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Gold sales on Dhanteras, a day traditionally associated with purchasing gold and jewellery, may experience a decline this year due to rising prices. The India Bullion and Jewellers Association (IBJA) anticipates a 15-16% drop in demand, with sales volumes projected to range from 25-30 tonnes, down from last year’s 30-35 tonnes. However, the total sales value is expected to hold steady between Rs 20,000-23,500 crore due to the increased price per gram. Despite the high cost of gold, currently around Rs 80,000 per 10 grams, demand remains resilient, especially with the ongoing wedding season and cultural significance of Dhanteras purchases. Gold prices on the Multi Commodity Exchange (MCX) have surged by 31.6% to Rs 78,532 per 10 grams. While prices have escalated globally, domestic rates saw a smaller increase, influenced by a reduction in India’s gold import duty from 15% to 6% in July.
Jio Financial Services shares gained on Tuesday following Reserve Bank of India's approval for its subsidiary, Jio Payment Solutions Ltd (JPSL), to operate as an online payment aggregator. The stock rose 2.49% to Rs 324.65. In a regulatory filing, Jio Financial confirmed that JPSL had received the authorization to function under Section 7 of the Payment and Settlement Systems Act, 2007, effective October 28, 2024.
Additionally, Jio Financial and BlackRock announced a new joint venture aimed at India’s asset management market, establishing Jio BlackRock Asset Management Pvt Ltd and Jio BlackRock Trustee Pvt Ltd. This marks the third partnership between Jio Financial and BlackRock, following a 50:50 venture for wealth management and broking in April 2024, and an asset management collaboration in 2023. Both companies are focused on expanding their financial services footprint in India, pending regulatory approvals.
To accommodate the increased travel demand during Diwali and Chhath Puja, Western Railway has scheduled 200 special trains, with over 120 of them running on October 29, according to Indian Railways. Around 40 of these trains are managed by the Mumbai Division, including 22 services to popular destinations in Uttar Pradesh, Bihar, West Bengal, and Odisha.
In addition to regular services, Indian Railways is adding extra coaches to manage the holiday rush, said Vineet Abhishek, Chief Public Relations Officer of Western Railway. Eastern Railway has also introduced 50 special trains and added 400 services to meet festive demand, a rise from 33 special trains last year. Following a recent stampede at Bandra station, Indian Railways has increased staffing at key stations and paused platform ticket sales at select Mumbai Division stations, including Mumbai Central and Borivali, until November 8.
India's small- and mid-cap stocks are facing a downturn as weaker earnings and a dimmer economic outlook dampen investor confidence. After a strong rally, key indexes like the Nifty Midcap 100 and Nifty Smallcap 250 have fallen sharply from September highs, nearing a 10% peak-to-trough correction. This October slide, one of the steepest declines since the pandemic, highlights investor caution as earnings momentum cools and high valuations prompt profit-taking.
The shift also reflects investors rotating toward Chinese markets, where stocks trade at lower valuations, with the MSCI India Index holding a valuation nearly double that of the MSCI China Index. Small-cap stocks, previously popular in India’s equity landscape for their growth potential in niche sectors, saw significant inflows of over Rs 3,000 crore in September, according to the Association of Mutual Funds in India, contrasting with lower flows into large-cap funds.
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