Stock Market Update: Nifty Ends Four-Week Winning Streak

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The Nifty experienced a downturn after four consecutive weeks of gains, dropping by 2.1% for the week and forming a bearish engulfing pattern on the weekly charts, according to Deepak Jasani, Head of Retail Research at HDFC Securities. Jasani noted that the Nifty faced selling pressure on rallies and anticipated this trend to persist.

On Friday, the Nifty declined, retracing its steps from the previous session’s rally. The index closed the day at 22,023.35, down by 123 points or 0.56%, while the Sensex concluded with a loss of 454 points or 0.62%, ending at 72,643.43.

High cash market volumes on the NSE, amounting to Rs 1.50 lakh crore, were supported by FTSE index rebalancing volumes towards the session’s end. Despite this, the smallcap index finished positively, with an advance-decline ratio of 0.83:1, as observed by Jasani.

In the global market scenario, Asian markets largely mirrored the downtrend seen on Wall Street, prompted by a significant rise in US wholesale prices, which dashed hopes for potential interest rate cuts. On the other hand, European stocks were poised for their eighth consecutive week of gains, driven by the expectation of imminent interest rate reductions in the euro area.

Vaibhav Vidwani, a Research Analyst at Bonanza Portfolio, highlighted the impact of mutual funds releasing stress test findings, leading investors to withdraw from small and midcap equities. Concerns surrounding inflated valuations and SEBI’s scrutiny of mutual funds serving the industry contributed to the recent decline in mid and small-cap stocks, dampening investor sentiment.

Additionally, fears have arisen regarding the buildup of froth in small and midcap mutual fund schemes following SEBI’s directive to AMFI for enhanced disclosures to safeguard investor interests. Vidwani noted that amidst challenging market conditions, stress tests aim to determine the earliest possible time for fund managers to liquidate holdings in response to investor redemption requests.

Reliance Industries Big Move: Buying 13% Stake in Viacom 18 Media for Rs 4286 Cr

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Reliance Industries has made a deal to buy 13.01% of Viacom 18 Media Private Limited (Viacom18) from Paramount Global for Rs 4,286 crore. Viacom18 is part of TV18 Broadcast Limited. After this deal, Reliance’s stake in Viacom18 will rise to 70.49%. This is not a deal between related parties, and none of Reliance’s promoters or related companies are involved.

On February 28, Reliance Industries Limited (RIL), Viacom 18 Media Private Limited (Viacom18), and The Walt Disney Company (Disney) announced plans to merge Viacom18’s media business with Star India. This means Viacom18’s media operations will become part of Star India Private Limited (SIPL) through a court-approved process. As part of this deal, Reliance will invest Rs 11,500 crore ($1.4 billion) into the joint venture for future growth.

Silver Surges as Gold Prices Slip in Delhi Markets

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Gold prices in the national capital slipped by Rs 50 to Rs 66,350 per 10 grams on Tuesday, influenced by weak global cues, according to HDFC Securities. The previous trade saw the yellow metal settling at Rs 66,400 per 10 grams. Conversely, silver witnessed a surge of Rs 400 to settle at Rs 75,900 per kilogram.

Saumil Gandhi, senior commodities analyst at HDFC Securities, reported that spot gold prices in Delhi markets were trading at Rs 66,350 per 10 grams, marking a decline of Rs 50 from the previous close. Internationally, spot gold at COMEX traded at USD 2,177 per ounce, down USD 3 from its previous close, while silver saw a marginal increase, trading at USD 24.44 per ounce.

Gold prices retreated on Tuesday as traders adjusted their positions ahead of the release of crucial US consumer price index data, which could provide insight into the Federal Reserve’s decision on interest rates. Additionally, the recovery of the US dollar from recent lows exerted downward pressure on gold prices.

Praveen Singh, Associate VP of Fundamental Currencies and Commodities at Sharekhan by BNP Paribas, emphasized that if the US CPI data continues its trend of stability, it could further weigh on gold prices. Investors are also keenly awaiting the UK job report and Germany’s CPI data expected on Tuesday.

Despite a narrow consolidation range, the rupee settled slightly lower against the US dollar on Tuesday, with market participants awaiting key macroeconomic data releases.

Flipkart Set to Revolutionize Instant Delivery with Quick-Commerce Plan

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Flipkart, the e-commerce giant, plans to venture into quick-commerce, aiming to provide instant delivery to customers post-purchase. Reports suggest that the service may debut in select locations by May this year, aligning with Flipkart’s commitment to meeting evolving customer expectations and enhancing delivery speed.

Additionally, the company is exploring the acquisition of instant-delivery firm Dunzo, signaling its intent to strengthen its delivery capabilities. With initiatives like same-day delivery across various categories and the recent launch of its Unified Payments Interface (UPI) handle, Flipkart aims to enhance customer experience and digital payment offerings, catering to its vast customer base across metro and non-metro cities.

Canada Takes Further Action Against Russian Diamond Imports

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Canadian Minister of Foreign Affairs Melanie Joly announced on Friday that Canada would be implementing additional import restrictions on Russian diamonds, as part of ongoing efforts to apply pressure on Russia amidst international tensions.

The new ban extends the import restrictions imposed in December 2023, specifically targeting indirect imports of Russian diamonds weighing 1 carat and above. Minister Joly emphasized that this action aligns with commitments made by G7 leaders throughout 2023 to reduce revenues from Russia’s non-industrial diamond exports.

Russia holds a significant position in the global diamond industry, being the largest producer of rough diamonds and a major exporter of diamond products. In 2022 alone, the value of Russia’s total diamond exports exceeded nearly 5.2 billion Canadian dollars ($3.8 billion).

The move by Canada is part of a broader strategy coordinated among G7 countries, which collectively represent 70 percent of the world diamond market. This concerted effort aims to exert economic pressure on Russia and signal solidarity among major global players in response to geopolitical challenges.

Byju’s CEO Addresses Salary for 20000 Employees Delay Amid Investor Conflict

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Byju Raveendran, CEO of the renowned edtech giant Byju’s, has informed employees that February salaries remain pending due to a dispute with key investors. In a candid letter to over 20,000 staff members, Raveendran explained that despite a successful rights issue raising $250-$300 million, salaries cannot be processed. He lamented how a small group of investors has prevented access to the raised funds, keeping them locked in a separate account against the company’s wishes.

Raveendran expressed frustration at the actions of a minority of investors who have profited substantially from Byju’s, yet are hindering the company’s ability to pay employee salaries. He highlighted the irony of investors reaping significant returns while causing delays in essential financial matters for staff. The National Company Law Tribunal (NCLT) has intervened, instructing Byju’s to keep the rights issue proceeds separate until the resolution of the case with investors.

Despite his efforts, Raveendran acknowledged the unfortunate reality that salaries cannot be provided as planned. He assured employees that Byju’s is working tirelessly to resolve the issue and aims to disburse salaries by March 10th, once permitted by legal proceedings.

Info Edge Mobile Apps Removed from Google Play Store Amid Fee Dispute

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Info Edge (India) Ltd revealed on Saturday that some of its mobile apps, like naukri.com and 99 acres.com, were taken off the Google Play Store. This happened after Google removed various apps due to a disagreement over service fees. Google stated that several companies, including prominent ones, hadn’t paid the necessary fees despite benefiting from the platform.

Info Edge expressed surprise at Google’s sudden action without prior notice. They clarified that users who already have the apps installed can still use them. Also, those accessing the apps via other platforms like the Apple App Store or the web aren’t affected. Info Edge is now reviewing the situation and working with Google to get its apps back on the Play Store.

The dispute arose because Google introduced a fee of 11-26% on in-app payments following a directive from the Competition Commission of India (CCI). Google removed apps that didn’t comply after the Supreme Court didn’t grant interim relief. Despite Info Edge’s compliance with Google’s policies, its apps were removed.

Info Edge’s founder emphasized the need for a strategic response to such challenges. He suggested creating an App Store or Play Store as part of Digital Public Infrastructure, similar to UPI and ONDC. This move, he believes, would ensure better compliance from Indian companies and offer a sustainable solution to such disputes.

Anant Ambani – Radhika Merchant Pre-Wedding Celebrations

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anant ambani - radhika merchant pre-wedding
Anant Ambani – Radhika Merchant

Anant Ambani – Radhika Merchant pre-wedding festivities were nothing short of spectacular, with the radiant bride-to-be dazzling in an off-shoulder rose gold gown while her future mother-in-law exuded elegance in a stylish maroon outfit.

Anant Ambani, scion of the Reliance Industries empire, is set to tie the knot with Radhika Merchant, daughter of Encore Healthcare CEO Viren Merchant and Shaila Merchant, in a grand ceremony later this year.

anant ambani - radhika merchant pre-wedding
Akash Ambani, Shloka Mehta, Nita Ambani and Mukesh Ambani

The extravagant three-day celebration commenced with a star-studded affair at the sprawling Ambani estate in Jamnagar, drawing luminaries from the realms of entertainment and business.

Friday night saw the Ambani family striking a pose for a memorable family portrait. Anant Ambani looked dapper in a black suit, complemented by his mother Nita Ambani’s glamorous violet ensemble and emerald diamond jewelry.

Shloka Mehta, wife of Akash Ambani, dazzled in a striking red gown alongside her husband, who sported a coordinated red and black suit, while their son Prithvi added to the charm of the moment.

anant ambani - radhika merchant pre-wedding
Anant Ambani – Radhika Merchant

Former US President Donald Trump’s daughter Ivanka Trump made a stylish statement in a shimmering golden-silver-hued saree, accompanied by her husband Jared Kushner and daughter Arabella Rose. She was seen sharing delightful moments with Mukesh and Nita Ambani.

The evening’s entertainment was elevated by a captivating performance by pop sensation Rihanna, accompanied by a mesmerizing drone show.

The guest list boasted an array of Bollywood celebrities like Shah Rukh Khan, Salman Khan, and Ranbir Kapoor, as well as sporting legends including MS Dhoni, Rohit Sharma, and Sachin Tendulkar, adding to the glittering affair.

anant ambani - radhika merchant pre-wedding
Mukesh Ambani

Nita Ambani shared her vision for the wedding ceremony, expressing her desire to celebrate their roots and pay homage to arts and culture. She emphasized the significance of Jamnagar in their family history, highlighting Gujarat’s importance as their ancestral land and the birthplace of their flourishing ventures.

The ceremony was envisioned as a tribute to their heritage, showcasing the rich tapestry of Indian arts and culture, meticulously crafted by talented creative minds. Nita Ambani’s heartfelt sentiments underscored the profound significance of the occasion, encapsulating the spirit of love, tradition, and celebration.

Stock Market: Sensex and Nifty Scale New Peaks on Positive GDP Figures

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The Indian benchmark equity indices, Sensex and Nifty, surged over one-and-a-half percent to achieve lifetime highs on Friday, buoyed by robust GDP figures and fresh foreign investments.

Nifty Reaches New Heights:

The Nifty soared by 355.95 points or 1.62 percent to settle at a record closing level of 22,338.75. During the trading session, it peaked at 22,353.30, marking an intra-day record high, fueled by positive momentum from global markets and robust auto sales data.

Sectoral Performance:

Key sectors witnessed significant gains, with the metal sector leading the charge, surging by 3.84 percent, followed by capital goods, banking, auto, energy, oil & gas, commodities, and industrials.

GDP Growth Impetus:

India’s economy expanded by a better-than-anticipated 8.4 percent in the final quarter of 2023, the highest rate in one-and-a-half years. The growth, surpassing expectations, contributed to a favorable estimate of 7.6 percent for the current fiscal year.

Manufacturing Sector Strengthens:

The manufacturing sector exhibited resilience, with the HSBC India Manufacturing Purchasing Managers’ Index (PMI) climbing to a five-month high of 56.9 in February, indicating robust sectoral health supported by increased factory production and sales.

Market Outlook:

Market experts remain optimistic, attributing the bullish sentiment to stellar GDP performance and easing US inflation. With the general election drawing closer, investor confidence is bolstered by robust economic data, anticipating a pre-election rally.

Special Trading Session:

In preparation for major disruptions or failures, leading stock exchanges BSE and NSE will conduct a special live trading session on Saturday. The session will facilitate an intra-day switch over from the primary site to the disaster recovery site, ensuring operational readiness.

Foreign Fund Inflows:

Foreign Institutional Investors (FIIs) turned net buyers on Thursday, injecting Rs 3,568.11 crore into the equity market. This influx of foreign funds underscores growing investor confidence in the Indian market.

Outlook:

With positive cues from both domestic and global markets, Indian equities continue to attract investor interest, supported by strong economic fundamentals and favorable market conditions.

Aha OTT Platform Possibly Up for Sale by Allu Aravind

Aha, a popular Telugu OTT platform, was launched in 2020 as a joint venture between Arha Media and Broadcasting Private Limited, led by Allu Aravind, and My Home Group. Following its success, Aha Tamil was introduced in 2022.

Despite garnering significant viewership, OTT platforms face financial challenges due to high content costs, including movies and web series. While Aha invested heavily in original productions like Balakrishna’s Unstoppable show, it struggles to secure medium to big-budget films, which are often acquired by larger platforms such as Netflix and Prime Video.

With comparatively lower subscription fees and limited access to high-budget content, Aha is finding it challenging to sustain profitability. As a result, discussions have begun regarding the potential sale of the platform to entities like Sony Network, Sun Network, and other major players in the industry.