Discover the top business headlines that are trending across the world today!
Benchmark stock indices plunged on Thursday as the initial optimism following Donald Trump’s US presidential victory dissipated. The BSE Sensex fell over 900 points in early trade, and by 10:41 am, it was down 858.03 points at 79,520.10, while the Nifty50 declined 281.10 points to 24,202.95.
This sharp reversal came after indices surged over 1% on Wednesday, driven by optimism about Trump’s win benefiting domestic equities. However, Thursday's losses were attributed to investor concerns about the US Federal Reserve’s upcoming rate decision. Major stocks like HDFC Bank, Reliance Industries, and ICICI Bank contributed to the decline, with sectors such as Nifty Metal, Bank, Auto, and Pharma all trading lower.
Despite the downturn, Apollo Hospitals hit an all-time high with a 7% rise after strong Q2FY25 results, while Tata Steel gained 2%. Volatility is expected to persist as markets await clarity on US interest rates.
Shares of Federal Bank reached a record high of ₹207.80 on Thursday, despite broader market corrections following a rally spurred by Trump’s presidential win. This marks the second record high for the stock this week, previously touching ₹207.50 on Monday. Earlier this year, the stock hit a 52-week low of ₹139.45 in January 2024.
Rekha Rakesh Jhunjhunwala, wife of late investor Rakesh Jhunjhunwala, held 3.45 crore shares (1.42% stake) in the bank as of September 2024. On Thursday, the bank's market capitalization stood at ₹50,300 crore, with 1.50 lakh shares traded, amounting to ₹3.09 crore turnover on the BSE.
Technically, the stock is advancing within a medium-term rising channel, recently rebounding from the lower band. It has broken a descending triangle pattern at ₹197, signaling a continued uptrend. Increased trading volumes and a bullish RSI crossing its reference line support this positive momentum, according to analysts.
The Centre has increased penalties for crop stubble burning to address severe air pollution in Delhi and surrounding regions. Farmers with less than two acres will face fines of ₹5,000, while those with two to five acres and over five acres will be fined ₹10,000 and ₹30,000, respectively. These revised penalties, introduced under the Commission for Air Quality Management Act, 2021, reflect the urgency to combat pollution and come into effect immediately.
The Supreme Court had earlier criticized smaller fines as ineffective due to delays in implementation. The amendment also introduces processes for handling complaints through pollution control boards and the Air Quality Commission. Meanwhile, Delhi Environment Minister Gopal Rai launched an anti-waste-burning campaign as the city battles worsening pollution. On Wednesday, Delhi’s AQI reached 356 (“very poor”), with smog and unseasonably high temperatures exacerbating hazardous conditions for residents.
On November 7, the Supreme Court overturned the NCLAT decision approving the transfer of Jet Airways ownership to the Jalan-Kalrock Consortium (JKC) under a resolution plan. The court upheld appeals from State Bank of India (SBI) and other creditors, citing JKC's failure to infuse the initial tranche of funds within the stipulated timeframe. A three-judge bench, led by Chief Justice DY Chandrachud, who retires on November 10, also forfeited JKC’s Rs 150 crore bank guarantee. The court's verdict, reserved since October 16, emphasizes accountability in the resolution process.
The consortium had earlier been directed to deposit Rs 150 crore into an escrow account jointly held with SBI, with warnings of legal consequences for non-compliance. While JKC continues to assert its ownership claims, the creditors have sought the airline's liquidation under Article 142, underscoring the ongoing complexities in Jet Airways' revival efforts.
