LinkedIn Newsletter Highlights: CNBC TV18 Newswrap on Market Declines and Corporate News
Market Overview and Corporate Insights
Indian markets faced turmoil as the Nifty 50 index fell to its lowest level since mid-August, resulting in a wealth erosion of ₹13 lakh crore over two days. The frontline NSE index closed at 24,472, down by 309 points, while the rupee hit an all-time low of 84.0825 against the US dollar.
Macro Outlook: IMF Adjustments
On the macroeconomic front, the IMF projected India's GDP growth to moderate to 7% in FY25 and 6.5% in FY26. In corporate news, Hyundai India debuted at a discount despite being the largest IPO in the country.
- Ambuja Cements announced its acquisition of Orient Cement for over ₹8,000 crore amidst ongoing sector consolidation.
- Allianz is considering exiting its joint ventures with Bajaj Finserv.
International Relations and Market Reactions
Amid the ongoing BRICS Summit, PM Modi emphasized the need for a peaceful resolution to the Ukraine conflict in talks with Russian President Vladimir Putin. The aviation sector is on high alert due to over 150 bomb hoaxes.
Zomato plans to raise ₹8,500 crore after reporting a five-fold profit increase. Lastly, SEBI's Ashwani Bhatia calls for serious investments amid regulatory changes in futures and options trading.
Nifty 50 Crashes and Currency Pressures
The frontline Nifty 50 index plunged to its lowest level since mid-August on Tuesday, as broad-based selling by foreign investors led to capital erosion of approximately ₹13 lakh crore over the last two sessions. The Nifty index breached the 24,500 mark, closing at 24,472. Of the 50 stocks in the Nifty, 48 ended in the red, with losses of up to 4%. The Sensex fell 931 points to close at 80,221.
The Indian rupee closed at 84.0775 against the U.S. dollar, marking its weakest closing level on record after hitting an all-time low of 84.0825 during the session. Asian currencies declined between 0.1% and 0.4%, contributing to pressure on the rupee amid a stronger dollar.
IMF Growth Forecast
The International Monetary Fund’s latest World Economic Outlook report pegs India’s real GDP growth at 7% for the current fiscal and 6.5% for the next, remaining unchanged from its last update.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.