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The Sensex and Nifty snapped their five-session winning streak but posted their biggest weekly gains in six months.In other news, airline compensation to passengers surged by 47%, highlighting a significant jump in reimbursements for delays and cancellations.
Meanwhile, Priyanka and Rahul Gandhi led a protest in Parliament over the Adani issue, while farmers clashed with police at the Shambhu border during their MSP march. On the corporate front, LG Electronics India filed for an IPO, and Ola Electric faced backlash as government calls revealed customer dissatisfaction with its grievance redressal process.
Also, don’t miss Yuval Noah Harari’s exclusive interview on the impact of AI and algorithms on our lives, as he shares insights into the digital age.
RBI MPC Meeting: Repo rate left unchanged for 11th time; CRR cut by 50 basis points
The Monetary Policy Committee of the Reserve Bank of India decided to keep policy rates unchanged at 6.5% for the 11th straight instance on Friday, December 6. The decision was taken with a majority of 4:2.
A CNBC-TV18 Citizens MPC, with a majority of 4:1 had voted that the MPC will leave interest rates unchanged this time around as well.
The MPC also left the Standard Deposit Facility (SDF) and the Marginal Standing Facility (MSF) rates unchanged in its most recent policy decision.
However, the Reserve Bank of India announced a 50 basis points cut to the Cash Reserve Ratio for banks. This is the first instance after March 2020 that the CRR has been cut by the central bank. CRR now stands at 4% from 4.5% earlier and Governor Shaktikanta Das said that the cut in CRR will lead to an infusion of ₹1.16 lakh crore as liquidity into the system.
RBI MPC Inflation Update: FY25 forecast revised higher to 4.8%; Q1 CPI projected at 4.6%
The RBI has revised India’s Consumer Price Inflation (CPI) forecast for financial year 2025 to 4.8% from 4.5% earlier.
The move comes after the retail inflation in the month of October stood at 6.21%, above the RBI’s targeted band of 4% to 6%.
Retail inflation in the month of October had surged to the highest level in 14 months. Most of the price rise came from vegetable inflation, which stood at 42% year-on-year and 11% compared to September.
FM Sitharaman dismisses systemic slowdown fears, expects recovery in Q3
India’s economic growth hit a seven-quarter low of 5.4% in the July-September quarter (Q2), raising concerns about the sustainability of growth momentum.
However, Finance Minister Nirmala Sitharaman dismissed fears of a “systemic slowdown,” attributing the weak numbers to delayed public expenditure and capital investments during the election-heavy first quarter of the financial year.
Nifty 50, Sensex snap five-session gaining streak as RBI maintains repo rate
The Nifty 50 and Sensex erased some gains to end flat on Friday, snapping a five-session gaining streak, as the Reserve Bank of India maintained its interest rate stance but cut the cash reserve ratio by 50 basis points.
However, the headline domestic indexes ended the week in the positive for the third consecutive time, gaining 2% each and recording their biggest weekly gains in six months.
On Friday, The Sensex closed 57 points lower at 81,709, while the Nifty slipped 31 points to finish at 24,678.
The Nifty Bank index underperformed, dropping 94 points to 53,510, marking a decline of 400 points from its intraday high. Midcap stocks showed resilience, with the Nifty Midcap Index rising 263 points to end at 58,705, outperforming the broader indices.
Winter Session Parliament | Priyanka & Rahul Gandhi hold a protest over Adani matter
Congress MPs, led by Priyanka and Rahul Gandhi, protested at the Parliament premises while holding a copy of the Constitution, demanding a probe into the Adani issue.
Farmers remove barricades at Shambhu border, suspend march after teargas injuries
Farmers marching toward Delhi clashed with Haryana police at the Shambhu border on Friday, December 6. Security forces used tear gas to disperse protesters attempting to dismantle barricades. The farmers, demanding a legal guarantee for minimum support prices (MSP) for crops, had begun their march earlier in the day.
A ‘jatha’ of 101 farmers, organised by the Samyukta Kisan Morcha (Non-Political) and the Kisan Mazdoor Morcha, was stopped near the Ghaggar river bridge by multilayered barricading and a heavy police presence. Despite the use of tear gas, some protesters managed to push through iron barricades.
250 random calls to Ola Electric’s customers revealed dissatisfaction: Govt sources
Government sources have told CNBC TV18 that 250 random calls made to Ola Electric’s customers by the Department of Consumer Affairs revealed dissatisfaction with the company’s grievance redressal process.
This comes after Ola Electric claimed that over 99% of customer grievances were resolved. Following this claim, the Department of Consumer Affairs reached out to Ola customers.
Last month, the Central Consumer Protection Authority (CCPA) directed the Director General of the Bureau of Indian Standards (BIS) to probe consumer complaints against Ola Electric after a CCPA investigation found the company’s responses unsatisfactory.
LG Electronics files for IPO with SEBI, plans to sell 101.8 million shares
The Indian arm of South Korean conglomerate LG Electronics has filed for an initial public offering (IPO) with market regulator SEBI, a draft red herring prospectus (DRHP) filing by the company showed on Friday.
LG Electronics India will be selling 101.8 million shares, with the entire issue being an offer-for-sale (OFS) by its parent company, LG Electronics Inc. The proceeds from the IPO will go to the parent firm, according to the DRHP.
Airlines have paid ₹50 crore in compensation to passengers from January to October this year
Airlines in India have paid a total compensation of ₹50 crore to passengers over delays, cancellations, and denied boarding in the first 10 months of 2024, reflecting a 47% rise compared to the same period in 2023.
Out of the ₹50 crore, the compensation was distributed as follows:
- ₹12.7 crore for denied boarding.
- Nearly ₹10 crore for flight cancellations
- ₹27 crore due to delays beyond two hours
Yuval Noah Harari on AI, algorithms & their impact | Exclusive Interview
“From the information and stories that united us to the algorithms that now control us—Global Best Selling Author …Yuval Noah Harari breaks it all down in an exclusive interview on CNBC TV18 with Prashant Nair.
That’s all folks! Keep yourself up to date with the latest news, views and ideas to make money only on cnbctv18.com.
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