Discover the top business headlines that are trending across the world today!
Benchmark indices faced a sharp downturn on Thursday, erasing gains from the previous session. At 1:00 pm, the S&P BSE Sensex dropped 963.33 points to 79,270.75, while the NSE Nifty50 fell 282.10 points to 23,992.80. IT, auto, and pharma stocks bore the brunt of the sell-off, with TCS, Power Grid, and M&M contributing significantly to the decline.
Stronger-than-expected U.S. inflation data raised concerns about a slower rate-cut trajectory, dampening global investor sentiment. The Nifty IT index fell over 2%, led by losses in Infosys, HCL Tech, and Tech Mahindra.
Meanwhile, the rupee weakened by 6 paise to 84.46 against the dollar, and Brent crude traded at $72.79 per barrel amid volatile oil markets. Despite domestic institutional investors buying ₹1,301 crore on Wednesday, persistent foreign outflows continued to weigh on markets. Immediate support for the Nifty lies at 24,000.
Shares of Adani Total Gas Ltd surged for the second consecutive session on Thursday, climbing 18.59% to reach a high of ₹823.30. Over two days, the stock has gained 42.02%. All nine other listed Adani Group entities also traded positively, following the conglomerate's clarification denying bribery charges against Gautam Adani and its executives.
Deven Choksey, MD of KR Choksey FinServ Private, expressed confidence in the group’s fundamentals, highlighting its ₹85,000 crore EBITDA and robust 20% CAGR over three years, against a debt of ₹2.4 lakh crore. Analysts noted bullish trends for Adani Total, with support at ₹780 and resistance at ₹850, forecasting potential highs near ₹900.
Meanwhile, Adani Green Energy Ltd reiterated that its directors have not violated the FCPA, rejecting US allegations as baseless and pledging legal action. The market remains optimistic, viewing the stocks as potential bargain buys amidst negative sentiment.
India's finance ministry is assessing the necessity of the windfall tax on domestic crude oil production, a measure introduced in July 2022 to capitalize on high global crude prices. This levy aimed to capture unexpected profits earned by producers and included additional taxes on diesel, petrol, and aviation turbine fuel exports.
By September 2024, the tax on domestically produced crude oil was gradually reduced and ultimately eliminated. Export levies on diesel and aviation turbine fuel were also withdrawn.
According to Tarun Kapoor, adviser to the Prime Minister, the decline in global crude prices has diminished the rationale for retaining the tax. The finance ministry is reviewing revenue collections and crude price trends to decide whether the levy should be permanently scrapped.
Mall developers are reassessing the space allocated to multiplexes in new projects as cinema halls face declining footfall and inconsistent revenue. Experts note that multiplex-driven mall visits have fallen from 10% to around 6-7%, largely due to competition from OTT platforms, which has reduced cinema occupancy. According to Muhammad Ali, CEO of Prestige Group’s retail division, segments like food and beverages (F&B), entertainment, and gaming are gaining popularity as consumers prefer experiential activities.
Traditionally, cinemas occupied 10% of mall space, with 10% for F&B and 5-6% for entertainment. However, developers like Unity Group are now reallocating cinema space to higher-demand areas. Co-founder Harsh Vardhan Bansal revealed this shift in their upcoming malls in Delhi and Punjab. This trend reflects a broader transformation of malls into lifestyle destinations, prioritising entertainment zones and unique experiences that cannot be replicated online.
