Top stories | Devendra Fadnavis returns as Maharashtra CM, RBI repo rate decision tomorrow, Bitcoin crosses $100,000 mark and beyond

In a grand ceremony at Mumbai’s Azad Maidan, Devendra Fadnavis was sworn in as the Chief Minister of Maharashtra. Alongside him, Eknath Shinde and Ajit Pawar were sworn in as deputy CMs. The event was star-studded: Prime Minister Modi, senior ministers, business leaders and Bollywood celebrities all made their presence felt.

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In the stock markets, the Sensex and the Nifty ended higher for the fifth consecutive session today, although there were sharp swings late in the session. However, midcaps were unable to keep up and underperformed. On the foreign exchange market, the Indian rupee remains near its historic low against the dollar.
Meanwhile, the Reserve Bank’s Monetary Policy Committee (MPC) will announce its rate decision tomorrow. A CNBC-TV18 poll suggests that most economists do not expect a reduction in the pension rate, despite recent weaker-than-expected GDP growth. Interestingly, only 50% of respondents expect a reduction in the cash reserve ratio.

In global markets, its official – Bitcoin crossed the $100,000 mark, up 140% in 2024. The rally seriously accelerated after Donald Trump’s victory and his announcement to nominate crypto-friendly Paul Atkins -currencies, as the next president of the SEC.

Low employee pay is once again in the spotlight. Calls are growing for India Inc to rethink its hiring practices, increase capital spending and embrace deregulation – expected to be a key theme of the next economic survey.
World Economic Forum President Borje Brende has dubbed India the “startup nation” of the world. In an exclusive conversation, he highlighted that the Indian economy is expected to remain among the fastest growing in the world.

CDSL, BSE Stocks Hit All-Time Highs – Here’s How Other Market-Linked Stocks Are Faring

Shares of Central Depository Services Ltd. (CDSL) jumped 10% on Thursday, December 5. The stock hit an all-time high of ₹1,865.4 in today’s trading session. The stock is up 19% so far in the past month. Stocks are also the latest entrant in the Futures & Options segment.

With today’s development, the value of CDSL shares has doubled in 2024. In line with CDSL’s development, shares of the Bombay Stock Exchange (BSE) also jumped 12% on Thursday to reach a high record ₹5,168.9. BSE also entered the F&O segment from the December series.

BSE stocks are up 9% so far in the last one month and extended their gains for 2024 to 128%.

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RBI monetary policy: status quo on expected rates, reduction in CRR under surveillance, according to a CNBC-TV18 poll

The sharp slowdown in growth has placed the Reserve Bank of India (RBI) in a very uncomfortable position. There is a growing chorus for a rate cut, including from government officials, at a time when high inflation, which has now exceeded the RBI’s tolerance threshold, continues to pose a problem.

A CNBC-TV18 poll shows seven in 10 economists say recent weaker-than-expected GDP growth is unlikely to lead to an early rate cut, with inflation concerns taking priority.

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Bitcoin competes with gold, not the US dollar: Jerome Powell

Jerome Powell, Chairman of the Federal Reserve, speaking at the Ney York Times DealBook Summit, said that Bitcoin is not comparable to currency. It is rather a speculative asset like gold but in a virtual form.

Powell further explained that Bitcoin is not used by people as a means of payment. Additionally, it is also very volatile.

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The CEA sets economic priorities upstream of the economic study: focus on the private sector, salaries, hiring, MSMEs and deregulation

V Anantha Nageswaran, Chief Economic Advisor (CEA) of India to the Ministry of Finance, elaborated on some of the priorities of India Inc., the states and probably even the Union government to boost the growth levers of India.

The first priority is for the private sector to increase employee compensation and stop the shift from regular to contract work. The CEA says employee pay has become “increasingly weak”, with profit growth far outpacing wage growth over the past four years.

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Devendra Fadnavis takes oath as Maharashtra CM, Ajit Pawar and Eknath Shinde taken oath as MPs

BJP leader Devendra Fadnavis was sworn in as Maharashtra Chief Minister for the third time in a grand ceremony at Azad Maidan on Thursday, December 5. NCP chief Ajit Pawar and Shiv Sena chief Eknath Shinde were sworn in as deputy chief ministers.

Maharashtra Governor CP Radhakrishnan took oath. Prime Minister Narendra Modi, who was present at the ceremony, congratulated Fadnavis, Shinde and Pawar on their appointment.

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Israel’s war in Gaza amounts to genocide, says Amnesty International | Israel-Gaza War

International human rights group Amnesty has accused Israel of committing genocide against Palestinians in Gaza. In a report, Amnesty said Israel’s war on Gaza reaches the legal threshold of genocide.

India supports two-state solution: EAM S Jaishankar on Israel-Hamas conflict

Foreign Minister S Jaishankar reiterated India’s position on the war between Israel and Hamas. Replying to a question in Rajya Sabha, Minister Jaishankar said India calls for a ceasefire in Gaza, but it will not accept a peace resolution if it is not balanced.

Hooded attacker who murdered UnitedHealthcare CEO with silenced weapon remains on the run

New York police were searching Thursday for the man who fatally shot UnitedHealth executive Brian Thompson in a brazen attack outside a Midtown Manhattan hotel and was last seen fleeing toward Central Park.

Thompson, the CEO of UnitedHealth’s insurance unit, was shot from behind Wednesday morning in what police described as a targeted attack by a masked assailant lying in wait. This took place just before the company’s annual investor conference at the Hilton on Sixth Avenue.

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Foreign airlines ramp up operations in India as international traffic soars

The Indian aviation market is booming, with daily passenger traffic reaching a record high of five lakh. A significant portion of these passengers are heading to international destinations, reflecting strong growth in outbound travel.

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Zomato shares cross ₹300; Swiggy hits new highs but Jefferies raises some concerns

Shares of food delivery and fast commerce aggregator Zomato Ltd. and Swiggy Ltd. reached new highs on Thursday, December 5.

Shares of Zomato surged 6.5 per cent on Thursday to cross the ₹300 mark, hitting a new high of ₹304.65. The stock has now advanced in seven of the last nine trading sessions. The stock has gained 24% over the past month.

Shares of Swiggy are also up for the fourth day in a row, extending their gains despite posting a net loss in the quarter. Management has given deadlines for profitability, which the street seems to appreciate.

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ISRO Proba 3 satellite launch latest updates: PSLV rocket lifts off from Sriharikota

ISRO on Thursday successfully launched the PSLVC59 rocket along with the European Space Agency’s Proba3 satellites from here, in a first-of-its-kind initiative involving precision formation flight of two satellites.

In a social media post after liftoff, the Bangalore-based space agency said: “Successful liftoff. PSLV-C59 successfully soared into the sky, marking the start of a global mission led by NSIL, with technical expertise from ISRO, to deploy ESA’s groundbreaking PROBA-3 satellites. A proud moment celebrating the synergy of international collaboration and India’s space achievements. Proba-3 (Project for Onboard Anatomy) consists of two satellites in which two spacecraft would fly together as one, maintaining a millimeter-precise formation to study the corona, the outer atmosphere of the Sun.

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