BUSINESS
Forex reserves rise to $595.051 billion
Foreign currency assets (FCAs) also rose by $2.5 billion to $528 billion, according to the weekly statistical supplement released by the RBI on Friday. Expressed in dollar terms, the FCAs include the effect of appreciation or depreciation of non-US units like the euro, pound and yen held in the foreign exchange reserves.
Over the last decade, market capitalisation of Indian companies has risen 11% CAGR to $3.5 tn
Retail and HNI participation is now 69 per cent of NSE's cash market turnover as compared to 58 per cent in FY16. The total market cap of companies in India stands at $ 3.5tn (as on June 30, 2023), with indicators such as Mcap / GDP ratio (India at 93 per cent vs 183 per cent of US) and turnover to Mcap (India at 50 per cent vs US at 148 per cent) pointing towards a long growth runway.
Markets succumb to profit booking at higher levels
Siddhartha Khemka, Head-Retail Research, Motilal Oswal Financial Services, said the broader market too ended in red with the Nifty mid-cap 100 down by 0.8 per cent while the Nifty small-cap 100 was down 0.4 per cent. Except for PSU bank and auto, all sectors ended in red. FMCG, realty and private banks were among the top losers, he added.
Crypto funding drops for 5th straight quarter amid regulatory checks
It was the fifth consecutive quarter when crypto funding nosedived, according to a report in TechCrunch. The $2.34 billion were raised across 382 deals, according to PitchBook data. In comparison, the crypto industry had garnered $12.14 billion in the first quarter of 2022.
India's total addressable startup market could only be 10 cr: Zerodha CEO
Addressing the gathering at the startup conclave organised by Money Control in Bengaluru, both the founders stressed that investors and founders may have overestimated the potential size of the Indian market. “The actual monetisable market size is a subset of 100 million. India is a developing country and evolving very fast, but as of now it is a subset of 100 million," said Kamath.
86% Indian employees feel a strong sense of belonging in current workplace: ISS(14-year low
The report from ISS, a leading workplace experience and facility management company, is based on a global survey that sheds light on the state of the Indian workforce in terms of their sense of belonging and engagement.
India's private consumption to cross $2.4 trillion amid increased prosperity
Indicators across emerging sectors, such as credit card spends, air travel and sales of vehicles, show signs of recovery in Q1 FY24 (April-June period), according to the report by Redseer Strategy Consultants.
ED arrests businessman Dinesh Arora in Delhi excise policy case
The ED, however, did not comment officially on the arrest but sources have confirmed the development. The ED has claimed in its previous chargesheet that Arora gave Rs 82 lakh to Sisodia as the collection of party funds for the assembly elections in Delhi.
Nifty up 865 points in last 8 trading sessions scaling new highs
India equities continued their dream run, with key indices consistently touching new highs. Nifty surpassed the 19,500 zone intraday before closing with gains of 99 points (+0.5 pert cent) at 19,497 levels. On the sectoral front, realty, oil & gas, auto and healthcare were the top gainers, while IT, financials and FMCG witnessed profit booking.
Dollar gain takes shine off gold
"The recent decline in gold prices (5.4 per cent from an all-time high) can be attributed to a slight reduction in global recession concerns and the strengthening of the US dollar. Additionally, with the possibility of an interest rate hike in the US, this trend may persist," Anil R, a Research Analyst, said.
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