Bitcoin and Ether fell to multi-month lows as concerns about a potential U.S. recession spurred investors to seek safer assets. After an initial boost from the approval of an exchange-traded fund, fears of a broader economic downturn and geopolitical issues led to a significant selloff. Bitcoin dropped nearly 20% from its March 2024 high.
Adani Group chairman Gautam Adani, 62, announced plans to retire at 70 and pass control of his empire to the next generation. His sons, Karan and Jeet, along with their cousins, Pranav and Sagar, will share equal ownership in the family trust. They currently hold key positions across the Adani Group's various branches.
The equity benchmarks experienced notable declines, breaking a five-day upward trend amidst a global sell-off. Key stocks included Zomato, which gained significantly, ITC, which saw slight losses, and Adani Wilmar, which increased. Analysts highlighted bullish trends in Zomato and Adani Wilmar, while ITC may see a pivotal move if it surpasses 500 levels.
Lakshmi Shankar had been a key executive in the global expansion of Google Search and the launch of the Search Generative Experience (now 'AI Overview'). He will join Mathrubootham, Garg, and former Matrix Partners India executive Shubham Gupta as the Together Fund's fourth general partner.
Family-owned food giant Mars is exploring the potential acquisition of Kellanova, known for snacks like Cheez-It and Pringles, per sources familiar with the matter. If realized, this would rank among the largest deals in the packaged food industry, as Kellanova has a market value of approximately $27 billion, including debt. This deal might also test regulatory willingness to permit further consolidation in this sector.
In the first quarter earnings season, 109 companies released their financial results. Bharti Airtel was projected to achieve Rs 38,488 crore in revenue for Q1 2024, showing a 2.6% annual rise. Estimated net profits varied between Rs 3,922 crore and Rs 2,068 crore, with challenges noted in the DTH sector and ARPU stabilization.
Maharashtra Chief Minister Eknath Shinde will visit the flood-affected areas of Pune on Monday. He is set to meet with the district administration and other agencies engaged in disaster relief.
The US is deploying additional military force in the Middle East to de-escalate tensions following the assassination of Palestinian Islamist leader Ismail Haniyeh in Tehran and an Israeli strike in Beirut that killed Hezbollah's senior military commander, Fuad Shukr. The US and Israel are preparing for every possibility, with the goal of turning the temperature down in the region, deterring and defending against attacks, and avoiding regional conflict.
Security measures in Akhnoor, Jammu district have been increased due to the 5th anniversary of the abrogation of Article 370. Jammu and Kashmir Police have increased patrolling and are thoroughly checking vehicles and documents. Other security agencies are also in alert mode to prevent infiltration or incidents from Pakistan.
UK Prime Minister Keir Starmer has condemned the recent attack on a hotel housing asylum seekers, labeling it as "far-right thuggery." The statement was made from 10 Downing Street on Sunday afternoon, addressing violence that has erupted in multiple towns and cities across the country.
Gold prices declined slightly, influenced by profit-taking activities. Expectations of U.S. interest rate cuts and recession concerns helped limit larger losses. Unemployment rates rose to 4.3% in July, pointing to potential economic challenges. Market sentiment indicates a significant chance of a 50-basis-point rate cut by the Federal Reserve in September.
Taiwan's Ministry of National Defence reported that 9 Chinese military aircraft and 9 naval vessels were operating around Taiwan from 6 am to 6 am on Monday. Six of the 9 People's Liberation Army (PLA) aircraft crossed the Taiwan Strait and entered Taiwan's eastern Air Defence Identification Zone (ADIZ). Taiwan has detected 36 Chinese military aircraft and 12 naval vessels, with 31 crossing the median line and entering Taiwan's various air defense zones.
Around 100 people, including 14 policemen, were killed and hundreds injured in clashes between protesters demanding Prime Minister Sheikh Hasina's resignation and ruling party supporters in Bangladesh. The clashes broke out when protesters attending the non-cooperation program under the banner of the Students Against Discrimination demanded the government's resignation over a job quota system.
K.C. Venugopal, the All India Congress Committee (AICC) general secretary, stated that the previous Congress-led coalition government in Karnataka was undermined by a conspiracy orchestrated by the BJP's Central leadership. This assertion was made following a significant meeting with Karnataka Congress leaders on Sunday.
TruAlt Bioenergy, a Bengaluru-based ethanol manufacturer, planned a ₹1,000 crore initial public offering, filing the prospectus with SEBI soon. The IPO included fresh issuance and sale from existing shareholders. The company's revenues rose to ₹1,225 crore in FY24 from ₹768 crore in FY23. TruAlt Bioenergy began operations in October 2022 with distilleries in Karnataka.
Experts advised investors to exercise caution amid market instability. Nifty's potential downturn was linked to maintaining positions below 24,800 and VIX levels. Key stocks such as Nykaa, HDFC Bank, and Sun Pharma were highlighted. Important support and resistance levels were noted for Nifty, indicating potential market movements and recommended buying strategies.
