What caused Nifty drop on Monday & what are some key levels?; Rupee rises to 86.67 against US dollar; Nandan Nilekani calls for scalable AI in India
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Stock Market Fall: What caused the Nifty drop on Monday and what are some key levels ahead?
India's equity markets continue to remain under pressure with the Nifty 50 index declining as much as 1% or over 240 points on Monday. With this fall, the index also broke below the 22,800 level, which was a strong support for the index over the last eight to ten trading sessions.
A break of the key technical support is one of the biggest factors behind the fall on the Nifty on Monday. Along with the Nifty, the broader markets, the Nifty Midcap and Smallcap index are also down over 1% each.Another key factor behind the fall on Monday is the weak handover from Wall Street on Friday, on worries of a slowing economy and the Fed officials being in no mood to cut down on interest rates until the inflation does not fall back to the 2% mark.
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Warren Buffett's stake in Apple falls by over $100 billion
Apple is still the biggest stock in the Berkshire Hathaway latest portfolio. Despite a 30% rise in Apple share price in 2024, the value of Berkshire's investment in the company fell by over $104 billion.
The top five companies made for 70% of Berkshire's portfolio value at the end of December 2024. The weightage of these five shares was 79% a year earlier. The two stocks that gained space were American Express and Coca-Cola. The value of Berkshire's stake in the credit cards giant increased $12.7 billion, or 44%, compared to December 2023. The stock of Amex gained 58.4% during the same period.Berkshire Hathaway’s operating profit surged 71% in the fourth quarter to $14.5 billion in the three months ended December 2024. You can watch the live updates from the Berkshire Hathaway annual report here.
Rupee rises to 86.67 against US dollar in early trade
The rupee rose 1 paisa to 86.67 against the US dollar in early trade on Monday (February 24) amid a weakening greenback against international currencies.
However, a sharp fall in the domestic equity markets in morning trade, a decline in the country’s forex reserves and sustained FII outflows prevented further gains, forex traders said.At the interbank foreign exchange, the domestic unit opened at 86.58, up 10 paise against the US dollar, but gave up initial gains to reach 86.67, just 1 paisa higher than Friday’s (February 21's) close.On Friday (February 21), the rupee pared initial gains and settled 4 paise lower at 86.68 against the US dollar.
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India, UK to resume talks on proposed trade agreement from Feb 24
After a gap of over eight months, India and the UK will resume negotiations for a proposed free trade agreement (FTA) from February 24, an official said.
UK’s Secretary of State for Business and Trade Jonathan Reynolds will be here for resumption of the talks. He will hold a bilateral meeting with Commerce and Industry Minister Piyush Goyal, the official said.The India-UK FTA negotiations were launched on January 13, 2022.Total 13 rounds of negotiations have been held till December 2023. The 14th round, which began on January 10, 2024, was underway when negotiations were paused by the UK side in May 2024 due to elections in that country.
#TechTalks??
As Kumbha Mela concludes on Feb 26, AI-based surveillance deployed to keep pilgrims safe
The Maha Kumbh Mela culminates over the next four days and massive crowds are expected at the Triveni Sangam of the Ganga, Yamuna and Saraswati rivers on Maha Shivaratri that falls on February 26. To ensure that all pilgrims are safe on the final day and to avoid any untoward incident, an Artificial Intelligence (AI)-driven surveillance system has been implemented by the UP government.
This is the first time such a move has been taken for crowd management, the government said in a press note. The technology is expected to prevent accidents in future congregations, reducing risk of tragedies like the one that occurred on January 29, when at least 30 people died in a stampede.With the help of 2,750 CCTV cameras, including 250 AI-enabled devices, authorities are now able to closely monitor crowd movement across the 4,000-acre site. The AI system feeds data into the Integrated Control and Command Centre, providing real-time insights into crowd density, people flow, parking status, and crowd accumulation at key locations.
Nandan Nilekani backs Aadhaar to tackle deepfake scams, calls for scalable AI in India
Amid rising concerns over deepfakes and online fraud, Infosys co-founder and chairman Nandan Nilekani highlighted Aadhaar’s role as a safeguard against emerging cyber threats. Speaking at an AIMA session in New Delhi, in conversation with Nalin Mehta, Managing Editor of Moneycontrol, Nilekani underscored India’s unique digital fraud challenges and the significance of regulatory frameworks like the Digital Personal Data Protection (DPDP) Act.
Aadhaar’s role in tackling digital scams
Deepfake scams have become a global issue, but India faces a distinctive challenge in the form of digital arrests, where victims are deceived into believing they have been virtually detained by authorities.“India is the only country which has a scam called digital arrest. I don’t think any other country has digital arrest as a scam category,” Nilekani pointed out.
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EPF withdrawal via UPI likely to be enabled soon: What we know so far
The Employees’ Provident Fund Organisation (EPFO) is working on a new facility to allow subscribers to withdraw Provident Fund (PF) claims via the Unified Payments Interface (UPI), according to a Financial Express report.
The move aims to ensure faster and seamless fund transfers, eliminating delays associated with traditional banking methods.According to the report citing an official source, EPFO is in discussions with the National Payments Corporation of India (NPCI) to integrate PF withdrawals with UPI platforms.This will enable members to receive their PF amount instantly through digital payment apps like PhonePe, Google Pay, Paytm, and BHIM.
Motilal Oswal MF launches Active Momentum Fund
Motilal Oswal Mutual Fund has launched the Motilal Oswal Active Momentum Fund on Monday (February 24). This fund follows a momentum-based strategy, aiming to generate long-term capital appreciation by investing in stocks that have shown strong recent price trends.
What is a momentum fund?
Momentum funds follow a factor-based investing approach, selecting stocks that have demonstrated strong price performance over a certain period.These funds capitalise on market trends, aiming to benefit from stocks that continue their upward movement.However, they may experience higher volatility compared to diversified equity funds.
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Pet owners in Delhi-NCR now have more ride-hailing choices
Electric ride-hailing service provider, BluSmart, has launched a dedicated pet travel service, Pet Rides, in Delhi and Gurugram, the company announced in a press note on Friday, February 21.
Uber had also launched a pet ride feature ‘Uber Pet’ in September last year.Ola does not have such policy as of now but as per a The Times of India report from June 2021, Ola said, "While we at Ola are not against pets in vehicles, the decision to allow one in the vehicle is with driver."The offerings cater to pet owners in finding reliable and comfortable transportation for their dogs and cats.
Dogsee Chew secures $8 million in Series B funding, aims to double production capacity in 12-months
Natural pet treat brand Dogsee Chew has raised $8 million in its Series B funding round, led by Ektha.com, with additional participation from promoters, Shivanssh Holdings, and Poddar Family Office. The funding brings the company’s total capital raised to $22 million to date.Bhupendra Khanal, Co-Founder & CEO of Dogsee Chew, outlined the company’s strategic plans for utilising the funds, stating, “We have a dual use for this fund. Number one is expanding the current capacity. In the chew’s category, we are already the number one player in terms of production in the world. So, we want to consolidate on that and then take it to higher volumes. We want to double the capacity in the next 12 months,” Khanal stated.
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