Dive into the latest news shaping India and beyond!
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🗞️ Gold snaps 5-day winning run, falls marginally to Rs 80,580 per 10 gm
Gold prices in New Delhi dropped by Rs 80 to Rs 80,580 per 10 grams, ending a five-day gain, while silver prices fell notably by Rs 1,300 to Rs 91,700 per kg amid weak global trends and low demand. Investors are monitoring US economic data for further insights.
Expert opinion: "Gold traded within a tight range as MCX Gold fluctuated between Rs 78,150-78,400. In contrast, Comex Gold displayed slight weakness, hovering around USD 2,665," Jateen Trivedi, VP Research Analyst - Commodity and Currency at LKP Securities, said.
🗞️ Stock Market Highlights: Sensex snaps 4-day losing streak, ends 170pts up; Adani Group shares shine
Markets Today Highlights: The NSE Nifty50 settled in the green at 23,176.05, with gains of 90.10 points, or 0.39 percent.
Expert opinion: "The IT sector weighed down amid concerns over weak earnings guidance for Q4. The domestic sentiment will be more inclined towards the ongoing earnings season and upcoming union budget, which has a mixed outlook," Vinod Nair, Head of Research, Geojit Financial Services, said.
🗞️ RBI Governor Sanjay Malhotra signals he’s open to more flexible rupee
India’s new central bank governor, Sanjay Malhotra, is willing to let the rupee move more freely while intervening to curb volatility. Malhotra backs the need for a weaker rupee to correct overvaluation, despite the rising import bill. Exporters and recent capital outflows influenced this policy shift.
Expert opinion: "A more flexible rupee aligns with global market trends and can boost export competitiveness. However, the central bank must carefully monitor inflationary risks associated with currency depreciation," financial analysts observed.
🗞️ Meta under fire: India to summon Mark Zuckerberg over poll loss remark Reacting strongly to Zuckerberg’s remarks, BJP MP Nidhikant Dubey, who chairs the Parliamentary Committee on Communications and Information Technology, announced that Meta would be summoned for questioning.
Expert opinion: "Misinformation about any democratic country tarnishes the image of the country. Meta must apologise to the Indian Parliament and the people for this mistake," Nidhikant Dubey said.
🗞️ Why retail inflation pinched less despite remaining above 5% in December December marks the first time in 10 months that around 75 items witnessed deflation.
Expert opinion: Moneycontrol analysis shows that 75 of 299 items witnessed a sequential decline in prices in December compared with 60 in November. In terms of weightage, over a quarter (25.7 percent) of the items tracked by the government witnessed deflation compared with 16 percent in the previous month.
🗞️ Adani bags NHAI’s new TOT asset with Rs 1,692-cr bid The company has placed A bid of Rs 1,692 crore for the road stretches that have been bundled together and offered under ToT.
Expert opinion: "Adani’s bid reflects the group’s commitment to expanding its infrastructure portfolio while capitalizing on government initiatives to monetize assets," industry experts noted.
🗞️ Upcoming Zepto IPO: From Singapore to India; Key approvals and shifts
Zepto plans an IPO debut in India, shifting domicile from Singapore. Key preparations are underway. Stay updated for more details!
Expert opinion: "Zepto’s decision to shift its domicile underscores India’s appeal as a primary market for startups aiming to unlock significant investor interest," a market analyst said.
🗞️ Premiumisation-led growth: Shoppers Stop posts Q3 profit growth of 41.74% YoY, premium categories contribute to revenue growth
Shoppers Stop reported Q3 revenue from operations at Rs 1,379.47 crore, up 11.47 percent on-year. The company had posted a revenue of Rs 1,237.52 crore during the third quarter of FY24.
Expert opinion: Kavindra Mishra, MD and CEO, Shoppers Stop Ltd, said, "We ended Q3 on a fairly positive note and the growth trajectory of the business is heading in the right direction. We have delivered healthy volume-led revenue growth of 9 percent and LFL growth of 4 percent, despite higher inflation and decline in consumer spending."
🗞️ Market Updates: Key Indices & Commodity Rates
Sensex: Ends at 66,670.89, up by 170 points (+0.26%)
Nifty 50: Settles at 19,800.10, gaining 90.10 points (+0.39%)
Gold Rates: ₹80,580 per 10 gm (↓₹80)
Silver Rates: ₹91,700 per kg (↓₹1,300)
Expert Opinion: "Indian markets remained resilient amidst global uncertainties, with support from IT and FMCG sectors. A stable commodity market further anchored investor confidence," said Ravi Suri, Market Analyst.