Highlights

  • Asian markets slump as weak China stimulus dampens sentiment.
  • Sensex falls 800+ points, Britannia leads Nifty declines by 7%.
  • Bitcoin hits record $88K amid Trump’s re-election and crypto optimism.

Latest news

North hemisphere to witness partial solar eclipse: March 29, 2025

North hemisphere to witness partial solar eclipse: March 29, 2025

Over 50 crore devotees attend Maha Kumbh dip

Over 50 crore devotees attend Maha Kumbh dip

Kapil Dev raises concerns over player injuries amid Cricket demands

Kapil Dev raises concerns over player injuries amid Cricket demands

BCCI sets new luggage rules after excessive baggage on Australia tour

BCCI sets new luggage rules after excessive baggage on Australia tour

PM Modi and Elon Musk discuss space and tech in Washington

PM Modi and Elon Musk discuss space and tech in Washington

Valentine's day clashes: fringe groups disrupt celebrations in India

Valentine's day clashes: fringe groups disrupt celebrations in India

Eric Schmidt warns of AI misuse by rogue states posing global threat

Eric Schmidt warns of AI misuse by rogue states posing global threat

Ludhiana to undergo major transformation with Rs. 930 Crore infrastructure boost under CM Bhagwant Mann’s

Ludhiana to undergo major transformation with Rs. 930 Crore infrastructure boost under CM Bhagwant Mann’s

News Wrap | Asian Markets Slide; Sensex & Nifty Down 1% Each; Bitcoin Nears $90,000

Welcome to Business Hook’s daily news podcast, where we get you a roundup of the day’s top business stories. 

News Wrap | Asian Markets Slide; Sensex & Nifty Down 1% Each; Bitcoin Nears $90,000

Good evening, and welcome to Business Hook’s daily news podcast, where we bring you a roundup of the day’s top business stories. I’m Avni Raja, and today is Tuesday, the 12th of November, 2024.

Starting with Asian markets—It was a sea of red across Asian equities as investors remained cautious despite the post-election rally on Wall Street. Underwhelming stimulus measures from China also continued to weigh on investor sentiment in Asia. As a result, China’s CSI 300 slipped more than a percent and Hong Kong’s Hang Seng was down almost three percent. South Korea’s Kospi also saw a sharp cut of two percent, while Japan’s Nikkei was down almost half a percent in Tuesday’s trade.

Back home, Indian equities also saw a sharp decline in Tuesday’s trade. The Sensex dropped by one percent, or over 800 points, slipping below 78,700. The Nifty lost more than 250 points, closing below the 24,000 mark. Of the fifty large companies listed on the Nifty, 46 declined, while only four managed to record gains. FMCG major Britannia was the biggest laggard, falling over seven percent following a disappointing second-quarter performance. While the company’s revenue grew by five percent, its profit dropped nearly ten percent compared to the same period last year. Britannia attributed its weaker performance largely to a slowdown in urban demand.

In the cryptocurrency space – Bitcoin scaled new lifetime highs, surging past the eighty-eight thousand dollars mark. The world’s largest cryptocurrency has seen a meteoric rise since the re-election of Donald Trump as the president of the United States. This surge is driven by expectations of a pro-crypto regime under Trump’s leadership, as the Republican leader promised during his election campaign. At the time of recording this podcast, Bitcoin was trading marginally in the red, giving up some of its gains from the new highs.

The big story from India’s telecom policy space – Union Minister for Communications Jyotiraditya Scindia has announced that the Indian government is open to granting a license to any company, including Elon Musk’s Starlink, provided they comply with India’s regulations. Speaking to news agency ANI, the minister stated, “We are ready to give a license to anyone, including Starlink. They have to comply with all our concerns. We have to see that all security concerns are addressed. There is a specific format. You have to check all the boxes. When you check all the boxes, you get the license. If they do that, we will be very happy,” end quote. This news follows reports that Starlink has agreed, in principle, to meet India’s data localisation and security norms.

Staying with corporate news—Reliance Industries has decided to invest 65,000 crore rupees in Andhra Pradesh to set up 500 compressed biogas plants. According to a report by The Economic Times, the Mukesh Ambani-led company will allocate 130 crore rupees for each plant. This investment marks RIL’s largest renewable energy commitment outside of Gujarat and is expected to create around 2.5 lakh employment opportunities.

In the macroeconomic space—India's retail inflation surged to a fourteen-month high of 6.21 percent in October, up from 5.49 percent in the previous month. The rise in the Consumer Price Index was primarily driven by increases in the prices of vegetables, fruits, and oils and fats. With this surge, India’s retail inflation has breached the upper limit of the Reserve Bank of India's inflation tolerance band. The RBI targets retail inflation at 4 percent, with a tolerance level of two percentage points on either side.

With that, it’s a wrap on this edition of the Business Hook News Wrap podcast. We will be back tomorrow with the next edition of our podcast. You can also check out the Business Hook YouTube channel for the top business developments of the day.

ADVERTISEMENT

Up Next

News Wrap | Asian Markets Slide; Sensex & Nifty Down 1% Each; Bitcoin Nears $90,000

News Wrap | Asian Markets Slide; Sensex & Nifty Down 1% Each; Bitcoin Nears $90,000

Sensex, Nifty fall for 6th day dragged by FII outflows, trade war fears

Sensex, Nifty fall for 6th day dragged by FII outflows, trade war fears

Global stock market indices: How the world markets performed today - 12 February 2025

Global stock market indices: How the world markets performed today - 12 February 2025

Global stock market indices: How the world markets performed today - 11 February 2025

Global stock market indices: How the world markets performed today - 11 February 2025

Indian stock market sector-wise performance today - February 12, 2025

Indian stock market sector-wise performance today - February 12, 2025

Top 5 Nifty 50 gainers today – February 12, 2025: Biggest stock moves

Top 5 Nifty 50 gainers today – February 12, 2025: Biggest stock moves

ADVERTISEMENT

editorji-whatsApp

More videos

NSE Nifty 50: Top 5 stock losers of February 12, 2025

NSE Nifty 50: Top 5 stock losers of February 12, 2025

Sensex plunges 1,018 pts as US tariffs fan trade war fears; stocks down for 5th day

Sensex plunges 1,018 pts as US tariffs fan trade war fears; stocks down for 5th day

Indian stock market sector-wise performance today - February 11, 2025

Indian stock market sector-wise performance today - February 11, 2025

Top 5 Nifty 50 gainers today – February 11, 2025: Biggest stock moves

Top 5 Nifty 50 gainers today – February 11, 2025: Biggest stock moves

NSE Nifty 50: Top 5 stock losers of February 11, 2025

NSE Nifty 50: Top 5 stock losers of February 11, 2025

EU leaders vow 'firm' response to US tariffs

EU leaders vow 'firm' response to US tariffs

GST rates reduced over time, no increase on any item: Nirmala Sitharaman

GST rates reduced over time, no increase on any item: Nirmala Sitharaman

Gold surges Rs 2,430 to hit lifetime high of Rs 88,500 per 10g amid Trump's tariff threats

Gold surges Rs 2,430 to hit lifetime high of Rs 88,500 per 10g amid Trump's tariff threats

Global stock market indices: How the world markets performed today - 10 February 2025

Global stock market indices: How the world markets performed today - 10 February 2025

Indian stock market sector-wise performance today - February 10, 2025

Indian stock market sector-wise performance today - February 10, 2025

Editorji Technologies Pvt. Ltd. © 2022 All Rights Reserved.