Discover the top business headlines that are trending across the world today!
The stock market opened higher on Wednesday, buoyed by gains in IT sector stocks. By 9:30 AM, the S&P BSE Sensex climbed 289.13 points to reach 81,134.88, while the NSE Nifty50 rose 81 points, standing at 24,538.15.
Dr. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services, noted mixed market signals. He highlighted that the market's resilience, despite challenges such as slowing Q2 GDP growth and elevated valuations with the Nifty trading at 20 times estimated FY26 earnings, calls for a cautious investment strategy. He suggested balancing asset allocation and shifting from overvalued mid- and small-cap stocks to large-cap and debt instruments for risk-averse investors.
Additionally, a defence sector boost is anticipated due to proposals worth Rs 71,722 crore, potentially keeping defence stocks in focus. Foreign Institutional Investors (FIIs) turning buyers adds a positive sentiment, especially for large-cap stocks.
The Reserve Bank of India (RBI) is expected to maintain the policy repo rate at 6.5% for the eleventh straight time during its final Monetary Policy Committee (MPC) meeting of 2024. This decision aligns with a challenging economic landscape marked by high inflation, slower GDP growth, and global uncertainties.
In October 2024, consumer price index (CPI) inflation surged to 6.2%, breaching the RBI’s upper tolerance limit of 6%. Rising food prices and geopolitical tensions disrupting supply chains were key contributors. Meanwhile, real GDP growth for Q2 FY25 fell to 5.4%, down from 7% in the previous quarter, and below the RBI’s annual projection of 7.2%.
Given its inflation targeting framework of 4% with a ±2% band, the RBI faces a delicate balance. By holding the repo rate steady, the MPC aims for price stability, with potential rate cuts in 2025 contingent on inflation and growth recovery trends.
India's services sector saw a slight slowdown in November, with the Purchasing Managers’ Index (PMI) hitting 58.4, just below October’s 58.5, according to a survey by S&P Global. While growth in new orders and output moderated, robust demand spurred optimism and a record surge in employment, the strongest since the survey began in 2005. Firms reported increasing international demand, with new export orders growing at their fastest pace in three months, particularly from Asia, Europe, Latin America, and the US.
Despite high food and labour costs pushing input and output prices to multi-year highs, businesses expanded hiring to accommodate rising demand. This reflected strong confidence in the sector's resilience and growth potential. Recruitment included both permanent and temporary positions, signaling a proactive approach to sustaining momentum. The sector's 40-month streak of growth highlights its vital role in India's economic landscape.
Viacom18 Media Pvt Ltd, a subsidiary of Reliance Industries, has acquired the domain jiohotstar.com, ending months of legal and commercial contention. According to WHOis records, Manish Painuly, senior director at Viacom18, is listed as the administrative contact, with the domain now registered under Viacom18 Media Pvt Ltd, headquartered in Mumbai.
Originally registered by a Delhi-based engineer, the domain changed hands several times. It was later owned by Dubai-based siblings Jainam and Jivika, who eventually transferred it to Reliance's legal team free of cost. The siblings clarified there was no financial exchange or coercion, stating their voluntary decision aimed to benefit Reliance.
The domain’s journey has been linked to speculation over branding collaborations between Reliance Jio and Disney+ Hotstar, further fueling industry discussions about potential partnerships.
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