Top Stories | Nifty's sixth straight loss, RBI lifts curbs on Kotak Mahindra, US inflation worsens and more
The Indian stock market extended its losing streak to the longest in three months, with Sensex and Nifty closing in the red for the sixth consecutive session. As a result, the Nifty 50’s valuation slipped below its three-year average.
In the latest Mutual Fund data, equity inflows remained steady at ?39,669.6 crore in January, while hybrid funds and gold ETFs saw strong inflows, despite a dip in NFOs.
Meanwhile, the Reserve Bank of India lifted its supervisory restrictions on Kotak Mahindra Bank after 10 months, signaling a positive turn for the lender.
On the economic front, India’s industrial production growth slowed to 3.2% in December, as per the latest IIP data, while US inflation accelerated to 3% in January, raising concerns about ongoing price pressures.
Prime Minister Narendra Modi concluded his visit to France, where he held discussions on AI, defence, and trade, while also meeting US Vice President JD Vance during the trip.
Here are the top 10 buzzing stories from #markets, #business, #economy, and beyond.
Sensex, Nifty extend losing streak to 6th session, their longest decline in 3 months
The stock market closed in the red on Wednesday, with the Sensex and Nifty extending their losing streaks for the sixth consecutive session, marking the longest decline in the past three months.
The Sensex fell 123 points to settle at 76,171, while the Nifty slipped 27 points to close at 23,045.
Despite the negative close, the broader markets saw a significant recovery from the day's lows, with the midcap index climbing 1,400 points off its bottom, although it still ended 132 points lower at 50,756. The Nifty Bank index saw a positive turn, rising 700 points from the day's low to close 76 points higher, at 49,479, providing crucial support to the Nifty index.
Nifty 50 valuation slips below three-year average
Nifty 50, the benchmark index of India's fifty biggest companies by market capitalisation, is now valued slightly less than the average of the last three years. On the other hand, despite the latest bout of sell-off, particularly by foreign portfolio investors, midcap and smallcap indices are still trading above the three-year average price to earnings ratio.
January MF inflows report card: Hybrid funds double, gold ETFs hit all-time high, NFOs decline
In January, equity inflows remained steady at ?39,669.6 crore, gold ETFs surged to ?3,751.4 crore, hybrid funds doubled to ?8,767.5 crore, while NFOs dropped sharply to ?4,544 crore, and SIPs remained strong at ?26,400 crore. Here are the highlights from the data published by Association of Mutual Funds in India (AMFI).
Reserve Bank lifts supervisory restrictions on Kotak Mahindra Bank after 10 months
The Reserve Bank of India (RBI) on Wednesday announced the removal of the supervisory restrictions imposed on Kotak Mahindra Bank, allowing the lender to resume its business operations that were previously curtailed.
On April 24, 2024, India's banking regulator enforced restrictions on KMB under Section 35A of the Banking Regulation Act, 1949, asking it to halt the onboarding of new customers via the bank’s online and mobile banking channels and discontinuing the issuance of fresh credit cards.
India's industrial output growth slows to 3.2% in December
India’s industrial production growth, measured by the Index of Industrial Production (IIP) eased to 3.2% in December, down from a 6-month high of? 5.2% in the previous month, according to data released by Ministry of Statistics & Programme Implementation (MoSPI) on Monday.
The slowdown was largely due to weaker manufacturing activity, which grew 3% in December compared to 5.5% in November.
US inflation worsened last month in latest sign of sticky price pressures
US inflation accelerated last month as the cost of groceries, gas, and used cars rose, a trend that will likely underscore the Federal Reserve’s resolve to delay any further interest rate cuts.
The consumer price index increased 3% in January from a year ago, Wednesday’s (February 12) report from the Labor Department showed, up from 2.9% the previous month. It has increased from a 3 1/2 year low of 2.4% in September.
The figures underscore the stickiness of inflation, which created a major political problem for former President Joe Biden. President Donald Trump pledged to reduce prices in last year’s campaign, though most economists worry that his many proposed tariffs could at least temporarily increase costs.
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Exclusive | New Income Tax Bill–No rate changes, only simplification of language: Sources
Dispelling rumours surrounding the new proposed income tax bill, which has been speculated to introduce sweeping changes, especially in areas like capital gains tax, sources confirmed that no tax rate has been altered in the new bill.
According to sources, “The new proposed bill has only worked within the terms of reference to make the language simple, concise, and easy to interpret, and does not reflect any change in tax rate or tax incidence for either individuals or corporates.”
Furthermore, the bill retains the provision of the old regime for personal income tax, offering individuals the option to opt for it. The new proposed changes in personal income tax under the new regime, announced on February 1, have also been incorporated into the bill, sources added.
Prudential Plc considers public listing for ICICI Prudential Asset Management
Prudential Plc is evaluating the possibility of listing its subsidiary, ICICI Prudential Asset Management Company Limited, through a partial divestment of its stake. The decision is subject to favourable market conditions, regulatory approvals, and other factors, with the net proceeds intended to be returned to Prudential's shareholders.
The potential listing marks a significant move for Prudential, particularly in India, a key market the company sees as having substantial growth opportunities. Prudential is focused on expanding its presence in India's rapidly developing financial sector.
PM Modi France visit Day 2: Modi, Macron discuss AI, defence, and trade aboard presidential jet
Prime Minister Narendra Modi and French President Emmanuel Macron held high-level discussions onboard the French presidential aircraft while travelling from Paris to Marseille. Foreign Secretary Vikram Misri described the moment as India-France ties "literally touching new heights," as the two leaders exchanged views on global and regional issues, including developments in Europe, West Asia, and the Indo-Pacific.
PM Modi leaves for US to meet Trump
Prime Minister Narendra Modi concluded his two-day visit to France, where he co-chaired the Artificial Intelligence (AI) Action Summit with French President Emmanuel Macron and held bilateral discussions to strengthen trade, investment, and Indo-Pacific cooperation.
Modi and Macron jointly inaugurated India’s new consulate in Marseille and addressed the 14th India-France CEOs Forum in Paris. During his visit, PM Modi also met US Vice President JD Vance and his family.
HAL shares recover partially after management assures Tejas jet deliveries soon
Shares of Hindustan Aeronautics Limited were down over 2% at 11:35 am on Wednesday, February 12. However, the fall was about twice as much in morning trade after the Indian Air Force publicly complained about the delay in the delivery of Tejas fighter jets manufactured by the state-owned company.
The embarrassment and the subsequent fall in share price prompted HAL management to react quickly and promise that the deliveries of the Tejas aircraft will begin as the technical difficulties have been resolved.
Invest Karnataka-2025: Over ?3 lakh crore investments secured across renewable energy, EV, and manufacturing
The three-day Global Investors Meet (GIM), showcasing the southern state's strengths in innovation, industry, and global partnerships, began on February 12 after Tuesday's grand inaugural. With over 75 speakers, 25 technical sessions, and 10 country sessions, GIM will explore global economic trends, emerging technologies, and resilience strategies. Nineteen country partners will discuss investment and trade, while nine dedicated pavilions highlight bilateral opportunities, officials said.
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HDFC Mutual Fund HDFC Mutual Fund HDFC securities Association of Mutual Funds in India (AMFI) SEBI SEBI CNBC-TV18 great time to interview Navneet Munot to duscuss about marketing success of event like Maha Kumbh - if you interview other CEOs also we investors will not notice the NIFTY crash … good luck.