 2024</a>

2.1% of ₹2,000 banknotes, with value of ₹7,581 crore, still to be returned

<ul class="summary-list"><li>Joe Biden's withdrawal from the 2024 presidential race is causing market uncertainty.</li><li>Investors were already trying to position themselves following the failed assassination attempt on former President Trump on July 13.</li></ul>US President <a target="_blank" class="" href="https://www.businessinsider.com/joe-biden-dropping-out-presidential-race-2024-7">Joe Biden's withdrawal from the presidential election</a> is throwing fresh uncertainty into the markets for a second straight week.Investors were already trying to position themselves for the so-called <a target="_blank" class="" href="https://markets.businessinsider.com/news/stocks/trump-trade-dominate-markets-weekend-shooting-bitcoin-dollar-inflation-bonds-2024-7">"Trump trade"</a> following the failed assassination attempt on former President Donald Trump on July 13. Now, they are trying to figure out how Biden dropping out would change the game.Analysts are gearing up for volatility."We have seen some rotation toward 'red' sectors and away from 'blue' ones in recent weeks as recent momentum has favored the Republican party," Mark Haefele, UBS Global Wealth Management's chief investment officer, wrote in a note on Sunday. "That could at least partially reverse in the coming days as markets parse the latest developments."The US dollar — which is expected to gain under a potential Trump presidency — weakened on Monday. This helped dollar-denominated spot gold rise 0.2% to above $2,400 an ounce.Markets at large were relatively calm following Biden's withdrawal after the Trump trade gripped sentiment last week. S&amp;P 500 stock futures were 0.2% at 1:33 a.m. ET, while Nasdaq-100 futures were up 0.4%.Yields for 10-year US Treasury yields were 1.7 basis points lower, "which may reflect a little less risk of even more fiscal spending," Jim Reid, a multi-asset research strategist at Deutsche Bank, wrote on Monday.Both EUROSTOXX 50 and FTSE futures were slightly higher.Kyle Rodda, a senior market analyst at trading platform Capital.com, told Business Insider that Biden's withdrawal from the race also removes a layer of uncertainty in the market."This move probably improves the chances of the Democrats to win the presidency," said Rodda, referring to Biden's decision not to seek a second term.Gold, as a safe haven asset, is likely to come under pressure should Harris' chances improve, since it reduces the risk of fallout from Trump's hawkish foreign policy and massive deficit spending, Chris Weston, the head of research at Australian onine broker Pepperstone, wrote in a note.<h2 id="b3f48522-54de-4da9-82d3-437e495c1682">Investors are watching to see if Harris wins the Democrats' nomination</h2>Investors are still focusing on whether the Democratic Party will nominate Kamala Harris as its presidential candidate."There is a small risk that Harris' presumptive nomination is met with resistance within the Democratic Party and causes internal divisions, leading to calls for another candidate," said Rodda. "That would reignite the volatility we saw at the end of last week."The <a target="_blank" class="" href="https://markets.businessinsider.com/">CBOE Volatility Index</a> rose 33% last week following the assassination attempt on Trump, reflecting market jitters over the political landscape. The index was not yet open for trade on Monday as of the time this article was published.Analysts don't expect the Democrats' fiscal and trade policy agenda to shift much if they nominate Harris."The Dems will want to position her as a continuity candidate," said Rodda."Biden's withdrawal resets the contest. However, to the extent that Harris is nominated to succeed Biden as the Democratic standard-bearer, we believe the dynamics of the election will not change as much as one might expect," said UBS' Haefele."The American electorate is highly polarized and most of Biden's supporters will be reluctant to abandon the party's nominee," he added.<h2 id="e61103fa-8cc5-45d1-b7c4-8f13267a9b79">Focus on fundamentals</h2>Despite the uncertainty, UBS advises investors to not forget fundamentals matter too — maybe even more so than politics."Investors should remember that US political outcomes are far from the largest driver of financial market returns, or even sector performance," wrote Haefele.The Swiss bank is advising investors to not alter their strategies too dramatically based on political expectations."Economic data and Fed rate cut expectations remain at least as important," Haefele added.

Biden's withdrawal from the presidential race spells uncertainty for the 'Trump trade'

<keyword id="19906778" type="General" weightage="20" keywordseo="Infosys" source="keywords">Infosys</keyword> says that the Karnataka State authorities are withdrawing the pre-show cause <keyword id="19951327" type="General" weightage="20" keywordseo="GST" source="keywords">GST</keyword> notice issued to Infosys with a tax demand of Rs 32,403 crore, the company informed the exchange in a filing on Friday, "The Company has received a communication from Karnataka State authorities, withdrawing the pre-show cause notice and has directed the Company to submit a further response to DGGI central authority on this matter," said Infosys Earlier on Wednesday the Karnataka State GST authorities issued a pre-show cause notice to Infosys for payment of GST of Rs. 32,403 crores for the period July 2017 to March 2022 towards the expenses incurred by overseas branch offices of <keyword id="19916185" type="General" weightage="20" keywordseo="Infosys-Limited" source="keywords" meta.keywordsubtype="org" meta.entityname="Infosys Limited" meta.hostid="345" meta.entityid="Infosys Limited">Infosys Limited</keyword>. The Company responded to the pre-show cause notice and stated that the Company believes that as per regulations, GST is not applicable to these expenses. "Additionally, as per a recent Circular (circular number 210/4/2024 dated June 26, 2024) issued by the Central Board of Indirect Taxes and Customs on the recommendations of the <keyword id="19994390" type="General" weightage="20" keywordseo="gst-council" source="keywords">GST Council</keyword>, services provided by the overseas branches to Indian entity are not subject to GST," said the company. The clarification from Infosys came post news articles published on Wednesday for non-payment of GST towards expenses incurred by the overseas branches of the Company. Infosys said GST payments are eligible for credit or refund against the Infosys says that the Karnataka State authorities are withdrawing the pre-show cause GST notice issued to Infosys with a tax demand of Rs 32,403 crore, the company informed the exchange in a filing on Friday, "Infosys has paid all its GST dues and is fully in compliance with the central and state regulations on this matter," the statement said. (ANI) SEE ALSO:<a href="https://www.businessinsider.in/stock-market/webstories/ola-electric-ipo-price-band-to-risk-factors-all-you-need-to-know/slidelist/112185870.cms" target="_blank"></a> <a href="https://www.businessinsider.in/stock-market/webstories/ola-electric-ipo-price-band-to-risk-factors-all-you-need-to-know/slidelist/112185870.cms" target="_blank">Ola Electric IPO – Price band to risk factors, all you need to know</a><a href="https://www.businessinsider.in/tech/mobile/news/nothing-phone-2a-plus-with-dimensity-7350-pro-chipset-launched-in-india-starting-at-29999/articleshow/112164963.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/mobile/news/nothing-phone-2a-plus-with-dimensity-7350-pro-chipset-launched-in-india-starting-at-29999/articleshow/112164963.cms" target="_blank">Nothing Phone (2a) Plus with Dimensity 7350 Pro chipset launched in India starting at ₹29,999</a><a href="https://www.businessinsider.in/tech/mobile/news/indian-smartphone-shipments-decline-by-2-in-q2-2024-xiaomi-retakes-the-throne/articleshow/112162312.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/mobile/news/indian-smartphone-shipments-decline-by-2-in-q2-2024-xiaomi-retakes-the-throne/articleshow/112162312.cms" target="_blank">Indian smartphone shipments decline by 2% in Q2 2024, Xiaomi retakes the throne</a>

Infosys says Karnataka govt withdrawing pre-show cause notice on GST notice

<ul><li>Reserve Bank of India governor Shaktikanta Das today announced that users will soon be able to deposit cash using <keyword id="6358921" type="General" weightage="20" keywordseo="upi" source="Orion">UPI</keyword> at ATMs.</li><li>Users will also be able to make UPI payments via PPI wallets through third-party apps.</li><li>The governor-led MPC also proposed the launch of a dedicated mobile app for retail investors to access the G-sec market.</li></ul>Forgot to carry your debit card while visiting the ATM? Don’t worry, the Reserve Bank of India (RBI) understands your pain. On Friday, RBI governor Shaktikanta Das announced that bank account holders will soon be able to deposit money at ATMs using UPI, or Unified Payments Interface. Earlier, in January, RBI had announced that it would allow users to withdraw cash from ATMs using UPI. At the moment, cash deposits at ATMs can be done via two methods – using debit cards and manually entering the savings account number. Das announced RBI’s latest Monetary Policy Committee (MPC) meeting, where the central bank left the key repo rate unchanged. <cmsannotation type="cmsannotation" annotationid="Enhancing UPI features" comment="subhead" text="Enhancing UPI features">Enhancing UPI features</cmsannotation> Thanks to UPI’s widespread use, RBI has been expanding its features to include various options from setting autopay instructions for bill payments to creating mandates for IPO applications and more. After the previous MPC meet in January, RBI governor announced that cash withdrawals would be made possible through UPI ATMs. “This measure will further enhance customer convenience and make the currency handling process at banks more efficient,” said Das. In addition to this, RBI also announced that it will allow the use of third-party UPI apps for making UPI payments via prepaid payment instrument (PPI) wallets, like Paytm and GooglePay. With today’s announcement, the central bank looks keen on slowly but steadily replacing debit cards with UPI. <a href="https://www.businessinsider.in/business/news/size-does-matter-debit-cards-for-large-payments-upi-for-smaller-ones/articleshow/109002682.cms">Recent reports suggest that</a>, while UPI usage is growing exponentially, people continue to use Debit Cards, especially for large payments. <cmsannotation type="cmsannotation" annotationid="New app for G-sec market" comment="subhead" text="New app for G-sec market">New app for G-sec market</cmsannotation> RBI’s aim with this is to make it more convenient to use digital payments for small-value transactions. Lastly, the MPC also proposed the launch of a dedicated mobile app to access the Retail Direct portal. Das believes this will enhance convenience to retail investors and improve the reach of the government securities (G-sec) market. RBI launched the Retail Direct scheme in 2021 to make it possible for retail and individual investors to participate in the government securities market. SEE ALSO: <a href="https://www.businessinsider.in/stock-market/markets/news/markets-trade-flat-after-rbi-mpc-leaves-repo-rate-unchanged-at-6-5/articleshow/109055645.cms">Status quo: Markets trade flat after RBI MPC leaves repo rate unchanged at 6.5%</a> <a href="https://www.businessinsider.in/finance/news/rbis-mpc-keeps-rates-unchanged-to-be-actively-disinflationary/articleshow/109053104.cms">We want the elephant of inflation to walk back to the forest: Shaktikanta Das</a> <a href="https://www.businessinsider.in/business/telecom/news/reliance-jio-and-airtel-add-nearly-5-million-subscribers-in-january-2024/articleshow/109040220.cms">Reliance Jio and Airtel add nearly 5 million subscribers in January 2024</a>

Not just withdraw, you can soon deposit cash using UPI at ATMs, promises RBI

<ul><li><keyword id="6672551" type="General" weightage="20" keywordseo="wazirx" source="Orion">WazirX</keyword> has suffered a massive <keyword id="19904114" type="General" weightage="20" keywordseo="security-breach" source="keywords">security breach</keyword>, with hackers stealing cryptocurrency from the platform.</li><li>Over $230 million in cryptos was stolen from the company’s wallets.</li><li>The company has suspended withdrawals in rupees and cryptos.</li></ul> WazirX, India’s largest cryptocurrency exchange on Thursday reported a massive security breach on its platform, which has resulted in the theft of over $230 million in cryptocurrency. WazirX took to social media platform X to confirm the security breach and informed users that customer withdrawals from the exchange have been temporarily paused. “A cyber-attack occurred in one of our multisig wallets involving a loss of funds exceeding $230 million. Despite us taking all necessary steps to protect the customer assets, the cyber attackers appear to have possibly breached such security features, and the theft occurred,” WazirX said in a post on X. <div type="Article" hostid="261" msid="111783199" title="Budget 2024 Expectations: FAME scheme, aid for vehicle scrapping and other expectations of the auto industry" mstype="2" mssubtype="0"></div> The breach reportedly occurred in one of the exchange's multisig wallets, which require multiple private keys to unlock and withdraw funds. The incident was linked to a discrepancy between the data displayed on Liminal's digital asset custody and wallet infrastructure and the actual contents of the transaction. Liminal has been providing services to WazirX since February 2023. “Our preliminary investigations show that one of the self-custody multi-sig smart contract wallets created outside of the Liminal ecosystem has been compromised. We can confirm that Liminal’s platform is not breached and Liminal’s infrastructure, wallets and assets continue to remain safe,” Liminal Custody said in a statement to Business Insider India. “It is also pertinent to note that all WazirX wallets created on the Liminal platform continue to remain secure and protected. Meanwhile, all the malicious transactions to the attacker’s addresses have occurred from outside of the Liminal platform,” Liminal added. WazirX has suspended all withdrawals, in both rupees and crypto on its platform. “To ensure the safety of your assets, INR and crypto withdrawals will be temporarily paused. Thank you for your patience and understanding. We'll keep you posted with further updates,” the company added. “We have identified 2 more exploited smart contracts. Our team is still investigating the incident. For the time being we have opened up a secluded website to revoke all approvals. Your funds are at risk until you revoke,” WazirX added. This security breach comes at a challenging time for WazirX, as the exchange has seen its trading volume plummet by 90% in 2023 compared to the previous year. The decline can be attributed to the Indian government's introduction of a 30% tax on virtual currencies and a 1% deduction for every crypto transaction in 2022. Additionally, the Enforcement Directorate (ED) has been investigating several cases under the Prevention of Money Laundering Act, 2002 (PMLA) and the Foreign Exchange Management Act, 1999 (FEMA) related to cryptocurrencies. SEE ALSO: <a href="https://www.businessinsider.in/business/ecommerce/news/amazon-prime-day-2024-to-begin-on-july-20-in-india-everything-you-need-to-know-about-amazons-biggest-sale/articleshow/111838068.cms">Amazon Prime Day 2024 to begin on July 20 in India – everything you need to know about Amazon’s biggest sale</a> <a href="https://www.businessinsider.in/stock-market/webstories/sanstar-ipo-opens-tomorrow-price-band-to-risk-factors-all-you-need-to-know/slidelist/111826563.cms">Sanstar IPO now open – Price band to risk factors, all you need to know</a> <a href="https://www.businessinsider.in/tech/mobile/webstories/oneplus-nord-4-vs-realme-gt-6t-which-mid-range-phone-should-you-buy-under-35000/slidelist/111803604.cms">OnePlus Nord 4 vs Realme GT 6T – which mid-range phone should you buy under ₹35,000?</a>

You Searched For "withdrawal" and got 12 results

FPIs withdraw nearly Rs 20,000 crore from equities in the last 5 trading sessions, make a beeline for China and US

BI India Bureau

FPIs withdraw record Rs 94,000 cr from Indian equities in Oct on attractive Chinese valuations

PTI

India and China just reached a landmark agreement to de-escalate border tensions! Here's what happens now

BI India Bureau

Olivia Nuzzi withdraws protective order against Ryan Lizza in aftermath of RFK Jr. relationship

Erin Snodgrass,Natalie Musume…

Massacre continues on Sensex and Nifty as foreign investors withdraw Rs 97,205.42 crore in October

Ira Alok Puranik

George Clooney, Stephen King and many other supporters urge US President Joe Biden to step down from 2024 run

Ashmita Gupta

Zee and Sony amicably settle disputes over their failed merger, withdraw claims

PTI

2.1% of ₹2,000 banknotes, with value of ₹7,581 crore, still to be returned

ANI

Biden's withdrawal from the presidential race spells uncertainty for the 'Trump trade'

Huileng Tan

Infosys says Karnataka govt withdrawing pre-show cause notice on GST notice

ANI

Not just withdraw, you can soon deposit cash using UPI at ATMs, promises RBI

Sourabh Jain

WazirX suspends withdrawals after $230 million worth of cryptos stolen in a hack

Sourabh Jain

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