Discover the top business headlines that are trending across the world today!
Benchmark indices on Dalal Street extended their losses on Friday, mirroring weak trends in Asian markets after the US Federal Reserve signaled fewer rate cuts next year.
At 10:28 am, the S&P BSE Sensex dropped 274.86 points to 78,943.19, while the NSE Nifty50 fell 67.90 points to 23,883.80. Broader markets also traded lower, with heightened volatility weighing on blue-chip stocks. Top losers included Axis Bank, Tech Mahindra, and Ultratech Cement, while Dr Reddy’s, Titan, and NTPC led the gainers.
The rupee hit a record low of 85.10 against the US dollar, raising concerns about foreign institutional investor (FII) outflows. Dr. V K Vijayakumar of Geojit Financial Services noted FII selling of Rs 12,229 crore this week, impacting financial stocks. He advised a contrarian approach, emphasizing opportunities in quality large-caps, resilient pharma stocks, and IT, driven by strong generative AI growth.
The Indian rupee fell to a historic low of 85.10 against the US dollar on Friday, driven by a stronger dollar after robust US economic data reinforced the Federal Reserve's hawkish outlook.
This drop surpassed the previous low of 85.0850 seen on Thursday, with the rupee trading at 85.10 by 10:00 am. Traders noted that state-run banks sold dollars, likely on behalf of the Reserve Bank of India (RBI), to curb further depreciation. However, domestic and global factors continued to weigh on the currency.
India's slowing economic growth, a widened trade deficit, and the US Federal Reserve’s stance on limited rate cuts for 2025 have strengthened the dollar, pressuring emerging market currencies. Foreign investors sold $500 million worth of Indian stocks, adding to the rupee's struggles. Despite RBI interventions, the rupee’s decline remains a concern as markets await key US inflation data that could impact currency trends further.
India’s high-net-worth individuals (HNIs) are projected to rise from 850,000 in 2024 to 1.65 million by 2027, according to a study by Anarock. The ultra-high-net-worth individual (UHNI) population, those with assets exceeding $30 million, reached 13,600 in 2024, growing at 6% annually. By 2028, this figure is expected to surge by 50%, surpassing the global average growth of 30%.
Tech-driven startups, IPOs, and fintech ventures have created 30% of new HNIs, with 15% under 30 and 20% under 40. Luxury real estate has also flourished, with high-end properties making up 28% of sales in 2024, a sharp rise from 16% pre-pandemic. International property investments, notably in Dubai, London, and Singapore, are significant, averaging ₹12 crore per property.
With urbanization, sustainability, and India’s global influence, the country’s HNIs are shaping economic growth and redefining wealth creation.
Lavish Indian weddings, often featuring Bollywood stars and costing crores, have come under the Income Tax (I-T) department’s scrutiny for alleged misuse of unaccounted funds. Investigations target around 20 top Jaipur-based wedding planners, with over Rs 7,500 crore in undisclosed spending uncovered in the past year, according to The Economic Times.
Sources reveal the involvement of mule accounts, hawala agents, and fake bill generators in facilitating these transactions. Cash payments, comprising 50-60% of wedding expenses, are a major focus of the ongoing raids, which also examine foreign destination weddings. Violations of tax and forex regulations, particularly breaches of RBI’s Liberalised Remittance Scheme (LRS), are common.
Jaipur has emerged as a hub for luxury weddings, with planners using fake bills for GST credits. Regulatory scrutiny, especially on overseas weddings, is encouraging families to opt for local celebrations, aligning with government efforts to promote "wed-in-India" initiatives.
