Top stories: Nifty hits record high, Israel-Hezbollah conflict escalates, SEBI FPI reforms, Gates' exclusive and more
In a day packed with financial and geopolitical developments, the Nifty hit a record high, surpassing the 26,000 mark for the first time after 38 sessions of gains, while the Sensex crossed the 85,000 milestone. Asian markets saw a boost following China's largest stimulus package since the pandemic, with Indian metal stocks also gaining. Meanwhile, Israel launched fresh airstrikes on Hezbollah positions in southern Lebanon, leading to mass evacuations and heightening tensions in the region.
On the regulatory front, SEBI has proposed streamlining the registration process for foreign portfolio investors (FPIs) by reducing the information required during applications. A consultation paper has been issued, inviting feedback from stakeholders and the public by October 15. Elsewhere, JPMorgan CEO Jamie Dimon expressed optimism about India’s growth, suggesting that easing FDI regulations could further unlock potential. Prime Minister Modi also held talks with Ukrainian President Zelenskyy, reaffirming India’s commitment to a peaceful resolution of the Ukraine-Russia conflict.
Nifty 50, Sensex pare gains after touching record highs; Nifty hits 26,000 mark
The Nifty 50 and Sensex gave up earlier gains after reaching record intraday highs on Tuesday, influenced by a rise in Asian stocks following China's monetary easing aimed at countering economic slowdown and the Federal Reserve's interest rate cut.
Markets have been on an upward trajectory since the Federal Reserve announced its first interest rate cut of 50 basis points since 2020, aiming for a soft landing for the U.S. economy.
China's biggest stimulus to revive its sinking real estate market: Seven points
China's central bank is trying to reverse the slump in the $17 trillion economy with its biggest stimulus ever, including the first-ever capital infusion into the country's banks since the one after the 2008 global financial crisis.
The crack in the country's property sector had weakened its banks, squeezed people's buying power, capped growth below the government's target. However, this may not be the last of the stimulus in this round, the People's Bank of China chief said.
Israel airstrikes on Lebanon kill hundreds in major escalation
Israel launched airstrikes on targets across southern Lebanon, killing nearly 500 people in one of the deadliest days of fighting in nearly two decades and fanning fears of all-out war.
Some 1,650 people were wounded in the strikes and about 100 women and children were among the dead, the Lebanese health ministry said. Israeli officials said many of those killed were members of the Lebanese militia Hezbollah, and argued that the group had placed rocket launchers in private homes.
Exclusive: Jamie Dimon says India is poised to take advantage of US-China tensions
Jamie Dimon, Chairman and CEO of JPMorgan Chase & Co, discussed the shifting dynamics in global trade and national security, particularly concerning the United States' reliance on China, in an exclusive interview with CNBC-TV18.
Dimon said the US has become overly dependent on China for critical resources such as rare earths, semiconductors, and pharmaceutical ingredients. This dependency poses significant risks, especially as policy disagreements between the US and China intensify. Dimon pointed out that China's strategies to bolster its industries have led to concerns about its dominance on the global stage.
Exclusive | Bill Gates says AI can transform access to healthcare
Bill Gates made a forceful point by highlighting the transformative potential of artificial intelligence (AI) in healthcare, particularly in reaching underserved populations. In an exclusive interview with CNBC-TV18, the chairman of the Bill and Melinda Gates Foundation emphasised the need to ensure that advancements in AI are not just accessible to affluent communities but also directed towards those most in need.
Gates said, “It's applied to in the rich world, for those who are well off, and what we'd like to do this time with AI is make sure, both in terms of discovering new interventions for nutrition, vaccines or drugs, and helping give people health advice, you know, in voice and their native language, that we actually bring these AI advances to those most in need.”
As US court affirms BYJU's loan default, edtech says order has no bearing on lender disqualification rights
The Delaware Supreme Court has upheld a ruling that edtech giant BYJU’s defaulted on its $1.2 billion Term Loan B, US-based lenders announced on September 24.
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However, BYJU’s countered that the decision does not affect ongoing legal proceedings in India, nor does it impact the company's rights regarding loan acceleration or the legal standing of GLAS Trust, the lenders' administrative agent.
BYJU’s clarified in a statement, "The recent ruling by the Delaware court does not influence ongoing legal matters in India. The Delaware Supreme Court merely upheld a limited decision regarding the appointment of a nominee as director of BYJU'S Alpha Inc., a shell company."
PM Modi meets Zelenskyy at UN Summit, reaffirms India's support for peaceful resolution in Ukraine
Prime Minister Narendra Modi reaffirmed India's commitment to an early resolution of the ongoing Ukraine conflict in his third meeting in recent months with Ukrainian President Volodymyr Zelenskyy. The two leaders met on the sidelines of the UN's landmark Summit of the Future, continuing discussions aimed at restoring peace and stability in the war-torn region.
Modi's talks with Zelenskyy focused on India's consistent stance that diplomacy and dialogue remain the only viable pathways to peace. "We are committed to implementing the outcomes of my visit to Ukraine last month to strengthen bilateral relations. Reiterated India’s support for an early resolution of the conflict in Ukraine and restoration of peace and stability," the Prime Minister said in a post on X (formerly Twitter).
MUDA case: Karnataka Chief Minister Siddaramaiah will now face prosecution
On September 24, the Karnataka High Court dismissed Chief Minister K Siddaramaiah's petition to stop prosecution into the alleged scandal in land allocated by Mysuru Urban Development Authority (MUDA) site to his wife Parvati.
The single-judge bench of Justice M Nagaprasanna pronounced the order. Based on three petitions, filed by TJ Abraham, Pradeep Kumar and Snehamayi Krishna, the state Governor Thawar Chand Gehlot allowed the prosecution of the incumbent Chief Minister.
SEBI proposes simplified FPI registration, invites feedback on new common application form
The Securities and Exchange Board of India (SEBI) has proposed simplifying the registration process for foreign portfolio investors (FPIs) by reducing the information required during application.
On Monday, September 24, SEBI released a consultation paper on 'Simplified Registration for Foreign Portfolio Investors (FPIs)' and invited feedback from stakeholders and the public by October 15.
SEBI noted that some relevant information for certain categories of FPI applicants is already captured in the depositories' common application form (CAF) module, which can be leveraged without requiring the same information from these applicants.
Jammu and Kashmir Assembly elections: Voting across 26 seats in phase-2 tomorrow
Jammu and Kashmir is set to enter the second phase of its Assembly elections tomorrow, with 239 candidates competing across 26 constituencies. This phase is particularly significant, as it includes the electoral battles of several political heavyweights such as former Chief Minister Omar Abdullah, Apni Party's Altaf Bukhari, and BJP's J&K unit chief Ravinder Raina.
Polling will take place in both the politically volatile border districts of Rajouri and Poonch, as well as the three hill districts of Reasi, Srinagar, Ganderbal, and Budgam. Authorities have assured that comprehensive security arrangements have been made, especially in areas close to the Line of Control (LoC), where there have been concerns of cross-border shelling, despite the ongoing ceasefire agreement between India and Pakistan.
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