Discover the top business headlines that are trending across the world today!
Benchmark stock market indices opened slightly higher on Thursday, weighed by gains in financial and banking stocks, following signifi losses in the previous two sessions. As of 9:45 AM, the S&P BSE Sensex rose 62.80 points to 77,753.75, while the NSE Nifty50 added 6.60 points to reach 23,565.65.
Dr. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services, noted that during market corrections, counter moves often lead to short-term rebounds. He highlighted that ample liquidity held by Domestic Institutional Investors (DIIs) could support such a recovery, but its sustainability remains uncertain due to unfavorable fundamentals. Key challenges include a strong dollar index at 106.61, rising US 10-year bond yields at 4.48%, and weak Q2 earnings domestically. Vijayakumar emphasized the importance of quality stocks in sectors with robust demand, as investors await clearer signals of earnings growth and GDP recovery.
India's outward foreign direct investment (FDI) commitments reached $3.24 billion in October 2024, reflecting an increase from $2.55 billion in October 2023. However, on a month-to-month basis, this marked a decline from $3.77 billion in September 2024, according to Reserve Bank of India (RBI) data.
Outbound FDI commitments, which include equity, loans, and guarantees, saw mixed trends. Equity investments dropped to $655.84 million in October 2024, down from $993.35 million a year earlier and $817.64 million in the previous month. In contrast, debt commitments surged to $1.24 billion in October 2024, a significant rise from $248.4 million in October 2023 and $1.16 billion in September 2024. Guarantees for overseas entities remained relatively stable at $1.33 billion in October 2024, compared to $1.31 billion in the same period last year, but declined from $1.79 billion in September 2024.
The Adani Group has announced plans to invest $10 billion in U.S. energy security and infrastructure projects, with the potential to create up to 15,000 jobs, according to chairman Gautam Adani’s post on the social media platform X.
While no specific timeline was provided, the announcement came as Adani congratulated U.S. President-elect Donald Trump on his election victory. Trump has pledged to streamline processes for energy companies, including easing restrictions on drilling and pipeline construction, which could significantly benefit firms in the traditional energy sector during his second term.
This development follows allegations made against the Adani Group by U.S.-based short-seller Hindenburg Research in January 2023, accusing the conglomerate of stock manipulation and misuse of offshore tax havens. These claims triggered a $150 billion decline in the market value of the group’s companies.
Bitcoin soared past $93,000 on Thursday, setting a new all-time high as optimism surged over potential crypto-friendly policies under President-elect Donald Trump. Investors are also speculating on further interest rate cuts by the US Federal Reserve, which has bolstered confidence in the cryptocurrency market. Bitcoin peaked at $93,400 before stabilizing around $90,000, drawing closer to the highly anticipated $100,000 milestone.
In the US market, the cryptocurrency surged nearly 6%, hitting a record $93,462 before retreating slightly to $89,974 by Thursday morning in Singapore. By 9:25 AM, it was trading at $90,077, with a market cap of $1.78 trillion. Advocates believe Trump’s hints at a more accommodating regulatory environment for digital assets could fuel further growth. Reports indicate 30-40% of Americans now hold cryptocurrency, a number that may rise if supportive policies materialize, potentially driving Bitcoin to historic new heights.