Discover the top business headlines that are trending across the world today!
Stock markets dropped in early trade on Tuesday, with the Sensex and Nifty falling around 1% for the second consecutive session. The decline was driven by investor caution ahead of the US Federal Reserve's meeting on December 18. The S&P BSE Sensex slipped 941 points to 80,806.64, while the Nifty50 fell 274 points to 24,394.20. Despite the overall decline, midcap and smallcap stocks showed relative resilience, with Nifty Midcap and Nifty Smallcap dipping just 0.06%.
The key factors for the market's downturn included investor uncertainty about the Fed's future stance on interest rates, India's widening trade deficit, and a weak rupee. India's trade deficit surged to $37.8 billion, increasing pressure on the rupee. Additionally, large stocks like Reliance Industries, HDFC Bank, and Infosys pulled the indices lower. Sector-wise, banking, financials, and oil and gas stocks saw significant declines, though media and real estate sectors managed gains.
The cryptocurrency market has shown steady growth in recent months, with Bitcoin recently reaching new milestones. After crossing the $100,000 mark, Bitcoin has now surpassed $107,700, marking a significant achievement for crypto enthusiasts and investors. As of December 17, Bitcoin surged to $106,913.89, reflecting a 2.20% increase from the previous day. Its market capitalization reached $2.11 trillion, up by 1.81%. This rally is attributed to several factors. The return of the Coinbase Premium during US trading hours and rising spot volumes have sparked strong buying activity. Additionally, US President-elect Donald Trump’s comments about exploring Bitcoin as a reserve asset have boosted optimism. The recent inclusion of MicroStrategy Inc. in the Nasdaq 100, coupled with its $1.5 billion Bitcoin purchase, has also bolstered investor confidence. Furthermore, Trump’s nomination of pro-crypto Paul Atkins to lead the SEC has contributed to market stabilization.
Google announced the appointment of Preeti Lobana as the new Country Manager and Vice President for India on Monday. Lobana takes over from Sanjay Gupta, who has moved to a higher role as President of Google Asia Pacific. In her new position, Lobana will be instrumental in driving Google’s strategy to harness the potential of Artificial Intelligence (AI) for its Indian customers, fostering innovation across the country.
With over eight years of experience at Google, most recently as Vice President of customer-centric solutions, Lobana will now lead Google India's sales and operations. Her leadership will focus on strengthening the company’s commitment to India’s rapidly growing digital economy. Lobana brings over 30 years of experience across technology and finance sectors, having held senior roles at NatWest Group, American Express, Standard Chartered, and ANZ Grindlays Bank. She will collaborate closely with Roma Datta Chobey, Google India’s Managing Director for Digital Native Industries.
India's alternative assets market is expected to grow five-fold to $2 trillion by 2034, according to a recent report. Currently valued at $400 billion in assets under management (AUM), this market's growth will be fueled by increasing investor sophistication, portfolio diversification, and supportive regulations. The rise of high-net-worth individuals (HNIs) in India is a key factor driving this trend, with alternative assets outperforming traditional investments. The report highlights a global shift, noting that alternative investments now make up 20% of global AUM, up from 10% in 2005. Experts at Avendus Capital emphasize that this transformation marks a shift in how capital is deployed, with advancements in technology and regulation further accelerating growth. The demand for alternative assets among HNIs is expected to grow as their wealth increases, making these investments a crucial component in India’s economic future.
